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Cover Global Political Economy

11. Globalization’s Impact on States  

Colin Hay

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

Cover Global Political Economy

3. Cooperation and Conflict in the Global Political Economy  

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

Cover Global Political Economy

1. The Study of Global Political Economy  

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

Cover International Relations and the European Union

11. The European Union and the Global Political Economy  

Amy Verdun

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

Cover European Integration Theory

10. Critical Political Economy  

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.