Global Political Economy

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  • Edition: 6th
  • Format: Nonspecific Binding
  • Copyright: 2011-02-15
  • Publisher: Routledge

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Praised for its authoritative coverage, Global Political Economyplaces the study of IPE in its broadest theoretical context. #xA0; This text not only helps students understand the fundamentals of how the global economy works but also encourages them to use theory to more fully grasp the connections between key issue areas like trade and development. Written by a leading IPE scholar, Global Political Economyequally emphasizes theory and practice to provide a framework for analyzing current events and long-term developments in the global economy.

Author Biography

Theodore H. Cohn is Professor Emeritus of Political Science at Simon Fraser University.

Table of Contents

Prefacep. x
Acronyms and Abbreviationsp. xvii
Introduction and Overviewp. 1
Introductionp. 2
What is International Political Economy?p. 3
The IPE Theoretical Perspectivesp. 5
Purposes and Themes of This Bookp. 6
Globalizationp. 6
North-North Relationsp. 8
North-South Relationsp. 10
Focus of this Bookp. 12
Questionsp. 14
Key Termsp. 14
Further Readingp. 14
Notesp. 15
Managing the Global Economy Since World War II: The Institutional Frameworkp. 18
Global Economic Relations Before World War IIp. 19
The Mercantilist Periodp. 19
The Industrial Revolution and British Hegemonyp. 20
The Decline of British Hegemony and World War Ip. 20
The Interwar Periodp. 21
The Institutional Framework Before World War IIp. 22
The Functions of the IMF, World Bank, and GATTp. 22
The KIEOs and the United Nationsp. 23
The Postwar Economic Institutions and Changing North-South Relationsp. 26
The IMF, World Bank, and WTOp. 27
The OECDp. 30
The G10,G5,G7,G8, and G20p. 31
Postwar Economic Institutions and the Southp. 33
Postwar Economic Institutions and the Centrally Planned Economiesp. 39
Nonstate Actorsp. 42
The 2008 Global Financial Crisis: A Turning Point?p. 44
Questionsp. 45
Key Termsp. 46
Further Readingp. 46
Notesp. 47
Theoretical Perspectivesp. 52
The Realist Perspectivep. 56
Basic Tenets of the Realist Perspectivep. 57
The Role of the Individual, the State, and Societal Groupsp. 57
The Nature and Purpose of International Economic Relationsp. 57
The Relationship Between Politics and Economicsp. 58
The Causes and Effects of Globalizationp. 58
The Mercantilistsp. 59
Realism and the Industrial Revolutionp. 59
Realism in the Interwar Periodp. 60
Realism After World War IIp. 61
The Revival of Realist IPEp. 61
Hegemonic Stability Theory and U.S. Hegemonyp. 62
What Is Hegemony?p. 63
What Are the Strategies and Motives of Hegemonic States?p. 63
Is Hegemony Necessary and/or Sufficient to Produce an Open, Stable Economic System?p. 65
What Is the Status of U.S. Hegemony?p. 66
Realism and North-South Relationsp. 69
Critique of the Realist Perspectivep. 70
Questionsp. 71
Key Termsp. 71
Further Readingp. 71
Notesp. 72
The Liberal Perspectivep. 77
Basic Tenets of the Liberal Perspectivep. 77
The Role of the Individual, the State, and Societal Groupsp. 78
The Nature and Purpose of International Economic Relationsp. 78
The Relationship Between Politics and Economicsp. 79
The Causes and Effects of Globalizationp. 79
Orthodox Liberalismp. 80
The Influence of John Maynard Keynesp. 81
Liberalism in the Postwar Periodp. 82
A Return to Orthodox Liberalismp. 82
Liberalism and Institutionsp. 84
Interdependence Theoryp. 84
The Liberal Approach to Cooperationp. 85
Regime Theoryp. 87
Liberalism, Global Governance, and Regimesp. 89
Liberalism and Domestic-International Interactionsp. 90
Liberalism and North-South Relationsp. 92
Orthodox Liberals and North-South Relationsp. 93
Interventionist Liberals and North-South Relationsp. 94
