This chapter studies the relatively new topic of sharing economy in international political economy (IPE), describing the concepts of marketization of everyday life, the gig economy, and platform capitalism. It begins by looking at ride-sharing, which is an increasingly popular means of transport that constitutes a significant sector in the for-profit sharing economy. Using the Indonesian ride-hailing company Gojek as an example, the chapter draws out fundamental tensions between solidarity and exploitation that underpin processes of marketization in the sharing economy. It then examines different forms of economic organization and their historical lineages. The different principles that can structure economic exchange include householding, reciprocity, redistribution, and the market. Finally, the chapter evaluates for-profit and not-for-profit dimensions of the sharing economy using the diverse economies framework and community mapping.
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This chapter offers an overview of the field of Global Political Economy (GPE)—also known as International Political Economy (IPE). It builds on themes introduced in previous chapters, including connections with theories of global politics. These are discussed from a historical perspective to enable a better appreciation of how ideas, practices, and institutions develop and interact over time. These theories arose substantially within a European context, although the extent to which these may be applied uncritically to issues of political economy in all parts of the globe must be questioned. Significant issues for GPE include trade, labour, the interaction of states and markets, the nexus between wealth and power, and the problems of development and underdevelopment in the global economy, taking particular account of the North–South gap. The chapter then discusses the twin phenomena of globalization and regionalization and the way in which these are shaping the global economy and challenging the traditional role of the state. An underlying theme of the chapter is the link between economic and political power.
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Stephanie Lawson
This chapter provides an overview of the field of Global Political Economy (GPE), also known as International Political Economy (IPE). It begins with a discussion of how GPE/IPE has developed as a major focus of study within the broader field of global politics over the last four decades. It then considers the rise of mercantilism as a theory of GPE, along with its relationship to nationalism and colonialism. It also examines the emergence of liberal political economy, Marxism and critical IPE, and the international economic order after World War II. In particular, it looks at the Bretton Woods system, which emerged after the war as a compromise between liberalism and nationalism. The chapter concludes with an analysis of international political, economic, and social problems associated with the North–South gap, globalization and regionalization in the post-Cold War period, and financial crises that rocked the global economic system.
Book
Stephanie Lawson
Global Politics is an introduction to international relations. It introduces the key theories and concepts underpinning the discipline, providing a foundation for the study of politics on both a personal and global scale, including issues relating to gender, sexuality, and ethnicity, as well as the economy, environment, and concepts of justice. The text presents theories in their historical context, demonstrating how they can evolve over time. Case studies, both contemporary and historical, and biographies of key figures, help bring these issues to life. Additional features, such as key debates and summary questions, provide opportunities to analyse issues from a range of perspectives.
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David Potter, Alan Thomas, and María del Pilar López-Uribe
This chapter investigates the concepts of liberal democracy, democratization, and governance and how they relate to development. There are several critiques of liberal democracy, which mostly correspond to well-known problems for any political regime. They include the 'tyranny of the majority', élite capture, clientelism, and the threat of populist capture. Alternative models claimed by their proponents to be democratic include illiberal democracy, direct democracy, and democratic centralism. Especially for proponents of market economy, liberal democracy and economic development are seen as complementary aspects of modern society. However, it is not clear that democratization leads to development. Successful development requires a supportive institutional environment. This may occur in a liberal democracy but it is not democracy itself that matters but 'something else' — which may be called 'quality of governance', including impartiality and effectiveness.
Chapter
Guoer Liu and Andrew Kilmister
This chapter situates examples of socialist development within wider historical contexts, and discusses their evolution, consequences, and potentials. The state socialist model of development emerged out of a particular historical experience, that of the USSR following the Bolshevik revolution. However, the problems faced by the Bolsheviks were of a general nature, and the industrialization achieved in the USSR thus appeared to offer lessons for other countries attempting to develop and industrialize. But the model proved to be of more limited applicability than had been hoped when applied elsewhere. The rise of China may present an alternative path to many, but the extent to which it is unique and whether it could be characterized as a 'socialist development model' remain controversial. In addition, the reforms in China have been accompanied by many challenges. As the world economy has become more interdependent, the concept of a nationally based socialist road to development has been called into question.
