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Global Political Economy : Understanding the International Economic Order - Robert Gilpin

Global Political Economy

Understanding the International Economic Order

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Published: 12th March 2001
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This book is the eagerly awaited successor to Robert Gilpin's 1987 "The Political Economy of International Relations," the classic statement of the field of international political economy that continues to command the attention of students, researchers, and policymakers. The world economy and political system have changed dramatically since the 1987 book was published. The end of the Cold War has unleashed new economic and political forces, and new regionalisms have emerged. Computing power is increasingly an impetus to the world economy, and technological developments have changed and are changing almost every aspect of contemporary economic affairs. Gilpin's "Global Political Economy" considers each of these developments. Reflecting a lifetime of scholarship, it offers a masterful survey of the approaches that have been used to understand international economic relations and the problems faced in the new economy.

Gilpin focuses on the powerful economic, political, and technological forces that have transformed the world. He gives particular attention to economic globalization, its real and alleged implications for economic affairs, and the degree to which its nature, extent, and significance have been exaggerated and misunderstood. Moreover, he demonstrates that national policies and domestic economies remain the most critical determinants of economic affairs. The book also stresses the importance of economic regionalism, multinational corporations, and financial upheavals.

Gilpin integrates economic and political analysis in his discussion of "global political economy." He employs the conventional theory of international trade, insights from the theory of industrial organization, and endogenous growth theory. In addition, ideas from political science, history, and other disciplines are employed to enrich understanding of the new international economic order. This wide-ranging book is destined to become a landmark in the field.

"An extremely well written, lucid, and persuasive analysis of international economic developments and their political implications and results, solidly grounded in history."--Arthur I Cyr, Orbis "[A] scholarly, theoretical framework for examining how markets and the policies of nation-states determine the way the world economy functions."--Booklist "Global Political Economy promises to be another classic and a much-consulted addition to academic library bookshelves."--Choice "Robert Gilpin has written an important book... Although he eschews polemics and writes in a low-key, analytical style, his forceful points serve as a needed antidote to Thomas Friedman's The Lexus and the Olive Tree and other facile works about the subject."--Christopher Layne, The Atlantic Monthly "In this magisterial study Gilpin... shows he is second to none in his capacity to integrate political with economic analysis, and illuminate our understanding of the world political economy with historical and theoretical insights, devoid of the jargon that characterizes much contemporary IPE literature... Gilpin's is an authoritative, but modest voice of common sense."--Martin Rhodes, International Journal of Financial Economics "Global Political Economy is an excellent book. It represents a major and successful updating of The Political Economy of International Relations. Any person interested in international political economy can profit from reading it."--Jeffrey Hart, Journal of Politics

List of Abbreviations and Acronymsp. ix
Prefacep. xi
The New Global Economic Orderp. 13
Changes in the World Economyp. 5
Intellectual Perspectivesp. 13
My Perspective: State-centric Realismp. 15
Purpose of Economic Activityp. 23
p. 24
The Nature of Political Economyp. 25
What You Seek Is What You Findp. 31
The Nature of an Economyp. 38
Embeddedness of the Economyp. 41
Conclusionp. 45
The Neoclassical Conception of the Economyp. 46
The Discipline of Neoclassical Economicsp. 46
Nature of a Marketp. 54
Method of Comparative Staticsp. 57
Intellectual Limitationsp. 60
Economists and Public Policyp. 69
Comparison of Economics and Political Economyp. 74
Conclusionp. 76
The Study of International Political Economyp. 77
Distribution of Wealth and Economic Activitiesp. 78
National Autonomyp. 80
The Politics of International Regimesp. 82
Theory of Hegemonic Stabilityp. 93
Governance of the Global Economyp. 97
Conclusionp. 102
New Economic Theoriesp. 103
Change and Neoclassical Economicsp. 104
World View of the New Theoriesp. 106
The New Theoriesp. 108
Conclusionp. 127
The Political Significance of the New Economic Theoriesp. 129
National Governments and Domestic Economiesp. 129
Oligopoly and Power in Economic Outcomesp. 132
Technological Innovationp. 135
Convergent and Divergent Economic Growthp. 141
Conclusionp. 147
National Systems of Political Economyp. 148
Differences among National Economiesp. 149
The American System of Market-Oriented Capitalismp. 150
The Japanese System of Developmental Capitalismp. 156
The German System of "Social Market" Capitalismp. 168
Significance of National Differencesp. 174
Is One System Superior to the Others?p. 175
Do Nations Compete with One Another?p. 180
Convergence, Harmonization, or Mutual Recognition?p. 183
Conclusionp. 195
The Trading Systemp. 196
The Debate over Free Tradep. 198
Trade and the Economyp. 202
Revisions of Conventional Trade Theoryp. 206
Postwar Trade Regimep. 217
The Uruguay Round and World Trade Organizationp. 221
New Threats to an Open Trading Systemp. 224
Conclusionp. 232
The International Monetary Systemp. 234
The Postwar International Monetary Systemp. 235
The End of Fixed Exchange Ratesp. 238
The Financial Revolution and Monetary Affairsp. 239
Embedded Technical and Political Issuesp. 242
Devising an International Monetary Systemp. 248
Reform of International Monetary Affairsp. 250
Unity or Fragmentation of the Monetary System?p. 255
Few or Many National Currencies?p. 258
Conclusionp. 259
The International Financial Systemp. 261
Partial Globalization of International Financep. 261
Nature of Financial Crisesp. 264
The East Asian Financial Crisisp. 267
Controversy over Regulation of International Financep. 271
Conclusionp. 277
The State and the Multinationalsp. 278
Explanations of FDI and the MNCp. 279
The Multinationals and the International Economyp. 289
Increased Regionalization of Services and Manufacturingp. 292
Debate over the MNC and the Nation-Statep. 294
An International Regime for FDI and MNCsp. 300
Do global Corporations Pose a Threat?p. 302
Conclusionp. 304
The State and Economic Developmentp. 305
The Rise and Demise of Development Economicsp. 306
Triumph of Neoliberalismp. 309
The Debt Crisis and Structural Adjustmentp. 313
Theory of the "Developmental State"p. 316
The East Asian Miracle Projectp. 321
The East Asian Financial/Economic Crisisp. 329
The Future of the Developmental Statep. 331
The Transitional Economiesp. 333
Conclusionp. 339
The Political Economy of Regional Integrationp. 341
Economic Theoriesp. 344
Political Theoriesp. 348
An Eclectic Approachp. 358
Conclusionp. 361
The Nation-State in the Global Economyp. 362
The Limited Nature of Economic Globalizationp. 364
Alleged Consequences of Economic Globalizationp. 366
Effectiveness of Macroeconomic Policyp. 369
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780691086774
ISBN-10: 069108677X
Series: International Studen
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 440
Published: 12th March 2001
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.7  x 2.7
Weight (kg): 0.62