Constructing the International Economy


Book Description

Focusing empirically on how political and economic forces are always mediated and interpreted by agents, both in individual countries and in the international sphere, Constructing the International Economy sets out what such constructions and what various forms of constructivism mean, both as ways of understanding the world and as sets of varying methods for achieving that understanding. It rejects the assumption that material interests either linearly or simply determine economic outcomes and demands that analysts consider, as a plausible hypothesis, that economies might vary substantially for nonmaterial reasons that affect both institutions and agents' interests. Constructing the International Economy portrays the diversity of models and approaches that exist among constructivists writing on the international political economy. The authors outline and relate several different arguments for why scholars might attend to social construction, inviting the widest possible array of scholars to engage with such approaches. They examine points of terminological or theoretical confusion that create unnecessary barriers to engagement between constructivists and nonconstructivist work and among different types of constructivism. This book provides a tool kit that both constructivists and their critics can use to debate how much and when social construction matters in this deeply important realm. Contributors: Rawi Abdelal, Harvard Business School; Jacqueline Best, University of Ottawa; Mark Blyth, Brown University; Mlada Bukovansky, Smith College; Jeffrey M. Chwieroth, London School of Economics; Francesco Duina, Bates College; Charlotte Epstein, University of Sydney; Yoshiko M. Herrera, University of Wisconsin–Madison; Paul Langley, Northumbria University; Craig Parsons, University of Oregon; Catherine Weaver, University of Texas at Austin; Wesley W. Widmaier, Saint Joseph's University; Cornelia Woll, CERI-Sciences Po Paris




Austerity


Book Description

In Austerity: The History of a Dangerous Idea, Mark Blyth, a renowned scholar of political economy, provides a powerful and trenchant account of the shift toward austerity policies by governments throughout the world since 2009. The issue is at the crux about how to emerge from the Great Recession, and will drive the debate for the foreseeable future.




The Political Economy of Nation Building


Book Description

Donor nations may advise and counsel, but the creation of a liberal nation state falls to its own people. They must create laws, exercise their liberties, provide freedom of belief and expression, and protect individual property rights. No nation becomes or remains free unless its people build, use, and defend these institutions, and protect them with understanding, vigilance, and effort. The Political Economy of Nation Building reviews the effects of political structures on the evolution and stability of liberalism in developing nations and considers the outlook for their success.Discussing the origins and applications of the modern liberal state from an explicitly Anglo- and Euro-centric view, Mack Ott addresses the origins of the rule of law and innovations that led to the rise of a market economy, separation of faith and governance, and the autonomy of finance - key components of the liberal state. He then addresses the emergence of sustained economic growth, a bridge between the liberal infrastructure and its application during the construction of a nation.Ott examines budget policy and laws, and accurate and timely economic and financial statistical reporting that assure donors that the recipient government is operating within the constraints of law. He addresses the beneficial effects of privatization of state-owned industry, examines the costs and benefits of nurturing non-governmental associations, and concludes with a review of transparent fiscal and monetary policies and the importance of non-interference in financial markets by the state.




Capital Rules


Book Description

"The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today."




The Economics of Construction


Book Description

The construction of housing, commercial property, and infrastructure projects--roads, bridges, tunnels, railways, airports--for both the private and public sectors is one of the biggest industries in the world. It contributes around 10 per cent of world GDP, employs 7 per cent of the global workforce, and consumes around 20 per cent of the world's energy (and generates a third of the world's CO2 emissions). So important is the contruction industry that it is widely seen as the best indicator of a national economy's health. Stephen Gruneberg and Noble Francis, two of the UK's leading construction economists, present an up-to-date analysis of the construction industry's business model and the risks and challenges the industry faces in the twenty-first century. The book explores the many distinctive features of the economics of the industry, such as how firms use cost-reduction rather than profit maximizing behavior, the processes of tendering and procurement, and the often cyclical nature of demand. Some of the issues touched on include the nature of the government-client relationship, the difference between commissioned and speculative construction development, operating as well as building infrastructure, the advantages of off-site construction, the demand for green and sustainable construction, and the competition from government-backed Chinese companies in major infrastructure projects. As well as examining industry-wide issues, the book looks at how individual projects are costed. These can range from the construction of Dubai's Yas Island or Heathrow's third runway, to the construction of a local hospital, or a residential housing estate. Finance, cash flow, cost overruns, and labor relations are all shown to be fundamental to completing a project on time and within budget, regardless of size. The book offers authoritative analysis and expert insight to provide a survey suitable for students in both business schools and departments of architecture and the built environment.




