Barry Buzan
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199265206
- eISBN:
- 9780191601866
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199265208.003.0007
- Subject:
- Political Science, International Relations and Politics
Deals with arguably the most pointed omission from the thinking of the English School of International Relations – international political economy (IPE) – a failure has had serious and negative ...
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Deals with arguably the most pointed omission from the thinking of the English School of International Relations – international political economy (IPE) – a failure has had serious and negative consequences for how the understanding of international society has developed, and has also had the consequence that the English School has so far not exploited its considerable potential to act as the theoretical framework through which globalization can be analyzed. The author holds that nothing stands in the way of bringing IPE into the international society tradition, and that much is to be gained by doing so. In the first section of the chapter, he begins his account by identifying and then accounting for this omission, arguing that it is both unnecessary and unjustified; he places the economic sector within English School thinking, looks at what has been said about it, and examines why it has been neglected. In the second section, the consequences of the neglect of the economic sector are explored for the debate about pluralism and solidarism. In the third section, regions and institutions are examined as ways of bringing IPE and the English School together, and in the final section, it is argued that this combination holds the key to a more effective study of globalization.Less
Deals with arguably the most pointed omission from the thinking of the English School of International Relations – international political economy (IPE) – a failure has had serious and negative consequences for how the understanding of international society has developed, and has also had the consequence that the English School has so far not exploited its considerable potential to act as the theoretical framework through which globalization can be analyzed. The author holds that nothing stands in the way of bringing IPE into the international society tradition, and that much is to be gained by doing so. In the first section of the chapter, he begins his account by identifying and then accounting for this omission, arguing that it is both unnecessary and unjustified; he places the economic sector within English School thinking, looks at what has been said about it, and examines why it has been neglected. In the second section, the consequences of the neglect of the economic sector are explored for the debate about pluralism and solidarism. In the third section, regions and institutions are examined as ways of bringing IPE and the English School together, and in the final section, it is argued that this combination holds the key to a more effective study of globalization.
Alex J. Bellamy (ed.)
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199265206
- eISBN:
- 9780191601866
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199265208.001.0001
- Subject:
- Political Science, International Relations and Politics
This book is a major new evaluation of the contribution of the influential English School to international relations theory. It focuses on all the key contemporary and international political issues, ...
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This book is a major new evaluation of the contribution of the influential English School to international relations theory. It focuses on all the key contemporary and international political issues, and contains a mixture of theoretical and empirical issues, presented by leading scholars in the field. In recent years, the English School of International Relations – or international society – approach to international relations has become prominent because its theories and concepts seem to be able to help explain some of the most complex and seemingly paradoxical features of contemporary world politics. In doing this, the approach has attracted a variety of criticisms from both ends of the political spectrum, with some arguing that the claim that states form an international society is premature in an era of terror where power politics and the use of force have returned to the fore, and others insisting that the state‐centrism of international society makes it an inherently conservative approach that is unable to address many of the world's most pressing problems. The book provides the first in‐depth study of the English School approach to international relations from a variety of different theoretical and practical perspectives. Sixteen scholars from three continents critically evaluate the contribution of the School to the study of international theory and world history, consider its relationship with a variety of alternative perspectives, including international political economy, feminism, environmentalism, and critical security studies, and assess how the approach can help to make sense of the big issues of the day such as terrorism, the management of cultural difference, global governance, the ethics of coercion, and the role of international law. The contributors find that whilst the concept of international society helps to shed light on many of the important tensions in world politics, much work still needs to be done. In particular, the approach needs to broaden its empirical scope to incorporate more of the issues and actors that shape global politics, draw upon other theoretical traditions to improve its explanations of change in world politics, and recognize the complex and multi‐layered nature of the contemporary world. After an introduction by the editor, the book is arranged in three parts: One, The English School's Contribution to International Relations (four chapters); Two, Critical Engagements with International Society (six chapters); and Three, International Society After September 11 (five chapters). There is also a Conclusion by the editor.Less
This book is a major new evaluation of the contribution of the influential English School to international relations theory. It focuses on all the key contemporary and international political issues, and contains a mixture of theoretical and empirical issues, presented by leading scholars in the field. In recent years, the English School of International Relations – or international society – approach to international relations has become prominent because its theories and concepts seem to be able to help explain some of the most complex and seemingly paradoxical features of contemporary world politics. In doing this, the approach has attracted a variety of criticisms from both ends of the political spectrum, with some arguing that the claim that states form an international society is premature in an era of terror where power politics and the use of force have returned to the fore, and others insisting that the state‐centrism of international society makes it an inherently conservative approach that is unable to address many of the world's most pressing problems. The book provides the first in‐depth study of the English School approach to international relations from a variety of different theoretical and practical perspectives. Sixteen scholars from three continents critically evaluate the contribution of the School to the study of international theory and world history, consider its relationship with a variety of alternative perspectives, including international political economy, feminism, environmentalism, and critical security studies, and assess how the approach can help to make sense of the big issues of the day such as terrorism, the management of cultural difference, global governance, the ethics of coercion, and the role of international law. The contributors find that whilst the concept of international society helps to shed light on many of the important tensions in world politics, much work still needs to be done. In particular, the approach needs to broaden its empirical scope to incorporate more of the issues and actors that shape global politics, draw upon other theoretical traditions to improve its explanations of change in world politics, and recognize the complex and multi‐layered nature of the contemporary world. After an introduction by the editor, the book is arranged in three parts: One, The English School's Contribution to International Relations (four chapters); Two, Critical Engagements with International Society (six chapters); and Three, International Society After September 11 (five chapters). There is also a Conclusion by the editor.
