International Political Economy or Peace Process

International Political Economy: Interests and Institutions in the Global Economy

Author: Thomas Oatley

Emphasizing both domestic and international politics as well as fundamental economic principles, International Political Economy is the most accessible and holistic overview of the global economy. This text offers students a uniquely engaging introduction to IPE by viewing global economic exchange as a political competition. While surveying key IPE theories, economic principles, institutions, and processes, the text explains how this competition raises social welfare but also creates winners and losers who influence the policies of governments and international institutions and ultimately the global economy.

Table of Contents:

	Preface	xii
Chapter 1	International Political Economy	1
	What Is International Political Economy?	3
	Studying International Political Economy	8
	Traditional Schools of International Political Economy	9
	Interests and Institutions in International Political Economy	13
	The Organization of the Book	15
	Key Terms	17
Chapter 2	The Multilateral Trade System	18
	The Multilateral Trade System	19
	Power, Interests, and the Multilateral Trade System	26
	The Creation of the Postwar Trade System	27
	The Evolution of the Multilateral Trade System	30
	A Closer Look: Hegemonic Decline and American Trade Policy	33
	The Problem of Trade Cooperation	42
	The Politics of Trade Liberalization	43
	Multilateral Institutions and Trade Cooperation	48
	Globalization and its Critics	51
	The Globalizing World Economy	51
	A Closer Look: The Global Division of Labor in the Semiconductor Industry	56
	The Critics of Globalization and the World Trade Organization	58
	A Closer Look: The WTO and its Critics	59
	Conclusion	72
	Key Terms	73
	Web Links	73
	Suggestions for Further Reading	74
Chapter 3	The Domestic Politics of Trade Policy	75
	Protection and its Consequences	76
	The Structure of Protection in the Advanced Industrialized Countries	76
	A Closer Look: Trade Policy Instruments	77
	The Economic Consequences of Protection	80
	A Society-centered Approach to Trade Policy	86
	Trade Policy Preferences	88
	The Collective Action Problem and Trade Policy Demands	94
	Political Institutions and Trade Politics	96
	Interests and Institutions in American Trade Politics	99
	A Closer Look: Trade Politics in the European Union	100
	Weaknesses of a Society-centered Approach	107
	A State-centered Approach to Trade Policy	109
	States and Industrial Policy	109
	Industrial Policy in High-technology Industries	113
	Weaknesses of the State-centered Approach	118
	Conclusion	120
	Key Terms	121
	Web Links	121
	Suggestions for Further Reading	122
Chapter 4	Trade and Economic Development in the South	123
	Insulation and Systemic Reform	124
	Domestic Interests, Internal Pressures, and Protectionist Coalitions	124
	Markets, Trade, and Economic Development: The Structuralist Critique	130
	Domestic and International Elements of Trade and Development Strategies	135
	A Closer Look: Import Substitution Industralization in Brazil	140
	Dismantling ISI: Trade Policy Reform in the Developing Countries	145
	Emerging Problems with Import Substitution Industrialization	146
	The East Asian Model	149
	International Financial Institutions and Structural Adjustment	157
	A Closer Look: Structural Adjustment in Mexico	161
	Domestic Politics and Structural Adjustment	162
	Developing Countries in the Contemporary Multilateral Trade System	164
	Conclusion	167
	Key Terms	168
	Web Links	168
	Suggestions for Further Reading	169
Chapter 5	Multinational Corporations in the World Economy	170
	Multinational Corporations: The Agents of Globalization	171
	Economic Explanations for MNCs	180
	Market Imperfections	180
	Locational Advantages	183
	Domestic Politics and MNCs	185
	The Host Country Dilemma	187
	Regulating MNC Activity	189
	A Closer Look: Singer Sewing Machines in Taiwan	192
	The Bargaining Relationship	198
	A Closer Look: Luring the German Luxury Car Producers to the South	200
	MNCs and Labor in the Global Economy	204
	MNCs and Labor in Developing Countries	204
	MNCs and Labor in Advanced Industrialized Countries	207
	International Regulation of MNCs	210
	A Closer Look: Protecting Investment in NAFTA	214
	Conclusion	217
	Key Terms	218
	Web Links	219
	Suggestions for Further Reading	219
Chapter 6	The International Monetary System	220
	The International Monetary System	221
	The Exchange Rate System	222
	Balance of Payments Adjustment	224
	The Tradeoff between Exchange Rate Stability and Domestic Autonomy	228
	The Bretton Woods System	230
	Creating the Bretton Woods System	231
	A Closer Look: The International Monetary Fund	235
	The Operation and Collapse of the Bretton Woods System	237
	A Closer Look: Dollar Overhang and the Confidence Problem	240
	Contemporary International Monetary Arrangements	246
	International Financial Integration	246
	Exchange Rate Arrangements in a World of Mobile Capital	250
	Conclusion	264
	Key Terms	265
	Web Links	266
	Suggestions for Further Reading	266
Chapter 7	Domestic Politics and Exchange Rate Policy	267
	Domestic Politics, Monetary Policy, and the Exchange Rate	268
	Electoral Politics, the Keynesian Revolution, and Monetary Policy	268
	The Unholy Trinity and the Domestic Politics of Exchange Rate Policies	273
	Society-based Approaches to Monetary and Exchange Rate Policy	277
	The Electoral Model of Exchange Rate Politics	277
	The Partisan Model of Exchange Rate Politics	280
	The Sectoral Model of Exchange Rate Politics	284
	Weaknesses of the Society-centered Approaches	289
	The State-centered Approach to Monetary and Exchange Rate Policy	290
	Monetary Policy and Unemployment	291
	A Closer Look: The Natural Rate in the United States and European Union	292
	The Time Consistency Problem	300
	Independent Central Banks as Commitment Mechanisms	301
	A Closer Look: The European Monetary System as a Commitment Mechanism	303
	Independent Central Banks and Exchange Rates	307
	Criticisms of the State-centered Approach	309
	Conclusion	310
	Key Terms	311
	Web Links	311
	Suggestions for Further Reading	312
Chapter 8	Developing Countries and the International Financial System	313
	The Early Postwar Period	314
	The Supply of External Finance	316
	A Closer Look: The World Bank	319
	Financial Arrangements in Developing Countries	322
	Commercial Bank Lending: Private Capital and the Debt Crisis	325
	The Oil Shock, ISI, and the Demand for External Finance	325
	Commercial Banks and the Supply of External Finance	327
	Commercial Bank Lending and the Boom and Bust Cycle in Latin America	329
	Managing the Debt Crisis	334
	The Debt Regime	334
	The Sources of Bargaining Power	337
	A Closer Look: The Debt Crisis in Africa	338
	The Domestic Politics of Economic Reform	342
	The Resumption of Capital Flows and the Return of Financial Crises	346
	The Causes and Consequences of the Asian Financial Crisis	349
	Reforming the International Financial System?	355
	Conclusion	358
	Key Terms	359
	Web Links	359
	Suggestions for Further Reading	360
Chapter 9	Political Economy of Socialist and Post-socialist Societies	361
	The Rise and Fall of the Soviet Bloc	362
	Creating and Extending the Soviet System	362
	Stagnation, Crisis, and Collapse	372
	Economic Decline and Political Change	375
	Market Reform in the Former Soviet Bloc	379
	Strategies of Market Reform	380
	A Closer Look: Shock Therapy in Poland	382
	Economic Reform in China	392
	Economic Reform	393
	The Political Logic of China's Economic Reforms	397
	Conclusion	399
	Key Terms	400
	Web Links	401
	Suggestions for Further Reading	401
	Glossary	402
	References	415
	Index	434

