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Chapter

Cover Poverty and Development

3. Meanings and Views of Development  

Alan Thomas

This chapter investigates the different senses in which the term 'development' is used. 'Development' is used in three main senses: a vision or measure of a desirable society; a historical process of social change; and deliberate efforts at improvement by development agencies. The variety of competing overall views on development can be organized into three groups according to how they see development relating to capitalism: through, against, or in the context of capitalism. The first two of these groups of views are labelled Market economics and Structuralism. A third group of views, pragmatic rather than theoretical, is termed Interventionism and concentrates on how to achieve development. Finally, there are those who reject all these views as versions of 'mainstream' development. They seek alternatives, either an alternative form of development or rejecting the development concept entirely.

Chapter

Cover Global Politics

7. Money  

This chapter focuses on the origins and function of money within the field of global politics. It covers the myth that money developed in a politically neutral way as the most functional mode of exchange. Instead, money’s emergence and function has been deeply intertwined with the power and violence of the empire, including its conquests and enslavements. Thus, the influence of politics and economics on one another is impossible to detach in terms of contemporary global politics. The chapter then expounds on the historically strong connection between money and state power. Additionally, it also tackles the possible future of money which involves cyptocurrencies and local currencies.

Chapter

Cover Introduction to International Relations: Theories and Approaches

6. International Political Economy: Marxism, Mercantilism, Liberalism  

This chapter examines the three most important classical theories within the field of International Political Economy (IPE): mercantilism, economic liberalism, and neo-Marxism. It considers the relationship between politics and economics, and between states and markets in world affairs, that IR has to be able to grasp. It suggests that IPE is about wealth, poverty, and power, about who gets what in the international economic and political system. The outlook of mercantilism has much in common with realism, while economic liberalism is an addition to liberalism. Mercantilism and economic liberalism thus represent views on IPE that are basically realist and liberal. The chapter concludes with a discussion about the original theoretical position of Marxism and how this has inspired neo-Marxist IPE theories.

Chapter

Cover The Politics of the Earth

6. Leave It to the Market  

Economic Rationalism

Economic rationalism involves the intelligent deployment of market instruments to achieve public ends such as environmental protection and resource conservation. The instruments in question can involve the establishment of private property rights in land, air, and water; “cap and trade” markets in pollution rights (emissions trading); tradeable quotes in resources such as fish; green taxes, such as a carbon tax; and the purchase of offsets to compensate for environmentally damaging behavior. These instruments have been adopted in many countries, though with some resistance from those who believe there is more to life than economic reasoning.

Chapter

Cover International Relations and the European Union

2. The European Union in World Politics: An Historical Overview  

Christopher Hill, Michael Smith, and Sophie Vanhoonacker

This chapter provides a structured treatment of the historical context for the mutual entanglement of European integration and the broader development of international relations, bearing in mind the threefold framework set out in the first chapter, namely, European integration as a sub-system of international relations, as part of the general processes of international relations, and as a potential or actual ‘power’ in international relations. The chapter looks at developments up to the end of the 20th century and provides some background to the topics covered in the following chapters. It shows how the European Union’s (EU’s) international role has continuously been shaped by both by the changing international environment and the continuous interaction between politics, economics, and security.

Chapter

Cover Introduction to International Relations: Theories and Approaches

10. Major Issues in IPE: Economic versus Political Power, Development, Globalization, How to Study the Real World  

This chapter examines four major issues in International Political Economy (IPE). The first concerns power and the relationship between politics and economics, and more specifically whether politics is in charge of economics or whether it is the other way around. The second issue deals with development and underdevelopment in developing countries. The third is about the nature and extent of economic globalization, and currently takes places in a context of increasing inequality between and inside countries. The fourth and final issue concerns how to study the real world from an IPE perspective and it pits the hard science American School against the more qualitative and normative British School.