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Chapter

Cover I-PEEL: The International Political Economy of Everyday Life

10. Conclusion  

This concluding chapter summarizes the key aspects of international political economy (IPE). IPE can be described as the study of global systems of production, exchange, and distribution, with a view to understanding what these mean for the basic values of wealth, security, freedom, and justice. This book connects this academic field and its animating questions to everyday life. Alongside states and markets, it looks at households as important sites of power. Alongside production, exchange, and distribution, it also considers the contested economic sphere of consumption. Using the I-PEEL approach, the book takes everyday objects and economic practices as both entry points into IPE and things to be studied in themselves. The chapter then demonstrates the process of creating I-PEEL tiles, highlighting the merits of the I-PEEL approach in studying global capitalism.

Chapter

Cover Global Politics

4. Critical Approaches to Global Politics  

This chapter investigates critical approaches to global politics. While liberal and realist theorists probe each other’s ideas for faults and weaknesses, neither have challenged capitalism and its implications for social, economic, and political order. Marxism, on the other hand, which developed around the mid-nineteenth century, has provided very different perspectives and presents a significant challenge for mainstream approaches to global order in both theory and practice. Post-Marxist Critical Theory, along with historical sociology and world-systems theory, emerged in the twentieth century, giving rise to schools of thought which continue the critique of capitalism and the social and political forces underpinning it. Meanwhile, ideas arising from social theory, such as the extent to which perceptions of reality are socially conditioned and indeed ‘constructed’, achieved greater prominence following the end of the Cold War, an event which prompted many scholars to start asking new questions about global politics and the assumptions on which traditional theories rested. Constructivism, postmodernism, and poststructuralism remain concerned with issues of power and justice but provide different lenses through which these issues may be viewed in the sphere of global politics.

Chapter

Cover Global Politics

2. States, Nations, and Empires  

This chapter discusses what is often regarded as the central institution, not only of domestic or national political order but also of current international or global order—the state. Alongside the state, we must also consider the idea of the nation and the ideology of nationalism—perhaps the most powerful political ideology to emerge in the modern world. There is, however, another form of international political order that has actually been far more common throughout history, and that is empire. With the rise of modernity from around the beginning of the seventeenth century, we also encounter the rise of the modern state and state system in Europe along with ideas about sovereignty, citizenship, the nation-state, and democracy. The chapter then looks at the effective globalization of the European state system through modern imperialism and colonialism and the extent to which these have been productive of contemporary global order.

Chapter

Cover Global Political Economy

15. State power and geopolitics  

Andrew Hurrell

This chapter covers three dimensions in answering questions about the role of state power and geopolitics in the Global Political Economy (GPE). The first answer focuses on how changes in the global economy affect the nature and the effectiveness of the economic instruments available to governments as they pursue their foreign policy goals. The second cluster of answers focuses on the ways in which politics and economics are bound together in the construction and evolution of economic institutions and economic orders. The third cluster of answers accepts the need to think in terms of power operating within economic orders but this time with the causal arrow flowing from politics into the economy. Ultimately, the dynamics of the international political system are what drive the foreign economic policies of governments, shape the states and societies making up the global system, and help explain the character and operation of the global economy.

Chapter

Cover Global Political Economy

5. Finance  

Lena Rethel

This chapter focuses on the Global Political Economy (GPE) of finance. It begins by exploring the key pillars of the GPE of finance, starting with money, currencies, and the international monetary system, before examining the dynamics of credit and debt. While money is ubiquitous, its usages are characterized by great variety and so are the practices—economic, political, and cultural—to which money gives rise. The chapter then looks at both public and private mechanisms which were established to govern global finance. Recurring financial crises are a key feature of the Global Political Economy. These crises can be triggered in different segments of the global financial system, including currency and debt markets, and can result from shocks outside the financial economy such as the Covid-19 pandemic. The chapter also considers different ideas that may shape the international organization of credit, such as Islamic finance.

Chapter

Cover Introduction to Politics

22. Global Political Economy  

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.

Chapter

Cover Introduction to Politics

22. Global Political Economy  

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.

Chapter

Cover Global Political Economy

14. Global governance  

Richard Jolly and Thomas G. Weiss

This chapter discusses ‘global governance’, the term now used widely to analyse the international system. Global governance consists of collective efforts to identify, understand, and address worldwide problems and processes that go beyond the capacities of individual states. The question of how to improve global economic governance can be understood by addressing the main ‘gaps’ in the international system: knowledge, norms, policies, institutions, leadership, and compliance. The chapter then presents three illustrations of current issues in global governance—and the gaps therein—to help in understanding international responses (both weak and strong) to communicable diseases, economic instability, and child welfare. Ultimately, addressing global governance problems requires more robust intergovernmental organizations (IGOs) and international non-governmental organizations (NGOs).

Chapter

Cover Global Political Economy

3. How to think about Global Political Economy  

Benjamin J. Cohen

This chapter examines the question of how we should think about Global Political Economy (GPE), and offers a multitude of theoretical approaches and perspectives. Perspectives can be distinguished from one another along five key dimensions: ontology, agenda, purpose, boundaries, and epistemology. At the most general level, the field is divided between two broad approaches, described as either orthodox or heterodox theoretical perspectives. Orthodox perspectives share a preference for a state-centric ontology, positivism, closed disciplinary boundaries, and rigorous methodology. They may be subdivided into three main variations: liberalism, realism, and constructivism. Heterodox perspectives are less state-centric, agendas are broader and more normative, boundaries are more open, and methodology is less formal. They include a variety of system-level theories, critical theory, and approaches that seek to extend the boundaries of the field in one direction or another. Fundamentally, our thinking about GPE should be ruled by two paramount principles: pragmatism and eclecticism.

