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Cover Global Political Economy

4. Globalization and neoliberalism  

Jacqueline Best

This chapter evaluates the contested concepts of globalization and neoliberalism, and looks at their role in Global Political Economy (GPE). There are significant debates about the political salience of globalization, with hyperglobalists, sceptics, and transformationalists disagreeing on its implications for the power of the state. Scholars also disagree about when the era of globalization began. Meanwhile, neoliberalism is a set of economic ideas and policies built upon a belief in the ‘free market’ as an unquestionable value in political and economic life. Neoliberal globalization has increased living standards in many parts of the world while also intensifying inequality along the lines of class, race, and gender. At the heart of debates about neoliberalism and globalization are three core puzzles: whether they are primarily depoliticizing or repoliticizing strategies; whether they are best understood by looking at global-level processes or at changes in everyday life; and whether their power is primarily material or ideational.

Chapter

Cover Global Political Economy

15. State power and geopolitics  

Andrew Hurrell

This chapter covers three dimensions in answering questions about the role of state power and geopolitics in the Global Political Economy (GPE). The first answer focuses on how changes in the global economy affect the nature and the effectiveness of the economic instruments available to governments as they pursue their foreign policy goals. The second cluster of answers focuses on the ways in which politics and economics are bound together in the construction and evolution of economic institutions and economic orders. The third cluster of answers accepts the need to think in terms of power operating within economic orders but this time with the causal arrow flowing from politics into the economy. Ultimately, the dynamics of the international political system are what drive the foreign economic policies of governments, shape the states and societies making up the global system, and help explain the character and operation of the global economy.