Susan Strange
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9781784992668
- eISBN:
- 9781526104076
- Item type:
- book
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9781784992668.001.0001
- Subject:
- Political Science, UK Politics
Mad money is a classic of international relations and international political economy literature. It has profound modern relevance. First published by Manchester University Press in 1998, the book ...
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Mad money is a classic of international relations and international political economy literature. It has profound modern relevance. First published by Manchester University Press in 1998, the book called for an end to the volatility of international financial markets. Markets had grown, technology had advanced, regulation had all but disappeared. Finance was calling the tune internationally – governments had been stripped of control, morals had loosened, income gaps were widening sharply. Susan Strange predicted that this would lead to a long, inevitable financial crisis if it continued unchecked. She was proved right within a few years of the book coming out.This reissue includes a new introduction by Benjamin J. Cohen of the University of California that contextualises the book and conveys the value of the work to a modern audience.Less
Mad money is a classic of international relations and international political economy literature. It has profound modern relevance. First published by Manchester University Press in 1998, the book called for an end to the volatility of international financial markets. Markets had grown, technology had advanced, regulation had all but disappeared. Finance was calling the tune internationally – governments had been stripped of control, morals had loosened, income gaps were widening sharply. Susan Strange predicted that this would lead to a long, inevitable financial crisis if it continued unchecked. She was proved right within a few years of the book coming out.This reissue includes a new introduction by Benjamin J. Cohen of the University of California that contextualises the book and conveys the value of the work to a modern audience.
Carolyn Deere
- Published in print:
- 2008
- Published Online:
- May 2009
- ISBN:
- 9780199550616
- eISBN:
- 9780191720284
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199550616.001.0001
- Subject:
- Political Science, International Relations and Politics, Political Economy
In the 1990s, the fight between North and South over intellectual property (IP) reached new heights. The result was the World Trade Organization's (WTO's) deeply contested agreement on Trade‐Related ...
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In the 1990s, the fight between North and South over intellectual property (IP) reached new heights. The result was the World Trade Organization's (WTO's) deeply contested agreement on Trade‐Related Aspects of Intellectual Property Rights (TRIPS). Widely resented by developing countries, TRIPS nonetheless permits them some hard‐won flexibility. Puzzling, however, is why some developing countries have used that flexibility and others have not. Even more curious is that despite securing some extra concessions, many of the poorest countries have made least use of them. For scholars of international political economy and law, this book is the first detailed exploration of the links between global IP politics and the implementation of IP reforms. It exposes how power politics occur not just within global trade talks but afterwards when countries implement agreements. For developing countries, TRIPS did not end the IP offensive. At the urging of lobbyists from large multinational companies, powerful countries backtracked on the flexibilities in TRIPS and pursued even stronger global IP rules. To prevent precedents for weaker IP standards in poorer countries, they issued threats to market access, aid, investment, and political alliances. Further, they used new trade deals and, more subtly, ‘capacity‐building’ (assisted by the World Intellectual Property Organization, among others) to leverage faster compliance and higher standards than TRIPS requires. Meanwhile, ‘pro‐development’ advocates from civil society, other UN agencies, and developing countries worked to counter ‘compliance‐plus’ pressures and defend the use of TRIPS flexibilities, sometimes with success. Within developing countries, most governments had little experience of IP law. They often deferred TRIPS implementation to IP offices cut‐off from trade politics and national policymaking, making them more vulnerable to the TRIPS‐plus agenda. In francophone Africa, regional IP arrangements magnified this effect.Less
In the 1990s, the fight between North and South over intellectual property (IP) reached new heights. The result was the World Trade Organization's (WTO's) deeply contested agreement on Trade‐Related Aspects of Intellectual Property Rights (TRIPS). Widely resented by developing countries, TRIPS nonetheless permits them some hard‐won flexibility. Puzzling, however, is why some developing countries have used that flexibility and others have not. Even more curious is that despite securing some extra concessions, many of the poorest countries have made least use of them. For scholars of international political economy and law, this book is the first detailed exploration of the links between global IP politics and the implementation of IP reforms. It exposes how power politics occur not just within global trade talks but afterwards when countries implement agreements. For developing countries, TRIPS did not end the IP offensive. At the urging of lobbyists from large multinational companies, powerful countries backtracked on the flexibilities in TRIPS and pursued even stronger global IP rules. To prevent precedents for weaker IP standards in poorer countries, they issued threats to market access, aid, investment, and political alliances. Further, they used new trade deals and, more subtly, ‘capacity‐building’ (assisted by the World Intellectual Property Organization, among others) to leverage faster compliance and higher standards than TRIPS requires. Meanwhile, ‘pro‐development’ advocates from civil society, other UN agencies, and developing countries worked to counter ‘compliance‐plus’ pressures and defend the use of TRIPS flexibilities, sometimes with success. Within developing countries, most governments had little experience of IP law. They often deferred TRIPS implementation to IP offices cut‐off from trade politics and national policymaking, making them more vulnerable to the TRIPS‐plus agenda. In francophone Africa, regional IP arrangements magnified this effect.
