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Chapter

Vinod K. Aggarwal and Cédric Dupont

This chapter discusses the problems of collaboration and coordination in the global political economy. It first identifies situations that might require states to work with each other to achieve a desired outcome. It then turns to a focus on basic game theory as an analytical tool to tackle the nature of collaboration and coordination efforts. International cooperation can help to address three typical problems associated with the process of global economic integration: a temptation to free ride, an inhibiting fear, and a need to find meeting points in situations where collaboration will produce differing costs and benefits to governments. Different types of problems associated with the process of global integration call for different solutions to address these three typical problems, ranging from the provision of binding rules to facilitating mechanisms. A country's need for international cooperation depends on its sociopolitical structure as well as on the structure and flexibility of its economy. Finally, the chapter considers how institutions might play a role in enhancing the prospects for cooperative behaviour.

Chapter

Vinod K. Aggarwal and Cédric Dupont

This chapter explores the problems of cooperation and conflict in the Global Political Economy (GPE). In situations of global interdependence, individual action by states often does not produce the desired result. Many argue that the solution to the problem of interdependence is to create international institutions, but this approach itself raises the issue of how states might go about creating such institutions in the first place. This chapter examines the conditions under which states might wish to take joint action and considers game theory as an approach to understanding interdependent decision-making. It also discusses the conditions under which international institutions are likely to be developed and how they may facilitate international cooperation. Finally, it looks at dimensions of institutional variation, focusing on factors that shape the design of international institutions.

Chapter

This chapter examines the domestic sources of foreign economic policies. Different people in every society typically have different views about what their government should do when it comes to setting the policies that regulate international trade, immigration, investment, and exchange rates. These competing demands must be reconciled in some way by the political institutions that govern policy making. To really understand the domestic origins of foreign economic policies, we need to perform two critical tasks: identify or map the policy preferences of different groups in the domestic economy; and specify how political institutions determine the way these preferences are aggregated or converted into actual government decisions. The first task requires some economic analysis, while the second requires some political analysis. These two analytical steps put together like this, combining both economic and political analysis in tandem, are generally referred to as the political economy approach to the study of policy outcomes. The chapter then considers the impact of domestic politics on bargaining over economic issues between governments at the international level.

Chapter

This chapter examines the domestic sources of foreign economic policies, with a particular focus on the domestic politics of trade, immigration, foreign investment, and exchange rates. It begins by discussing two main tasks that need to be performed in order to understand the domestic origins of foreign economic policies: first, identify and map the policy preferences of different groups in the domestic economy; second, specify how political institutions determine the way these preferences are aggregated or converted into actual government decisions. The chapter also considers the general relationship between democratization and foreign economic policymaking by looking at elections and representation, legislatures and policymaking rules, and bureaucratic agencies.

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This chapter details the history, politics, and recent trends and challenges of the multilateral trade system. The twentieth century witnessed a remarkable emergence of international institutions, and nowhere was their impact greater than in international trade. Following decades of depression and war, a global trading regime was initiated with the creation of the General Agreement on Tariffs and Trade (GATT) in 1947, which expanded steadily in both scope and membership through the twentieth century and culminated in the establishment of the World Trade Organization (WTO) in 1995. Underpinned by the philosophy that open markets and non-discriminatory trade policies promote the prosperity of all countries, and issued with a powerful dispute settlement mechanism, the WTO has been hailed as the most prominent example of cooperation between countries. At the same time, however, the WTO has been subject to internal and external criticism and now faces a number of difficulties.

Chapter

Ann Capling and Silke Trommer

This chapter focuses on the evolution of the global trade regime, with particular emphasis on how it has been established through the actions of trading countries over the past 150 years, how it became institutionalized in the World Trade Organization (WTO), and why it is facing difficulties now. It first considers the historical antecedents of the global trade regime from 1860 to 1945, focusing on the golden age of liberalism and the Reciprocal Trade Agreements Act of 1934. It then looks at the General Agreement on Tariff and Trade (GATT), the Uruguay Round, the WTO, and the Doha Round, along with the WTO's relationship with civil society. It concludes by outlining the range of challenges to the multilateral trade system.

Chapter

This chapter explores the international monetary and financial system, which plays a central role in the global political economy (GPE). Since the late nineteenth century, the nature of this system has undergone several pivotal transformations in response to changing political and economic conditions at both domestic and international levels. The first was the collapse of the integrated pre-1914 international monetary and financial regime during the interwar years. The second transformation took place after the Second World War, when the Bretton Woods order was put in place. Since the early 1970s, various features of the Bretton Woods order have unravelled with the globalization of finance, the collapse of the gold exchange standard, and the breakdown of the adjustable peg exchange rate regime. These changes have important political consequences for the key issue of who gets what, when, and how in the GPE.

