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Cover European Union Politics

20. The Single Market  

Michelle Egan

This chapter charts the evolution of the Single Market, from its original conception in the 1950s, beginning with the Treaty of Rome through to efforts to expand and enforce Single Market commitments in a climate of unfair trade practices and rising economic nationalism. The chapter highlights the tensions and trade-offs between legal and regulatory strategies to integrate markets; the challenges of creating a social market due to internal asymmetries between market integration at supranational level and social protection at national level; and the efforts to facilitate the free movement of goods, capital, services, and labour. The chapter highlights the importance of the Single Market in seeking to promote competitiveness and growth as well as the diffusion of its regulations beyond its borders. It concludes by demonstrating how both traditional international relations theories of integration and newer approaches in comparative politics and international relations, can be used to shed light on the governance of the Single Market.

Chapter

Cover Politics in the European Union

19. The Single Market  

This chapter examines the European Union’s (EU’s) original decision to create a single market and the moves to complete the internal market—what became known as the single market programme—in the 1980s. The economic ideal of a common or single European market lies at the core of the EU. The decision to institute a drive to achieve a single internal market by the end of 1992 played a key role in the revival of European integration. The chapter first traces the development of internal market policy before discussing the record of implementation beyond 1992. It then considers recent policy developments in relation to the single market in the context of the Barroso (2005–14) and Juncker (2014–19) Commission presidencies. It also reviews the academic literature on the single market, focusing on the main explanations for its development and some key ideological or normative perspectives on its consequences, including political economy critiques.

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 An Introduction to Political Philosophy

5. The Distribution of Property  

This chapter examines the concept of distributive justice, asking in particular whether citizens should have the liberty to acquire and dispose of property however they see fit, or whether there are justified restrictions on economic activity in the name of liberty or justice. It begins with a discussion of the problem of distributive justice, taking into account a variety of differing opinions on how a liberal society should distribute property, along with the so-called income parade. It then considers property and markets, focusing on John Locke's ideas, and the free market principle. It also explores John Rawls's theory of justice and some of the criticisms levelled against him, including those by Robert Nozick.

Chapter

Cover Policy-Making in the European Union

5. The Single Market  

Central to Brexit

Alasdair R. Young

This chapter examines the renewal of the single European market (SEM) as a major turning point in European policy-making. It presents the argument that many of the analyses that proliferated in response to the Single European Act (SEA) and the SEM overstated their novelty and understated some of the surrounding factors that helped to induce their ‘success’. The chapter first provides a historical background on how the single market was established before discussing the politics of policy-making in the SEM. It explains how new ideas about market regulation permeated the European Union policy process and facilitated legislative activism and important changes in the policy-implementing processes, culminating in the ‘1992 programme’ to make the single market a reality. Although the task of ‘completing’ the single market remains unfinished, the chapter shows that it has moved to the heart of European integration and altered the pattern of state–market relations in Europe. As a consequence, the single market has played a central role in the Brexit process. The Brexit process has also revealed how far the single market has developed.

Chapter

Cover Poverty and Development

17. Democratisation, Governance, and Development  

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

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 Political Economy

9. Financial Openness and the Challenge of Global Governance  

Louis W. Pauly

This chapter studies the globalization of finance. The world economy today reflects a systemic experiment involving, on the one hand, the unleashing of cross-border capital movements and, on the other, the dispersion of the political authority necessary to oversee and, when necessary, stabilize the markets through which vast amounts of capital now flow. Resulting tensions become most obvious during financial crises, when those flows suddenly stop or reverse their direction. In the late twentieth century, most such crises began in emerging-market or developing countries and had limited systemic consequences. In 2008, however, the global experiment capital market openness, now far along in its evolution, almost failed catastrophically when policy mistakes in the United States combined with large national payments' imbalances and a broad economic downturn to spawn a worldwide emergency. Shortly thereafter, Europeans at the core of the system narrowly escaped a similar disaster at the regional level. The chapter then explores key implications for contemporary global governance. It calls particular attention to the increasingly difficult and variegated politics of systemic risk assessment, emergency management, and future crisis prevention as the experiment continues.