Gordon L. Clark, Adam D. Dixon, and Ashby H. B. Monk
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691142296
- eISBN:
- 9781400846511
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691142296.003.0007
- Subject:
- Economics and Finance, International
This chapter offers an innovative account—rooted in international political economy, economic geography, and geopolitics—of the rise of the China Investment Corporation (CIC). It argues that the CIC ...
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This chapter offers an innovative account—rooted in international political economy, economic geography, and geopolitics—of the rise of the China Investment Corporation (CIC). It argues that the CIC is not an investor governed only by concerns for long-term risk-adjusted rate of return on its investment portfolio. Rather, the CIC as an arm of the Chinese government, which just like other state-owned enterprises, is concerned with the country's resource needs and its status as a global power. The CIC may thus be thought of as a means of realizing economic and geopolitical advantage, legitimized perhaps by an expressed, but limited, concern for the long-term rate of return on invested assets, hence the classification of the CIC as a productivist sovereign wealth fund.Less
This chapter offers an innovative account—rooted in international political economy, economic geography, and geopolitics—of the rise of the China Investment Corporation (CIC). It argues that the CIC is not an investor governed only by concerns for long-term risk-adjusted rate of return on its investment portfolio. Rather, the CIC as an arm of the Chinese government, which just like other state-owned enterprises, is concerned with the country's resource needs and its status as a global power. The CIC may thus be thought of as a means of realizing economic and geopolitical advantage, legitimized perhaps by an expressed, but limited, concern for the long-term rate of return on invested assets, hence the classification of the CIC as a productivist sovereign wealth fund.
Anja P. Jakobi
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199591145
- eISBN:
- 9780191594601
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199591145.003.0007
- Subject:
- Political Science, International Relations and Politics, Political Economy
Chapter 7 analyzes OECD activities in the field of crime control, focusing on corruption and money laundering. Both aspects have witnessed growing international concern during the 1990s, and ...
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Chapter 7 analyzes OECD activities in the field of crime control, focusing on corruption and money laundering. Both aspects have witnessed growing international concern during the 1990s, and various international activities have been started to criminalize and prosecute corruption and money laundering across countries. While each of these crimes seriously impact both politics and the economy, the political solutions found in the context of the OECD have been very different: Corruption has been tackled by an OECD convention and emerged as a core issue of OECD activities and publications, while money laundering has been treated by the Financial Action Taskforce (FATF), a semi‐autonomous agency that is formally independent of the OECD but is based in the organization's building and has a widely overlapping membership. The chapter reconstructs the political process that led to the emergence of both models, showing how different conditions on the input side resulted in different models of fighting financial crime.Less
Chapter 7 analyzes OECD activities in the field of crime control, focusing on corruption and money laundering. Both aspects have witnessed growing international concern during the 1990s, and various international activities have been started to criminalize and prosecute corruption and money laundering across countries. While each of these crimes seriously impact both politics and the economy, the political solutions found in the context of the OECD have been very different: Corruption has been tackled by an OECD convention and emerged as a core issue of OECD activities and publications, while money laundering has been treated by the Financial Action Taskforce (FATF), a semi‐autonomous agency that is formally independent of the OECD but is based in the organization's building and has a widely overlapping membership. The chapter reconstructs the political process that led to the emergence of both models, showing how different conditions on the input side resulted in different models of fighting financial crime.