Chapter

This chapter examines the evolution of the international monetary and financial system since the late nineteenth century. It first considers how changing political circumstances, both internationally and domestically, during the interwar years undermined the stability of the globally integrated financial and monetary order of the pre-1914 period. It then looks at the Bretton Woods monetary system created in 1944 for the post-war period, along with the causes and consequences of challenges to the Bretton Woods order which have emerged since the early 1970s with the globalization of financial markets, the collapse of the gold standard, and the move to a floating exchange rate regime among the major economic powers. The future of the United States dollar is also assessed.

Chapter

This chapter studies the globalization of finance. The world economy today reflects a systemic experiment involving, on the one hand, the unleashing of cross-border capital movements and, on the other, the dispersion of the political authority necessary to oversee and, when necessary, stabilize the markets through which vast amounts of capital now flow. Resulting tensions become most obvious during financial crises, when those flows suddenly stop or reverse their direction. In the late twentieth century, most such crises began in emerging-market or developing countries and had limited systemic consequences. In 2008, however, the global experiment capital market openness, now far along in its evolution, almost failed catastrophically when policy mistakes in the United States combined with large national payments' imbalances and a broad economic downturn to spawn a worldwide emergency. Shortly thereafter, Europeans at the core of the system narrowly escaped a similar disaster at the regional level. The chapter then explores key implications for contemporary global governance. It calls particular attention to the increasingly difficult and variegated politics of systemic risk assessment, emergency management, and future crisis prevention as the experiment continues.

Chapter

12. Global Growth, Inequality, and Poverty:  

Power and Evidence in Global ‘Best Practice’ Economic Policy

Robert Hunter Wade

This chapter argues that economists have oversold the virtues of globalization, displaying confidence in derived policy prescriptions well beyond the evidence. The most spectacular recent demonstration of hubris is the failure of almost the whole of the mainstream economics profession in the few years before 2007–8 to forecast a major recession. The chapter then outlines the neo-liberal world view and its application in the form of the development recipe known as the Washington Consensus. Since the 1980s, the Western economic policy ‘establishment’ has espoused a doctrine of ‘best economic policy’ for the world which says, put too simply, that ‘more market and less state’ should be the direction of travel for developed and developing countries. This overarching neo-liberal ideology embraces globalization as a major component, relating to the nature of integration into the international economy. The chapter then looks at trends in world income distribution and poverty, bearing in mind the optimistic claims of the globalization argument.

Chapter

This chapter examines the globalization argument, which warns that mutual benefits will be at risk if countries start to backslide on market liberalization. It begins with a discussion of trends in globalization over the past century, and the kind of evidence provided by mainstream economists to support the globalization argument. It then considers global-level trends in economic growth, income inequality, and poverty over the past few decades. It also explains why the consensus among economists about the virtues of globalization has been so resilient. It concludes by outlining some challenges for economists, especially in the field of professional ethics. The chapter argues that the evidence for the globalization argument is not as robust as the policy mainstream presumes.

Book

Edited by John Ravenhill

This introduction to Global Political Economy offers a comprehensive introduction to global political economy, combining history, theory, and contemporary issues and debates. With a careful balance of empirical material and critical analysis, the chapters introduce readers to the diversity of perspectives in GPE, and encourage readers to unpack claims and challenge explanations. This new edition features a brand new chapter on the global trade regimes and thorough updates throughout to reflect the rise of new actors, especially the BRICs, and the role of developing economies in global governance. The second section of the text gives emphasis to questions of global trade and production.

Book

Edited by John Ravenhill

Global Political Economy presents a diverse and comprehensive selection of theories and issues. Debates are presented through a critical lens to encourage readers to unpack claims, form independent views, and challenge assumptions. This text has been updated with contemporary real word examples, including the impact of the Trump administration, Brexit, and economic nationalism. Furthermore, new analysis has been added on the international political economy of work, labour, and energy.

Chapter

This chapter addresses the globalization of production. Although companies have been investing abroad for centuries, the most recent era of globalization has created an unprecedented range of possibilities for global firms to reorganize and relocate their activities. The chapter analyses how advances in transportation and technology allow a firm to divide up a global value chain — the sequence of activities that lead to the production of a particular good or service — and how these decisions create new opportunities and challenges for both companies and the societies within which they operate. It first reviews the rise of global production and the forces that have led to dramatic increases in foreign direct investment (FDI) and outsourcing. The central questions for any firm involved in global production involves how to govern the value chain and where to locate different activities. The chapter then provides a framework for understanding these issues and the implications of the various choices. It also applies these concepts to the case of East Asia, particularly China.