Critique of the Liberal Perspectivep. 95
Questionsp. 96
Key Termsp. 97
Further Readingp. 97
Notesp. 98
Critical Perspectivesp. 103
Basic Tenets of Historical Materialismp. 103
The Role of the Individual, the State, and Societal Groupsp. 103
The Nature and Purpose of International Economic Relationsp. 104
The Relationship Between Politics and Economicsp. 104
The Causes and Effects of Globalizationp. 105
Early Forms of Historical Materialismp. 106
Karl Marx and IPEp. 106
Marxist Studies of Imperialismp. 106
Dependency Theoryp. 108
Whither the Historical Materialist Perspective?p. 110
World-Systems Theoryp. 110
Neo-Gramscian Analysisp. 112
Constructivismp. 114
Feminismp. 116
Environmentalismp. 119
Critique of the Critical Perspectivesp. 122
Questionsp. 123
Key Termsp. 124
Further Readingp. 124
Notesp. 125
The Issue Areasp. 131
International Monetary Relationsp. 132
The Balance of Paymentsp. 133
Government Response to a Balance-of-Payments Deficitp. 135
Adjustment Measuresp. 136
Financingp. 137
Adjustment, Financing, and the Theoretical Perspectivesp. 139
The Functions and Valuation of Moneyp. 139
International Monetary Relations Before Bretton Woodsp. 140
The Classical Gold Standard (1870s to 1914)p. 140
The Interwar Period (1918-1944)p. 140
The Formation of the Bretton Woods Monetary Regimep. 141
The International Monetary Fundp. 142
The Functioning of the Bretton Woods Monetary Regimep. 144
The Central Role of the U.S. Dollarp. 144
A Shift Toward Multilateralismp. 146
The Demise of the Bretton Woods Monetary Regimep. 148
The Regime of Floating (or Flexible) Exchange Ratesp. 149
The Plaza-Louvre Accordsp. 151
Alternatives to the Current Monetary Regimep. 151
European Monetary Relationsp. 152
What Is the Future of the U.S. Dollar as the Key Currency?p. 155
The Dollar Versus the Europ. 155
Countries with Large Foreign Reserves and the Future of the Dollarp. 157
Sovereign Wealth Fundsp. 159
Considering IPE Theory and Practicep. 160
Questionsp. 161
Key Termsp. 162
Further Readingp. 162
Notesp. 163
Global Trade Relationsp. 168
Trade Theoryp. 169
Global Trade Relations Before World War IIp. 173
GATT and the Postwar Global Trade Regimep. 174
Principles of the Global Trade Regimep. 175
Trade Liberalizationp. 175
Nondiscriminationp. 177
Reciprocityp. 178
Safeguardsp. 180
Developmentp. 181
Formation of the WTOp. 182
The WTO and the Global Trade Regimep. 184
The South and Global Trade Issuesp. 186
1940s to Early 1960s: Limited LDC Involvementp. 186
1960s to Early 1970s: Growing Pressures for Special Treatmentp. 186
1970s to 1980: Increased North-South Confrontationp. 187
1980s to 1995: More LDC Participation in GATTp. 188
1995 to the Present: LDC Disillusionment with the Uruguay Round and Demands in the Doha Roundp. 189
The Transition Economies and Global Trade Relationsp. 190
Eastern Europe and the GATT/WTOp. 191
Chinap. 192
Russiap. 195
Civil Society and Global Trade Relationsp. 196
Trade and the Environmentp. 197
Considering IPE Theory and Practicep. 199
Questionsp. 201
Key Termsp. 202
Further Readingp. 202
Notesp. 203
Regionalism and the Global Trade Regimep. 209
Regionalism and the IPE Theoretical Perspectivesp. 210
Regionalism and Globalizationp. 212
A Historical Overview of RTAsp. 213
The First Wave of Regionalismp. 213
The Second Wave of Regionalismp. 214
Explanations for the Rise of Regional Integrationp. 214
Realist Explanationsp. 214
Liberal Explanationsp. 215
Historical Materialist Explanationsp. 216
The GATT/WTO and RTAsp. 217
Trade Diversionp. 217
Trade Creationp. 218
GATT Article 24 and RTAsp. 218
The Effectiveness of GATT Article 24p. 219
Special Treatment for LDCsp. 220
The European Unionp. 222
The Deepening of European Integrationp. 223
The Widening of European Integrationp. 225
Theoretical Perspectives and the EUp. 227
