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1. International Political Economy 2. The WTO and the World Trade System 3. The Political Economy of International Trade Cooperation 4. A Society-Centered Approach to the Politics of Trade 5. A State-Centered Approach to Trade Politics 6.... more
1. International Political Economy 2. The WTO and the World Trade System 3. The Political Economy of International Trade Cooperation 4. A Society-Centered Approach to the Politics of Trade 5. A State-Centered Approach to Trade Politics 6. Trade and Development I: Import Substitution Industrialization 7. Trade and Development II: Economic Reform 8. Multinational Corporations in the Global Economy 9. The Politics of Multinational Corporations 10. The International Monetary System 11. Contemporary International Monetary Arrangements 12. A Society-Centered Approach to Monetary and Exchange-Rate Policies 13. A State-Centered Approach to Monetary and Exchange-Rate Policies
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The growth of the American financial services remains a bit of a puzzle. The standard approach, the deregulation hypothesis, posits that the industry expanded in response to national deregulation. Yet, when viewed in a comparative... more
The growth of the American financial services remains a bit of a puzzle. The standard approach, the deregulation hypothesis, posits that the industry expanded in response to national deregulation. Yet, when viewed in a comparative context, US finance was deregulated significantly less than other national financial systems and yet grew significantly more than most. We propose the global deregulation hypothesis as a solution to this puzzle. The hypothesis posits that American finance grew in response to deregulation in Europe and the emerging market economies. The article develops two theoretical mechanisms that link global deregulation to US financialization. It reports statistical tests that support two central implications of the global deregulation hypothesis. First, global deregulation is positively associated with the growth of US financial services, while US deregulation is not. Second, global deregulation is not systematically related to the growth of financial services in oth...
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Few conclusions in the international political economy literature are as widely accepted as that pertaining to the effect of the Reciprocal Trade Agreements Act on American tariff politics. This paper re-evaluates this conclusion in the... more
Few conclusions in the international political economy literature are as widely accepted as that pertaining to the effect of the Reciprocal Trade Agreements Act on American tariff politics. This paper re-evaluates this conclusion in the context of a broader investigation of legislatures, international institutions, and the stability of international agreements. Neither theory nor history encourage the belief that the RTAA could have protected American tariffs from legislative instabilities. While the RTAA is important for understanding how American tariff rates were reduced, this paper argues that the American low-tariff policy was rendered a stable legislative outcome by the GATT. An earlier version of this paper was presented at the International Studies Association annual convention, Washington, D.C. February 1999. Thanks to Steve Biddle, Rachel Brewster, Mark Crescenzi, Henk Goemans, Lloyd Gruber, Robert Keohane, Michael MacKuen, Timothy McKeown, Helen Milner, Roland Stephen, Ji...
Abstract Mainstream American international political economy (IPE) has gradually lost relevance as a framework for understanding developments in the global political economy. It offers little help for understanding the impact of the China... more
Abstract Mainstream American international political economy (IPE) has gradually lost relevance as a framework for understanding developments in the global political economy. It offers little help for understanding the impact of the China Shock, the development and consequences of the Global Financial Crisis, or the anti-system politics that began to emerge in 2016. These are the three developments that largely defined global political economy during the first quarter of the twenty-first century. It is even less helpful for explaining the climate crisis and the energy transition, the issues that will increasingly shape the global political economy for the next quarter century and beyond. Restoring relevance to American IPE will require the development of theoretical frameworks that are intrinsically systemic and dynamic. I suggest that the Uneven and Combined Development, and the Political Economy of Complex Interdependence, perspectives, supplemented by greater attention to system parameters, provide a strong foundation upon which to build such frameworks.
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First-generation research in International Political Economy focused considerable attention on the relationship between hegemony and global economic stability. This focus was the result of a confluence of scholarly and policy concerns... more
First-generation research in International Political Economy focused considerable attention on the relationship between hegemony and global economic stability. This focus was the result of a confluence of scholarly and policy concerns about the impact that the apparent decline of U.S. hegemony would have on international trade and investment regimes. Interest in this hegemonic stability hypothesis waned, however, as deeper explorations of the theoretical logic indicated that hegemony was not a necessary condition for international economic openness, and as the collapse of the Soviet Union and the consequent “unipolar moment” suggested that American hegemony was hardly in decline.Interest in hegemony resurfaced in the wake of the 2008 financial crisis. The crisis triggered many scholars to proclaim the end of the era of American global hegemony. Scholars argued that the U.S. government’s attachment to a large budget and trade deficits and the resulting growth of foreign debt were lik...
