…………………The third issue with which [international political economy is concerned] is significance of a world market economy for domestic economies. What are its consequences for the economic development, economic decline, and economic welfare of individual societies? How does the world market economy affect the economic development of the less developed countries and the economic decline of advanced economies? What is its effect on domestic welfare? How does it affect the distribution of wealth and power among national societies? Does the functioning of the world economy tend to concentrate wealth and power, or does it tend to diffuse it?