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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 the historical origins and the subsequent intellectual lineage of what many textbooks inform the beginning student are the three core theoretical positions within contemporary Global Political Economy (GPE): realism, liberalism, and Marxism. It first considers the use of textbooks in teaching GPE before analysing the historical relationship between realist GPE and the nineteenth-century nationalist political economy tradition, focusing in particular on the political economy foundations of nineteenth-century economic nationalism. It then examines the link between GPE liberalism and Smithian political economy, taking into account Adam Smith's political and moral critiques of mercantilism as well as his views on self-command. The chapter also assesses GPE Marxism's roots in the nineteenth-century Marxian political economy tradition and concludes by looking at GPE feminism and its relation to the nineteenth-century popularization of classical economics for women.

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.

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.

Chapter

This chapter examines the dynamics of economic globalization by focusing on its underlying causes (or logics). It compares and contrasts the principal theoretical accounts of economic globalization, with particular emphasis on how they contribute to our understanding of the current phase of globalization and its future prospects. The chapter explains what economic globalization is and discusses its principal features, along with the key trends associated with the globalization of economic activity in respect of trade, finance, production, and labour. It also considers how theories of international political economy help us in explaining and understanding economic globalization; whether the global financial crisis of 2008 has precipitated the demise of globalization or the emergence of a ‘new wave’; and whether globalization is still the dominant trend or tendency in the world economy today.

Chapter

This volume provides an introduction to the field of Global Political Economy (GPE). It explores some of the approaches that have addressed the key concerns of theorists of GPE; for example. what conditions are most conducive to the emergence of collaborative behaviour among states on economic issues, or what are the determinants of the foreign economic policies of states. It examines various aspects of the debate about globalization as well as the impact of globalization on world poverty, inequality, and the environment. It also considers how globalization has changed the relations between industrialized and less developed economies. This chapter discusses the global financial crisis and the world economy pre-1914, in the interwar period, and post-1945. It also analyses the emergence of GPE as a field and describes a number of approaches to the study of GPE.

Chapter

This chapter focuses on the political economy of development. It first considers the different (and competing) ways of thinking about development that have emerged since the end of World War II, laying emphasis on modernization, structuralist, and underdevelopment theories, neo-liberalism and neo-statism, and ‘human development’, gender, and environmental theories. The chapter proceeds by exploring how particular understandings of development have given rise to particular kinds of development strategies at both the national and global levels. It then examines the relationship between globalization and development, in both empirical and theoretical terms. It also describes how conditions of ‘mal-development’ — or development failures — both arise from and are reinforced by globalization processes and the ways in which the world economy is governed.

Book

Edited by John Ravenhill

This introduction to Global Political Economy offers a comprehensive introduction to global political economy, combining history, theory, and contemporary issues and debates. With a careful balance of empirical material and critical analysis, the chapters introduce readers to the diversity of perspectives in GPE, and encourage readers to unpack claims and challenge explanations. This new edition features a brand new chapter on the global trade regimes and thorough updates throughout to reflect the rise of new actors, especially the BRICs, and the role of developing economies in global governance. The second section of the text gives emphasis to questions of global trade and production.

Chapter

This chapter examines the domestic sources of foreign economic policies. Different people in every society typically have different views about what their government should do when it comes to setting the policies that regulate international trade, immigration, investment, and exchange rates. These competing demands must be reconciled in some way by the political institutions that govern policy making. To really understand the domestic origins of foreign economic policies, we need to perform two critical tasks: identify or map the policy preferences of different groups in the domestic economy; and specify how political institutions determine the way these preferences are aggregated or converted into actual government decisions. The first task requires some economic analysis, while the second requires some political analysis. These two analytical steps put together like this, combining both economic and political analysis in tandem, are generally referred to as the political economy approach to the study of policy outcomes. The chapter then considers the impact of domestic politics on bargaining over economic issues between governments at the international level.

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 political economy of global financial crises. The current world economy reflects an experiment involving the opening and integration of financial markets on the one hand, and the dispersion of political authority on the other hand, The resulting governance challenges are evident in the circumstances surrounding financial crises spilling ever more readily across national borders. In the late twentieth century, most such crises began in emerging-market countries. In 2008, however, the experiment almost failed catastrophically when policy mistakes in the United States combined with an economic downturn to spawn a global emergency. This chapter considers the changing political economy of systemic risk assessment, crisis prevention, and emergency management as the experiment continues. The timeline for the financial crisis of 2008 is presented.

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.

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 issue of political reform in the Middle East. More specifically, it considers the enormous challenges that face proponents of political reform in the region. To this end, the chapter focuses on the legacies of state formation that shape the contemporary political systems, as well as the changing economic and social parameters of societies in today’s Middle East. After explaining the democracy deficit in the Middle East, the chapter shows that the Arab states have been slow to respond to the global processes of democratization. It also explores the political economy of Arab states, the persistence of conflict, regime type, and the ambiguity over the relationship between democracy and Islam. Finally, it analyses the Arab Spring as evidence of the vibrancy and growth of civil society in many states across the region.

Chapter

25. Nigeria  

Consolidating Democracy and Human Rights

Stephen Wright

This chapter examines the consolidation of democracy and human rights in Nigeria. With regard to the relationship between development and human rights, Nigeria presents an interesting puzzle. It is rich in oil, but has not been able to translate its immense natural resources into sustainable economic development and respect for human rights. Ethnic and religious tensions, a result of colonialism, have been exacerbated by disastrous economic development, which has in turn led to a deteriorating human rights situation and intense violence. The chapter first considers the political economy of Nigerian oil before discussing the country’s political and economic development, with particular emphasis on critical aspects of human security and civil society. It concludes with an assessment of the progress that has been made as well as ongoing development challenges Nigeria faces.

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.

Book

Peter Ferdinand, Robert Garner, and Stephanie Lawson

Politics offers an introduction to political studies. It combines accessibility and an analytical approach, encouraging critical study and engaged debate. Alongside coverage of concepts, approaches, and ideologies, the text features chapters on all crucial elements of political studies, from institutions and states to security, political economy, civil society and the media, making it an ideal text for a broad range of modules. Current debates and key developments in contemporary politics are taken into account, with coverage of the rise of populism, Brexit, and the presidency of Donald Trump, as well as a broad range of international case studies and examples.

Chapter

This introductory chapter provides an overview of the study of international relations in the Middle East. The two disciplines of international relations and Middle East studies are highly interdependent. No book on the contemporary politics of the Middle East can possibly ignore the way in which external forces have shaped the development of the region's politics, economics, and societies. Similarly, no international relations text can ignore the rich cases that the Middle East has supplied, and how they illuminate different theories and concepts of the discipline, whether in respect of patterns of war and peace, identity politics, or international political economy. The chapter then looks at some of the particular problems that arise in studying the international relations of the Middle East.

Chapter

27. Sudan  

Human Rights, Development, and Democracy

Liv Tønnessen

This chapter examines human rights, development, and democracy in Sudan. Since gaining independence in 1956, Sudan has been dominated by a northern Muslim ‘ethnocracy’ — a factor that helped precipitate secession of the Christian south in 2011. Long periods of military rule and civil war have spawned a culture of authoritarianism and violence. The chapter first provides an overview of political instability in Sudan before discussing the two civil wars and perpetual conflicts endured by the country throughout its history. It then considers the political economy of human development in Sudan, focusing on the link between underdevelopment and the politics of oil, as well as the failure of democracy to consolidate and the role of civil society in popular uprisings. The chapter concludes with an assessment of the connection between development in the Sudanese context and the need for improving human rights.

Chapter

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.