Chapter

Cover European Union Politics

28. COVID-19 and EU Health Policy  

Eleanor Brooks, Sarah Rozenblum, Scott L. Greer, and Anniek de Ruijter

This chapter explores the implications of the COVID-19 pandemic for the EU’s health policy. Health is an area where member states have historically been reluctant to cede powers. Consequently, the EU’s treaty competences in health are limited. The chapter introduces the extent and parameters of the EU’s role and the resulting patchwork of health policy and law which exists at European level. When COVID-19 emerged, the EU could not offer a comprehensive response, although the scale of the emergency put pressure on norms of solidarity and free movement. The chapter reviews the EU’s response within six different areas of (health and non-health) policy, highlighting the strengths and weaknesses of the EU’s efforts to fight and mitigate the pandemic using the public health, internal market, and fiscal governance dimensions of its health powers before discussing the implications of the pandemic and the EU’s response.

Chapter

Cover Global Political Economy

4. Globalization and neoliberalism  

Jacqueline Best

This chapter evaluates the contested concepts of globalization and neoliberalism, and looks at their role in Global Political Economy (GPE). There are significant debates about the political salience of globalization, with hyperglobalists, sceptics, and transformationalists disagreeing on its implications for the power of the state. Scholars also disagree about when the era of globalization began. Meanwhile, neoliberalism is a set of economic ideas and policies built upon a belief in the ‘free market’ as an unquestionable value in political and economic life. Neoliberal globalization has increased living standards in many parts of the world while also intensifying inequality along the lines of class, race, and gender. At the heart of debates about neoliberalism and globalization are three core puzzles: whether they are primarily depoliticizing or repoliticizing strategies; whether they are best understood by looking at global-level processes or at changes in everyday life; and whether their power is primarily material or ideational.

Chapter

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

7. Social Media  

This chapter explores the increasing significance of social media in international political economy (IPE). How we experience and represent social media has profound implications for the ethical possibilities and limits of global market life. The chapter begins by problematizing social media through the related concepts of self-branding, the attention economy, and the prosumer. It then looks at social media via two popular documentaries on Netflix: Fyre: The Greatest Party That Never Happened (2018) and The Social Dilemma (2020). These documentaries tackle questions of reform and regulation, identifying how social media data carries immense value for corporate marketing, political strategy, credit rating, and other ways of knowing and governing society. This helps to establish an important dilemma: is social media a free and democratic space or a new infrastructure of surveillance? Finally, the chapter reflects on the politics of social media by considering different forms of critical agency.

Chapter

Cover Origins and Evolution of the European Union

9. From Deadlock to Dynamism  

The European Community in the 1980s

N. Piers Ludlow

This chapter examines the origins of the European Community's (EC) transformation, arguing that the most important factor was the emergence of a new degree of consensus among economic and political leaders about what ‘Europe’ should do. In the course of the mid-1980s, the EC went from being a seemingly moribund entity to a rapidly developing success story. The launch of the single market programme revitalized the EC, helped it overcome long-standing institutional paralyses, created onward pressure for yet more integration, and forced the rest of the world to pay heed to the European integration process once more. The chapter explains how the apparently narrow target of establishing an internal market within the EC encouraged multiple other efforts to integrate Western Europe more closely. It also considers the important role played by national governments and the European Council in shaping the direction of European integration.

Chapter

Cover Contemporary Political Philosophy

7. Citizenship Theory  

This chapter examines theories of citizenship as an important supplement to, rather than a replacement for, theories of justice. It first considers what sorts of virtues and practices are said to be required by democratic citizenship, focusing on two different forms of civic republicanism: a classical view which emphasizes the intrinsic value of political participation, and a liberal view which emphasizes its instrumental importance. The chapter then explains how liberal states can try to promote the appropriate forms of citizenship virtues and practices. It also discusses the seedbeds of civic virtue, taking into account a variety of aspects of liberal society that can be seen as inculcating civic virtues, including the market, civic associations, and the family. It concludes with an analysis of the politics of civic republicanism.

