Global Political Economy

by Gilpin, Robert

• ISBN13: 9780691086774
• ISBN10: 069108677X
• Format: Paperback
• Copyright: 2001-02-20
• Publisher: Ingram Pub Services

Summary

This book is the eagerly awaited successor to Robert Gilpin's 1987The Political Economy of International Relations, the classic statement of the field of international political economy that continues to command the attention of students, researchers, and policymakers. The world economy and political system have changed dramatically since the 1987 book was published. The end of the Cold War has unleashed new economic and political forces, and new regionalisms have emerged. Computing power is increasingly an impetus to the world economy, and technological developments have changed and are changing almost every aspect of contemporary economic affairs. Gilpin'sGlobal Political Economyconsiders each of these developments. Reflecting a lifetime of scholarship, it offers a masterful survey of the approaches that have been used to understand international economic relations and the problems faced in the new economy. Gilpin focuses on the powerful economic, political, and technological forces that have transformed the world. He gives particular attention to economic globalization, its real and alleged implications for economic affairs, and the degree to which its nature, extent, and significance have been exaggerated and misunderstood. Moreover, he demonstrates that national policies and domestic economies remain the most critical determinants of economic affairs. The book also stresses the importance of economic regionalism, multinational corporations, and financial upheavals. Gilpin integrates economic and political analysis in his discussion of "global political economy." He employs the conventional theory of international trade, insights from the theory of industrial organization, and endogenous growth theory. In addition, ideas from political science, history, and other disciplines are employed to enrich understanding of the new international economic order. This wide-ranging book is destined to become a landmark in the field.

Table of Contents

List of Abbreviations and Acronyms	ix
Preface	xi
The New Global Economic Order	3	(22)
Changes in the World Economy	5	(8)
Intellectual Perspectives	13	(2)
My Perspective: State-centric Realism	15	(8)
Purpose of Economic Activity	23	(1)
Conclusion	24	(1)
The Nature of Political Economy	25	(21)
What You Seek Is What You Find	31	(7)
The Nature of an Economy	38	(3)
Embeddedness of the Economy	41	(4)
Conclusion	45	(1)
The Neoclassical Conception of the Economy	46	(31)
The Discipline of Neoclassical Economics	46	(8)
Nature of a Market	54	(3)
Method of Comparative Statics	57	(3)
Intellectual Limitations	60	(9)
Economists and Public Policy	69	(5)
Comparison of Economics and Political Economy	74	(2)
Conclusion	76	(1)
The Study of International Political Economy	77	(26)
Distribution of Wealth and Economic Activities	78	(2)
National Autonomy	80	(2)
The Politics of International Regimes	82	(11)
Theory of Hegemonic Stability	93	(4)
Governance of the Global Economy	97	(5)
Conclusion	102	(1)
New Economic Theories	103	(26)
Change and Neoclassical Economics	104	(2)
World View of the New Theories	106	(2)
The New Theories	108	(19)
Conclusion	127	(2)
The Political Significance of the New Economic Theories	129	(19)
National Governments and Domestic Economies	129	(3)
Oligopoly and Power in Economic Outcomes	132	(3)
Technological Innovation	135	(6)
Convergent and Divergent Economic Growth	141	(6)
Conclusion	147	(1)
National Systems of Political Economy	148	(48)
Differences among National Economies	149	(1)
The American System of Market-Oriented Capitalism	150	(6)
The Japanese System of Developmental Capitalism	156	(12)
The German System of ``Social Market'' Capitalism	168	(6)
Significance of National Differences	174	(1)
Is One System Superior to the Others?	175	(5)
Do Nations Compete with One Another?	180	(3)
Convergence, Harmonization, or Mutual Recognition?	183	(12)
Conclusion	195	(1)
The Trading System	196	(38)
The Debate over Free Trade	198	(4)
Trade and the Economy	202	(4)
Revisions of Conventional Trade Theory	206	(11)
Postwar Trade Regime	217	(4)
The Uruguay Round and World Trade Organization	221	(3)
New Threats to an Open Trading System	224	(8)
Conclusion	232	(2)
The International Monetary System	234	(27)
The Postwar International Monetary System	235	(3)
The End of Fixed Exchange Rates	238	(1)
The Financial Revolution and Monetary Affairs	239	(3)
Embedded Technical and Political Issues	242	(6)
Devising an International Monetary System	248	(2)
Reform of International Monetary Affairs	250	(5)
Unity or Fragmentation of the Monetary System?	255	(3)
Few or Many National Currencies?	258	(1)
Conclusion	259	(2)
The International Financial System	261	(17)
Partial Globalization of International Finance	261	(3)
Nature of Financial Crises	264	(3)
The East Asian Financial Crisis	267	(4)
Controversy over Regulation of International Finance	271	(6)
Conclusion	277	(1)
The State and the Multinationals	278	(27)
Explanations of FDI and the MNC	279	(10)
The Multinationals and the International Economy	289	(3)
Increased Regionalization of Services and Manufacturing	292	(2)
Debate over the MNC and the Nation-State	294	(6)
An International Regime for FDI and MNCs	300	(2)
Do Global Corporations Pose a Threat?	302	(2)
Conclusion	304	(1)
The State and Economic Development	305	(36)
The Rise and Demise of Development Economics	306	(3)
Triumph of Neoliberalism	309	(4)
The Debt Crisis and Structural Adjustment	313	(3)
Theory of the ``Developmental State''	316	(5)
The East Asian Miracle Project	321	(8)
The East Asian Financial/Economic Crisis	329	(2)
The Future of the Developmental State	331	(2)
The Transitional Economies	333	(6)
Conclusion	339	(2)
The Political Economy of Regional Integration	341	(21)
Economic Theories	344	(4)
Political Theories	348	(10)
An Eclectic Approach	358	(3)
Conclusion	361	(1)
The Nation-State in the Global Economy	362	(15)
The Limited Nature of Economic Globalization	364	(2)
Alleged Consequences of Economic Globalization	366	(3)
Effectiveness of Macroeconomic Policy	369	(6)
The Need for a Historical Perspective	375	(1)
Conclusion	376	(1)
Governing the Global Economy	377	(26)
Neoliberal Institutionalism	379	(11)
The New Medievalism	390	(8)
Transgovernmentalism	398	(2)
Governance for What?	400	(2)
Conclusion	402	(1)
Select Bibliography	403	(8)
Index	411