International Political Economy 6th Ed.

Description

Broadly viewing the global economy as a political competition that produces winners and losers, International Political Economy holistically and accessibly introduces the field of IPE to students with limited background in political theory, history, and economics. This text surveys major interests and institutions and examines how state and non-state actors pursue wealth and power. Emphasizing fundamental economic concepts as well as the interplay between domestic and international politics, International Political Economy not only explains how the global economy works, it also encourages students to think critically about how economic policy is made in the context of globalization. Cover......Page 2 Half Title......Page 6 Title Page......Page 8 Copyright Page......Page 9 Brief Contents......Page 10 Detailed Contents......Page 12 Preface......Page 17 Acknowledgments......Page 22 Chapter 1 International Political Economy......Page 24 What is International Political Economy?......Page 25 Studying International Political Economy......Page 32 Traditional Schools of International Political Economy......Page 33 Interests and Institutions in International Political Economy......Page 39 The Global Economy in Historical Context......Page 41 Key Terms......Page 48 Suggestions for Further Reading......Page 49 Chapter 2 The WTO and the World Trade System......Page 50 What is the World Trade Organization?......Page 51 Hegemons, Public Goods, and the World Trade System......Page 60 The Evolving World Trade Organization: New Directions, New Challenges......Page 65 The Greatest Challenge? Regional Trade Arrangements and the World Trade Organization......Page 69 Conclusion......Page 77 Key Terms......Page 78 Suggestions for Further Reading......Page 79 Chapter 3 The Political Economy of International Trade Cooperation......Page 80 The Economic Case for Trade......Page 81 Trade Bargaining......Page 89 Enforcing Agreements......Page 96 Conclusion......Page 105 Suggestions for Further Reading......Page 107 Chapter 4 A Society-Centered Approach to Trade Politics......Page 108 Trade Policy Preferences......Page 109 Factor Incomes and Class Conflict......Page 110 Sector Incomes and Industry Conflict......Page 113 Organizing Interests: The Collective Action Problem and Trade Policy Demands......Page 124 Political Institutions and the Supply of Trade Policy......Page 126 Conclusion......Page 133 Suggestions for Further Reading......Page 135 Chapter 5 A State-Centered Approach to Trade Politics......Page 137 States and Industrial Policy......Page 138 The Infant-Industry Case for Protection......Page 139 State Strength: The Political Foundation of Industrial Policy......Page 144 Industrial Policy in High-Technology Industries......Page 149 Strategic-Trade Theory......Page 150 Strategic Rivalry in Semiconductors and Commercial Aircraft......Page 154 Conclusion......Page 160 Suggestions for Further Reading......Page 162 Chapter 6 Trade and Development I: Import Substitution Industrialization......Page 164 Domestic Interests, International Pressures, and Protectionist Coalitions......Page 165 Market Imperfections in Developing Countries......Page 172 Market Imperfections in the International Economy......Page 174 Import Substitution Industrialization......Page 176 Reforming the International Trade System......Page 184 Conclusion......Page 187 Suggestions for Further Reading......Page 190 Chapter 7 Trade and Development II: Neoliberalism and Institutionalism......Page 192 Emerging Problems with Import Substitution Industrialization......Page 193 The East Asian Model......Page 197 Structural Adjustment and the Politics of Reform......Page 209 Getting Institutions Right......Page 213 Conclusion......Page 218 Suggestions for Further Reading......Page 219 Chapter 8 Multinational Corporations in the Global Economy......Page 221 Multinational Corporations in the Global Economy......Page 222 Economic Explanations for Multinational Corporations......Page 228 Locational Advantages......Page 229 Market Imperfections......Page 232 Locational Advantages, Market Imperfections, and Multinational Corporations......Page 235 Multinational Corporations and Host Countries......Page 239 Conclusion......Page 246 Suggestions for Further Reading......Page 247 Chapter 9 The Politics of Multinational Corporations......Page 249 Regulating Multinational Corporations......Page 250 Regulating Multinational Corporations in the Developing World......Page 251 Regulating Multinational Corporations in the Advanced Industrialized Countries......Page 255 Bargaining with Multinational Corporations......Page 260 The International Regulation of Multinational Corporations......Page 267 Conclusion......Page 276 Key Terms......Page 277 Suggestions for Further Reading......Page 278 Chapter 10 The International Monetary System......Page 279 Exchange-Rate Systems......Page 280 The Balance of Payments......Page 283 Balance-of-Payments Adjustment......Page 286 Creating the Bretton Woods System......Page 291 Implementing Bretton Woods: From Dollar Shortage to Dollar Glut......Page 295 The End of Bretton Woods: Crises and Collapse......Page 299 Conclusion......Page 305 Suggestions for Further Reading......Page 306 Chapter 11 Cooperation, Conflict, and Crisis in the Contemporary International Monetary System......Page 308 From the Plaza to the Louvre: Conflict and Cooperation During the 1980s......Page 309 Global Imbalances and the Great Financial Crisis of 2007–2009......Page 319 Exchange-Rate Cooperation in the European Union......Page 329 Conclusion......Page 336 Suggestions for Further Reading......Page 337 Chapter 12 A Society-Centered Approach to Monetary and Exchange-Rate Policies......Page 339 Electoral Politics, the Keynesian Revolution, and the Trade-Off between Domestic Autonomy and Exchange-Rate Stability......Page 340 Society-Based Models of Monetary and Exchange-Rate Politics......Page 346 The Electoral Model of Monetary and Exchange-Rate Politics......Page 349 The Partisan Model of Monetary and Exchange-Rate Politics......Page 352 The Sectoral Model of Monetary and Exchange-Rate Politics......Page 357 Conclusion......Page 365 Suggestions for Further Reading......Page 367 Chapter 13 A State-Centered Approach to Monetary and Exchange-Rate Policies......Page 369 Monetary Policy and Unemployment......Page 370 The Time-Consistency Problem......Page 379 Commitment Mechanisms......Page 382 Independent Central Banks and Exchange Rates......Page 394 Conclusion......Page 397 Suggestions for Further Reading......Page 398 Chapter 14 Developing Countries and International Finance I: The Latin American Debt Crisis......Page 399 Foreign Capital and Economic Development......Page 400 Commercial Bank Lending and the Latin American Debt Crisis......Page 406 Managing the Debt Crisis......Page 412 The Domestic Politics of Economic Reform......Page 422 Conclusion......Page 426 Suggestions for Further Reading......Page 427 Chapter 15 Developing Countries and International Finance II: The Global Capital Flow Cycle......Page 428 The Asian Financial Crisis......Page 429 Bretton Woods II......Page 443 Currency Wars, Taper Tantrums, and the Global Capital Flow Cycle......Page 447 Conclusion......Page 451 Suggestions for Further Reading......Page 452 Chapter 16 The Achievements of and Challenge to the Global Capitalist Economy......Page 454 The Achievements of the Global Capitalist Economy......Page 456 Globalization and the Politics of Inequality......Page 459 Suggestions for Further Reading......Page 464 Glossary......Page 465 References......Page 493 Index......Page 515