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Chapter

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.

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

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.

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This chapter examines the political economy of development. Despite the many accomplishments since the end of the Second World War, the problems of development in the contemporary global political economy are still of arresting proportions, and the various incarnations of a ‘global development agenda’ to deal with these problems have had a very mixed record. In fact, there is still little consensus on what development actually is, let alone how it might be achieved, in either academic debates or public discourse. One of the most disputed questions in this context relates to the relationship between globalization and development, and how people should understand the impact of globalization on development across the world. The chapter explores these debates. It starts by reviewing the different ways of thinking about development that have emerged since the end of the Second World War, and demonstrating how particular understandings of development have given rise to particular kinds of development strategies, at both the national and global levels. The chapter then considers the impacts and consequences of these strategies for development, and shows on this basis that many of the problems and failures of development have not only persisted but also worsened in the contemporary period.

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, 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.

Chapter

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.

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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

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

Stephen Hobden and Richard Wyn Jones

This chapter examines the contribution of Marxism to the study of international relations. It first considers whether globalization is a new phenomenon or a long-standing feature of capitalist development, and whether ‘crisis’ is an inevitable feature of capitalism, and if so, whether capitalism contains the seeds of its own destruction. The chapter proceeds by discussing a number of core features common to Marxist approaches as well as the internationalization of Karl Marx's ideas by Vladimir Lenin and subsequently by writers in the world-system framework. It also explains how Frankfurt School critical theory, and Antonio Gramsci and his various followers, introduced an analysis of culture into Marxist analysis as well as the more recent ‘return to Marx’. Two case studies are presented, one relating to the Naxalite movement in India and the other focusing on the recent experience of Greece. There is also an Opposing Opinions box that asks whether the global economy is the prime determinant of the character of world politics.

Chapter

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

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

This chapter addresses the intersection of international law and international politics as it relates to global trade. To study global economic governance is to study international law, international relations, and international political economy (IPE) all at once. The chapter begins with a brief introduction to IPE, a discipline which seeks to understand the workings of the global economy in its political context. It examines the relationship between economic globalization and state sovereignty, before turning to the construction of the postwar global economic order, with a focus on the Bretton Woods institutions. The postwar global economic order has often been described as ‘liberal’ by virtue of its underlying assumptions and the ideological convictions of its framers. Importantly, the postwar liberal order was built by, and for, the developed countries of the Global North-a fact that has informed critiques emanating from the developing countries of the Global South. The chapter then assesses global trade governance, analysing the structure, powers, and role of the World Trade Organization.

Chapter

This chapter assesses the global political economy of the environment. The growth of the world economy is transforming the Earth's environment. Nothing is particularly controversial about this statement. Yet, sharp disagreements arise over the nature of this transformation. Is the globalization of capitalism a force of progress and environmental solutions? Or is it a cause of the current global environmental crisis? The chapter addresses these questions by examining the debates around some of the most contentious issues at the core of economic globalization and the environment: economic growth, production, and consumption; trade; and transnational investment. It begins with a glance at the general arguments about how the global political economy affects the global environment. The chapter then traces the history of global environmentalism — in particular, the emergence of international environmental institutions with the norm of sustainable development. It also evaluates the effectiveness of North–South environmental financing and international environmental regimes.

Chapter

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.

Chapter

Paul Kirby

This chapter examines the power of gender in global politics. It considers the different ways in which gender shapes world politics today, whether men dominate global politics at the expense of women, whether international—and globalized—gender norms should be radically changed, and if so, how. The chapter also discusses sex and gender in international perspective, along with global gender relations and the gendering of global politics, global security, and the global economy. Two case studies are presented, one dealing with the participation of female guerrillas in El Salvador's civil war, and the other with neo-slavery and care labour in Asia. There is also an Opposing Opinions box that asks whether war is inherently masculine.

Chapter

Michael Freeman

This chapter examines the concept of human rights, which derives primarily from the Charter of the United Nations adopted in 1945 immediately after World War II. It first provides a brief account of the history of the concept of human rights before describing the international human rights regime. It then considers two persistent problems that arise in applying the concept of human rights to the developing world: the relations between the claim that the concept is universally valid and the realities of cultural diversity around the world; and the relations between human rights and development. In particular, it explores cultural imperialism and cultural relativism, the human rights implications of the rise of political Islam and the so-called war on terror(ism), and globalization. The chapter concludes with a discussion of the new political economy of human rights.

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.

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.

Chapter

This chapter examines the impact of Europeanization upon the national economies of European Union member states. It considers how successful the EU has been in promoting its goal of building a single European economy out of the diverse national economies of its member states; how much convergence has occurred among EU member states, and how much divergence remains; and what impact the economic crisis beginning in 2008 has had on the EU and its member states. To answer these questions, the chapter traces the development of Europe’s national economies from the post-war period until today. It also analyses the impact of globalization and Europeanization on post-war varieties of capitalism before concluding with reflections on future patterns of political economic development in the EU in light of the economic crisis.

Chapter

This edition examines the contexts in which the European Union has reflected and affected major forces and changes in international relations (IR) by drawing on concepts such as balance of power, multipolarity, multilateralism, interdependence, and globalization. It explores the nature of policymaking in the EU's international relations and the ways in which EU policies are pursued within the international arena. Topics include the EU's role in the global political economy, how the EU has developed an environmental policy, and how it has attempted to graft a common defence policy onto its generalized foreign and security policy. This chapter discusses the volume's methodological assumptions and considers three perspectives on IR and the EU: the EU as a subsystem of IR, the EU and the processes of IR, and the EU as a power in IR. It also provides an overview of the chapters that follow.