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Article

Transnational crimes are crimes that have actual or potential effect across national borders and crimes that are intrastate but offend fundamental values of the international community. The word “transnational” describes crimes that are not only international, but crimes that by their nature involve cross-border transference as an essential part of the criminal activity. Transnational crimes also include crimes that take place in one country, but their consequences significantly affect another country and transit countries may also be involved. Examples of transnational crimes include: human trafficking, people smuggling, smuggling/trafficking of goods, sex slavery, terrorism offences, torture and apartheid. Contemporary transnational crimes take advantage of globalization, trade liberalization and new technologies to perpetrate diverse crimes and to move money, goods, services, and people instantaneously for purposes of perpetrating violence for political ends. While these global costs of criminal activity are huge, the role of this criminal market in the broader international economic system, and its effects on domestic state institutions and economies, has not received widespread attention from an international political economy (IPE) or political science perspective. Given the limits on the exercise of extraterritorial enforcement jurisdiction, states have developed mechanisms to cooperate in transnational criminal matters. The primary mechanisms used in this regard are extradition, lawful removal, and mutual legal assistance.

Article

Sixteenth-century Europe saw the emergence of a modern project that soon spread to other parts of the globe through conquest, colonization and imperialism, and finally globalization. In its historical development, modernity has radically remade the institutional and organizational structures of many traditional societies worldwide. It followed two distinct trajectories: the transformation of traditional societies within Western cultures, on the one hand, and the implementation of modernity in non-Western cultures, on the other. The emergence and development of modernity can be explained using three interrelated domains: ideology, politics, and economy. Enlightenment thinking constituted the ideological background of modernity, while the rise of individualism and the secularization of political power reflected its political dimension. The economic dimension of modernity involved the massive mobility of people into cities and the emergence of a market economy through the commercialization of human labor, along with production for profit. The recent phase of globalization has led to new developments that exposed the contradictions of modernity and forced us to rethink its fundamental assumptions. Two approaches that have attempted to redefine the universality in modern thinking and its relationship with particular cultures are the institutional cosmopolitanism approach and the multiple modernities approach; the latter rejects the universality of Western modernity and instead sees modernity as a distinctly local phenomenon. Future research should focus on how different cultures relate to one another within the boundaries of global modernity, along with the conditions under which local forms of modernity emerge.

Article

Mariya Y. Omelicheva and John James Kennedy

After years of communism and central planning, Russia and China embarked on broad transformations from planned to market economy and limited political liberalization reforms. Chinese reforms commenced in 1978, while those in the Soviet Union started in 1991. The two countries took contrasting paths to economic reform, and their experiences during economic transition have been viewed as polar opposites. The reform experiences of Russia and China sparked intense academic debates over a variety of issues surrounding transition from communism to market economy. The primary source of scholarly disagreement is whether the pace, the sequence, or country-specific initial conditions determines the success of economic and political reforms. The debates revolved around questions such as whether there is a relationship between economic processes and political reforms in the transitional states, or whether economic liberalization should pave the way for political liberalization. Two dominant approaches to transition from socialism to capitalism advanced in the literature are “shock therapy” and gradualism; the former was adopted by the Russians and the latter by the Chinese. Several lessons can be learned from the Russian and Chinese transition, such as the impact of structural forces on the leadership’s policy preferences and the importance of tenable development policies to ensure the success of economic reforms. Notwithstanding these lessons, there remain a number of questions that deserve further investigation, mainly in terms of the role of China and Russia in world politics.

Article

Candace Archer

Numerous crises have occurred since the beginnings of the modern economic system, from the Dutch Tulip Mania of 1636 and the South Sea Bubble of 1720 to the Dollar Crisis and Asian Financial Crisis. Scholars have written about the causes and remedies of financial crisis, resulting in a substantial amount of literature on the subject especially after the Great Depression. The writing on financial crisis declined between the end of World War II and the monetary crises in the early 1970s, but has become vibrant again since the 1980s. Some of the earliest voices that contributed to the intellectual history of studying financial crisis include Adam Smith, Karl Marx, David Ricardo, Walter Bagehot, and John Maynard Keynes. These men provided the foundation for understanding the central issues and questions about financial crisis and influenced the debates and scholarship that followed. One such debate involved monetarists vs. business cycle theorists. The monetarists argue that crises are caused by changes in the money supply, while those favoring a business cycle approach insist that expansions and contractions are part of economic interactions and so the economy will at times experience crises. As crises continue to affect both domestic and global financial markets, more perspectives are added to the discussion, including those that invoke rational expectations and economic models, along with those that draw from international political economy. There are also questions that remain unanswered, such as the issue of crisis response and that of financial fragility.

Article

The terms “region,” “regionalism,” and “regional integration” are often used synonymously in the academe. For instance, one author refers to Pacific Asian regionalization, North American regionalism and regional integration in Europe. Some authors view “regionalism” as the analytically broader term. Since the mid-1990s, there has been a more general movement toward “economic regionalism or regional trade agreements,” building on the concept of “new regionalism” and coinciding with the notion of “preferential trading arrangements.” This implies only those integration schemes which have an economic purpose, are in geographical proximity to each other, and consist of more than two states qualify for inclusion. There are five stages in the deepening of formal regional integration: free trade area, customs union, common market, economic union, and political union. From the late-1950s to the late 1990s, two approaches have attempted to explain the process (rather than the origins) of regionalism: neofunctionalism and liberal intergovernmentalism. Scholars argue whether there is a causal connection between regional integration and Global Political Economy (GPE), or whether they are simply correlated. Three themes from the literature on regionalism and GPE can be identified. First, the numerous studies since the late 1990s that have taken a decidedly comparative approach, irrespective of their level of analysis, agree that there is some “logic” to regional arrangements. Second, confusion occurs with domestic causality. Third, large membership has become a concern for the European Union.