1-2 of 2 Results

  • Keywords: governance approach x
Clear all

Article

The global political economy is a multilevel system of economic activities and regulation in which the domestic level continues to predominate—in other words, it is a global system comprising national capitalist economies. Nations differ in terms of the regulations and institutions that govern economic activity, an observation that is embodied in the so-called “varieties of capitalism” (VoC) literature. Contemporary VoC approaches highlight the significance of social and political institutions in shaping national economies, in stark contrast to neoclassical economics which generally ignores institutions other than markets or sees them as hindrances to the functioning of free markets. Three analytical premises inform the diverse conceptual frameworks within the VoC literature: the firm-based approach, national business systems approach, and the governance or “social systems of production” approach. The VoC literature offers three important contributions to our understanding of the global political economy. The first is that different sources of competitive advantage for firms and nations are institutionally rooted and not easily changed. The second contribution is that these distinct national arrangements give rise to different interests/preferences in how the global economy is constructed and managed. Finally, the VoC approaches provide a framework for analyzing long-term institutional changes in capitalist systems and the persistence of diverse forms of capitalism, including the global financial crisis of 2008–2009 that may usher in yet another epochal change in the “battle of capitalisms.”

Article

The problem of international migration is that global cooperation is somewhat rare. If international cooperation is to develop, then it will depend on states; but effective cooperation would also impose real constraints on states. Moreover, as states and their borders give meaning to international migration, it follows that the development, consolidation, and transformation of the state system is a key factor determining the possibilities for the global and regional governance of migration to develop. Existing forms of regional integration and their migration provisions as well as regional consultation processes (RCPs) can serve as a mechanism for intraregional communication, the sharing of knowledge, and for the dissemination of policy ideas and practices. The EU has already been discussed as the world’s most highly developed form of regional integration. It is the only international organization with the power and capacity to make and implement laws through its own institutional system that must be implemented by member states. The EU moreover has a highly developed system of internal free movement for nationals of its own states and has developed a border-free travel area for participating states. These developments constitute the hallmark of a highly developed intra-EU migration framework linked to the creation of the “single market.”