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Article

Liberal international political economy (IPE) is the offspring of a marriage between mainstream international economics with its focus on markets and mainstream international relations with its emphasis on the state. While clearly involving the traditional disciplines of economics and political science, liberal scholarship in IPE tends to be housed almost exclusively in the latter. Liberal IPE has always maintained a special relationship with its absentee father economics, looking to it particularly as a source of theoretical and especially methodological inspiration. In its earlier phase, the “American school” of IPE, also known by its practitioners as Open Economy Politics (OEP), was strongly oriented toward studying the societal determinants of state trade policy and indeed continues to expand upon this terrain. OEP has moved into many diverse areas since then. Having roots in both neoclassical economics and realist international relations theory, OEP has a strong tendency to limit its empirical interest to observable behavior, define interest in strictly material terms, and assume the psychology of decision-making to be rational and therefore unproblematic. Unsurprisingly, OEP has little room for ideas as interesting and important objects of study, and in turn some of the early pioneers of the liberal approach in IPE have lamented its becoming “too materialistic.”

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

Feminist and gendered interventions in the discipline of international political economy (IPE) traces the constitutive and causal role that gender plays in the diverse forms, functions, and impacts of the global political economy (GPE). There are subtle distinctions between “feminist” and “gendered” political economy. The term “feminist IPE” is assigned only to those scholars who identify directly with feminism and label themselves feminist. “Gendered IPE” includes feminist IPE, but also incorporates those analyses not necessarily centered on women’s work, their practices, and their experiences. Whether understood empirically or analytically, increased references to “gender” in IPE invariably resulted from the extensive, varied, and challenging feminist theorizing that had made visible the neglect of sex and gender in IPE. Indeed, gendered IPE scholarship is dedicated to transforming knowledge through committed gender analysis of the global political economy, deploying “gender” as a central organizing principle in social, cultural, political, and economic life. A relatively recent theoretical turn in gendered political economy thoroughly highlights the problems involved when gender is entirely associated with the body as a mark of human identity. Contemporary gendered IPE covers the variety of ways in which analysis of a person’s sex is simply not enough to describe their experiences. Indeed, ongoing feminist and gendered IPE concerns generally focus on the marginalization of gender analysis in IPE. Meanwhile, promising avenues in gendered IPE include gender and sexuality in IPE, as well as gender and the “Illicit International Political Economy” (IIPE).

Article

William Biebuyck and Judith Meltzer

Cultural political economy (CPE) is an approach to political economy that focuses on how economic systems, and their component parts, are products of specific human, technical, and natural relations. Notwithstanding longer historical roots, CPE emerged as part of the “cultural turn” within the social sciences. Although it is often seen as countering material determinism and the neglect of culture in conventional approaches in political economy, the cultural turn was less about “adding culture” than about challenging positivist epistemologies in social research. For some, cultural political economy continues to be defined by an orientation toward cultural or “lifeworld” variables such as identity, gender, discourse, and so on, in contrast to conventional political economy’s focus on the material or “systems” dimensions. However, this revalorization of the nonmaterial dimensions of political economic life reinforces a sharp distinction between the cultural and the material, an issue which can be traced to the concept of “(dis)embedding” the economy and subordinating society. A more noticeable development, however, is the increasing orientation of critical (CPE) analyses of global development toward the “economization” of the cultural in the context of mutating forms of neoliberalism. Concomitant to the economization of the cultural in narratives of global development is the “culturalization” of the economic. Here attention is paid not just to the growth of cultural industries but to the multiple ways in which culture has been normalized in discourses of global and corporate development.

Article

Finance  

Tony Porter

The literature on the global organization of finance has grown along with the global financial system, but also in response to theoretical innovations that suggested new lines of inquiry. In the 1970s and early 1980s, the emerging field of international political economy began to make valuable contributions to our understanding of global finance, but these focused on monetary politics or the formal intergovernmental organizations such as the IMF. By the 1990s, the literature focused on the greater complexity evident in global finance as traditional bank lending was increasingly displaced by other types of financial instruments, such as bonds, equities, and derivatives, which were also spreading geographically to influence “emerging markets” in the developing world and in countries in transition from communism. Since the mid-1990s, three interconnected changes in theory and practice are evident in international political economy (IPE) literature on the global organization of finance. First, the theoretical changes that characterized the broader fields of international relations and IPE were evident in the study of the global organization of finance as well, including the emergence of a new divide separating rational choice approaches from constructivism and other approaches. Second, the growing prominence of the concepts of globalization and global governance in the study and practice of international affairs inspired new literatures that overlapped and interacted with the IPE literature. Third, criticisms of globalized financial markets and questions of accountability and democracy directed at these markets grew and their role in structural adjustment.

