The field of International Political Economy has been deeply influenced by the neoliberal institutional tradition and its utilitarian approaches since the onset of globalization in the aftermath of the Cold War. Yet, with the rise of populist trends and the return of geopolitics with growing tensions among great powers, such an intellectual paradigm lost strength to explain the interplay between state and market forces as they compete and cooperate for crafting rules of redistribution and engaging in production. In light of this, the chapter contends that realist approaches have now more leverage to make sense of the world. In addition, should IPE be relevant as an intellectual field, it must open the states’ black box for understanding the interactions between state and non-state actors in emerging issue-areas, such as climate change and energy transition, while paying more attention to the making and unmaking of domestic coalitions and the emerging markets, which shall have a pivotal role in the future of globalization as power moves away from the West to the “Rest.”