NPE scholars treat economic ideologies as the relevant phenomena to be explained by political economy.
It also guides much work published in New Political Economy, an international journal founded by Sheffield University scholars in 1996.
[2] Matthew Watson with Richard Higgott, in explicit response to Benjamin Cohen's approach, seek to move International Political Economy away from Cohen's division of the subject into American and British camps, and to promote their own vision of a New Political Economy.
[7] The approach "rejects the old dichotomies – between agency and structure, between ideas and material interests, and between states and markets".
[8] The approach seeks to make explicit the normative assumptions that lie behind its analysis, and to be a "hosting metaphor" that will encourage political debate about societal preferences.