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Chapter

Cover Global Politics

10. Global Political Economy  

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

Cover International Relations of the Middle East

Introduction: The Middle East and International Relations  

Louise Fawcett

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

Cover The Globalization of World Politics

16. Global political economy  

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, the first looking at global value chains (GVCs) and global development and the second dealing with globalization and child labour.

Chapter

Cover Introduction to International Relations: Theories and Approaches

1. Why Study IR?  

Introduction to International Relations provides a concise introduction to the principal international relations theories and approaches, and explores how theory can be used to analyse contemporary issues. Throughout the text, the chapters encourage readers to consider the strengths and weaknesses of the theories presented, and the major points of contention between them. In so doing, the text helps you to build a clear understanding of how major theoretical debates link up with each other, and how the structure of the discipline of international relations is established. The book places a strong emphasis throughout on the relationship between theory and practice, carefully explaining how theories organise and shape our view of the world. It also shows how a historical perspective can often refine theories and provide a frame of reference for contemporary problems of international relations. Topics include realism, liberalism, International Society, International Political Economy, social constructivism, post-positivism in international relations, major issues in IPE and IR, and foreign policy. Each chapter ends by discussing how different theories have attempted to integrate or combine international and domestic factors in their explanatory frameworks. The final chapter is dedicated to discussing the state of the world: are we seeing world chaos or world order? The text is accompanied by an Online Resource Centre, which includes: short case studies, review questions, annotated web links, and a flashcard glossary.

Book

Cover Global Political Economy

Edited by John Ravenhill

Global Political Economy presents a diverse and comprehensive selection of theories and issues. Debates are presented through a critical lens to encourage readers to unpack claims, form independent views, and challenge assumptions. This text has been updated with contemporary real word examples, including the impact of the Trump administration, Brexit, and economic nationalism. Furthermore, new analysis has been added on the international political economy of work, labour, and energy.

Chapter

Cover The Globalization of World Politics

16. Global political economy  

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

Cover Introduction to International Relations: Theories and Approaches

6. International Political Economy: Marxism, Mercantilism, Liberalism  

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.

Chapter

Cover International Relations of the Middle East

5. Oil and Political Economy in the International Relations of the Middle East  

Giacomo Luciani

This chapter looks at the role of oil in the political economy and the international relations of the Middle East. Oil is commonly considered a political commodity. Because of its pivotal importance as a primary source of energy, governments are concerned with its continued availability and seek to minimize import dependence. Historically, interest in oil — especially in the United Kingdom and the United States — strongly influenced attitudes towards the Middle East and the formation of the state system in the region, following the collapse of the Ottoman Empire. Oil also affects the power balance within the region. The polarization in the region between oil-rich and oil-poor states is thus an essential tool of analysis. The parallel distinction between rentier and non-rentier states helps to explain how oil affects the domestic political development of the oil-rich states and influences their regional relations.

Book

Cover Introduction to International Relations: Theories and Approaches

Georg Sørensen, Jørgen Møller, and Robert Jackson

Introduction to International Relations provides a concise introduction to the principal international relations theories and approaches, and explores how theory can be used to analyse contemporary issues. Throughout the text, the chapters encourage readers to consider the strengths and weaknesses of the theories presented, and the major points of contention between them. In so doing, the text helps the reader to build a clear understanding of how major theoretical debates link up with each other, and how the structure of the discipline of international relations is established. The book places a strong emphasis throughout on the relationship between theory and practice, carefully explaining how theories organize and shape our view of the world. It also shows how a historical perspective can often refine theories and provide a frame of reference for contemporary problems of international relations. Topics include realism, liberalism, International Society, International Political Economy, social constructivism, post-positivism in international relations, major issues in IPE and IR, foreign policy, and world order. Each chapter ends by discussing how different theories have attempted to integrate or combine international and domfactors in their explanatory frameworks. The final part of the book is dedicated to major global issues and how theory can be used as a tool to analyse and interpret these issues. The text is accompanied by online resources, which include: short case studies, review questions, annotated web links, and a flashcard glossary.

Chapter

Cover The Politics of International Law

7. Global economic and trade governance  

This chapter addresses the intersection of international law and international politics as it relates to global trade. To study global economic governance is to study international law, international relations, and international political economy (IPE) all at once. The chapter begins with a brief introduction to IPE, a discipline which seeks to understand the workings of the global economy in its political context. It examines the relationship between economic globalization and state sovereignty, before turning to the construction of the postwar global economic order, with a focus on the Bretton Woods institutions. The postwar global economic order has often been described as ‘liberal’ by virtue of its underlying assumptions and the ideological convictions of its framers. Importantly, the postwar liberal order was built by, and for, the developed countries of the Global North-a fact that has informed critiques emanating from the developing countries of the Global South. The chapter then assesses global trade governance, analysing the structure, powers, and role of the World Trade Organization.

