International political economy notes

 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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