Kevin P. Gallagher
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199641987
- eISBN:
- 9780191741586
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199641987.003.0007
- Subject:
- Business and Management, Political Economy, Finance, Accounting, and Banking
The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the ...
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The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the reemergence of capital controls as legitimate tools to promote financial stability. Whereas capital controls were seen as orthodox in the neoliberal era that began in the late 1970s, there is now an emerging consensus that capital controls can play a legitimate role in promoting financial stability. From 2009 to early 2011, a number of developing nations resorted to capital controls to halt the appreciation of their currencies, and to pursue independent monetary policies to cool asset bubbles and inflation. This chapter evaluates he effectiveness of these controls is conducted for the cases of Brazil, South Korea, and Taiwan. This analysis suggests that Brazil and Taiwan have been relatively successful in deploying controls, though South Korea’s success has been more modest. The fact that capital controls continue to yield positive results is truly remarkable given the fact that there has been little (or contrary) support for global coordination, and that many nations lack the necessary institutions for effective policies. The chapter concludes by pointing to the need for more concerted global and national efforts to manage global capital flows for stability and growth.Less
The Global Financial Crisis has triggered a transformation in thinking and practice regarding the role of government in managing international capital flows. This chapter traces and evaluates the reemergence of capital controls as legitimate tools to promote financial stability. Whereas capital controls were seen as orthodox in the neoliberal era that began in the late 1970s, there is now an emerging consensus that capital controls can play a legitimate role in promoting financial stability. From 2009 to early 2011, a number of developing nations resorted to capital controls to halt the appreciation of their currencies, and to pursue independent monetary policies to cool asset bubbles and inflation. This chapter evaluates he effectiveness of these controls is conducted for the cases of Brazil, South Korea, and Taiwan. This analysis suggests that Brazil and Taiwan have been relatively successful in deploying controls, though South Korea’s success has been more modest. The fact that capital controls continue to yield positive results is truly remarkable given the fact that there has been little (or contrary) support for global coordination, and that many nations lack the necessary institutions for effective policies. The chapter concludes by pointing to the need for more concerted global and national efforts to manage global capital flows for stability and growth.
Julian E. Zelizer
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691150734
- eISBN:
- 9781400841899
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691150734.003.0004
- Subject:
- History, American History: early to 18th Century
This chapter focuses on the reconvergence of history and political science and explains how historians and political scientists can work together towards reconstructing political history. It argues ...
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This chapter focuses on the reconvergence of history and political science and explains how historians and political scientists can work together towards reconstructing political history. It argues that political historians who want to truly reconceptualize the study of politics must draw on scholarship in political science to think of fresh approaches and frameworks that move beyond the liberal presidential synthesis. It discusses various areas in political science, some well established and others just emerging, that historians would find extremely useful; these include civic participation, the relationship between race and politics, and international political economy. The chapter also examines what contributions historians can offer to political science beyond providing them with more data and concludes by highlighting disciplinary diffrences that historians and political scientists must respect and should not abandon.Less
This chapter focuses on the reconvergence of history and political science and explains how historians and political scientists can work together towards reconstructing political history. It argues that political historians who want to truly reconceptualize the study of politics must draw on scholarship in political science to think of fresh approaches and frameworks that move beyond the liberal presidential synthesis. It discusses various areas in political science, some well established and others just emerging, that historians would find extremely useful; these include civic participation, the relationship between race and politics, and international political economy. The chapter also examines what contributions historians can offer to political science beyond providing them with more data and concludes by highlighting disciplinary diffrences that historians and political scientists must respect and should not abandon.
Paul Langley
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199236596
- eISBN:
- 9780191717079
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199236596.001.0001
- Subject:
- Economics and Finance, Financial Economics
Grounded in literature from the sociology of finance and international political economy, and informed by extensive empirical research, this book explores the unprecedented relationships that now ...
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Grounded in literature from the sociology of finance and international political economy, and informed by extensive empirical research, this book explores the unprecedented relationships that now bind Anglo-American society with the financial markets. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest in stocks and shares. As consumer borrowing has risen dramatically and mortgage finance has embraced those deemed sub-prime, so the repayments of credit card holders and mortgagors have provided the basis for the issue and trading of bonds and other market instruments. This book shows how financial market networks have come to extend well beyond Wall Street and the City of London, becoming embedded and embodied in routine saving and borrowing in the US and UK. Society's new-found relationships with the markets are also shown, however, to be marked by stark inequalities, manifest contradictions, and political dissent.Less
Grounded in literature from the sociology of finance and international political economy, and informed by extensive empirical research, this book explores the unprecedented relationships that now bind Anglo-American society with the financial markets. As mutual funds have increased in popularity and pension provision has been transformed, many more individuals and households have come to invest in stocks and shares. As consumer borrowing has risen dramatically and mortgage finance has embraced those deemed sub-prime, so the repayments of credit card holders and mortgagors have provided the basis for the issue and trading of bonds and other market instruments. This book shows how financial market networks have come to extend well beyond Wall Street and the City of London, becoming embedded and embodied in routine saving and borrowing in the US and UK. Society's new-found relationships with the markets are also shown, however, to be marked by stark inequalities, manifest contradictions, and political dissent.
