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Summary Global Political Economy Exam Prep
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- S_GPE
- Instelling
- Vrije Universiteit Amsterdam (VU)
Everything you need to know for the final GPE exam, a summary of all necessary chapters
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Global Political Economy Exam PrepLecture 1 – Introduction: What is Global Political Economy?
CHAPTER 1
Is the Post War World Over?
The post war world can be thought of as a global regime made up of rules, norms and
decision-making procedures. According to Balaam & Dillman, upheavals such as president
Trump, the retreat of democracy in a number of countries and the global refugee crisis
contributes to the unravelling of the international configuration of political and economic
power that has been in place since 1944.
Three distinct phases of the post war order:
1. 1944 – 1973
2. 1974 – 1991
3. 1992 – 2017
What is IPE? International Political Economy is a field of study that focuses on actors and
issues that are either international or transnational. The study of the relationship (mutual
constitution) of production and power. Interconnections between political, economic and
social topics.
The political dimension accounts for the use of power whose actors make decisions about
tangible and intangible things in the world. The economic dimension deals with how scarce
resources are distributed in markets among individuals, groups, and nation-states.
Lindblom: “The economy is nothing more than a system for coordination social behaviour.”
Perspectives of IPE
1. Economic liberalism
2. Mercantilism
3. Structuralism
4. Constructivism
Economic Liberalism
Differentiates between two types:
➔ Orthodox economic liberals champion free market and trade. Assumes that people behave
rationally under pure market conditions i.e., the absence of state intervention or social
influences. Scholars who follow this perspective believe that people should strongly value
economic efficiency.
Adam Smith: Laissez-Faire Principle. The policy of leaving the market alone.
➔ Heterodox economic liberals support more state regulation and trade protection to sustain
markets. They believe that markets work best when they are embedded in society and when
the state intervenes to resolve problems that markets alone cannot handle.
Efficient markets
Competition firms; co-operation states
Mercantilism
Closely associated with realism, which focuses on state efforts to accumulate power and
wealth to protect society from physical harm or the influence of other states.
1
,States usually employ two types of power to protect themselves. Hard power refers to
tangible military and economic assets. Soft power refers to diplomacy, information flows and
cultural exports which are selective tools that reflect and project a country’s cultural values,
beliefs and ideals.
State power
National wealth & security
State competition
Structuralism
Popular before the end of the Cold War and was rooted in Marxist analysis. Specifically
examines class divisions, exploitation, and imperialism. Shows how the dominant economic
structure of any society affects different social classes.
Dynamics of capitalist system
Class (conflict)
Inequality
Constructivism
Relatively new perspective that contends that norms, ideas, and discourse play important
roles in shaping outcomes in the global political economy. Constructivists widen the study of
IPE by including numerous nonstate actors and cultural values.
The Four Levels of Analysis
Kenneth Waltz argues that explanations for causes of international conflict are located in
different stages of an analytical scale of increasing complexity, ranging from an individual
level to factors within the state/societal level, to something stemming from the
interconnection of the interstate level. More recently, many have argued that there is also a
fourth global level that can be identified as causing specific problems. The characteristics of
the different levels of analysis are as follows:
➔ The Global level is the broadest, most comprehensive level of analysis and cannot be
traced to the actions of any one state, group of states, individual, or group. Examples of
global level explanations include globalization, the standardization of technology and climate
change.
➔ The Interstate level analyses relationships between states that affect the global outcomes.
Examples of interstate level explanations include alliances, balance of power, the presence of
a hegemon, and also the inability of states that weakly regulate transnational agreements.
➔ The State-Societal level analyses bureaucratic decision making and the type of
government shape outcomes. It takes a look at how lobbying, electoral pressures, culture, and
a country’s class structure determine foreign policy. Examples of state-societal level
explanations include the considerable power of US farmers, the political power of Wall
Street, the pressure of the American Dream, and how different types of governments and
decision-making processes within a state shape the way that it interacts with others.
