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9. Political Economy: National and Global Perspectives  

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.

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Cover The Globalization of World Politics

6. Rising powers and the emerging global order  

Andrew Hurrell

This chapter examines the global order, led by the United States, that emerged at the end of the cold war and asks whether it has been effectively challenged by rising powers. It begins with a discussion of the challenges to the idea of a U.S.-dominated global order, focusing in particular on the role of large, emerging developing countries as well as the idea of the BRICS (Brazil, Russia, India, China, and South Africa) in the context of the future of the global economy. The chapter then considers the more recent economic slowdown in the emerging world, along with the political and social challenges facing many emerging societies. It also analyses some of the major theoretical arguments about the impact of rising powers on international relations and whether they are powerful enough to affect international order. The chapter also asks, what is the role of emerging powers in a post-Western order characterized both by US/China rivalry and by pressing global challenges such as climate change and the Covid-19 pandemic?

Chapter

Cover The Globalization of World Politics

5. Rising powers and the emerging global order  

Andrew Hurrell

This chapter examines the global order, led by the United States, that emerged at the end of the cold war and asks whether it has been effectively challenged by rising powers. It begins with a discussion of the challenges to the idea of a U.S.-dominated global order, focusing in particular on the role of large, emerging developing countries as well as the idea of the BRICS (Brazil, Russia, India, China, and South Africa) in the context of the future of the global economy. The chapter then considers the more recent economic slowdown in the emerging world, along with the political and social challenges facing many emerging societies. It also analyses some of the major theoretical arguments about the impact of rising powers on international relations and whether they are powerful enough to affect international order.

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 The Globalization of World Politics

1. Globalization and global politics  

Anthony McGrew

This chapter examines the characteristics of contemporary globalization and how they are reshaping world politics. It explains why globalization challenges some of our traditional ways of thinking and theorizing about world politics. It asks whether there are limits to globalization or whether it is inevitable. It also considers the extent to which globalization is responsible for the emerging shift in the structure of world power, namely the ‘decline of the West’ and the ‘rise of the rest’. Two case studies are presented: one is about the iPhone and the iPad, and illustrates the implications of global production networks for national economic sovereignty; the other is about the global recycling system. There is also an Opposing Opinions box that tackles the question of whether globalization is eroding the power of the state.

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.