Christopher Wilkie
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199606467
- eISBN:
- 9780191731648
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199606467.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was ...
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Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was more modest: to help salvage the prevailing international monetary system which had evolved since Bretton Woods. This volume examines the relatively recent and important history of SDRs—what they are, where they came from, and why they are significant. This book considers the changing roles and influences of the US and the International Monetary Fund (IMF) as post‐Bretton Woods monetary arrangements established themselves. Despite their retreat from early acclaim, work continued, particularly at the Fund, on enhancing the potential of SDRs to contribute to international monetary stability, and SDRs have recently re‐emerged as a potential source of support and stability for the international monetary system underpinning the world economy. The SDR, and the debate surrounding it, is an excellent prism through which to examine other important themes in contemporary international political economy, including international liquidity provision and international monetary reform. Ultimately, the policies of the US, the IMF, and the changing nature of the relationship between them emerge as fundamental themes for an understanding of prospects for SDRs under post‐Bretton Woods international monetary arrangements. Today, the promise and disappointment that has characterized the short history of SDRs is more important than ever as the world again examines these arrangements in the wake of the international financial crisis.Less
Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was more modest: to help salvage the prevailing international monetary system which had evolved since Bretton Woods. This volume examines the relatively recent and important history of SDRs—what they are, where they came from, and why they are significant. This book considers the changing roles and influences of the US and the International Monetary Fund (IMF) as post‐Bretton Woods monetary arrangements established themselves. Despite their retreat from early acclaim, work continued, particularly at the Fund, on enhancing the potential of SDRs to contribute to international monetary stability, and SDRs have recently re‐emerged as a potential source of support and stability for the international monetary system underpinning the world economy. The SDR, and the debate surrounding it, is an excellent prism through which to examine other important themes in contemporary international political economy, including international liquidity provision and international monetary reform. Ultimately, the policies of the US, the IMF, and the changing nature of the relationship between them emerge as fundamental themes for an understanding of prospects for SDRs under post‐Bretton Woods international monetary arrangements. Today, the promise and disappointment that has characterized the short history of SDRs is more important than ever as the world again examines these arrangements in the wake of the international financial crisis.
Mark S. Copelovitch
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780199674930
- eISBN:
- 9780191753046
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199674930.003.0003
- Subject:
- Political Science, International Relations and Politics
The Great Recession has triggered a wave of new proposals calling for reform of the rules and institutions of global financial governance, including the International Monetary Fund (IMF), the Group ...
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The Great Recession has triggered a wave of new proposals calling for reform of the rules and institutions of global financial governance, including the International Monetary Fund (IMF), the Group of Twenty (G-20), and the Financial Stability Board (FSB). However, actual progress has been quite modest. What explains this relative lack of successful international cooperation in the wake of the global financial crisis? The chapter argues that reform presents policymakers with a set of difficult trade-offs, and that choices over these trade-offs are determined primarily by political rather than economic factors. These factors – including relative power, collective action, bargaining and enforcement problems, and domestic politics – are the most critical variables shaping international cooperation. This point has been largely overlooked in the current reform debate, which has been dominated by economists and has placed too little emphasis on the politics of global financial governance.Less
The Great Recession has triggered a wave of new proposals calling for reform of the rules and institutions of global financial governance, including the International Monetary Fund (IMF), the Group of Twenty (G-20), and the Financial Stability Board (FSB). However, actual progress has been quite modest. What explains this relative lack of successful international cooperation in the wake of the global financial crisis? The chapter argues that reform presents policymakers with a set of difficult trade-offs, and that choices over these trade-offs are determined primarily by political rather than economic factors. These factors – including relative power, collective action, bargaining and enforcement problems, and domestic politics – are the most critical variables shaping international cooperation. This point has been largely overlooked in the current reform debate, which has been dominated by economists and has placed too little emphasis on the politics of global financial governance.
Benjamin J. Cohen and Susan Strange
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9781784992668
- eISBN:
- 9781526104076
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9781784992668.003.0003
- Subject:
- Political Science, UK Politics
The US-Japan axis is crucial to the good management of financial crises. But new weaknesses in the relationship have emerged since the 1980s.
The US-Japan axis is crucial to the good management of financial crises. But new weaknesses in the relationship have emerged since the 1980s.
