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College Notes Global Political Economy (2022)
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Toetsstof Global Political Economy1
,Global Political Economy Hoorcollege 1
What is Global Political Economy?
Covid 19-pandemic created supply chain crisis
➔ Global supply chain crisis to persist but still too early to evaluate impact
➔ Supply chain crisis could blow world economy off course
➔ Stopping machines, containers, etc. because of the lockdowns
➔ After restrictions were lifted, people started to buy a lot again, and that created
new problems (price is rice)
➔ Online shopping during the pandemic, people shop online created new
problems
➔ Global recession, not a repression
➔ More sickness, problems with the health of people creates new problems with
the logistic issues
➔ It shows the globalisation of the production and the problems that are
exposed (blootgelegd), because of the covid 19 crisis. The pandemic is
because of the globalisation, that it spread so fast.
➔ It show the interdependence of each other in the world. A reason to
cooperate, but also the downside of it. Solve: produce also things at home,
more autonomy, shorten the supply chain, should do restoring (bringing the
producing back to your own state), deglobalizing (also good for the planet and
getting to a solution for the climate change).
➔ Geographical and physical process.
➔ How globalization is being bigger and more intense. It has exploded
enormously. Our production is being globalization, that creates dependencies,
risks, it contributes to environmental problems, like climate change.
➔ Increasing tensions within the South China Sea, a waterway for container
shipping. China is claiming that it is their sea, but other countries, like the USA
are saying that it is also their sea, that it is an international sea for all of us.
Doughnut economy (Kate Raworth)
What is the doughnut theory or the theory of Doughnut economics? The theory of the
Doughnut formula is a change of economic model as a response to humanity's major
challenge: eradicating global poverty all within the means of the planet's limited
natural resources. A social base, that needs our satisfying, but do not produce too
much, otherwise we destroy the climate.
International political economy
NO capital letters: International political economy as an object of study
➔ International political economy, global political economy is an object of study.
➔ International political economy = primary of state/interstate.
➔ Global political economy = global system in which states are no longer only
actors, also private (transnational) actors (era of globalization), like NGOs or
terrorist organisations (drugs, oil, cooperating and communicating with each
other), companies, international organisations (like the EU with the Climate
Change or UN). UN is an intergovernmental organisation, EU an supranational
organisations. We have the World Trade Organisations, International
Monetary Fund, the World Bank, the World Health Bank. Campaigning
organisations, like Greenpeace.
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, Capital letters: International Political Economy as a conventional name of
field and method of inquiry (onderzoek)
➔ Often seen as subfield of International Relations, Political Science
➔ But also: aspiration of multidisciplinary, pre and post-disciplinary
Better to say global economy than international economy.
Because of the multidisciplinary element about it.
What are we studying? (the substance of the field)
➔ Study of relationships of production of power (power is the primary concept
of political scientists with structures, how it is organized/distributed, which
actors are involved, try to gain power, struggle for power). So, politics by
power. And production as the basis of economy (if nothing is produced, we
cannot gain/structure it)
➔ International aspects/elements
➔ Interaction and interrelations between states and markets (goods, services,
produced for and in the market, national and global). Politics represented by
states, the main organisations through which we have political power. Politics,
organised through states.
➔ Between how we organise our economy (how we produce, distribute, and
consume goods and services) allocate scare resources and our system of
political rule, how we organize politics, and collectively looking at the systems.
➔ International Political Economy studies it within the international, or better
global, political system.
States and markets in capitalism
➔ Capitalism: an economic system based on private ownership of the means of
production, wage labour and market competition
➔ Market: concrete place or social institution in which hoods and services are
bought and sold (exchanged via money). Supply and demand.
➔ States: a system of political rule set of institutions) in which exclusive authority
(inclusive the monopoly over the legitimate use of violence) its exercised over
a defined territory.
➔ Relationship between these three elements: States and markets are
dependent to each other, because of the interaction between them. The one is
dependent on the other. Markets and states are not separated things. But they
are really interrelated to each other. Without money we do not have markets,
but without governance we do not have money, states make it possible to
have it. Markets are dependent from the states, because a capitalist state
market is based on private property, those rights have to be protected by the
state. Markets needs states. A growing market economy, with a independence
of states and markets in capitalism. Markets cannot function without states:
1) property rights (rule of law), 2) money and 3) competition (law). States
in capitalism need the market economy (capital) to produce economic
prosperity citizens (political legitimacy) and tax revenue.
Capitalism is a global system within the international system of states. States with
their own governance, interests, and that creates tensions within the global trade
markets. We have no global governance to tackle all these issues. Political economy:
looking to the effects and policies in this world economy, lie globalisation, impacting
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, on national policy makers. Does globalisation make states powerless? Or less power,
because globalisation undermines the sovereignty of the states? Or powerful
business models and organisations with lobbying who are having influence on the
policy makers.
Power over the economy with big corporations and interest groups. That
economic power gives also political power at the same time. Interrelated to each
other. Power is distributed within the global economy, who has power? Not only
states anymore. Transnational organisations are very powerful, we see their
influence on the policies, like Amazon, Google or Apple. With the globalisation of the
distribution and productions. But we see a countermovement: big tech too powerful
with negative influences on democracies, spreading disinformation and fake news?
With new regulations of policy makers. But also Great Powers with very large
economies, who can shape the global economy, in rivalry in saying who gets what
and who deserves what. If one country gets more powerful, another country is losing
that power (zero sum game). But also non-state actor, like transnational
organizations.
Cui Bono: who benefit? The world economy, organized in a particular way ith free
trade or protectionism, new investments. Different choices are being made by
political actors, with different benefits of different kinds of people. Who gains from
globalisation? Liberalists: globalisation is a good thing, because it leads to more
welfare (welzijn) and a better economy. Others say: the gains of globalisation are
uneven, some benefit much more than others, they say globalisation has lead to
more global inequality, the inequality within countries has been more and more. The
effects of the economic crisis, also because of the impact of globalisation, has also
flued populism and populist reactions to globalisation and certain liberal policies. The
middle and lower classes has benefitted the least, when you compare it with others.
Are transnational corporations more powerful than some states? Yes,
sometimes yes.
Sino-US. Power shifts towards the East, the rise of Asia and China: the shift of
the centre of gravity (zwaartepunt) in the global economy from the West to the East,
from the Atlantic to the Pacific. This has consequences for the global economy. An
increasing rivalry between the USA and China about their powers, economic issues,
and also military, and political issues.
Theory
Why are theories important? We cannot escape from them. We need concepts, you
need theories. Otherwise it doesn’t work. We need theoretical frameworks and
concepts to make sense of reality. The lens you use to view the world around you.
There is no way to present the world completely objective and neutral. To describe
the world around us, you need languages, and discourses, in this all there is an
undertone, your own perspectives. You have always concepts to which you look the
facts around us. We need theories also for causes and consequences.
Perspectives in International Relations common weeks
➔ Liberalism: efficient markets and competition firms with cooperation states
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