The North American Free Trade Agreementp. 229
The Formation of NAFTAp. 229
NAFTA as a Free Trade Agreementp. 230
The IPE Theoretical Perspectives and NAFTAp. 232
Mercosurp. 234
East Asian Regionalismp. 236
Considering IPE Theory and Practicep. 239
Questionsp. 241
Key Termsp. 242
Further Readingp. 242
Notesp. 243
Multinational Corporations and Global Productionp. 249
Definitions and Terminologyp. 250
Why Do Firms Become MNCs?p. 251
The Historical Development of FDIp. 253
The Pre-World War II Periodp. 253
The Mid-1940s to Mid-1980sp. 254
The 1980s to the Presentp. 257
MNC-Host Country Relations: Determinants and Effects of FDIp. 261
Host Country Policies Toward MNCsp. 263
The Southp. 264
The Northp. 266
MNC-Home Country Relationsp. 268
Home Country Policies Toward MNCsp. 269
The Effects of MNCs on Labor Groups in Home Countriesp. 271
Competitiveness and Home Country-MNC Relationsp. 272
A Regime for FDI: What Is to Be Regulated?p. 274
Bilateral Investment Treatiesp. 276
United Nationsp. 277
Regional Approaches: The EU and NAFTAp. 278
The GATT/WTO to the OECD and Back to the WTOp. 280
Private Actorsp. 282
Considering IPE Theory and Practicep. 283
Questionsp. 285
Key Termsp. 285
Further Readingp. 286
Notesp. 286
International Developmentp. 294
IPE Perspectives and North-South Relationsp. 296
Official Development Assistancep. 297
The World Bank Groupp. 301
LDC Development Strategiesp. 307
Import Substitution Industrializationp. 307
Socialist Development Strategiesp. 309
Export-Led Growthp. 311
IPE Perspectives and the East Asian Experiencep. 313
The Asian Financial Crisisp. 314
The Revival of Orthodox Liberalismp. 317
Structural Adjustment and Theoretical Perspectivesp. 318
Structural Adjustment and Questions About Orthodox Liberalismp. 319
Structural Adjustment and Sub-Saharan Africap. 319
Structural Adjustment and LDC Womenp. 320
Another Shift in Development Strategy?p. 322
The Late 1980s to 1994p. 322
1995 to the Presentp. 325
Considering IPE Theory and Practicep. 327
Questionsp. 330
Key Termsp. 330
Further Readingp. 331
Notesp. 331
Foreign Debt and Financial Crisesp. 339
What Is a Debt Crisis?p. 339
The Origins of the 1980s Debt Crisisp. 341
Unexpected Changes in the Global Economyp. 341
Irresponsible Behavior of Lendersp. 342
Irresponsible Behavior of Borrowersp. 342
The South's Dependence on the Northp. 344
The Foreign Debt Regimep. 346
The IMF, the World Bank, and Transition Economiesp. 348
The Paris and London Clubsp. 351
Strategies to Deal with the 1980s Debt Crisisp. 353
Emergency Measures and Involuntary Lending: 1982-1985p. 353
The Baker Plan: 1986-1988p. 354
The Brady Plan: 1989-1997p. 356
Initiatives for the Poorest LDCsp. 358
Assessing the Effectiveness of the Debt Strategiesp. 359
Transition Economies and Foreign Debtp. 360
The IMF, the World Bank, and the Debt Crisisp. 362
The 1990s Asian Financial Crisisp. 364
The 2008 Global Financial Crisisp. 367
Considering IPE Theory and Practicep. 371
Questionsp. 372
Key Termsp. 373
Further Readingp. 373
Notesp. 374
Concluding Commentsp. 381
Current Trends in the Global Political Economyp. 382
Globalizationp. 382
Globalization and Triadizationp. 383
Globalization and the Statep. 384
Globalization, Inequality, and Povertyp. 386
Globalization and Democracyp. 388
Globalization and Civil Societyp. 389
Globalization and ˘Newer Issues÷: The Environment, International Migration, and Illegal Activityp. 390
North-North Relationsp. 393
The Current State of U.S. Hegemonyp. 393
Is There a Candidate to Replace the United States as Global Hegemon?p. 394
The Role of International Institutionsp. 397
North-South Relationsp. 400
Changing Concepts of Developmentp. 400
Is There a ˘Best÷ Development Strategy?p. 402
A Final Word on IPE Theory and Practicep. 404
Notesp. 405
Glossaryp. 409
Indexp. 419
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