Peace Process: American Diplomacy and the Arab-Israeli Conflict Since 1967

Author: William B Quandt

In this timely new edition of Peace Process, William B. Quandt analyzes how each U.S. president since Lyndon Johnson has dealt with the complex challenge of brokering peace in the Middle East, from the 1967 Arab-Israeli war to the death of Yasir Arafat. This classic work has now been updated to reflect recently declassified U.S. government documents and other published materials relating to the Johnson, Nixon, and Clinton presidencies, and to carry the story through George W. Bush's first term.

The most comprehensive account of the Middle East peace process in print, the book places the current situation in historical context and point to possible ways out of the impasse between Israelis and Palestinians. The text is complemented by extensive documentary appendixes containing significant treaties, resolutions, and speeches, which are available on the Brookings Institution's web site.

Booknews

Quandt is a senior fellow in the Foreign Policy Studies program at the Brookings Institution and was a member of the National Security Council staff during the Nixon and Carter administrations. He provides a detailed account of American policy toward the Arab-Israeli conflict, assessing each administration's initial approach to the problem of peacemaking since 1967 and the evolution of policy. Co- published with the Brookings Institution. Paper edition (unseen), $15.95. Annotation c. Book News, Inc., Portland, OR (booknews.com)

What People Are Saying

Thomas R. Mattair
"Quandt's work on this subject, including this third edition, is probably the most readable, comprehensive, thoroughly researched, dispassionate, honest, fair, and yet critical, account we have."
—Middle East Policy