Chapter

Cover Policy-Making in the European Union

11. Social Policy  

Between Legal Integration and Politicization

John Bachtler and Carlos Mendez

Social policy in the European Union (EU) is characterized by a fundamental puzzle: integration has happened despite member-state opposition to the delegation of welfare competences. While the policy has developed in small and modest steps, over time, this has led to a considerable expansion of the policy remit. Negative integration pushed by judicial decision-making is often regarded as a main driver for social integration. Positive integration through EU legislation is, however, just as defining for EU social policy, and politics is very evident when EU member states negotiate social regulation. More recently, the policy has been marked by deep politicization.

Chapter

Cover European Union Politics

17. Trade and Development Policies  

Michael Smith

This chapter focuses on the external economic relations of the European Union—the longest-established area of collective European international policy-making and action—and specifically on trade and development policy. The chapter begins by examining institutions and policy-making for trade, in which the Commission plays a central role in initiating and conducting policy, and looks especially at the Common Commercial Policy (CCP). It goes on to examine development policy—an area of mixed competence, in which policy responsibility is shared between the EU institutions and national governments. The chapter then proceeds to explore the substance and impact of EU trade and development policies, and to assess the linkages between the two areas. The conclusions draw attention to a number of tensions and contradictions in EU trade and development policy, including those arising from the departure of the United Kingdom.

Chapter

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

8. Share  

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.

Chapter

Cover US Foreign Policy

Introduction: US foreign policy—past, present, and future  

Michael Cox and Doug Stokes

This edition provides an account of contemporary U.S. foreign policy. There are at least five broad themes that inform the text. The first is the importance of the past for understanding the present. The second concerns the complex relationship between foreign policy and America’s longer-term goals and interests. Policy makers have assumed that the international order that would best advance American interests would be composed primarily of democratic states, open markets, and self-determining nations. The third theme is the importance of the ‘domestic’ in shaping U.S. foreign policy choices, including factors such as interest groups, the role of institutions, and the power of ideas. The fourth theme relates to the issue of perspective or ‘balance’, and the fifth and final theme refers to the fact that whatever one might think of the United States past, present, or future, it is simply too important to be ignored.

Chapter

Cover The European Union

7. Internal Policies of the EU  

Dionyssis G. Dimitrakopoulos and Daniel Kenealy

This chapter examines some of the EU’s key internal policies. The chapter begins by considering the different kinds of power that the EU possesses, and how that differs from national governments, before considering the EU’s reliance on member states to implement many of its policies. The chapter explores three types of internal policy. First, it discusses policies designed to build and expand the internal market, which remains the foundation of the project of European integration. Second, it explores policies designed to cushion, or correct, the impact of the internal market. Finally, it discusses policies that have taken the EU into new realms, beyond the original vision of constructing an internal market—realms that are associated with core state powers such as money, borders, and internal security.

Chapter

Cover Poverty and Development

26. Returning to the ‘Great Transformation’  

John Harriss

This chapter recounts how Karl Polanyi developed an explanation for the rise of fascism and for the world crisis of the mid-twentieth century. In doing so, he elaborated a profound critique of the kind of thinking about economic development — described as 'market fundamentalism' and commonly referred to as neoliberalism. In the early twenty-first century, neoliberal economic policies, together with the implications of rapid technological change, have caused a crisis, comparable with that analysed by Polanyi, in which social, environmental, and financial problems are interwoven, and to which the rise of authoritarian populism is one response. The Covid-19 outbreak has further exposed the unsustainability of the global system of market fundamentalism and may point to another 'great transformation'. It is possible that a combination of worldwide movements against inequality and environmental degradation with local struggles for citizenship, economic and social rights, and environmental justice among the masses in major 'emerging economies', such as India, can provide a platform for a social democratic alternative.

Chapter

Cover Politics in the Developing World

16. Development  

Tony Addison

This chapter examines development policy objectives and their explicit focus on poverty reduction. It first considers different definitions of development policy objectives before discussing the roles that the market mechanism and the state should play in allocating society’s productive resources. In particular, it looks at the economic role of the state as one of the central issues dividing opinion on development strategy and explains how rising inequality led to a backlash against economic liberalization. The chapter proceeds by exploring the relationship between economic growth and poverty reduction, along with the political difficulties that arise from economic reform. It also analyses the importance of transforming the structure of economies and the new global development landscape, including changes in development finance.