Introduction – Conceptual and Analytical Issues
1. What is International Political Economy?
2. What are the issues?
A. Actor behavior
B. System governance
C. Globalization
o I. Introduction (cont’d)
A. Actor Behavior. How do we explain and evaluate the actions of
...
INTRODUCTION TO INTERNATIONAL POLITICAL ECONOMY
o I. Introduction – Conceptual and Analytical Issues
1. What is International Political Economy?
2. What are the issues?
A. Actor behavior
B. System governance
C. Globalization
o I. Introduction (cont’d)
A. Actor Behavior. How do we explain and evaluate the actions of
states?
1. Levels of analysis: international (structural, systemic) vs.
domestic
2. State (government, public sector) vs. society (markets, private
sector)
o I. Introduction (cont’d)
B. System Governance. Formulation, implementation, and enforcement
of rules; promotion of cooperation; management of conflict
1. Governance without government; governance mechanisms
(regimes)
2. Organizing principles: automaticity, supranationality,
hegemony, pluralism (negotiation, cooperation)
o I. Introduction (cont’d)
C. Globalization. Inter-national vs. globalized model of world economy
o II. Analytical Perspectives on Political Economy
1. Liberalism
2. Realism (statism, economic nationalism, mercantilism)
3. Marxism (structuralism, historical materialism)
II. Analytical Perspectives on IPE - Liberalism
A. Focus: individuals, households, enterprises
B. Nature of economic relations: harmonious; interests reconcilable
C. Relationship between economics and politics: economics drives
politics
II. Analytical Perspectives on IPE -Realism
A. Focus: states
B. Nature of economic relations: conflictual (zero-sum game)
C. Relationship between economics and politics: politics drives
economics
o II. Analytical Perspectives on IPE - Marxism
A. Focus: classes, social forces
B. Nature of economic relations: conflictual (zero-sum game)
Relationship between economics and politics: economics drives politics
III. Alternative Perspectives on Globalization
1. Definition: a broadening, deepening, and acceleration of
interconnectedness of states and markets; networks of connections at
intercontinental distances
2. Alternative views: from “hyperglobalists” to skeptics
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, 3. Why do we care? By creating a dissonance between the jurisdiction of
states and the domains of markets, globalization problematizes
governance: who is in charge?
o III. Globalization (cont’d)
4. Perspectives on causes and consequences
A. Liberalism: triumph of markets; good for economic welfare
B. Realism: product of state policy; bad for power of states
C. Marxism: triumph of markets; bad for poorer states and
disadvantaged classes
o IV. International Economic History – Nineteenth Century
1. Three major developments
2. Political economy issues
3. Key lessons
o IV. Nineteenth Century - three major developments
Monetary system: classical gold standard
Trading system: movement toward free trade in 1860s-70s, then back
toward protectionism
Core-periphery relations: rise of “new imperialism” after 1870s
IV. Nineteenth Century - political economy issues
A. Gold standard: What accounts for its stability and relatively smooth
operation?
B. Trade: What accounts for the free trade movement in the 1860s-70s?
What accounts for the subsequent return to protectionism?
C. Core-periphery relations: What accounts for the “new imperialism?”
IV. Nineteenth Century - key lessons
A. No single (mono-causal) explanations; need to sift the evidence.
B. No single rule for all regimes; different governance mechanisms can
exist side by side
o V. International economic history – interwar period
1. Major developments
A. Breakdown during World War I
B. Attempted reconstruction during 1920s
C. Renewed breakdown (Great Depression) during 1930s
o V. Interwar period (cont’d)
2. Political economy issue: What explains the failure of the attempted
reconstruction?
A. Liberalism: markets failed because of wrong-headed
government policies
B. Marxism: internal contradictions of capitalism
C. Realism: absence of effective governance (theory of
hegemonic stability)
o VI. International economic history – postwar period
1. Major developments
A. Creation of new international institutions: IMF, World Bank,
GATT
B. Cold War, leading to two separate blocs (East-West) and the
rest (Third World)
C. Unprecedented economic growth
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