1-7 of 7 Results

  • Keywords: economics x
Clear all

Article

The definition of development has changed over the years since the inception of development economics as a sub-discipline of economics in the 1950s. Initially, development economics was understood as a study of how the economies of nation-states have grown and expanded, placing the discipline in line with the classical and neoclassical traditions of economics. Later, however, some scholars focused on how to improve the welfare of the population and the planet informing the critical tradition. The post-war economic development models were fundamentally classical, but they did allow for some state intervention to achieve development, demonstrating the influence of economist John Maynard Keynes. Postwar leftist development economics coalesced around structuralism and dependency theory, or world systems theory, the latter two having their roots in Marxist political economy. This influenced state-led development approaches most associated with the Asian Tigers. In the 1980s, neoliberal ideas came to dominate development economics, however the high social costs of this approach led to a greater focus on poverty, while more progressive scholars emphasized capabilities and redistribution with growth. Since the Global Financial Crisis, questioning of neoclassical economics has grown and, while it is still far from dead, more heterodox approaches are flourishing.

Article

Xiang Li, Mengqi Shao, and May Tan-Mullins

President Xi Jinping announced the Belt and Road Initiative (BRI一带一路) in 2013. The BRI, which will pass through over 60 countries in Asia, Europe, Middle East, and Africa, aims at improving and creating new trading routes and investment opportunities. It consists of the Silk Road Economic Belt (SREB) and the Maritime Silk Road Initiative (MSRI), and is a continuation of China’s “opening up” policy. It comprises six overland and one maritime economic cooperation corridors, supporting the expansion of Chinese enterprises abroad to facilitate industrial upgrading at home, paving the way for Chinese outward foreign direct investment (OFDI) and trade abroad, and advancing the internationalization of the Chinese currency. In addition, the project is welcomed by recipient countries due to their need for infrastructure investment. China remains the biggest player in the initiation and implementation of BRI projects. As such, the impact of Chinese projects on the economic, political, cultural, and environmental fabric of host countries will likely be dramatic, especially since many BRI projects are large-scale infrastructure projects that cut across different regions and states. The COVID-19 pandemic further implicated the progress of BRI projects in these areas.

Article

Ronen Palan and Angus Cameron

Like many other social scientific terms, the exact meaning of globalization has always been unclear. It does not have a single point of origin, but emerged in the mid to late 1980s in several disciplines. In the general sense, globalization is the increasing interaction of people through the growth of the international flow of money, ideas, and culture. It first manifested in media and cultural studies as early as the 1970s—the spread of TV, telephones, information and communication technology (ICT), and other media provided an enduring image of the technological “shrinking” of space, a defining trait of globalization. Advances in the means of transport (such as the steam locomotive, steamship, jet engine, and container ships) and in telecommunications infrastructure (including the rise of the telegraph and its modern offspring, the Internet and mobile phones) have been major factors in globalization, generating further interdependence of economic and cultural activities. In connection to the study of globalization, global political economy (GPE), or international political economy (IPE), is an academic discipline that analyzes economics and international relations. As an interdisciplinary field, it draws on a few distinct academic schools, most notably economics, political economy, political science, sociology, history, and cultural studies. Other topics that command substantial attention among IPE scholars are international trade, international finance, financial crises, macroeconomics, development economics, and the balance of power between and among states and institutions.