Chapter

Cover Global Political Economy

3. Cooperation and Conflict in the Global Political Economy  

Vinod K. Aggarwal and Cédric Dupont

This chapter discusses the problems of collaboration and coordination in the global political economy. It first identifies situations that might require states to work with each other to achieve a desired outcome. It then turns to a focus on basic game theory as an analytical tool to tackle the nature of collaboration and coordination efforts. International cooperation can help to address three typical problems associated with the process of global economic integration: a temptation to free ride, an inhibiting fear, and a need to find meeting points in situations where collaboration will produce differing costs and benefits to governments. Different types of problems associated with the process of global integration call for different solutions to address these three typical problems, ranging from the provision of binding rules to facilitating mechanisms. A country's need for international cooperation depends on its sociopolitical structure as well as on the structure and flexibility of its economy. Finally, the chapter considers how institutions might play a role in enhancing the prospects for cooperative behaviour.

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 International Relations Theories

14. Green Theory  

Robyn Eckersley

This chapter examines how environmental concerns have influenced International Relations theory. It first provides a brief overview of the ecological crisis and the emergence of green theorizing in the social sciences and humanities in general, along with the status and impact of environmental issues and green thinking in IR theory. It then investigates green theory’s transnational turn and how it has become more global, while critical IR theory has become increasingly green. It also considers the different ways in which environmental issues have influenced the evolution of traditional IR theory. It concludes with a case study of climate change to illustrate the diversity of theoretical approaches, including the distinctiveness of green theories.

Chapter

Cover Introduction to International Relations: Theories and Approaches

7. Social Constructivism  

This chapter examines the social constructivist theory of IR. It first discusses the rise of social constructivism and why it has established itself as an important approach in IR. It then considers constructivism as social theory, and more specifically as both a meta-theory about the nature of the social world and as a set of substantial theories of IR. Several examples of constructivist IR theory are presented, followed by reflections on the strengths and weaknesses of the constructivist approach. The chapter proceeds by exploring constructivist theories of international relations, focusing on cultures of anarchy, norms of International Society, the power of international organizations, a constructivist approach to European cooperation, and domestic formation of identity and norms. The chapter concludes with an analysis of some of the major criticisms of constructivism and by emphasizing internal debates within constructivism.

Chapter

Cover Global Political Economy

1. The Study of Global Political Economy  

John Ravenhill

This chapter provides an overview of the current state of the world economy. The contemporary international economic system is more closely integrated than in any previous era. The global financial crisis and its aftermath provide a clear illustration of the relationship between trade, finance, international institutions, and the difficulties that governments face in coping with the problems generated by complex interdependence. The chapter then traces how the world economy evolved to reach its present state. Before 1945, the spectacular increase in economic integration that had occurred over the previous century was not accompanied by institutionalized governmental collaboration on economic matters. The end of the Second World War marked a significant disjunction: global economic institutions were created, the transnational corporation emerged as a major actor in international economic relations, and patterns of international trade began to change markedly from the traditional North–South exchange of manufactures for raw materials. Since the emergence of global political economy (GPE) as a major subfield of the study of international relations in the early 1970s, GPE scholars have generated an enormous literature that has employed a wide variety of theories and methods. Most introductions to the study of GPE have divided the theoretical approaches to the subject into three categories: liberalism, nationalism, and Marxism.

Chapter

Cover Introduction to International Relations: Theories and Approaches

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.

Chapter

Cover Introduction to International Relations: Theories and Approaches

10. Major Issues in IPE: Economic versus Political Power, Development, Globalization, How to Study the Real World  

This chapter examines four major issues in International Political Economy (IPE). The first concerns power and the relationship between politics and economics, and more specifically whether politics is in charge of economics or whether it is the other way around. The second issue deals with development and underdevelopment in developing countries. The third is about the nature and extent of economic globalization, and currently takes places in a context of increasing inequality between and inside countries. The fourth and final issue concerns how to study the real world from an IPE perspective and it pits the hard science American School against the more qualitative and normative British School.

Chapter

Cover Global Political Economy

8. The Evolution of the International Monetary and Financial System  

Eric Helleiner and Melsen Babe

This chapter explores the international monetary and financial system, which plays a central role in the global political economy (GPE). Since the late nineteenth century, the nature of this system has undergone several pivotal transformations in response to changing political and economic conditions at both domestic and international levels. The first was the collapse of the integrated pre-1914 international monetary and financial regime during the interwar years. The second transformation took place after the Second World War, when the Bretton Woods order was put in place. Since the early 1970s, various features of the Bretton Woods order have unravelled with the globalization of finance, the collapse of the gold exchange standard, and the breakdown of the adjustable peg exchange rate regime. These changes have important political consequences for the key issue of who gets what, when, and how in the GPE.

Chapter

Cover Global Political Economy

14. The Political Economy of the Environment  

Peter Dauvergne

This chapter assesses the global political economy of the environment. The growth of the world economy is transforming the Earth's environment. Nothing is particularly controversial about this statement. Yet, sharp disagreements arise over the nature of this transformation. Is the globalization of capitalism a force of progress and environmental solutions? Or is it a cause of the current global environmental crisis? The chapter addresses these questions by examining the debates around some of the most contentious issues at the core of economic globalization and the environment: economic growth, production, and consumption; trade; and transnational investment. It begins with a glance at the general arguments about how the global political economy affects the global environment. The chapter then traces the history of global environmentalism — in particular, the emergence of international environmental institutions with the norm of sustainable development. It also evaluates the effectiveness of North–South environmental financing and international environmental regimes.