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Chapter

Cover Introduction to Politics

22. Global Political Economy  

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

Cover Introduction to Politics

22. Global Political Economy  

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

Cover The Globalization of World Politics

4. From the end of the cold war to a new world dis-order?  

Michael Cox

This chapter provides a broad overview of the international system between the end of the cold war— when many claimed that liberalism and the West had triumphed— through to the second decade of the twenty-first century, when the West itself and the liberal economic order it had hitherto promoted appeared to be coming under increased pressure from political forces at home and new challenges abroad. But before we turn to the present, the chapter will look at some of the key developments since 1989—including the Clinton presidency, the George W. Bush administration’s foreign policy following the attacks of 9/11, the 2008 financial crash, the crisis in Europe, the transitions taking place in the global South, the origins of the upheavals now reshaping the Middle East, the political shift from Barack Obama to Donald Trump, the emergence of Asia, and the rise of China. The chapter then concludes by examining two big questions: first, is power now shifting away from the West, and second, to what extent does the current wave of populism in the West threaten globalization and the liberal order?