Jan 1, · Global Political Economy,5th edition can be used to learn Global Political Economy, world economy, foreign economic policies, global trade, global production, global trade regime, Sep 8, · The fifth edition of this popular text offers a comprehensive introduction to global political economy, combining theory, history, and contemporary issues and debates. May 12, · Global Political Economy. Sixth Edition. Edited by Edited by John Ravenhill. A stimulating yet accessible guide to political economy which helps students understand Mar 12, · Global Political Economy Author: John Ravenhill Publisher: Oxford University Press, USA ISBN: Category: Business & Economics Page: View: DOWNLOAD NOW Jan 1, · Global political economy is a field of study that deals with the interaction between political and economic forces. At its centre have always been questions of human welfare ... read more
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Trade-led growth: A sound strategy for Asia Role of global production networks in understanding the impacts of the macroeconomic stimulus. The recession of —9 provides a clear illustration of the re- lationship between trade, finance, international institutions, and the difficulties that governments face in coping with the problems generated by complex interdepen- dence. Before , the spectacular increase in economic integration that had occurred over the previous century was not accompanied by institutionalized governmen- tal collaboration on economic matters. The end of the Second World War marked a significant disjunction: global economic institutions were created, and the transnational corporation emerged as a major actor in international economic rela- tions. Although China and India continued the largest single bankruptcy in United States his- to grow strongly at 8. The news triggered a massive sell-off of shares tively , the 36 per cent decline in the price of oil, on Wall Street, the Dow Jones index shedding more and the 19 per cent decline in the prices of non-fuel than points 4.
The in world manufacturing output, had a severe im- effects of the bankruptcy soon reverberated around pact on many less developed economies. In , world output fell 0. data from IMF b: table 1. Miller The fall in global output masked substantial dif- The problems of Lehman Brothers stemmed in ferences in national and regional performance: the large part from its involvement in the sub-prime industrialized economies were among the worst hit, mortgage market. Lehman Brothers, like many with output in the European Union EU falling by other ﬁnancial services ﬁrms, had become a sub- 4 per cent and that in the United States by 3. Among the less developed economies, some of Box 1. the worst affected were those such as Singapore and Box 1. Typically, they have been contracted with that carried either a fixed or floating interest rate. The borrowers who, for a variety of reasons that might include investors in the securities thereby assumed much of the limited experience in borrowing, poor credit history, or risk attached to the loans.
The practice of securitization low or unreliable income, are regarded as more likely spread from the United States to Europe in the late s. than average to default on their loans. In the s and the first decade of the current century, To offset the increased risks of lending in the sub- financial institutions developed ever more sophisticated prime market, financial institutions took advantage of the means for pooling and on-selling loans. Individual securi- practice of securitization, which had initially developed ties were increasingly split into tranches, each of which in the s. Before that period, providers of mortgage carried a different level of risk: the higher tranches had finance typically held the loans they had made until the first claim on any income that the lender received; the borrowers repaid them: in other words, they bore all the risk of the lending and typically financed the loans lower tranches would be the first to absorb any losses.
from their own resources. As the demand for mortgage At the beginning of , securitization accounted for finance rose, however, and lenders became increasingly approximately 28 per cent of outstanding credit in the concerned about risk, they developed the practice of- United States: the figures for the UK and the euro zone ten with the assistance of other financial institutions of were 14 and 6 per cent, respectively IMF b: box 1. That problems which began in the home lending points to per cent in , the largest increase 5 market in the United States could plunge the world since the Second World War IMF b: box 1. into its worst recession since the s, is powerful The steep increase in sovereign debt threatened the THE STUDY OF GLOBAL POLITICAL ECONOMY testimony to the integration of the contemporary credit ratings of some countries, particularly those global economy.
in many instances, had to be bailed out by their On several key dimensions, the downturn precip- governments : ﬁrms and households lacked the itated by the recession in was sharper than that ﬁnance, not only to invest for the future, but even to of the s. In the ﬁrst year of the recession, global conduct their daily operations. Finance for interna- output and global trade fell more rapidly than in the tional trade dried up. The world economy quickly s—by 13 per cent and 20 per cent, respectively. went into reverse. With the slowdown in produc- Similarly, global stock markets fell more precipi- tion, the demand for and prices of raw materials fell tously—by 50 per cent in the ﬁrst twelve months substantially.
How lending, output in many developing economies ei- the recession differed from the s, however, was ther went into reverse or declined below the rate of that at least the initial downturn was not so pro- population growth. The World Bank estimated that tracted—with recovery in global trade, output, and the recession would increase the number of people in stock markets beginning in the second half of living in poverty by 65 million see Chapter 12 in , this recovery in itself being a reﬂection of the this volume by Robert Hunter Wade , and further effectiveness of concerted responses at the national delay realization of the Millennium Development and global levels see below. Goals see Chapter 13 in this volume by Nicola One reason for the severity of the recession that Phillips. began in was that, unlike previous post-war The International Monetary Fund IMF b: downturns, all regions of the world were in eco- 5 suggested that the crisis-induced write-downs nomic decline simultaneously.
As the potentially massive burden on the public purse for World Trade Organization WTO noted, the rapid the recapitalization of these institutions. The bail-outs, cou- volume by Eric Thun. With components crossing pled with the costs of the stimulus packages that national frontiers many times before a manufac- most countries introduced to ﬁght the recession, tured product reaches its ﬁnal destination, a decline and with a steep reduction in tax revenues owing in the major global markets for ﬁnished products to the economic downturn, left public ﬁnances in quickly affects trade—and then employment—in most industrialized economies in a parlous state. other parts of the world.