Chapter

This chapter examines how advances in transportation and technology allow a firm to divide up a global value chain — the sequence of activities that lead to the production of a particular good or service — and how these decisions create new opportunities and challenges for both companies and the societies within which they operate. It first considers the rise of global production and the forces that have led to dramatic increases in foreign direct investment and outsourcing. It then describes two dimensions of a global value chain: governance (how to coordinate activities) and location (where to locate each activity). It also explores trends in the globalization of production by focusing on the case of China.

Chapter

This chapter discusses globalization's impact on states. There is no topic more controversial in the field of global political economy than the impact of globalization on the accountability, autonomy, capacity, and sovereignty of the nation state; and the controversy has only intensified since the onset of the global financial crisis. Arguably, the democratic character of governance in contemporary societies is at stake in such debates. The chapter reviews the extensive controversy that surrounds such questions, focusing attention on the principal mechanisms in and through which globalization is seen to impact upon the nation state and the empirical evidence that might either substantiate or question the existence of such mechanisms. It also provides a detailed assessment of the case for and against the globalization thesis, examining the extent to which global economic integration might be seen to restrict the parameters of domestic political autonomy. Moreover, the chapter differentiates between the politics of globalization and the globalization of politics. It concludes by considering the complex and sometimes paradoxical relationship between globalization, democracy, and the nation state.

Chapter

This chapter examines the impact of globalization on the nation state. It analyses the case for and against the globalization thesis, focusing on the extent to which global economic integration might restrict the parameters of domestic political autonomy. The chapter first distinguishes between the politics of globalization and the globalization of politics before discussing the principal mechanisms in and through which globalization is seen to impact upon the nation state, along with the empirical evidence that might either substantiate or question the existence of such mechanism. It then considers the complex and sometimes paradoxical relationship between globalization, democracy, and the nation state, with emphasis on both the impact of globalization on states and the state's impact on globalization.

Chapter

This chapter provides a systematic account of the causes of economic globalization. Within the global political economy (GPE) literature, economic globalization tends to be more precisely specified as ‘the emergence and operation of a single, worldwide economy’. This assists its measurement by reference to the intensity, extensity, and velocity of worldwide economic flows and interconnectedness, from trade, through production and finance, migration to information and data. Understood as a historical process, the concept of economic globalization also infers an evolving transformation or evolution in the organization and operation of the world economy. The chapter then reviews the principal theories of economic globalization, drawing upon the GPE literature. It develops a multi-theoretic account of economic globalization which captures its structural, conjunctural, and contingent causal factors. The chapter also demonstrates how this multi-theoretic framework is relevant to understanding the current crisis of economic globalization. It considers whether, in the aftermath of the Global Financial Crisis, this crisis is the precursor to a period of accelerating deglobalization.

Chapter

This chapter examines the dynamics of economic globalization by focusing on its underlying causes (or logics). It compares and contrasts the principal theoretical accounts of economic globalization, with particular emphasis on how they contribute to our understanding of the current phase of globalization and its future prospects. The chapter explains what economic globalization is and discusses its principal features, along with the key trends associated with the globalization of economic activity in respect of trade, finance, production, and labour. It also considers how theories of international political economy help us in explaining and understanding economic globalization; whether the global financial crisis of 2008 has precipitated the demise of globalization or the emergence of a ‘new wave’; and whether globalization is still the dominant trend or tendency in the world economy today.

Chapter

This chapter focuses on the historical origins and the subsequent intellectual lineage of the three core theoretical positions within contemporary global political economy (GPE): realism, liberalism, and Marxism. ‘Textbook GPE’ privileges nineteenth-century understandings of political economy when discussing the pre-history of its own field. This helps explains GPE's treatment of feminist scholarship within the textbooks; feminism remains largely marginalized from textbook GPE, presented as something of a postscript to avoid accusations of it having been omitted altogether rather than being placed centre stage in the discussion. The chapter then looks at how the nineteenth-century overlay operates in textbook GPE. To do so, it makes sense to concentrate in the first instance on the issue that did most to divide nineteenth-century economists: namely, the free trade policies resulting from the general ascendancy of laissez-faire ideology. The most celebrated of the critics, Friedrich List, is treated much more as a dependable authority figure in GPE than he is in the history of economic thought. Indeed, in textbook GPE, the disputes between realist and liberal positions is very often presented initially through an account of List's work, despite the pre-history of liberalism being much the longer of the two.