International Political Economy: Interests and Institutions in the Global Economy / Edition 3

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Overview

Emphasizing both domestic and international politics as well as fundamental economic principles, International Political Economy is the most accessible and holistic overview of the global economy. This text offers students a uniquely engaging introduction to IPE by viewing global economic exchange as a political competition. While surveying key IPE theories, economic principles, institutions, and processes, the text explains how this competition raises social welfare but also creates winners and losers who influence the policies of governments and international institutions and ultimately the global economy.

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Product Details

Meet the Author

Thomas Oatley is Associate Professor of Political Science at the University of North Carolina at Chapel Hill. His research and writing focuses on the intersection between international and comparative political economy and how the interaction between economic interests and political institutions shapes governments’ foreign economic policy choices.

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Table of Contents

Preface xii
Chapter 1 International Political Economy 1
What Is International Political Economy? 3
Studying International Political Economy 8
Traditional Schools of International Political Economy 9
Interests and Institutions in International Political Economy 13
The Organization of the Book 15
Key Terms 17
Chapter 2 The Multilateral Trade System 18
The Multilateral Trade System 19
Power, Interests, and the Multilateral Trade System 26
The Creation of the Postwar Trade System 27
The Evolution of the Multilateral Trade System 30
A Closer Look: Hegemonic Decline and American Trade Policy 33
The Problem of Trade Cooperation 42
The Politics of Trade Liberalization 43
Multilateral Institutions and Trade Cooperation 48
Globalization and its Critics 51
The Globalizing World Economy 51
A Closer Look: The Global Division of Labor in the Semiconductor Industry 56
The Critics of Globalization and the World Trade Organization 58
A Closer Look: The WTO and its Critics 59
Conclusion 72
Key Terms 73
Web Links 73
Suggestions for Further Reading 74
Chapter 3 The Domestic Politics of Trade Policy 75
Protection and its Consequences 76
The Structure of Protection in the Advanced Industrialized Countries 76
A Closer Look: Trade Policy Instruments 77
The Economic Consequences of Protection 80
A Society-centered Approach to Trade Policy 86
Trade Policy Preferences 88
The Collective Action Problem and Trade Policy Demands 94
Political Institutions and Trade Politics 96
Interests and Institutions in American Trade Politics 99
A Closer Look: Trade Politics in the European Union 100
Weaknesses of a Society-centered Approach 107
A State-centered Approach to Trade Policy 109
States and Industrial Policy 109
Industrial Policy in High-technology Industries 113
Weaknesses of the State-centered Approach 118
Conclusion 120
Key Terms 121
Web Links 121
Suggestions for Further Reading 122
Chapter 4 Trade and Economic Development in the South 123
Insulation and Systemic Reform 124
Domestic Interests, Internal Pressures, and Protectionist Coalitions 124
Markets, Trade, and Economic Development: The Structuralist Critique 130
Domestic and International Elements of Trade and Development Strategies 135
A Closer Look: Import Substitution Industralization in Brazil 140
Dismantling ISI: Trade Policy Reform in the Developing Countries 145
Emerging Problems with Import Substitution Industrialization 146
The East Asian Model 149
International Financial Institutions and Structural Adjustment 157
A Closer Look: Structural Adjustment in Mexico 161
Domestic Politics and Structural Adjustment 162
Developing Countries in the Contemporary Multilateral Trade System 164
Conclusion 167
Key Terms 168
Web Links 168
Suggestions for Further Reading 169
Chapter 5 Multinational Corporations in the World Economy 170
Multinational Corporations: The Agents of Globalization 171
Economic Explanations for MNCs 180
Market Imperfections 180
Locational Advantages 183
Domestic Politics and MNCs 185
The Host Country Dilemma 187
Regulating MNC Activity 189
A Closer Look: Singer Sewing Machines in Taiwan 192
The Bargaining Relationship 198
A Closer Look: Luring the German Luxury Car Producers to the South 200
MNCs and Labor in the Global Economy 204
MNCs and Labor in Developing Countries 204
MNCs and Labor in Advanced Industrialized Countries 207
International Regulation of MNCs 210
A Closer Look: Protecting Investment in NAFTA 214
Conclusion 217
Key Terms 218
Web Links 219
Suggestions for Further Reading 219
Chapter 6 The International Monetary System 220
The International Monetary System 221
The Exchange Rate System 222
Balance of Payments Adjustment 224
The Tradeoff between Exchange Rate Stability and Domestic Autonomy 228
The Bretton Woods System 230
Creating the Bretton Woods System 231
A Closer Look: The International Monetary Fund 235
The Operation and Collapse of the Bretton Woods System 237
A Closer Look: Dollar Overhang and the Confidence Problem 240
Contemporary International Monetary Arrangements 246
International Financial Integration 246
Exchange Rate Arrangements in a World of Mobile Capital 250
Conclusion 264
Key Terms 265
Web Links 266
Suggestions for Further Reading 266
Chapter 7 Domestic Politics and Exchange Rate Policy 267
Domestic Politics, Monetary Policy, and the Exchange Rate 268
Electoral Politics, the Keynesian Revolution, and Monetary Policy 268
The Unholy Trinity and the Domestic Politics of Exchange Rate Policies 273
Society-based Approaches to Monetary and Exchange Rate Policy 277
The Electoral Model of Exchange Rate Politics 277
The Partisan Model of Exchange Rate Politics 280
The Sectoral Model of Exchange Rate Politics 284
Weaknesses of the Society-centered Approaches 289
The State-centered Approach to Monetary and Exchange Rate Policy 290
Monetary Policy and Unemployment 291
A Closer Look: The Natural Rate in the United States and European Union 292
The Time Consistency Problem 300
Independent Central Banks as Commitment Mechanisms 301
A Closer Look: The European Monetary System as a Commitment Mechanism 303
Independent Central Banks and Exchange Rates 307
Criticisms of the State-centered Approach 309
Conclusion 310
Key Terms 311
Web Links 311
Suggestions for Further Reading 312
Chapter 8 Developing Countries and the International Financial System 313
The Early Postwar Period 314
The Supply of External Finance 316
A Closer Look: The World Bank 319
Financial Arrangements in Developing Countries 322
Commercial Bank Lending: Private Capital and the Debt Crisis 325
The Oil Shock, ISI, and the Demand for External Finance 325
Commercial Banks and the Supply of External Finance 327
Commercial Bank Lending and the Boom and Bust Cycle in Latin America 329
Managing the Debt Crisis 334
The Debt Regime 334
The Sources of Bargaining Power 337
A Closer Look: The Debt Crisis in Africa 338
The Domestic Politics of Economic Reform 342
The Resumption of Capital Flows and the Return of Financial Crises 346
The Causes and Consequences of the Asian Financial Crisis 349
Reforming the International Financial System? 355
Conclusion 358
Key Terms 359
Web Links 359
Suggestions for Further Reading 360
Chapter 9 Political Economy of Socialist and Post-socialist Societies 361
The Rise and Fall of the Soviet Bloc 362
Creating and Extending the Soviet System 362
Stagnation, Crisis, and Collapse 372
Economic Decline and Political Change 375
Market Reform in the Former Soviet Bloc 379
Strategies of Market Reform 380
A Closer Look: Shock Therapy in Poland 382
Economic Reform in China 392
Economic Reform 393
The Political Logic of China's Economic Reforms 397
Conclusion 399
Key Terms 400
Web Links 401
Suggestions for Further Reading 401
Glossary 402
References 415
Index 434
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