Analyzing the Global Political Economy by Andrew Walter

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By Andrew Walter

Ideally fitted to upper-undergraduate and graduate scholars, Analyzing the worldwide Political Economy seriously assesses the convergence among IPE, comparative political economic system, and economics. Andrew Walter and Gautam Sen exhibit cautious engagement with economics is vital for figuring out either modern IPE and for interpreting the worldwide political financial system. The authors additionally argue that the deployment of extra complex monetary theories aren't detract from the continued significance for IPE of key recommendations from political technological know-how and diplomacy. IPE scholars with very little heritage in economics will accordingly locate this publication necessary, and economics scholars drawn to political financial system may be alerted to the comparative strengths of political technological know-how and different social technological know-how disciplines.

  • A concise examine the rules of research within the political economic climate of world exchange, cash, finance, and funding
  • Suitable for upper-undergraduate and graduate scholars with a few or no monetary historical past
  • Techniques and findings from a number educational disciplines, together with diplomacy, political technology, economics, sociology, and background
  • Further interpreting and helpful weblinks together with a number appropriate info assets, indexed in each one bankruptcy

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Domestic actors, organized into interest groups, were assumed to be motivated entirely by the material (income) benefits and costs of alternative economic policies. The competition between these domestic interest groups for policy influence, shaped by the constraints of collective action, was assumed to be roughly determinant of the government’s policy choices. This model largely ignored the emphasis that early IPE had placed on international forces such as security and asymmetries of economic development and interdependence.

Here, comparative politics came into its own, emphasizing how domestic-level politics and institutions could help explain such patterns of variation. 39 For some scholars, differences in foreign economic policy could be explained by reference to varying configurations of organized interest groups, following Becker’s (1983) approach. 40 As we discuss below, the need to specify interest group preferences led to a foray into macroeconomic and trade theory that would bring about a convergence between IPE and international economics.

Particularly in complex policy areas, constructivists argue that ideas or ideologies can 21 help actors to identify where their interests lie and motivate groups to organize for political purposes. 56 In explaining policy change, rationalists tend to focus on changes in the relative power of different societal actors, since they generally assume that actor preferences are given. Constructivists instead focus on the potential for changes in preferences due to shifts in actors’ worldviews. Although these two approaches are not incompatible, the pre-eminent status of economic theory in rationalist political economy has meant that the potential effects of ideational change have been much less explored.

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