Thomas Kalinowski
- Published in print:
- 2019
- Published Online:
- October 2019
- ISBN:
- 9780198714729
- eISBN:
- 9780191782992
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198714729.003.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
This chapter introduces the main argument and the methodology of the book. It discusses liberal and realist mainstream theories of international political economy and offers a critique of their ...
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This chapter introduces the main argument and the methodology of the book. It discusses liberal and realist mainstream theories of international political economy and offers a critique of their deficient understanding of the domestic origins of international economic conflicts. These domestic origins are not primarily conflicting national egoisms but they are seen in the context of a competition between different models of capitalism that emerged as distinct reactions to the challenges of economic globalization. US finance-led, EU integration-led, and East Asian state-led models are not just growth strategies but include institutional and structural path dependencies. A combination of an international political economic understanding of the interdependence of different models of capitalism, with a sound understanding of their distinct internal dynamics found by studies of comparative capitalism (CC), is a very promising research path to understand the origins of international conflict and cooperation.Less
This chapter introduces the main argument and the methodology of the book. It discusses liberal and realist mainstream theories of international political economy and offers a critique of their deficient understanding of the domestic origins of international economic conflicts. These domestic origins are not primarily conflicting national egoisms but they are seen in the context of a competition between different models of capitalism that emerged as distinct reactions to the challenges of economic globalization. US finance-led, EU integration-led, and East Asian state-led models are not just growth strategies but include institutional and structural path dependencies. A combination of an international political economic understanding of the interdependence of different models of capitalism, with a sound understanding of their distinct internal dynamics found by studies of comparative capitalism (CC), is a very promising research path to understand the origins of international conflict and cooperation.
Julian Germann
- Published in print:
- 2021
- Published Online:
- May 2021
- ISBN:
- 9781503609846
- eISBN:
- 9781503614291
- Item type:
- chapter
- Publisher:
- Stanford University Press
- DOI:
- 10.11126/stanford/9781503609846.003.0003
- Subject:
- Economics and Finance, Economic History
This chapter develops an alternative framework to understand Germany’s role in the global rise of neoliberalism. Eschewing a comparative approach, it interrogates the German political economy as not ...
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This chapter develops an alternative framework to understand Germany’s role in the global rise of neoliberalism. Eschewing a comparative approach, it interrogates the German political economy as not only different from but fundamentally entwined with other national political economies. The lens of uneven and combined development is used to conceptualize this interconnectedness, emphasizing the co-evolution of national capitalisms, the systemic pressures that arise from their coexistence, and the interactive context of foreign economic decision making. This heuristic characterizes neoliberalism as an interactive process involving several states and diverse ideas, rather than an Anglo-American project writ large. Neoliberalism, in this view, did not arise from the domestic conditions prevailing in the US or the UK alone, but within a wider international environment structured by the German state for particular reasons that precede the Anglo-American turn and continue to shape its crisis management today.Less
This chapter develops an alternative framework to understand Germany’s role in the global rise of neoliberalism. Eschewing a comparative approach, it interrogates the German political economy as not only different from but fundamentally entwined with other national political economies. The lens of uneven and combined development is used to conceptualize this interconnectedness, emphasizing the co-evolution of national capitalisms, the systemic pressures that arise from their coexistence, and the interactive context of foreign economic decision making. This heuristic characterizes neoliberalism as an interactive process involving several states and diverse ideas, rather than an Anglo-American project writ large. Neoliberalism, in this view, did not arise from the domestic conditions prevailing in the US or the UK alone, but within a wider international environment structured by the German state for particular reasons that precede the Anglo-American turn and continue to shape its crisis management today.
Jeremy Green
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9780691197326
- eISBN:
- 9780691201610
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691197326.003.0002
- Subject:
- Political Science, Political Economy
This chapter critiques the tendency of international political economy (IPE) to overlook Anglo-American development. This tendency arises from a fixation with hegemonic cycles of rise and decline ...
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This chapter critiques the tendency of international political economy (IPE) to overlook Anglo-American development. This tendency arises from a fixation with hegemonic cycles of rise and decline that has framed the UK and the US within a declinist narrative that forecloses alternative analytical strategies. The chapter proposes an alternative framework that, by building upon works that have drawn attention to the importance of financial power within the state, conceives of Anglo-American development in terms of the interdependent and coconstitutive relationship between the Federal Reserve–Treasury–Wall Street complex and the City–Bank–Treasury nexus. This developmental perspective provides important correctives to both the hegemony story and the concept of “structural power” prevalent within IPE. Moreover, it reveals the centrality of Anglo-American dynamics to cementing the international dominance of the dollar and propelling financial globalization.Less
This chapter critiques the tendency of international political economy (IPE) to overlook Anglo-American development. This tendency arises from a fixation with hegemonic cycles of rise and decline that has framed the UK and the US within a declinist narrative that forecloses alternative analytical strategies. The chapter proposes an alternative framework that, by building upon works that have drawn attention to the importance of financial power within the state, conceives of Anglo-American development in terms of the interdependent and coconstitutive relationship between the Federal Reserve–Treasury–Wall Street complex and the City–Bank–Treasury nexus. This developmental perspective provides important correctives to both the hegemony story and the concept of “structural power” prevalent within IPE. Moreover, it reveals the centrality of Anglo-American dynamics to cementing the international dominance of the dollar and propelling financial globalization.
