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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 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.