Article

Information and communications technologies (ICTs) constitute a potentially transformative force in world politics. The industries associated with these technologies are growing rapidly, and some have argued that their importance in the overall economy at both the national and global levels increased in recent decades. ICT industries include both goods producers and service providers. ICT manufacturing includes all the goods-producing industries that use semiconductor components, such as consumer electronics, the computer industry, the telecommunications equipment industry, and industrial and military electronics. Within each of these groups, there are sub-industries that specialize in particular segments of the market. The services side of ICTs is also very large in terms of revenues and employment, and is growing rapidly. ICT services include, among others, the software industry, telecommunications services, data processing, and web-based information services. Many scholars argue that the importance of ICT industries goes beyond the revenues and employment generated in the industries themselves, however. ICTs may also be transformative in that they reduce transaction and communications costs in the overall economy. They make possible new forms of organization of human activity, especially as globalization and digitalization is progressing rapidly in the recent decades. Such processes have attracted the attention of international relations scholars, as they have been focusing on international regimes governing ICT-related activities in the past decade.

Article

Cross-border migration of people from one country to another has become an increasingly important feature of the globalizing world and it raises many important economic, social, and political issues. Migration is overwhelmingly from less developed to more developed countries and regions. Some of the factors affecting migration include: differences between wages for equivalent jobs; access to the benefits system of host countries plus state education, housing, and health care; and a desire to travel, build new skills and qualifications, and develop networks. On a more economic standpoint, studies show that labor migration provides various advantages. Migrants can provide complementary skills to domestic workers, which can raise the productivity of both. Migration can also be a driver of technological change and a fresh source of entrepreneurs. Much innovation comes from the work of teams of people who have different perspectives and experiences. Furthermore, a convenient way to accommodate individual actors in the global economy is to view them as economically dependent workers rather than as citizens capable of bringing about social change. The economic globalization process has modified this perspective to some extent, with greater recognition of the integration of a diverse, but nationally based, workforce into production patterns that can span several sovereign jurisdictions and world regions.

Article

The concept of international political economy (IPE) encompasses the intersection of politics and economics as goods, services, money, people, and ideas move across borders. The term “international political economy” began to draw the attention of scholars in the mid-1960s amid problems of the world economy and lagging development in the third world. IPE was later replaced by the term “global political economy” (GPE) in recognition of the fact that what happens in the world is not only about interactions between states, and that the global political economy includes many different kinds of actors. In general, GPE better suits the reality of a globalizing world. Early works that explored the relationship between economic activities and state interests originated long before the term “political economy” was coined. Examples are those by Aristotle, Kautilya, Ibn Khaldun, and Niccolò Machiavelli. Adam Smith used the word “mercantilism” to describe the various theories and policies on how states should intervene in markets in order to increase wealth and power. “Mercantilism” was supplanted by “economic nationalism” in the twentieth century, followed by classical liberalism, neoliberal institutionalism, and neoclassical liberalism. Whereas both mercantilism and economic nationalism emphasize state power and state interests, liberal writers such as John Locke and Immanuel Kant argue that possessive individualism and the individual are the bearer of rights. Other major schools of thought that have conceptualized important concepts, relationships, and causal understandings in IPE include Marxism and its variants, feminist approaches, and communitarianism.

Article

Mercantilism and realism would appear to go hand in glove with each other. If realism represents both a systemic worldview and explanatory model for world politics, then mercantilism would appear to be the paradigm’s default foreign economic policy doctrine. And, to be sure, there are obvious and strong areas of overlap. Both paradigms stress the autonomous role of the state—and warn against capture by particularistic interests. Both also stress the conditioning effects of the distribution of power in defining national economic interests. Despite these constants, however, over time, the two approaches diverged more and more. Most modern-day writers who sympathize with mercantilism do so from perspectives ranging from left-leaning social democracy to more radical Gramscian critiques. Realists, on the other hand, have tended to gravitate towards the conservative, Burkean side of the political spectrum. While realists and mercantilists might agree on the role that power plays in the global economy, they do not necessarily agree on the normative implications of that insight. Paradoxically, as realism has acquired a more “scientific” cast, it has become less influential in international political economy (IPE) scholarship. For realism to maintain its relevancy in IPE, it must reacquire its deftness in incorporating nonstructural variables into its explanatory framework. The paradigm retains some useful predictive power for how systemic political variables affect global economic outcomes, but it is of little use in discussing the reverse causal effects.

