Global Political Economy

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  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2011-02-11
  • Publisher: Oxford University Press
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Featuring carefully edited contributions from an impressive line-up of international scholars,Global Political Economy,Third Edition, is an authoritative introduction that combines coverage of history and theoretical approaches with contemporary issues and debates. The expert contributors offer a diverse range of perspectives and insights into the relevance of global political economy within international relations. Fully up-to-date, the third edition features substantially revised chapters that reflect the latest developments in global political economy, particularly the events and outcomes of the 2008 financial crisis. The text is enhanced by pedagogical features and a two-color design. ACompanion Websiteoffers resources for students (a flashcard glossary, a timeline, and links) and instructors (PowerPoint-based slides, case studies, and figures and tables from the book).

Author Biography

John Ravenhill is a Professor of International Relations at the Australian National University.

Table of Contents

List of Figuresp. xiii
List of Boxesp. xiv
List of Tablesp. xvi
Abbreviationsp. xvii
About the Contributorsp. xxii
Guided Tour of Textbook Featuresp. xxiv
Guided Tour of the Online Resource Centrep. xxvi
Theoretical Approaches to Global Political Economyp. 1
The Study of Global Political Economyp. 3
Prologue: The Great Recession of 2008-9p. 4
The World Economy Pre-1914p. 9
The World Economy in the Inter-War Periodp. 13
The World Economy Post-1945p. 15
The Study of Global Political Economyp. 19
The Historical Roots of Theoretical Traditions in Global Political Economyp. 29
Introductionp. 30
Why Realist IPE and Nationalist Political Economy are not Necessarily the Same Thingp. 31
Why the IPE Textbook Account of Smithian Economic Liberalism is Usually Wrongp. 37
Why the Historical Roots of Marxist IPE are Closer to Liberalism than is Commonly Assumedp. 42
Methodological Distinctions to Sub-Divide the Fieldp. 48
Disciplinary Distinctions to Sub-Divide the Fieldp. 53
Conclusionp. 62
Collaboration and Co-Ordination in the Global Political Economyp. 67
Introductionp. 68
Globalization and the Need for International Co-Operationp. 68
International Co-Operation: A Strategic Interdependence Approachp. 71
International Co-Operation: A Variety of Solutionsp. 79
The Formation and Evolution of Institutionsp. 82
Conclusionp. 92
The Domestic Sources of Foreign Economic Policiesp. 96
Introductionp. 97
Policy Preferencesp. 98
Institutionsp. 113
Conclusions, Extensions, and Complicationsp. 121
Appendix 4.1p. 133
Global Tradep. 135
The Evolution of the Global Trade Regimep. 137
Introductionp. 137
Historical Antecedents: 1860 to 1945p. 139
The ITO and the GATT: 1947 to 1948p. 143
Multilateral Trade Negotiations: 1950s to 1980sp. 147
The Uruguay Round and the WTO: 1986 to 1994p. 151
The WTO in Action: 1995 and Beyondp. 159
Conclusionp. 170
Regional Trade Agreementsp. 173
Introductionp. 174
Why Regionalism?p. 177
The Rush to Regionalismp. 186
The Political Economy of Regionalismp. 195
The Economic Consequences of Regional Integrationp. 199
Regionalism and the WTO: Stepping Stone or Stumbling Block?p. 202
Global Financep. 213
The Evolution of the International Monetary and Financial Systemp. 215
Introductionp. 216
The Fate of a Previous Globally Integrated Financial and Monetary Orderp. 217
The Bretton Woods Orderp. 220
The Globalization of Financial Marketsp. 223
The Collapse of the Gold Exchange Standard and the Future of the Dollarp. 229
From Adjustable Pegs to Floating Exchange Ratesp. 235
Conclusionp. 241
The Political Economy of Global Financial Crisesp. 244
Introductionp. 244
National Politics and International Marketsp. 246
The Nature and Variety of International Financial Crisesp. 249
The Changing Global Contextp. 252
Crisis Preventionp. 257
Crisis Management and Resolutionp. 265
A New Global Architecture?p. 268
Globalization and its Consequencesp. 273
The Logics of Economic Globalizationp. 275
Introductionp. 276
A Global Economy? 'Embedded Globalization' and the Rescaling of Economic Activityp. 277
The Logics of Economic Globalizationp. 294
The Second Age of-Globalization: Another Extraordinary Episode?p. 306
After the Crisis: The Prospects for Economic Globalizationp. 309
Globalization's Impact on Statesp. 312
Introductionp. 312
The Globalization of Politics and the Politics of Globalizationp. 314
Globalization and the Crisis of the Nation Statep. 316
Globalization and State Retrenchment: The Evidence Assessedp. 324
Conclusionsp. 340
The Globalization of Productionp. 345
Introductionp. 345
The Rise of Global Productionp. 347
Global Value Chains: Governance and Locationp. 353
China as the World's Factoryp. 361
Conclusionp. 368
Globalization, Growth, Poverty, Inequality, Resentment, and Imperialismp. 372
Introductionp. 374
World Income Distributionp. 377
Growth and Geographical Distributionp. 380
Povertyp. 383
Inequalityp. 389
Case Studiesp. 395
Globalizationp. 399
Does Inequality Matter?p. 405
Conclusionsp. 408
Globalization and Developmentp. 416
Introductionp. 417
Ways of Thinking about Developmentp. 418
Development Theory in Practicep. 427
The Crisis of the Washington Consensusp. 435
Responses to the Crisis of the Washington Consensusp. 439
Interpreting the Relationship between Globalization and Developmentp. 444
Conclusion: A New Era of Global Development?p. 446
Globalization and the Environmentp. 450
Introduction: Globalization and Environmental Changep. 451
History of Global Environmentalismp. 456
Economic Growth, Trade, and Corporationsp. 462
A Sustainable Future? Financing and Regimesp. 469
Conclusionp. 478
Glossaryp. 481
Referencesp. 489
Indexp. 522
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