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International Political Economy

496 Pages · 2003 · 1.74 MB · English

  • International Political Economy



    INTERNATIONAL


    POLITICAL


    ECONOMY


    PERSPECTIVES ON


    GLOBAL POWER


    AND WEALTH


    FOURTH EDITION


    Jeffry A.Frieden


    Harvard University


    David A.Lake


    University of California, San Diego


    London and New York For Bedford/St. Martin’s


    Political Science Editor: James R.Headley


    Senior Editor, Publishing Services: Douglas Bell


    Production Supervisor: Joe Ford


    Project Management: Stratford Publishing Services, Inc.


    Cover Design: Lucy Krikorian


    Cover Photo: CORBIS/Stuart Westmorland


    Composition: Stratford Publishing Services, Inc.


    Printing and Binding: Haddon Craftsman, an R.R.Donnelley & Sons Company


    President: Charles H.Christensen


    Editorial Director: Joan E.Feinberg


    Director of Editing, Design, and Production: Marcia Cohen


    Manager, Publishing Services: Emily Berleth


    First published 2000 by Bedford/St. Martin’s. Simultaneously published and distributed


    outside North America by


    Routledge


    11 New Fetter Lane, London, EC4P 4EE


    and representatives throughout the world.


    This edition published in the Taylor & Francis e-Library, 2003.


    Library of Congress Catalog Card Number: 99–62343


    Copyright © 2000 by Bedford/St. Martin’s


    All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or


    transmitted in any form or by any means, electronic, mechanical, photocopying, recording,


    or otherwise, except as may be expressly permitted by the applicable copyright statutes or


    in writing by the Publisher.


    British Library Cataloguing in Publication Data


    A catalogue record for this book is available from the British Library.


    ISBN 0-203-51858-6 Master e-book ISBN


    ISBN 0-203-54705-5 (Adobe eReader Format)


    ISBN: 0-415-22279-6 (Print Edition)


    Acknowledgments


    Acknowledgments and copyrights appear at the back of the book on pages 471–473, which


    constitute an extension of the copyright page.


    It is a violation of the law to reproduce the selections in this book by any means whatsoever


    without the written permission of the copyright holder. PREFACE


    The readings in International Political Economy: Perspectives on Global Power


    and Wealth are primarily intended to introduce the study of international political


    economy to those with little or no prior knowledge of it. The book is designed for


    use in courses in international political economy, international relations, and


    international economics. The selections present both clear and identifiable theoretical


    arguments and important substantive material. Fifteen of the 31 articles are new


    to this fourth edition of our book, and the theoretical approach has been updated


    to reflect the changing state of both the world and the field of international political


    economy.


    Although the selections can be read in any order, they are grouped in seven


    parts, which reflect some of the more common organizing principles used in


    international political economy courses. Each part begins with an introduction by


    the editors that provides background information and highlights issues raised in


    the readings. Each reading is preceded by an abstract summarizing its specific


    arguments and contributions. The readings were edited to eliminate extraneous or


    dated information, and most footnotes were removed.


    The introduction defines the study of international political economy,


    summarizes major analytical frameworks in the field, and identifies several current


    debates. In earlier editions, the introduction and readings were largely structured


    around three analytic perspectives: Realism, Marxism, and Liberalism. This


    framework is substantially downplayed in this edition. The field of international


    political economy has made significant progress over the last two decades, and


    this division—while useful as a pedagogic device—has become increasingly


    obsolete. To capture the most important work and current debates in the


    international political economy, we now highlight the analytic tensions between


    international and domestic explanations, on the one hand, and institutionalist-


    and society-centered explanations, on the other. These two dimensions create


    four distinct views, which we refer to as the international political, international


    economic, domestic institutionalist, and domestic societal approaches. Part I


    presents examples of these different perspectives on international political


    economy. The readings in this part are intended to suggest the underlying logic


    and types of arguments used by proponents of each approach. Although they


    are representative of their respective schools, they do not necessarily capture


    the wide range of opinion within each approach.


    iii iv Preface


    Part II, which reviews the history of the international economy since the


    nineteenth century, provides the background and perspective necessary to understand


    the contemporary international political economy. The selections describe the major


    developments in the history of the modern international economy from a variety


    of different theoretical viewpoints.


    The remainder of the book is devoted to the modern international political


    economy. Separate sections on production, money and finance, and trade look at


    the principal broad issue areas associated with the politics of international economic


    relations. Part VI focuses on the particular political and economic problems of


    developing and transitional economies. Finally, Part VII examines current problems


    in the politics of international economics.


    The selections in this volume have been used successfully in our courses on


    international political economy at the University of California, Los Angeles; Harvard


    University; and the University of California, San Diego (UCSD). In our own


    research, we approach the study of international political economy from very


    different perspectives. Yet we find that this set of readings accommodates our


    individual approaches to the subject matter while simultaneously covering the


    major questions of the field.


    For this edition, Patricia Lindenboim and Michael Spence at Harvard and Angela


    O’Mahony at UCSD provided valuable research and editorial assistance. Leslie


    S.Connor of Stratford Publishing Services prepared the manuscript for publication.


    We want to thank our respective spouses, Anabela Costa and Wendy K.Lake, for


    their continuing encouragement.


