This chapter focuses on the origins and function of money within the field of global politics. It covers the myth that money developed in a politically neutral way as the most functional mode of exchange. Instead, money’s emergence and function has been deeply intertwined with the power and violence of the empire, including its conquests and enslavements. Thus, the influence of politics and economics on one another is impossible to detach in terms of contemporary global politics. The chapter then expounds on the historically strong connection between money and state power. Additionally, it also tackles the possible future of money which involves cyptocurrencies and local currencies.
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7. Money
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11. Crime
Asif Efrat
This chapter studies the joint efforts of states to tackle crime through bilateral or multilateral action. The criminal activities that fuel global concern are transnational in nature; they involve more than one country and thus require an internationally coordinated response. These transnational criminal activities involve illicit flows; that is, the movement between countries of people, goods, or money. What makes these flows illicit is that they are prohibited by the laws of the country that is the source of the flows and/or the laws of the country receiving them. Smuggling drugs or firearms across borders; laundering illegally obtained funds through international financial transactions; the sale of women to engage in sex work—these are some examples of the transnational flows that constitute the illicit global economy. The chapter examines each of these flows, the challenge of measuring them, and their relationship with globalization, before turning to the efforts against them.
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Aggie Hirst, Diego de Merich, Joe Hoover, and Roberto Roccu
Global Politics: Myths and Mysteries provides an introduction to key concepts in international relations, aiming to expose the myths of the discipline. The text starts off with an introduction to the topic asking the question: what exactly is myth-making? The chapters then look at key concepts in turn, starting with politics and power. They move on to examine ethics, violence, and law. Next the text analyses the world of finance with a chapter on money. Empire is the subject of the chapter that follows. The last two chapters cover capitalism and state. Finally, the text concludes and considers the notion of change as it relates to global politics.
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Erin Hannah and John Ravenhill
What constitutes Global Political Economy? In whose interest is GPE constructed, and by whom? How can inequalities in GPE best be redressed? These are some of the key questions addressed in the 7th edition of this title.
As an ever-evolving field, subject to constant changes and developments, Global Political Economy provides a comprehensive introduction to GPE written by leading experts in the field. Under the direction of new editor Prof. Erin Hannah, the 7th edition surveys major contemporary issues and debates in GPE while being attuned to silences, marginalizations, and exclusions that predominate the field. By integrating a wide range of theoretical approaches, rich empirical material, non-western viewpoints and diversity of contributors, the 7th edition provides enhanced coverage of the central axes of inequality in GPE and centers topics such as colonialism, race, gender, North-South divides and everyday life throughout chapters on GPE theory, global trade and production, global money and finance, the resurgence of the state, development and inequality, the environment, and digital technologies.
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10. Global Finance and the Everyday
Clarke Chris and Roberts Adrienne
This work uses ‘the everyday’ as a lens to explore the worlds of finance, debt and money. It offers a ‘bottom up’ perspective on broader structural trends in the world economy, showing both how these affect the day-to-day experiences of individuals and households, and how everyday financial practices are constitutive of the world economy. The work uses debt and money as entry points for this discussion. It discusses how and why households have come to rely on debt as part of everyday life and shows how debt reliance has unequal consequences. It also surveys the use of money by ordinary people and the everyday political economy of monetary governance.
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5. Finance
Lena Rethel
This chapter focuses on the Global Political Economy (GPE) of finance. It begins by exploring the key pillars of the GPE of finance, starting with money, currencies, and the international monetary system, before examining the dynamics of credit and debt. While money is ubiquitous, its usages are characterized by great variety and so are the practices—economic, political, and cultural—to which money gives rise. The chapter then looks at both public and private mechanisms which were established to govern global finance. Recurring financial crises are a key feature of the Global Political Economy. These crises can be triggered in different segments of the global financial system, including currency and debt markets, and can result from shocks outside the financial economy such as the Covid-19 pandemic. The chapter also considers different ideas that may shape the international organization of credit, such as Islamic finance.
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7. The Legislative Cycle
Liam Laurence Smyth, Glenn McKee, and Matt Korris
This chapter focuses on the legislative cycle in the UK Parliament and how it operates within the annual parliamentary session (typically June to May). The session commences with the ceremonial State Opening of Parliament highlighted by the Queen's Speech announcing the main items in the government's forthcoming legislative programme. There is no requirement for government bills to be pre-announced in the Queen's Speech, and all the bills mentioned are not necessarily brought forward by the government. The chapter first provides an overview of Parliament's legislative programme before discussing the process of legislative drafting, pre-legislative scrutiny of bills, parliamentary procedure with regard to bills, and how the consideration of a bill is managed. It also outlines the legislative stages of a bill and the time taken to pass a bill and concludes with an analysis of Money Bills and Finance Bills.
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20. International organizations in world politics
Susan Park
This chapter examines the role that international organizations play in world politics. It explains what international organizations are, whether we need international organizations in international relations, and what constraints and opportunities exist for international organizations to achieve their mandates. The chapter also considers the reasons why states create international organizations and how we can analyse the behaviour of such organizations. Two case studies are presented: the first is about the Asian Infrastructure Investment Bank, and the second is about the United Nations Conference on Trade and Development (UNCTAD) and the G77. There is also an Opposing Opinions box that asks whether multilateralism is in crisis.