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Abstract Although the subprime crisis regenerated interest in and stimulated debate about how to study the politics of global finance, it has not sparked the development of new approaches to IPE: IPE remains firmly rooted in... more
Abstract Although the subprime crisis regenerated interest in and stimulated debate about how to study the politics of global finance, it has not sparked the development of new approaches to IPE: IPE remains firmly rooted in actor-centered models. This paper develops an ...
Although the subprime crisis regenerated interest in and stimulated debate about how to study the politics of global finance, it has not sparked the development of new approaches to International Political Economy (IPE), which remains... more
Although the subprime crisis regenerated interest in and stimulated debate about how to study the politics of global finance, it has not sparked the development of new approaches to International Political Economy (IPE), which remains firmly rooted in actor-centered models. We develop an alternative network-based approach that shifts the analytical focus to the relations between actors. We first depict the contemporary global financial system as a network, with a particular focus on its hierarchical structure. We then explore key characteristics of this global financial network, including how the hierarchic network structure shapes the dynamics of financial contagion and the source and persistence of power. Throughout, we strive to relate existing research to our network approach in order to highlight exactly where this approach accommodates, where it extends, and where it challenges existing knowledge generated by actor-centered models. We conclude by suggesting that a network appr...
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Part I: The Economic Impact of International Trade Chapter 1: Issue: Trade and Jobs in the United States Chapter 2: Issue: Mexico and the North American Free Trade Agreement Chapter 3: Issue: Trade and Economic Development Part II: The... more
Part I: The Economic Impact of International Trade Chapter 1: Issue: Trade and Jobs in the United States Chapter 2: Issue: Mexico and the North American Free Trade Agreement Chapter 3: Issue: Trade and Economic Development Part II: The World Trade Organization Chapter 4: Issue: The Doha Round Chapter 5: Issue: The World Trade Organization and the Environment Chapter 6: Issue: The World Trade Organization and Political Legitimacy Chapter 7: Issue: Regionalism and Multilateralism in American Trade Policy Part III: Multinational Corporations in the Global Economy Chapter 8: Issue: Multinational Corporations and the Race to the Bottom. Chapter 9: Issue: Global Production and Sweatshops Chapter10: Issue: Regulating Multinational Corporations Part IV: Exchange Rates Chapter 11: Issue: Strong Dollar or Weak Dollar? Chapter 12: Issue: The Dollar versus the Euro? Chapter 13: Issue: Developing Countries and Dollarization Part V: Developming Counries and Capital Flows Chapter 14: Issue: Develo...
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International political economy rests on issue-specific models of trade politics and exchange rate politics. The private actors we model, however, do not always respect the borders we draw around these issue areas. As I demonstrate, firms... more
International political economy rests on issue-specific models of trade politics and exchange rate politics. The private actors we model, however, do not always respect the borders we draw around these issue areas. As I demonstrate, firms react to exchange rate movements by demanding trade protection. Consequently, we need to begin to replace issue-specific models with more general models of international political economy. This paper takes initial steps in this direction by incorporating exchange rate movements into the standard Ricardo-Viner endogenous tariff model. In this framework, exchange rate movements change the trade policy preferences of a subset of firms. Consequently, demands for protection rise as the currency strengthens and diminish as the currency weakens. I test the hypothesis using two measures of administered protection petition filings in the United States between 1974 and 2004. The empirical analysis yields robust support for the study’s principal hypothesis. 1...
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How do political interests shape International Monetary Fund balance of payments lending decisions? We suggest that the institutional structure governing IMF decisionmaking creates an opportunity for American policymakers to influence IMF... more
How do political interests shape International Monetary Fund balance of payments lending decisions? We suggest that the institutional structure governing IMF decisionmaking creates an opportunity for American policymakers to influence IMF lending decisions. We then suggest two reasons, one based on interest group politics and one based on foreign policy objectives, why American policymakers have an incentive to exploit this opportunity. These expectations are then evaluated statistically against the entire population of IMF loans between 1985 and 1998 for which data were available. The results indicate that IMF lending decisions are responsive to American pressure. Larger IMF loans went to countries in which American banks were highly exposed and to governments closely allied with the United States. *Authors are listed alphabetically and this order in no way implies primary and secondary authorship. The authors would like to thank Mark Crescenzi, Timothy McKeown, and Brad Verthein f...
