This exciting text provides students with a superior grounding in contemporary international political economy. It emphasizes current scholarship and provides the background in politics, economics, and history that students need to understand the contemporary global economy.
1. International Political Economy.
A. What is International Political Economy?
B. Studying International Political Economy
Traditional Schools of International Political Economy.
Interests and Institutions in International Political Economy.
C. The Organization of the Book.
D. Conclusion.
Key Terms.
Suggestions for Further Reading.
2. The WTO in the World Trade System.
A. What is the WTO?
B. Power and Interests in the World Trade System.
Hegemonic Power and the Creation of the Postwar Trade System.
Hegemonic Decline and the World Trade System.
C. The Evolving WTO: New Directions, New Challenges.
D. The Greatest Challenge? Regional Trade Arrangements and the WTO.
E. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
3. The Political Economy of International Trade Cooperation.
A. The Economic Case for Trade.
The Gains from Trade in Partial Equilibrium.
The Gains from Trade in General Equilibrium.
B. The Politics of Trade Cooperation.
C. The WTO and Trade Cooperation.
D. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
4. A Society Centered Approach to Trade Politics.
A. Trade Policy Preferences.
Factor Incomes and Class Conflict.
Sector Incomes and Industry Conflict.
Organizing Interests: the Collective Action Problem and Trade Policy Demands.
B. Political Institutions and Interests in American Trade Politics.
C. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
5. A State Centered Approach to Trade Politics.
A. States and Industrial Policy.
The Infant Industry Case for Protection.
State Strength: the Political Foundation of Industrial Policy.
B. Industrial Policy in High Technology Industries.
Strategic Trade Theory.
Strategic Rivalry in Semiconductors and Commercial Aircraft.
C. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
6. Trade and Development I: Import Substitution Industrialization.
A. Domestic Interests, International Pressures, and Protectionist Coalitions.
B. The Structuralist Critique: Markets, Trade, and Economic Development.
Market Imperfections in Developing Countries.
Market Imperfections in the International Economy.
C. Domestic and International Elements of Trade and Development Strategies.
Import Substitution Industrialization.
Reforming the International Trade System.
D. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
7. Trade and Development II: Economic Reform.
A. Emerging Problems with Import Substitution Industrialization.
B. The East Asian Model.
C. Structural Adjustment and the Politics of Reform.
D. Developing Countries and the WTO.
E. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
8. Multinational Corporations in the Global Economy.
A. MNCs in the Global Economy.
B. Economic Explanations for MNCs.
Locational Advantages.
Market Imperfections.
Locational Advantages, Market Imperfections, and MNCs.
C. MNCs and Host Countries.
D. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
9. The Politics of Multinational Corporations.
A. Regulating MNCs.
Regulating MNCs in the Developing World.
Regulating MNCs in the Advanced Industrialized World.
Bargaining with MNCs.
B. The International Regulation of MNCs.
C. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
10. The International Monetary System.
A. The Economics of Monetary Systems.
Exchange Rate Systems.
The Balance of Payments.
Balance of Payments Adjustment.
B. The Rise and Fall of the Bretton Woods System.
Creating the Bretton Woods System.
Implementing Bretton Woods: From Dollar Shortage to Dollar Glut.
The End of Bretton Woods: Crises and Collapse.
C. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
11. Contemporary International Monetary Arrangements.
A. International Financial Integration.
B. Life Under Floating Exchange Rates.
C. Managing Exchange Rates in a World of Mobile Capital.
Exchange Rate Cooperation in the European Union.
Exchange Rate Cooperation in the Group of Five.
Speculative Attacks and the Prospect for Reform.
D. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
12. A Society Centered Approach to Monetary and Exchange Rate Policies.
A. Electoral Politics, the Keynesian Revolution, and the Tradeoff Between Domestic Autonomy and Exchange Rate Stability.
B. Society-based Models of Monetary and Exchange Rate Politics.
The Electoral Model of Monetary and Exchange Rate Politics.
The Partisan Model of Monetary and Exchange Rate Politics.
The Sectoral Model of Monetary and Exchange Rate Politics.
C. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
13. A State Centered Approach to Monetary and Exchange Rate Policies.
A. Monetary Policy and Unemployment.
B. The Time Consistency Problem.
C. Commitment Mechanisms.
D. Independent Central Banks and Exchange Rate Politics.
E. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
14. Developing Countries and International Finance I: the Latin American Debt Crisis.
A. Foreign Capital and Economic Development.
B. Capital Flows in the Early Postwar Period.
C. The Origins of the Latin American Debt Crisis.
D. Managing the Debt Crisis.
The Debt Regime.
The Sources of Bargaining Power.
E. The Domestic Politics of Economic Reform.
F. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
15. Developing Countries and International Finance II: A Decade of Crises.
A. the Asian Financial Crisis.
B. Reforming the Crisis Management Regime.
C. The Heavily Indebted Poor Countries.
D. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.
16. Globalization: Consequences and Controversies.
A. The Globalizing World Economy.
B. Globalization and Income: Widening Inequality, Rising Poverty?
C. Globalization and Sweatshops.
D. Trade and the Environment.
E. Does a Global Economy Need More Global Governance?
F. Conclusion.
Key Terms.
Web Links.
Suggestions for Further Reading.