    Jeffry A.Frieden


    David A.Lake


    CONTENTS


    Preface iii


    About the Editors ix


    Introduction: International Politics and International Economics 1


    I


    CONTENDING PERSPECTIVES ON INTERNATIONAL


    POLITICAL ECONOMY 17


    1 State Power and the Structure of International Trade 19


    STEPHEN D.KRASNER


    2 The Political Economy of the Smoot-Hawley Tariff 37


    BARRY EICHENGREEN


    3 Institutions and Economic Growth: A Historical Introduction 47


    DOUGLASS C.NORTH


    4 States, Firms, and Diplomacy 60


    SUSAN STRANGE


    II


    HISTORICAL PERSPECTIVES 69


    5 The Rise of Free Trade in Western Europe 73


    CHARLES P.KINDLEBERGER


    6 International Trade, Domestic Coalitions, and Liberty:


    Comparative Responses to the Crisis of 1873–1896 90


    PETER ALEXIS GOUREVITCH


    v vi Preface


    7 International Investment and Colonial Control:


    A New Interpretation 109


    JEFFRY A.FRIEDEN


    8 British and American Hegemony Compared:


    Lessons for the Current Era of Decline 127


    DAVID A.LAKE


    III


    PRODUCTION 141


    9 The Multinational Enterprise as an Economic Organization 145


    RICHARD E.CAVES


    10 Third World Governments and Multinational Corporations:


    Dynamics of Host’s Bargaining Power 156


    SHAH M.TARZI


    11 “A New Imperial System”? The Role of the


    Multinational Corporations Reconsidered 167


    DAVID FIELDHOUSE


    12 Strategic Trade and Investment Policies: Implications


    for the Study of International Political Economy 180


    JEFFREY A.HART AND ASEEM PRAKASH


    IV


    MONEY AND FINANCE 193


    13 The Domestic Politics of International Monetary Order:


    The Gold Standard 199


    LAWRENCE BROZ


    14 Hegemonic Stability Theories of the


    International Monetary System 220


    BARRY EICHENGREEN


    15 The Triad and the Unholy Trinity:


    Problems of International Monetary Cooperation 245


    BENJAMIN J.COHEN


    16 Exchange Rate Politics 257


    JEFFRY A.FRIEDEN


    17 EMU: Why and How It Might Happen 270


    CHARLES WYPLOSZ Preface vii


    18 The Obsolescence of Capital Controls?


    Economic Management in an Age of Global Markets 280


    JOHN B.GOODMAN AND LOUIS W.PAULY


    V


    TRADE 299


    19 Protectionist Trade Policies: A Survey of Theory,


    Evidence, and Rationale 303


    CLETUS C.COUGHLIN, K.ALEC CHRYSTAL, AND GEOFFREY E.WOOD


    20 Commerce and Coalitions: How Trade Affects


    Domestic Political Alignments 318


    RONALD ROGOWSKI


    21 The Political Economy of Trading States:


    Factor Specificity, Collective Action Problems,


    and Domestic Political Institutions 327


    JAMES E.ALT AND MICHAEL GILLIGAN


    22 Are Your Wages Set in Beijing? 343


    RICHARD B.FREEMAN


    23 The Political Economy of Nontariff Barriers:


    A Cross-national Analysis 353


    EDWARD D.MANSFIELD AND MARC L.BUSCH


    24 Explaining Business Support for Regional Trade Agreements 366


    RONALD W.COX


    VI


    ECONOMIES IN DEVELOPMENT AND TRANSITION 377


    25 International Development: Is It Possible? 383


    JOSEPH E.STIGLITZ AND LYN SQUIRE


    26 Development: The Market Is Not Enough 392


    ROBIN BROAD, JOHN CAVANAGH, AND WALDEN BELLO


    27 Globalization and Inequality, Past and Present 405


    JEFFREY A.WILLIAMSON


    28 Inflation and Stabilization 417


    STEPHAN HAGGARD viii Preface


    VII


    CURRENT PROBLEMS IN INTERNATIONAL


    POLITICAL ECONOMY 431


    29 Environmental Protection and Free Trade:


    Are They Mutually Exclusive? 433


    ALISON BUTLER


    30 Globalization and the Changing Logic of Collective Action 446


    PHILIP G.CERNY


    31 Sense and Nonsense in the Globalization Debate 461


    DANI RODRIK


    INDEX 471 ABOUT THE EDITORS


    Jeffry A.Frieden (Ph.D., Columbia University) is professor of government at


    Harvard University. He specializes in the political economy of international monetary


    and financial relations. His book publications include Debt, Development, and


    Democracy: Modern Political Economy and Latin America, 1965–1985 (Princeton:


    Princeton University Press, 1991) and Banking on the World: The Politics of


    American International Finance (New York: Harper & Row, 1987), which has


    been issued in both Japanese and British editions.


    David A.Lake (Ph.D., Cornell University) is professor of political science at


    the University of California, San Diego, and coeditor of the journal International


    Organization. He has published widely in the field of international relations


    and international political economy. His principal book publications include


    Power, Protection, and Free Trade: International Sources of U.S. Commercial


    Strategy, 1887–1939 (Ithaca: Cornell University Press, 1988) and Entangling


    Relations: American Foreign Policy in its Century (Princeton: Princeton


    University Press, 1999).


    ix


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