Article

Environmental sustainability as a topic in international studies is most often considered in the context of sustainable development, a goal-oriented, normative concept that suggests the need to reconcile the often conflicting goals of economic development, environmental protection, and social progress. The concept of sustainable development begs the question of how to promote human welfare and prosperity (development) without undermining the ecological life-support systems on which all prosperity ultimately must depend (sustainability). More colloquially: How can we live well while living lightly on the Earth? Unfortunately, economic and social “development” to date has too often meant a steady increase of activities that have led to air and water pollution, cleared forests, drained wetlands, obstructed rivers, and other ecosystem disruptions. These material transformations alter the structure and function of ecosystems, often destroying the services that ecosystems provide and routinely renew: clean fresh water, healthy air, fertile soils, and the other basics of habitability. When pollution crosses borders, when natural resource depletion and environmental degradation cause people to migrate for survival, when global climate and the world’s oceans are threatened, then sustainability becomes an international concern and necessarily a focus of international studies. Ultimately, the challenge for international studies scholars studying sustainability is to understand how to create an international system imbued with consideration of ecological interdependence and coevolution, a sense of responsibility to future generations, and a capacity to make informed decisions based on ecological rationality. In order to find our way out of the sustainability conundrum, policies must be designed to improve welfare without increasing energy and material throughput. This means investing human resources into alternatives to consumption, such as innovations in simple living, collective action, nonmaterial personal satisfaction, and needs prevention.

Article

Next to national defense, energy security has become a primary issue for the survival and wellbeing of both developed and developing nations. A review of the literature shows how concerns for energy security acquired a new dimension after the collapse of the Soviet Union in 1991, when the Western powers and a weakened Russia competed for the control of the Eurasia region and its energy resources. Research has also focused on how different countries have developed a variety of strategies for securing their energy supply. Energy security literature can be split into three general sections: neoclassical economics and public choice, bureaucratic politics and public administration, and political economy. Scholars have also explored regime theory, resource conflict, and the relationship between national energy security and foreign policy. In the case of the United States, four major challenges in foreign policy issues related to energy security can be identified: “building alliances, strengthening collective energy security, asserting its interests with energy suppliers, and addressing the rise of state control in energy.” These challenges require eight specific foreign policy responses from the U.S. government, two of which constitute the core relationship between energy security and foreign policy making: “candor and respect” for the producer countries, and foreign policies that promote the stability and security of suppliers.

Article

R. Harrison Wagner

In 1969, the game theorist John Harsanyi wrote an article criticizing the two main postulates of the general theory of social behavior prevalent at the time: the functionalist approach to the explanation of social institutions and the conformist approach to the explanation of individual behavior. According to Harsanyi, functionalist and conformist theories overstated the degree of consensus in societies, could not account for change, and described observed behavior without explaining it. Harsanyi proposed an alternative approach provided by theories based on the concept of rational choice (rational behavior, or rational decision-making). His goal was to develop a hypothetico-deductive theory explaining (and possibly predicting) a large number of empirical facts from a few relatively simple theoretical assumptions or axioms. Among students of international politics, Harsanyi’s approach sparked a controversy about rationalism. However, some critics of rationalism do not distinguish clearly between the interest-based theories Harsanyi criticized and the rational choice methods he advocated, and some even confuse both with neoclassical economics. In order to understand the issues raised in the controversy about rationalism, it is helpful to look at interest-based theories of politics and their relation to neoclassical economics. Game theory has provided a useful framework for the intellectual agenda outlined by Harsanyi, especially in the area of international security.

Article

Kimberly A. Weir and Vicki L. Golich

Pedagogy is the discipline that deals with the theory and practice of teaching. Pedagogy informs teaching strategies, teacher actions, and teacher judgments and decisions by taking into consideration theories of learning, understandings of students and their needs, and the backgrounds and interests of individual students. The teaching of global political economy (GPE) offers an alternative, and a challenge, to conventional economics education. Its emphasis on the competing currents of economic thought and their association with rival political philosophies adds complexity to the subject. However, this engagement with controversial issues creates more intellectual excitement than a narrow, “technical” treatment of orthodox analysis. There is also more scope for students to link their own personal experiences with the broader concerns of political economy. By emphasizing a liberal educational philosophy, educators can attain a more grounded approach to study, relating to students’ own experiences and more explicitly acknowledging the role of personal and political values. Scholars argue that there are viable alternatives to the standard micro-macro-quantitative curriculum and to the conventional teaching of economics. A pedagogy emphasizing controversies, linking competing economic analyses and different political perspectives, is possible. Ultimately, the teaching of global political economy has some inherent advantages as a means of interesting and engaging students.