Article

Feminist Gramscian international political economy (IPE) is an interdisciplinary intellectual project that has focused both on theoretical and empirical analysis of women and gender within the field. Feminist Gramscian IPE emerged from the confluence of an eclectic body of work over the last several years encompassing fields as disparate as international relations, IPE, feminist economics, the literature on gender and development, and feminist literature on globalization. As with feminist perspectives in other disciplinary fields, Gramscian feminists have largely embraced postpositivist, interpretivist, and relational analysis while trying to maintain the emancipatory potential of their work for women the world over. Current Gramscian feminist analyses are firmly grounded and draw from early Marxist/Socialist feminist interventions. They have also engaged with the three major categories of analysis in Gramscian thought—ideas, material capabilities, and institutions—in order to understand hegemonic processes that function to (re)construct and (re)produce both gendered categories of analysis and practice. Feminist revisions of Gramscian IPE have focused on international institutions, rules and norms, while simultaneously shedding light on contemporary states and how they are being transformed in this current phase of globalization. Three central tasks that feminist Gramscian scholars may consider in future research are: to be more engaged with the notion of hegemony, to revisit the political methodology employed by many feminist Gramscian analyses, and to devote more attention to non-mainstream perspectives.

Article

Steven W. Hook and Franklin Barr Lebo

International development has remained a key part of global economic relations since the field emerged more than half a century ago. From its initial focus on colonization and state building, the field has evolved to encompass a wide range of issues, theoretical problems, and disciplinary traditions. The year 1945 is widely considered as a turning point in the study of international development. Three factors account for this: the end of World War II that left the US an economic hegemon, the ideological rivalry that defined the Cold War, and the period of decolonization that peaked around 1960 that forced development issues, including foreign aid, state building, and multilateral engagement, onto the global agenda. Since then, development paradigms have continuously evolved, adapted, and been reinvented to address the persistent and arguably widening gap between the prosperous economies of the “developed North” and the developing and frequently troubled economies of the “global South.” Today, a loosely knit holistic paradigm has emerged that recognizes the deficiencies of its predecessors, yet builds on their strengths. A holistic conception of international development embraces methodological pluralism in the scholarly study of development, while recognizing the multiple ways policy practitioners may productively apply academic theories and research findings in unique settings.

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

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.

Article

The literature on the political economy of the global environment is a hybrid of political economy, international relations (IR), and international environmental politics, looking at the formal and informal institutional factors which give rise to unsustainable habits. The physical environment has long been the subject of social scientists, who recognized that patterns of social activity might contribute to environmental degradation. One of the most common formulations of environmental issues as a collective action is through the metaphor of the Tragedy of Commons, which argues that overpopulation worldwide would undoubtedly contribute to extensive resource depletion. Following the formulation of the core properties of environmental issues as lying at the interstices of a variety of human activities, implications followed for how to conduct research on international environmental politics and policy. Realist and neorealist traditions in international relations stress the seminal role of power and national leadership in addressing environmental problems. Neoliberal institutionalists look at the role of formal institutional properties in influencing states’ willingness to address transboundary and global environmental threats. On the other hand, the constructivist movement in international relations focuses on the role of new ecological doctrines in how states choose to address their environmental problems, and to act collectively. Ultimately, the major policy debates over the years have addressed the political economy of private investment in environmentally oriented activities, sustainable development doctrines, free trade and the environment, environmental security, and studies of compliance, implementation, and effectiveness.

Article

Poststructural research in International Political Economy (IPE) is a relatively young and growing field of studies that includes a variety of very diverse theories and approaches. These approaches to IPE emphasize the contingency of structures and meanings, and the struggles within the processes in which structures and objectivities are constructed. Poststructuralists argue that the subject is an inherent part of the structure. However, the fact that the structure itself is dislocated means that it is unable to completely determine the subject. From a poststructuralist perspective, it is not the absent structural identity, but the failed structural identity that renders the subject possible. Far from being relativist, the concept of contingency points to a structured uncertainty, that is, chance backed by force. Poststructural approaches aim at deconstructing ahistorical truth claims by exploring the processes of meaning-making and the various struggles for objectivity. Accordingly, they characterize the relation between state, economy, and society as a product of sedimentations arising from a series of social and political struggles. Relying on postpositivist methodology, poststructural approaches proceed on the assumption that meaning, truth, and facts are socially and politically constructed. For this reason, poststructural research has a special interest in studying the conflictual processes in which some meanings and truth claims prevail while others are rejected.