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Nicola Phillips
This chapter introduces the field of International Political Economy (IPE), the themes and insights of which are reflected in the Global Political Economy (GPE), and what it offers in the study of contemporary globalization. It begins with three framing questions: How should we think about power in the contemporary global political economy? How does IPE help us to understand what drives globalization? What does IPE tell us about who wins and who loses from globalization? The chapter proceeds by discussing various approaches to IPE and the consequences of globalization, focusing on IPE debates about inequality, labour exploitation, and global migration. Two case studies are presented, one dealing with the BRICs and the rise of China, and the other with slavery and forced labour in global production. There is also an Opposing Opinions box that asks whether national states are irrelevant in an era of economic globalization.
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This chapter examines the field of political economy from a historical, comparative, and international perspective, focusing on how ideas, practices, and institutions develop and interact over place and time. It first provides an overview of political economy as a field of study before discussing some important theories such as Marxism, liberalism, and economic nationalism. It then considers key issues such as the interaction of states and markets and the North–South divide, along with Karl Marx's critique of international political economy (IPE). It also explores the post-war international economic order and the twin phenomena of globalization and regionalization in the post-Cold War era before concluding with an analysis of the ‘boom and bust’ episodes in the global capitalist economy such as the global financial crisis of 2008.
Chapter
Anthony McGrew
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
Nicola Phillips
This chapter introduces the field of international political economy (IPE), the themes and insights of which are reflected in the global political economy (GPE), and what it offers in the study of contemporary globalization. It begins with three framing questions: How should we think about power in the contemporary global political economy? How does IPE help us to understand what drives globalization? What does IPE tell us about who wins and who loses from globalization? The chapter proceeds by discussing various approaches to IPE and the consequences of globalization, focusing on IPE debates about inequality, labour exploitation, and global migration. Two case studies are presented, the first looking at global value chains (GVCs) and global development and the second dealing with globalization and child labour.
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This chapter examines the position of the European Union in the global political economy (GPE). It also considers key dimensions of change and development as well as the EU's impact on the operation of the contemporary GPE. To this end, the chapter discusses central ideas in international political economy and relates these to the growth of the EU. Furthermore, it analyses the EU's role in the GPE in three areas: European integration, the EU's engagement in the GPE, and the EU's claims to be a major economic power. It concludes with an assessment of global economic governance, focusing in particular on the EU's role in the financial, economic, and sovereign debt crises.
Chapter
John Ravenhill
This chapter provides an overview of the current state of the world economy. The contemporary international economic system is more closely integrated than in any previous era. The global financial crisis and its aftermath provide a clear illustration of the relationship between trade, finance, international institutions, and the difficulties that governments face in coping with the problems generated by complex interdependence. The chapter then traces how the world economy evolved to reach its present state. Before 1945, the spectacular increase in economic integration that had occurred over the previous century was not accompanied by institutionalized governmental collaboration on economic matters. The end of the Second World War marked a significant disjunction: global economic institutions were created, the transnational corporation emerged as a major actor in international economic relations, and patterns of international trade began to change markedly from the traditional North–South exchange of manufactures for raw materials. Since the emergence of global political economy (GPE) as a major subfield of the study of international relations in the early 1970s, GPE scholars have generated an enormous literature that has employed a wide variety of theories and methods. Most introductions to the study of GPE have divided the theoretical approaches to the subject into three categories: liberalism, nationalism, and Marxism.
