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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 Comparative European Politics

12. Politics and Markets  

Neil Robinson and Owen Worth

The political economy of Europe has changed significantly in the last four decades because of globalization, the collapse of communism, and financial crises. This chapter first discusses the different varieties of capitalism that emerged in Europe after World War II. It looks at how they have been put under pressure by economic internationalization and the dominance of neoliberal ideas, which together have weakened economic management at nation-state level. The chapter also looks at the development of capitalism in Eastern Europe and explanations for variance in post-communist capitalist development. Finally, the chapter considers the challenges to the management of Europe’s political economy posed by the international financial crisis that dominated much of Europe’s politics after 2007, along with the initial response to the economic crisis caused by the coronavirus pandemic in 2020.

Chapter

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

3. Food  

This chapter examines the topic of food in everyday international political economy (IPE). It primarily focuses on the international trade of agricultural commodities and its developmental implications within the Global South. It explains the concepts of governmentality and the global value chain. The chapter begins by looking at corporate brands behind the globalization of chocolate, the associated transformation of dietary patterns, and the attempts to manage the exploitation that persists in the cocoa industry. It shows how these trends can be drawn together conceptually with reference to neoliberalism, a key term in IPE and in food studies generally. The chapter then analyses the meaning of food security, looks at how diets are governed, and looks at where value is distributed in the agri-food sector. It also considers how autoethnography and foodscaping can be used to reflect theoretically on daily diet and the moral economy of veganism.

Chapter

Cover The Globalization of World Politics

7. Marxist theories of international relations  

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

Cover Contemporary Security Studies

19. Globalization, Development, and Security  

Nana K. Poku and Jacqueline Therkelsen

This chapter proposes that globalization is a neoliberal ideology for development, consolidated and promoted by key international financial institutions (the World Bank and the International Monetary Fund), which deepens inequality between and within nations on a global scale, resulting in increased global insecurity through a growing sense of injustice and grievance that may lead to rebellion and radicalization. It is argued that, ultimately, the globalization ideology for development services the interest of its advocates, the elites of the core capitalist economies that dominate the international financial institutions, at the expense and immiseration of the majority of people in developing economies and the weaker segments of their own societies. The chapter is set out in three stages: first, it presents the case for conceptualizing globalization as a neoliberal ideology for development; second, it provides evidence to demonstrate the harmful effects of the ideology on societies, particularly across the developing world; and third, it explores the connection between uneven globalization and global insecurity through two case studies: the uprising in Egypt in 2011, and the collapse of the Greek economy in 2010.

Chapter

Cover Introduction to Politics

17. Traditional Theories in Global Politics  

Stephanie Lawson

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 US President Woodrow Wilson and Norman Angell. Liberal international theory is characterized 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 the Second World War, 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.

Chapter

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 The Globalization of World Politics

19. International law  

Christian Reus-Smit

This chapter examines debates surrounding the nature and efficacy of modern international law. It begins by discussing the reasons why international societies construct institutions, and why different sorts of institutions have emerged in different historical contexts. It then considers the nature and origins of the modern institution of international law, its relationship with the practice of multilateralism, and the recent cosmopolitanization of the global legal order. It also explores the laws of war and concludes with an overview of different theoretical approaches to international law such as realism, neoliberal institutionalism, and constructivism. Two case studies are presented: the first is about whether international law is an expression of Western dominance and the second is about individual criminal accountability in non-Western countries.

Chapter

Cover Introduction to Politics

17. Traditional Theories in Global Politics  

Stephanie Lawson

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.

Chapter

Cover The Globalization of World Politics

19. International law  

Christian Reus-Smit

This chapter examines debates surrounding the nature and efficacy of modern international law. It begins by discussing the reasons why international societies construct institutions, and why different sorts of institutions have emerged in different historical contexts. It then considers the nature and origins of the modern institution of international law, its relationship with the practice of multilateralism, and the recent cosmopolitanization of the global legal order. It also explores the laws of war and concludes with an overview of different theoretical approaches to international law such as realism, neoliberal institutionalism, and constructivism. Two case studies are presented: the first is about whether international law is an expression of Western dominance and the second is about individual criminal accountability in non-Western countries. There is also an Opposing Opinions box that asks whether international law has any real effect on the nature and conduct of international relations.

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.

Chapter

Cover Politics in the European Union

24. Trade and Development Aid  

This chapter examines the European Union’s (EU’s) external trade relations in the context of the wider framework of global trade agreements, along with its related policies on development aid, particularly with the African, Caribbean, and Pacific (ACP) states. It first looks at the history of the EU’s trade and development aid, before discussing its contemporary external trade and development policies. It explains the workings of the common commercial policy, considers disputes within the World Trade Organization (WTO), especially with the United States, and explores the EU’s trading relationship with developing countries and near neighbours in the context of the European Neighbourhood Policy (ENP). It then considers theoretical explanations of the EU’s external trade and development aid policies, as well as criticisms of such policies. Analysis of the EU’s external economic relations brings to the fore a number of theoretical themes, such as the tension between nationalism and supranationalism, the complexities of bargaining within multiple international forums, and the dominance of particular ideas across different forums.