Dale C. Copeland
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691161587
- eISBN:
- 9781400852703
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691161587.003.0001
- Subject:
- Political Science, International Relations and Politics
This introductory chapter lays out the basic dimensions of the trade expectations approach and how it can be applied to the history of the modern great power system since 1790. The trade expectations ...
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This introductory chapter lays out the basic dimensions of the trade expectations approach and how it can be applied to the history of the modern great power system since 1790. The trade expectations theory fuses the liberal insight that commercial ties can give actors a large material incentive to avoid war with the realist insight that such ties also create vulnerabilities that can push leaders into war. Liberals are right to assert that trade and investment flows can raise the opportunity cost of going to war, since war leads to a severing of valuable commerce. But realists are also correct in their claim that commercial ties make states vulnerable to cutoffs. To determine whether the liberal prediction or realist prediction will prevail, the chapter then introduces an additional causal variable—namely, a state's expectations of the future trade and investment environment.Less
This introductory chapter lays out the basic dimensions of the trade expectations approach and how it can be applied to the history of the modern great power system since 1790. The trade expectations theory fuses the liberal insight that commercial ties can give actors a large material incentive to avoid war with the realist insight that such ties also create vulnerabilities that can push leaders into war. Liberals are right to assert that trade and investment flows can raise the opportunity cost of going to war, since war leads to a severing of valuable commerce. But realists are also correct in their claim that commercial ties make states vulnerable to cutoffs. To determine whether the liberal prediction or realist prediction will prevail, the chapter then introduces an additional causal variable—namely, a state's expectations of the future trade and investment environment.
Nicola J. Smith
- Published in print:
- 2020
- Published Online:
- September 2020
- ISBN:
- 9780197530276
- eISBN:
- 9780197530306
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780197530276.003.0002
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter outlines the scholarly debate and theoretical architecture that underpin the rest of the book. In recent years, queer theory has come under fire for being outdated, even redundant, on ...
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This chapter outlines the scholarly debate and theoretical architecture that underpin the rest of the book. In recent years, queer theory has come under fire for being outdated, even redundant, on the grounds that its interest in the fluidity of identity comes at the expense of political economic analysis. Contesting such claims, the chapter contends that queer theory is well suited to the study of global capitalism when pursued as a project that is both feminist and historical in approach. To this end, the author brings together the insights of Michel Foucault and Silvia Federici to develop a new framework for analyzing the intersections and contradictions between capitalism and sexuality. The chapter then explicates this framework through discussion of sex work as a particularly interesting and important site for applying the tools of queer political economy.Less
This chapter outlines the scholarly debate and theoretical architecture that underpin the rest of the book. In recent years, queer theory has come under fire for being outdated, even redundant, on the grounds that its interest in the fluidity of identity comes at the expense of political economic analysis. Contesting such claims, the chapter contends that queer theory is well suited to the study of global capitalism when pursued as a project that is both feminist and historical in approach. To this end, the author brings together the insights of Michel Foucault and Silvia Federici to develop a new framework for analyzing the intersections and contradictions between capitalism and sexuality. The chapter then explicates this framework through discussion of sex work as a particularly interesting and important site for applying the tools of queer political economy.
Jeremy Green
- Published in print:
- 2020
- Published Online:
- January 2021
- ISBN:
- 9780691197326
- eISBN:
- 9780691201610
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691197326.003.0006
- Subject:
- Political Science, Political Economy
This chapter focuses on the International Monetary Fund (IMF) crisis of 1976—a crucial turning point in the politics of financial globalization that has been underappreciated within international ...