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An articulated cutting tool, such as scissors, is formed by casting a first element with a pivot region, and casting a second element using the pivot region of the first element as the mold for the pivot region of the second element. The... more
An articulated cutting tool, such as scissors, is formed by casting a first element with a pivot region, and casting a second element using the pivot region of the first element as the mold for the pivot region of the second element. The pivot regions of the elements are tapered, and in order to free the pivot joint, the pin is upset, for example by punching in the axial direction of the pin. The articulated element thus formed is coated with a hard coating material, and the cutting edges of the tool are ground to provide a sharp cutting edge for shearing action to which the layer of hard coating material extends. The invention is also adaptable to articulated tools, such as pliers, which do not have cutting edges, in which case the plating and grinding of the tool may be omitted.
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Why do some developing country governments accumula te large foreign debts while others do not? I hypothesize that variation in fore ign borrowing is a function of variation in the breadth of public participation in the polit ical... more
Why do some developing country governments accumula te large foreign debts while others do not? I hypothesize that variation in fore ign borrowing is a function of variation in the breadth of public participation in the polit ical process. Specifically, governments borrow less when political institutions enable broa d public participation in the political process and encourage the revelation of information about executive behavior. I test this hypothesis against the experience of seventy-eight developing countries between 1976 and 1998. The analysis suggests that governments in soc eties with broad public participation borrow less heavily than governments i ocieties with limited public participation. In short, democracies borrowed less heavily than autocracies. The analysis has implications for the likely consequences of the recent debt relief initiative.
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Financialization may constitute the single most important development in the American political economy. Yet, this development is not fully understood. Existing treatments attribute financialization to the rising power of the financial... more
Financialization may constitute the single most important development in the American political economy. Yet, this development is not fully understood. Existing treatments attribute financialization to the rising power of the financial services providers and their consequent ability to press politicians to deregulate their industry. We o↵er an alternative explanation rooted in Americas global hegemony. More specifically, we argue that the dollars role as the worlds primary reserve currency, the willingness of American private and public institutions to support the value of dollar-denominated assets in periods of market stress, and a comparative advantage in cross-border intermediation that American banks held placed the US at the center of the global financial system. As a result, as states in the European Union and emerging markets liberalized their capital accounts beginning in the 1980s, foreign demand for dollar-denominated assets and for the services provided by American financ...
This article explores the role of states and industrial policy in shaping the historical coevolution of energy and international order. I explore how states, by narrowly self-interested pecuniary goals, the desire for geopolitical... more
This article explores the role of states and industrial policy in shaping the historical coevolution of energy and international order. I explore how states, by narrowly self-interested pecuniary goals, the desire for geopolitical advantage, and concerns about the political ramifications of domestic economic structure, use industrial policy to encourage the development of energy-intensive transportation and agricultural systems. Over time, increasingly energy-intensive systems allowed an increasingly complex international order to develop, one characterized by significant differentiation and specialization organized over a geographically expansive area. This contemporary complex order is dependent on fossil fuels. I argue that states retain geopolitical and domestic political incentives to use green industrial policy to develop the technologies needed to transition away from this fossil fuel dependence, but industrial policy today faces greater challenges than it did in the past.
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ABSTRACT Abstract will be provided by author.
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How should we theorize about international political economy in an era of complex interdependence? The global economy is much more interdependent today than it was 40 years ago. As a result, there is a widening appreciation that we need... more
How should we theorize about international political economy in an era of complex interdependence? The global economy is much more interdependent today than it was 40 years ago. As a result, there is a widening appreciation that we need new theoretical tools to understand how complex interdependence arose, how it operates, and where it might be headed. I argue that to develop such tools, we must embrace new theoretical logics that more readily accommodate and explain change. I develop this point by drawing on complexity theories, ecology, and information theory. I first develop the core elements of a complexity-based approach and contrast it to the central assumptions of the Open Economy Politics approach. I then illustrate this complexity-oriented approach by using the logic of coevolution and the information–entropy cycle to explain key elements in the development of the 2008 global financial crisis.
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... Author: Thomas Oatley Format: Paperback Publish Date: February 2009 ISBN-10: 0205723772 ISBN-13: 9780205723775 List Price: $96.20 Buy now on sale at Amazon.com ... Details: Author:Thomas Oatley Language: English Pages: 420 Publisher:... more
... Author: Thomas Oatley Format: Paperback Publish Date: February 2009 ISBN-10: 0205723772 ISBN-13: 9780205723775 List Price: $96.20 Buy now on sale at Amazon.com ... Details: Author:Thomas Oatley Language: English Pages: 420 Publisher: Longman Pub. Group ...
Abstract: International finance has changed dramatically over the past two decades as governments eliminated barriers to cross-border capital flows and opened their domestic markets to foreign financial institutions. These changes... more
Abstract: International finance has changed dramatically over the past two decades as governments eliminated barriers to cross-border capital flows and opened their domestic markets to foreign financial institutions. These changes produced an increasingly integrated world of international finance. A number of policymakers, mindful of recent financial woes in Asia, Latin America, and Russia, worry that this integration requires increased international regulation of financial institutions. But a careful look at an earlier attempt to regulate bank ...