➔ The Individual level looks at what individual policymakers do to cause or influence
events. Tries to understand the psychology, goals, and ideology of state leaders. This is the
narrowest level and yet it contains the biggest number of factors that explain why individuals
choose certain policies or behave in particular ways. Explanations include the religious
worldview of Iran’s leaders and the psychology of Trump.
The Five IPE Structures
2
,Susan Strange outlined five complex structure arrangements that function as the underlying
foundations of the IPE. The rules of the game in each structure take the form of treaties,
informal and formal agreements, and bargains. The five IPE structures are as follows:
➔ The Production structure refers to the issue of who produces what and on what terms lies
at the heart of the IPE. Production can ultimately shift the global distribution of wealth and
power.
➔ The Trade structure refers to international and national trade agreements that shape the
flow of goods and services across borders.
➔ The Finance and Monetary structure refer to the most abstract set of linkages between
nations, this structure determines who has access to money and on what terms, and thus how
capital is distributed between nations. Money here is often viewed as a means, not an end.
➔ The Security structure refers to the threats of other states and nonstate actors which is
perhaps one of the most significant concerns.
➔ The Knowledge structure refers to that knowledge and technology are sources of wealth
and power for those who use them effectively. The spread of information and
communications technologies has fuelled industrialisation in emerging countries and
empowered citizens living under authoritarian regimes, as seen during the Arab Spring. In the
world today, the bargains made in the security, trade, and finance structures depend on access
to knowledge.
Figure 1.1
The Four levels of Analysis and Five IPE structures
The Growing Influence of Factors Inside the State
The rise of populism and nationalism
3
, Growing mass support for populist-nationalist parties in Russia, France, Hungary,
Turkey, Egypt, Brazil etc.
Globalization and globalism have come under attack for benefiting rich elites much
more than the working class and poor nearly everywhere
Income inequality has risen insignificantly
Average real wages have barely grown since the early 2000s
The expansion of automation has been insufferable for many low-skilled and blue
collared workers
Many people have therefore, become suspicious of and hostile towards elites,
mainstream politics, and established institutions
Also, demographic changes and the digital revolution have helped sharpen social
tensions
The communications revolution
Changes in how information is produced and communicated have contributed to the
rise of populist-nationalism
Social media makes it easier to distort facts and generate stories that are untrue
During the 2016 presidential election, the term fake news entered popular discourse
causing public awakening
Fake news is often successful because many readers are not savvy enough to question
the authenticity of the source
Cyber hacking is another method to distorting stories
Lesser democracy and fewer rights
Populist-nationalist movements seem to be pushing aside liberal democratic values
and beliefs
Drawing on people’s fears, disillusionment with democratic systems, and exposure to
fake news
Masses have been turning inward to focus on employment and preservation of their
socio-cultural values
Alt-right populist leaders often tolerate racism and scapegoat immigrant and
foreigners
Freedom House reported that there was a decline in global freedom
Conclusion
The postwar world order is coming to an end. The redistribution of global wealth and power
has impacted states and societies in ways unimaginable. The same goes for global security,
traditional institutions such as the UN have begun to fray creating a vacuum for China, Russia
and the EU to fill. Major transformations for peace and stability provided by major powers
might ignite another Cold War. In just one generation, hundreds of millions of people have
been lifted out of poverty and aspire to join the middle class. Social mobility and rising
consumption have shifted the lives of many people for the better. Increasing
interconnectedness plays a role in solving global problems. Anti-austerity movements, protests
against authoritarian governments, and social tensions remind us of the salience of moral
values in global governance. State leaders need to re-negotiate security, finance, trade, and
knowledge rules in order to mitigate these leading global problems. Humanity needs to find a
Lecture 2 – Liberalism
way to raise the standards of living without destroying the earth’s environment, climate, and
CHAPTER
biodiversity.2
4
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