Globalization, Growth, and Poverty


Book Description

Globalization - the growing integration of economies and societies around the world, is a complex process. The focus of this research is the impact of economic integration on developing countries and especially the poor people living in these countries. Whether economic integration supports poverty reduction and how it can do so more effectively are key questions asked. The research yields 3 main findings with bearings on current policy debates about globalization. Firstly, poor countries with some 3 billion people have broken into the global market for manufactures and services, and this successful integration has generally supported poverty reduction. Secondly, inclusion both across countries and within them is important as a number of countries (pop. 2 billion) are failing as states, trading less and less, and becoming marginal to the world economy. Thirdly, standardization or homogenization is a concern - will economic integration lead to cultural or institutional homogenization?




Building a Win-win World


Book Description

World-renowned futurist Hazel Henderson extends her twenty-five years of work in economics to examine the havoc the current economic system is creating at the global level. Markets are now spreading worldwide - a spread which is often equated with the hope of democracy spreading along with it. But markets still run on old textbook models that ignore social and environmental costs - leading to a new kind of warfare: global economic warfare. Building a Win-Win World demonstrates how the global economy is unsustainable because of its negative effects on employees, families, communities, and the ecosystem. Henderson shows how win-win strategies can become the norm at every level when people see the true current and future costs of short-sighted, narrow economic policies.




The Global Construction of Gender


Book Description

Gender constructions do not stop at state boundaries. Global understandings of masculinity and femininity can emerge out of the matrix of international politics. Proposing an innovative conception of global politics by de-emphasizing state actors and instead analyzing competing transnational discourses, The Global Construction of Gender focuses specifically on people who work at home for pay. Prügl explores the debates and rhetoric surrounding home-based workers that have taken place in global movements and multilateral organizations since the early 1900s in order to trace changing conceptions of gender over the course of this century. As Prügl relates, home-based workers, both urban and rural, engage in a broad array of activities: they "sew garments, embroider, make lace, roll cigarettes, weave carpets, peel shrimp, prepare food, polish plastic, process insurance claims, edit manuscripts, and assemble artificial flowers, umbrellas, and jewelry." These (mostly female) workers are widely recognized as underpaid and exploited. In investigating their plight, Prügl describes the rules that have separated home and work and, in the process, created a diverse array of distinctly gendered identities, including that of the working mother as a social problem, the wage-earning worker as a male breadwinner, the crafts-producing woman as the symbol of Third World nationhood, the woman micro-entrepreneur as the heroine of structural adjustment, and the new androgynous home-based consultant/freelancer/teleworker as the exemplary worker of a flexibly organized global economy.




New Voices and New Perspectives in International Economic Law


Book Description

This book brings together a series of contributions by international legal scholars that explore a range of subjects and themes in the field of international economic law and global economic governance through a variety of methodological and theoretical lenses. It introduces the reader to a number of different ways of constructing and approaching the study of international economic law. The book deals with a series of different theoretical agendas and perspectives ranging from the more traditional (empirical legal studies) to the more alternative (language theory) and it expands the scope of substantive discussion and thematic coverage beyond the usual suspects of international trade, international investment and international finance. While the volume still gives due recognition to the traditional theoretical project of international economic law, it invites the reader to extend the scope of disciplinary imagination to other, less commonly acknowledged questions of global economic governance such as food security, monetary unions, and international economic coercion. In addition to historically-focused and critical perspectives, the volume also includes a number of programmatic and forward-looking explorations, which makes it appealing to a broad audience with a variety of contrasting interests. Therefore, the volume is of particular interest to academics and postgraduate students in the fields of international law, international relations, international political economy, and international history.




Social Construction and the Logic of Money


Book Description

While other studies of international leadership have looked at a variety of measures to predict behavior, this book demonstrates that the key factor is international finance. J. Samuel Barkin uses an innovative blend of rationalist and constructivist methodologies, approaches to international political economy that normally exist in isolation from one another. Barkin argues that the level of a country's involvement in international finance specifically motivates it to lead. This is particularly relevant today, given the on-going discussions on how to respond to local and global financial crises. Barkin illustrates his theory with an episodic history of international monetary leadership over the last four centuries: Dutch leadership in the seventeenth century; British leadership in the nineteenth; the failure of leadership in the interwar era and Great Depression; and the role of the U.S. in the construction of an international economic infrastructure since World War II.