Book

Cover Comparative Politics

Edited by Daniele Caramani

Comparative Politics provides an introduction to the field. Comparative politics is an empirical science that deals primarily with domestic politics. It is one of the three main subfields of political science, alongside international relations and political theory. The text provides a comprehensive introduction to comparative politics. It includes three chapters dedicated to familiarizing readers with the comparative approach, discussing substance as well as method. It then guides readers through a thematically organized, comprehensive analysis of the core methods, theories, and concepts in comparative politics. Empirical data is drawn on to demonstrate key similarities and differences of political systems in practice. Increased focus is given to the Global South and its path towards democratization. At the end of each chapter, there are questions designed to encourage critical thinking. The six sections of the work deal with: theories and methods; the historical context; structures and institutions; actors and processes; public policies; and beyond the nation state.

Chapter

Cover Comparative Politics

Introduction to comparative politics  

Daniele Caramani

This text provides a comprehensive introduction to comparative politics. Comparative politics is an empirical science that deals primarily with domestic politics. It is one of the three main subfields of political science, alongside international relations, and political theory. Comparative politics has three goals: to describe differences and similarities between political systems and their features; to explain these differences; and to predict which factors may cause specific outcomes. This edition compares the most important features of national political systems and contains chapters on integration, globalization, and promotion of democracy in non-Western parts of the world. This introductory chapter explains what comparative politics is, and discusses its substance as well as method.

Chapter

Cover International Relations Theories

15. International Relations Theory and Globalization  

Colin Hay

This chapter examines the existing debate on the extent and nature of globalization and its implications for contemporary International Relations theory. It first considers the stakes involved in the globalization debate for a range of core theoretical perspectives in IR. It shows how the literature on globalization has developed over time, revealing how the nature of the debate has changed, and illustrates this both theoretically and empirically with a case study of the impact of globalization on the development of the welfare state before and since the global financial crisis. The chapter also considers the empirical case against the globalization thesis, what a competition state is, and how it might confer a competitive advantage upon a national economy in an era of globalization. The chapter suggests that the current level of interdependence within the international system, although considerable, is not easily reconciled with the stronger variants of the globalization thesis.

Book

Cover Comparative Politics

Edited by Daniele Caramani

Comparative Politics provides an introduction to the field. Comparative politics is an empirical science that deals primarily with domestic politics. It is one of the three main subfields of political science, alongside international relations and political theory. The text provides a comprehensive introduction to comparative politics. It includes three chapters dedicated to familiarizing readers with the comparative approach, discussing substance as well as method. It then guides readers through a thematically organized, comprehensive analysis of the core methods, theories, and concepts in comparative politics. Empirical data is drawn on to demonstrate key similarities and differences of political systems in practice. Increased focus is given to the Global South and its path towards democratization. At the end of each chapter, there are questions designed to encourage critical thinking. The six sections of the work deal with: theories and methods; the historical context; structures and institutions; actors and processes; public policies; and beyond the nation-state.

Book

Cover Democracies and Authoritarian Regimes

Andrea Kendall-Taylor, Natasha Lindstaedt, and Erica Frantz

Chapter

Cover Global Politics

9. Capitalism  

This chapter looks into the mystery as to why many people think that capitalism is the only viable economic system. Globalisation has significantly transformed the economic lives of people, and this is visible on an everyday level. Beyond the process of production, capitalism also goes hand in hand with social transformations such as the Covid-19 pandemic and the Black Lives Matter campaign. Since capitalism is a deeply political system with far-reaching effects on the international system, the chapter explores the myth that capitalism operates as a system of free enterprise independent of state involvement. Additionally, it considers the importance of reflecting on new ways of thinking about capitalism and how a world after capitalism might look.

Chapter

Cover Global Political Economy

8. The Evolution of the International Monetary and Financial System  

Eric Helleiner and Melsen Babe

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

Cover Global Political Economy

6. Trade  

Erin Hannah and James Scott

This chapter assesses the global trade system. It begins by looking at the debate over free trade and protectionism. The chapter explores the evolution of the multilateral trade system, with particular emphasis on the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO), highlighting the centrality of trade liberalization and non-discrimination in contemporary trade relations. It then considers the debates surrounding the relationship between trade and development, particularly around how multilateral trade rules reflect unequal power relations, and the social consequences of liberalized trade. The chapter also reflects on the recent backlash against neoliberal trade and the ostensible turn towards protectionism in some parts of the world. Finally, it highlights the gendered nature of trade and how it affects gender equality.

Chapter

Cover Comparative Politics

Introduction to Comparative Politics  

Daniele Caramani

This text provides a comprehensive introduction to comparative politics. Comparative politics is an empirical science that deals primarily with domestic politics. It is one of the three main subfields of political science, alongside international relations and political theory. Comparative politics has three goals: to describe differences and similarities between political systems and their features; to explain these differences; and to predict which factors may cause specific outcomes. This edition compares the most important features of national political systems and contains chapters on integration, globalization, and promotion of democracy in non-Western parts of the world. This introductory chapter explains what comparative politics is, and discusses its substance as well as method.

Chapter

Cover Global Political Economy

5. The Evolution of the Global Trade Regime  

Silke Trommer

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

Cover Democratization

7. The International Context  

Hakan Yilmaz

This chapter examines the major theoretical approaches to the issue of the international context of democratization. In particular, it considers democratization by means of ‘convergence’, ‘system penetration’, ‘internationalization of domestic politics’, and ‘diffusion’. It also discusses the principal dimensions of the international context, namely, the democracy promotion strategies of the United States and the European Union. The term ‘conditionality’ is used to describe the democracy promotion strategy of the EU. In the case of the United States, its leverage with respect to democracy promotion has been undermined by its military intervention and violation of human rights. The chapter concludes with an analysis of the effects of globalization and the formation of a global civil society on democratization.