Chapter
Michael J. Hiscox
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
Bastiaan van Apeldoorn and Laura Horn
This chapter examines European integration from the perspective of critical political economy. It first outlines a historical materialist framework for understanding European integration against a broader context of capitalist restructuring; focusing in particular on neo-Gramscian perspectives but also highlighting other strands of critical analysis. The chapter then proceeds with an integrated analysis of economic and monetary union (EMU) as a political project. With a focus on continuity and changes within the political economy of neo-liberalism, the euro crisis serves as a reference point to illustrate the strengths and contributions of critical political economy. Finally, contemporary perspectives on contestation and resistance in European integration are discussed.
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Introduction to International Relations provides a concise introduction to the principal international relations theories and approaches, and explores how theory can be used to analyse contemporary issues. Throughout the text, the chapters encourage readers to consider the strengths and weaknesses of the theories presented, and the major points of contention between them. In so doing, the text helps you to build a clear understanding of how major theoretical debates link up with each other, and how the structure of the discipline of international relations is established. The book places a strong emphasis throughout on the relationship between theory and practice, carefully explaining how theories organise and shape our view of the world. It also shows how a historical perspective can often refine theories and provide a frame of reference for contemporary problems of international relations. Topics include realism, liberalism, International Society, International Political Economy, social constructivism, post-positivism in international relations, major issues in IPE and IR, and foreign policy. Each chapter ends by discussing how different theories have attempted to integrate or combine international and domestic factors in their explanatory frameworks. The final chapter is dedicated to discussing the state of the world: are we seeing world chaos or world order? The text is accompanied by an Online Resource Centre, which includes: short case studies, review questions, annotated web links, and a flashcard glossary.
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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.
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Introduction to International Relations provides a concise introduction to the principal international relations theories, and explores how theory can be used to analyse contemporary issues. Readers are introduced to the most important theories, encompassing both classical and contemporary approaches and debates. Throughout the text, the chapters encourage readers to consider the strengths and weaknesses of the theories presented, and the major points of contention between them. In so doing, the text helps the reader to build a clear understanding of how major theoretical debates link up with each other, and how the structure of the discipline of international relations is established. The book places a strong emphasis throughout on the relationship between theory and practice, carefully explaining how theories organise and shape our view of the world. It also shows how a historical perspective can often refine theories and provide a frame of reference for contemporary problems of international relations. Topics include realism, liberalism, International Society, International Political Economy, social constructivism, post-positivism in international relations, and foreign policy. Each chapter ends by discussing how different theories have attempted to integrate or combine international and domestic factors in their explanatory frameworks. The final chapter is dedicated to key global issues and how theory can be used as a tool to analyse and interpret these issues. The text is accompanied by an Online Resource Centre, which includes: short case studies, review questions, annotated web links, and a flashcard glossary.
Chapter
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.
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10. Delegating Upwards
Challenges of International Politics
This chapter highlights the challenges presented by international politics. Much of what happens in British politics occurs because of Britain's relationship to the international stage. Relationships to other states, international bodies, and the international economy need to be managed by the UK's political leaders and foreign and defence bureaucracies, to manage how to deploy Britain's voice in international matters. Then there is the delegation of powers to international organizations and the making of treaties. The chapter specifically examines foreign policy and focuses on how functions are delegated to international organizations. It tells the story of the European Union (EU) as one of the most important international delegations culminating in the story of Brexit. This leads to a discussion of the UK's defence and security role. One key theme of the chapter is how success and failure in international politics feed back into domestic politics.
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This chapter focuses on the American political economy from the colonial period to Donald Trump. In particular, it examines how the United States emerged from being a predominantly agricultural country to the wealthiest economic power in the world. The chapter first considers America’s economic rise before independence before discussing the role played by economic factors in sparking war between Great Britain and American colonists. It then looks at America’s dramatic economic growth between formal independence and World War I, as well as through the post-war period. It also analyses the American political economy under Bill Clinton and how his economic policies — and those of his successor George W. Bush — contributed to the great economic crash of 2008. It also explores the major economic reasons that accounted for Trump’s victory in the 2016 presidential election and concludes with an overview of how the American economy has been impacted by globalization.