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A well-developed theoretical literature suggests that central bank independence causes low inflation. Empirical work supporting this hypothesis is unsatisfactory, however, for two reasons: statistical analysis has only recently begun to... more
A well-developed theoretical literature suggests that central bank independence causes low inflation. Empirical work supporting this hypothesis is unsatisfactory, however, for two reasons: statistical analysis has only recently begun to include control variables, and important political variables that are related to inflation have not yet been included; analysis has not yet undertaken a systematic comparison of alternative indices of central bank independence. This paper addresses both weaknesses by testing the explanatory power ...
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Real exchange rate movements are robustly related to the rise and fall of protectionist pressure throughout the advanced industrialized world. I demonstrate this by presenting a theoretical model that incorporates the real exchange rate... more
Real exchange rate movements are robustly related to the rise and fall of protectionist pressure throughout the advanced industrialized world. I demonstrate this by presenting a theoretical model that incorporates the real exchange rate into a standard factor proportions model of trade policy preferences. The model demonstrates why some firms' trade policy preferences, and thus total demands for protectionism, change in response to real exchange rate movements. I evaluate the model with data on ...
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The Future of Global Currency: The Euro versus the Dollar. By Benjamin J. Cohen. London: Routledge, 2011. 200p. $150.00 cloth, $40.95 paper.Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. By Barry Eichengreen. New York: Oxford University ...more
The Future of Global Currency: The Euro versus the Dollar. By Benjamin J. Cohen. London: Routledge, 2011. 200p. $150.00 cloth, $40.95 paper.Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary... more
The Future of Global Currency: The Euro versus the Dollar. By Benjamin J. Cohen. London: Routledge, 2011. 200p. $150.00 cloth, $40.95 paper.Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System. By Barry Eichengreen. New York: Oxford University Press, 2011. 224p. $27.95.The Future of the Dollar. Edited by Eric Helleiner and Jonathan Kirshner. Ithaca, NY: Cornell University Press, 2009. 272p. $62.95 cloth, $22.95 paper. ... The Future of Global Currency: The Euro versus the Dollar. By Benjamin J. ...
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Few conclusions in the international political economy literature are as widely accepted as that pertaining to the effect of the Reciprocal Trade Agreements Act on American tariff politics. This paper re-evaluates this conclusion in the... more
Few conclusions in the international political economy literature are as widely accepted as that pertaining to the effect of the Reciprocal Trade Agreements Act on American tariff politics. This paper re-evaluates this conclusion in the context of a broader investigation of legislatures, international institutions, and the stability of international agreements. Neither theory nor history encourage the belief that the RTAA could have protected American tariffs from legislative instabilities. While the RTAA is important for ...
International political economy rests on issue-specific models of trade politics and exchange rate politics. The private actors we model, however, do not always respect the borders we draw around these issue areas. As I demonstrate, firms... more
International political economy rests on issue-specific models of trade politics and exchange rate politics. The private actors we model, however, do not always respect the borders we draw around these issue areas. As I demonstrate, firms react to exchange rate movements by demanding trade protection. Consequently, we need to begin to replace issue-specific models with more general models of international political economy. This paper takes initial steps in this direction by incorporating exchange rate movements into ...
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Аннотация Europe's march towards a single currency contains a" costly conditional delay": governments agreed to create monetary union only after they had met a set of economic targets that were largely irrelevant to the... more
Аннотация Europe's march towards a single currency contains a" costly conditional delay": governments agreed to create monetary union only after they had met a set of economic targets that were largely irrelevant to the functioning of monetary union. This delay is puzzling: if monetary union provided joint gains, why would governments defer their realization? In this article, I argue that this conditional delay was an ex ante screening strategy adopted by the Bundesbank in response to the risks of deep cooperation. I use an ...
Existing work on the politics of stabilization has failed to find compelling evidence of a regime-type effect. This article reformulates and reevaluates the regime-type hypothesis. It is argued that regime type does not have an... more
Existing work on the politics of stabilization has failed to find compelling evidence of a regime-type effect. This article reformulates and reevaluates the regime-type hypothesis. It is argued that regime type does not have an independent impact on the timing of stabilization. Instead, regime type influences the extent to which societal opposition and distributive conflict will delay stabilization. Societal opposition and distributive conflict are likely to delay stabilization in democratic regimes, because governments must worry about ...