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This chapter focuses on the International Monetary Fund (IMF) crisis of 1976—a crucial turning point in the politics of financial globalization that has been underappreciated within international political economy (IPE). Had the UK's Labour government enacted measures proposed by the party's left wing and had the City of London and the Bank of England proved unsuccessful in defending London's regulatory culture and sponsorship of the Euromarkets from threats both inside and outside the UK, then the advancement of financial globalization would have been sharply arrested. The chapter argues that the resolution of the 1976 crisis in favor of the UK's continued commitment to an open international economic order and the abandonment of Keynesianism reflected increased Anglo-American interdependence. Anglo-American financial integration generated a constituency of UK financiers, political forces, and institutions with an increasingly Atlantic orientation. Priorities among influential financial and state actors within the UK were now bound up with, and increasingly difficult to disentangle from, the interests of US finance and the US state.Less
This chapter focuses on the International Monetary Fund (IMF) crisis of 1976—a crucial turning point in the politics of financial globalization that has been underappreciated within international political economy (IPE). Had the UK's Labour government enacted measures proposed by the party's left wing and had the City of London and the Bank of England proved unsuccessful in defending London's regulatory culture and sponsorship of the Euromarkets from threats both inside and outside the UK, then the advancement of financial globalization would have been sharply arrested. The chapter argues that the resolution of the 1976 crisis in favor of the UK's continued commitment to an open international economic order and the abandonment of Keynesianism reflected increased Anglo-American interdependence. Anglo-American financial integration generated a constituency of UK financiers, political forces, and institutions with an increasingly Atlantic orientation. Priorities among influential financial and state actors within the UK were now bound up with, and increasingly difficult to disentangle from, the interests of US finance and the US state.
Susan Strange
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9781784992651
- eISBN:
- 9781526104168
- Item type:
- book
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9781784992651.001.0001
- Subject:
- Political Science, Political Theory
Originally released by Basil Blackwell in 1986, and then re-released by Manchester University Press in 1998, Casino capitalism is a cutting-edge discussion of international financial markets, the way ...
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Originally released by Basil Blackwell in 1986, and then re-released by Manchester University Press in 1998, Casino capitalism is a cutting-edge discussion of international financial markets, the way they behave and the power they wield. It examines money's power for good as well as its terrible disruptive, destructive power for evil. Money is seen as being far too important to leave to bankers and economists to do with as they think best. The raison d'être of Casino Capitalism is to expose the development of a financial system that has increasingly escaped the calming influences of democratic control. This new edition includes a powerful new introduction provided by Matthew Watson that puts the book it in its proper historical context, as well as identifying its relevance for the modern world. It will have a wide reaching audience, appealing both to academics and students of economics and globalization as well as the general reader with interests in capitalism and economic history.Less
Originally released by Basil Blackwell in 1986, and then re-released by Manchester University Press in 1998, Casino capitalism is a cutting-edge discussion of international financial markets, the way they behave and the power they wield. It examines money's power for good as well as its terrible disruptive, destructive power for evil. Money is seen as being far too important to leave to bankers and economists to do with as they think best. The raison d'être of Casino Capitalism is to expose the development of a financial system that has increasingly escaped the calming influences of democratic control. This new edition includes a powerful new introduction provided by Matthew Watson that puts the book it in its proper historical context, as well as identifying its relevance for the modern world. It will have a wide reaching audience, appealing both to academics and students of economics and globalization as well as the general reader with interests in capitalism and economic history.
Georg Menz
- Published in print:
- 2017
- Published Online:
- November 2017
- ISBN:
- 9780199579983
- eISBN:
- 9780191846779
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780199579983.003.0002
- Subject:
- Political Science, Political Theory
During the second half of the twentieth century, the foundation was laid for the discovery of distinct models of capitalism. Organized and tightly regulated models underwent liberalizing changes from ...
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During the second half of the twentieth century, the foundation was laid for the discovery of distinct models of capitalism. Organized and tightly regulated models underwent liberalizing changes from the 1970s onwards, reflecting new thinking in public administration, economics, and real world politics. At the same time, the tumultuous geo-political landscape of the 1970s inspired the subfield of international political economy, a related field that occasionally veers into the same territory and related questions, yet sits analytically separate from Comparative Political Economy. Debates about neocorporatism and cross-over contributions that straddle the divide between the field are explored in depth. Finally, the Varieties of Capitalism debate is briefly introduced which was inspired by the globalization literature of the 1990s and its claim of convergence. This chapter concludes the critical review of the foundations of the field.Less
During the second half of the twentieth century, the foundation was laid for the discovery of distinct models of capitalism. Organized and tightly regulated models underwent liberalizing changes from the 1970s onwards, reflecting new thinking in public administration, economics, and real world politics. At the same time, the tumultuous geo-political landscape of the 1970s inspired the subfield of international political economy, a related field that occasionally veers into the same territory and related questions, yet sits analytically separate from Comparative Political Economy. Debates about neocorporatism and cross-over contributions that straddle the divide between the field are explored in depth. Finally, the Varieties of Capitalism debate is briefly introduced which was inspired by the globalization literature of the 1990s and its claim of convergence. This chapter concludes the critical review of the foundations of the field.
