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.
6. International Political Economy: Marxism, Mercantilism, Liberalism
17. Traditional Theories in Global Politics
This chapter examines traditional theories in global politics. It begins with a discussion of early liberal approaches, with particular emphasis on liberal international theory whose proponents include U.S. President Woodrow Wilson and Norman Angell. Liberal international theory is characterised by an optimism concerning the prospects of a peaceful international order established through strong international institutions underpinned by international law. The chapter proceeds by considering the emergence of ‘realism’ as a general approach to the study of politics, along with the different approaches to the study of international politics following World War II, including positivism. It also explores the rise of the English School and the concept of international society before concluding with an analysis of neo-liberalism and neorealism that resulted from revisions of both liberalism and realism in the post-war period.
This chapter examines the extent to which environmentalism has emerged as a viable ideology in its own right. It begins by charting the origins of the rise of the environment as an issue in relation to global and national political systems as well as the point at which it might be possible to identify the emergence of a distinct Green agenda. It then analyses the range of environmental thinking and the embedded critique, ideal, and programme that defines Green ideology, with particular emphasis on classical liberalism and neo-liberalism, Green conservatism, eco-socialism, social ecology, and eco-feminism. It also explores the impact that Green policies have had in shaping the policy agenda and concludes by looking at the main challenges that face the consolidation of Green thinking and action. To illustrate these various issues, the chapter presents case studies, one of which relates to global climate change.
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.
20. The Single Market
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.
2. IR as an Academic Subject
This chapter examines how thinking about international relations (IR) has evolved since IR became an academic subject around the time of the First World War. The focus is on four established IR traditions: realism, liberalism, International Society, and International Political Economy (IPE). The chapter first considers three major debates that have arisen since IR became an academic subject at the end of the First World War: the first was between utopian liberalism and realism; the second between traditional approaches and behaviouralism; the third between neorealism/neoliberalism and neo-Marxism. There is an emerging fourth debate, that between established traditions and post-positivist alternatives. The chapter concludes with an analysis of alternative approaches that challenge the established traditions of IR, and with a discussion about criteria for good theory in IR.