Article

Angela B. McCracken

Feminist scholarship has contributed to the conceptual development of globalization by including more than merely the expansion and integration of global markets. Feminist perspectives on globalization are necessarily interdisciplinary; their definitions and what they bring to discussions of globalization are naturally shaped by differing disciplinary commitments. In the fields of International Relations (IR) and International Political Economy (IPE), feminists offer four major contributions to globalization scholarship: they bring into relief the experiences and agency of women and other marginalized subjects within processes of globalization; they highlight the gendered aspects of the processes of globalization; they offer critical insights into non-gender-sensitive globalization discourses and scholarship; they propose new ways of conceiving of globalization and its effects that make visible women, women’s agency, and gendered power relations. The feminist literature on globalization, however, is extensively interdisciplinary in nature rather than monolithic or unified. The very definition of key concepts such as globalization, gender, and feminism are not static within the literature. On the contrary, the understanding of these terms and the evolution of their conceptual meanings are central to the development of the literature on globalization through feminist perspectives. There are at least four areas of feminist scholarship on globalization that are in the early stages of development and deserve further attention: the intersection between men/masculinities and globalization; the effects of globalization on women privileged by race, class, and/or nation; the gendered aspects of the globalization of media and signs; and the need for feminists to continue undertaking empirical research.

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

Jacqueline Anne Braveboy-Wagner

Despite the near-absence of studies of the Caribbean within the mainstream of international relations (IR) theory and foreign policy analysis (FPA), as well as a tendency to subsume this diverse and unique region within the larger Latin America, a focus on Caribbean international relations offers several interesting implications for the wider fields of both IR and FPA. Realist, liberalist, constructivist, and critical approaches all can be incorporated into the study of Caribbean foreign policy in unique ways, and the subfield of foreign policy analysis can also be enriched by focusing on the particular domestic sources of foreign policy in small, culturally diverse, developing countries such as the Caribbean states. Among the unique characteristics of foreign policy in these states is the important role played by external forces in both the economy and the polity, leading to constraints on decision-making autonomy. The external factor also explains why the idea of “inter-American relations” has long been viewed as providing the necessary backdrop for explaining Caribbean foreign policy. Related to this is the important role played by the main regional actors, the Caribbean Community (CARICOM), as well as the Organization of Eastern Caribbean States (OECS), which has thinned the boundary between state and region. As for the prioritization of military-security issues seen in the more powerful countries of the globe, these Caribbean states (apart from Cuba) have eschewed military adventures and traditionally defined their foreign policies in terms of the prioritization of economic development. Finally, to study Caribbean foreign policy means that the scholar must exercise creativity in borrowing from perspectives not normally included in traditional foreign policy studies. Sociology, anthropology, historiography, political economy, and public policy are complementary tools for understanding the Caribbean. Moreover, situating the study of foreign policy within general currents of thought on the role of small states and global south states is also recommended.

Article

Global economic governance refers to efforts to organize, structure, and regulate economic interactions. In substantive terms, economic governance deals with a host of policy challenges, including the definition of basic property rights, efforts at monetary and fiscal cooperation, ando concerns for the “macroprudential regulation” of financial markets. The Global Financial Crisis has demonstrated not only the importance of macroeconomic and regulatory cooperation, but also the role of crises in redefining the purposes of economic governance itself. Debates in the fields of international relations (IR) and international political economy (IPE) over global economic governance have revolved around strategic interactions, social psychological forces, and the post-crisis emergence of new agents and international organizations. In applied IPE settings, these debates more explicitly pertain to the systemic importance of hegemonic power, multilateral interactions, or intersubjective interpretations. These views intersect with neorealist, neoliberal, and constructivist assumptions regarding systemic interactions. Over the 1990s, IR and IPE scholars would increasingly seek to move beyond both the structural materialism associated with hegemonic stability theory and the structural idealism associated with “first-generation” Wendtian constructivism. Future research should focus on broader questions of whether the Global Financial Crisis will spark renewed theoretical creativity and contribute to an enhanced policy relevance, or whether IR and IPE will continue to work to mask the role of power in limiting such possibilities.

Article

The international financial institutions (IFIs) have adapted and changed their policies over time to focus on global justice and poverty alleviation. This evolution is explored, with close attention to the role of political economy scholars and international events that increased the pressure on the IFIs to change their policies. Events such as the failure of structural adjustment policies, and the increasing role of nongovernmental organizations after the end of the Cold War were strong forces advocating for both debt relief policies and efforts designed to alleviate poverty. Problems surrounding the deadline for the Millennium Development Goals in 2015 and the increased role of the IFIs during the 2008 global financial crisis are also discussed.