Moreover, the extent of the The IMF anticipated that the average budget deﬁcit recession, and the rapidity with which all regions in industrialized economies would be 10 per cent of of the world were affected, posed both practical gross domestic product GDP in , and 8. As a consequence, the ratio of public ternational governance. JOHN RAVENHILL economies and exposes the inadequacies of their Globalization of ﬁnance did introduce some existing funding. elements to the —9 recession that had not Few observers anticipated the recession or, at been seen before.
The growth of ﬁnancial inter- least, the severity with which it would strike. The mediation, of which an important aspect was the world economy had enjoyed a sustained long boom, securitization of mortgage debt, had two important continuing on an upward trajectory despite the consequences. For students of global quickly transformed into a global crisis. The new political economy, however, the possibility that the mortgage-backed ﬁnancial instruments had been processes of globalization might be interrupted or marketed globally by American and European in- even thrown into reverse should come as no sur- vestment banks—with the consequence that, once prise see Chapter 9 by Anthony McGrew in this the bubble burst, various institutional investors, volume.
In a low-inﬂation ﬁnancial globalization. environment, these investors had been attracted to The recession was triggered by the bursting of ﬁnancial instruments that offered potentially higher an asset price bubble—in this instance, the inﬂated rates of return than those available on more familiar US housing market. Financial As in previous crises, the collapse of the bubble institutions found it very difﬁcult to determine ex- caused panic among investors, whose uncertainty actly what their liabilities were. Once panic set in, over whether they could recoup their money caused they were reluctant to lend to one another—and, them to ﬂee the market see Chapter 8 by Louis W. here, another dimension of ﬁnancial globalization Pauly in this volume. Investor panic had signiﬁ- entered the equation: the increasing dependence of cantly exacerbated the other major ﬁnancial crisis bank-lending on funds borrowed in the interna- to affect the global economy in the previous quar- tional wholesale market, rather than on their own ter of a century—that which afﬂicted East Asia in deposits or capital.
Valukas, an examiner appointed by the Brogger The duced remains unclear. Iceland may ticularly in the United States, were ﬁghting hard have been the extreme case but similar instances against any intrusive government action. of reckless behaviour by ﬁnancial institutions were The recession prompted unprecedented policy commonplace in Europe especially the UK and interventions at the national and global levels, the United States ﬁnancial institutions in most and produced signiﬁcant changes in global gov- other regions of the world had been more conser- ernance—with the emergence of the G20 as the vative in their approach, in part because of better principal intergovernmental body for global eco- regulatory frameworks introduced in response to nomic management Box 1.
The crisis also saw crises in the s and s. A striking feature of the early ﬁnancial problems see Chapter 7 by Eric Helleiner governmental response to the recession was the in this volume. Box 1. The inaugural meeting of the G20 took place ex officio basis. in Berlin, on December 15—16, The G20 remained a relatively low-profile and low-key The membership of the G20 comprises finance minis- grouping until the recession, when an inaugural ters and central bank governors of Argentina, Australia, meeting of the political leaders of the G20 was held in Brazil, Canada, China, France, Germany, India, Indonesia, Washington, DC in November. The elevation of the G20 Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, the United Kingdom, and was recognition on the part of the leaders of the principal the United States. The European Union, represented by industrialized economies that their own grouping the the rotating Council Presidency and by the European Group of Eight G8 —see below was not sufficiently Central Bank, is the twentieth member of the G In particular, it was Six countries were present at the initial meeting in acknowledgement of the growing importance of the ma- Rambouillet in France: Britain, France, West Germany, JOHN RAVENHILL jor developing economies—especially China, India, and Italy, Japan, and the United States.
Canada joined the Brazil. At their meeting in Pittsburgh in September , group in , at its second meeting. representatives of Russia at each of its meetings; at the The Group of Seven G7 industrialized countries was Birmingham meeting in , Russia was accorded full established in , the first of a series of annual meetings membership, transforming the G7 into the G8. policy co-ordination, trade, and financial policies, and For more details on the G20, see www. One of the were equivalent to 1. Many its foundation. also increased expenditures on programmes for the The recession of —9 and the responses of most vulnerable.
The concerted international re- the international community to it provide an ex- sponse was testimony to how the governance of the cellent illustration of many of the themes of this global economy had changed since the great de- book: pression of the s. in some fundamental ways from anything that the THE STUDY OF GLOBAL POLITICAL ECONOMY world has previously experienced. The following Although, as will become evident in later section brieﬂy sketches how the world economy chapters, contributors to this book hold a variety evolved to reach its present state. And despite the striking sixteenth centuries. This was a period in which extension of the global market during the seven- despotic monarchs in Western Europe, seeking to teenth and eighteenth centuries, the vast majority consolidate their power against both internal and of commerce continued to be conducted within in- external foes, pushed to extend the boundaries of dividual localities until the advent of the Industrial markets.
In this era of mercantilism, political power Revolution. The introduction of steam power revo- was equated with wealth, and wealth with power lutionized transportation, both internally and inter- Viner Wealth, in the form of bullion gen- nationally. The new concentration of mili- of the world and to a deepening of the international tary power could be projected, both internally and division of labour. The value of world exports grew externally, to extract further resources. The con- tenfold from a relatively small base between solidation of the state went hand in hand with the and from to , world exports grew at extension of markets. Gradually, most parts of the an annual average rate of 3. dison , table B—19, and , table F—4.
The industrialized countries of the Navigation Acts — , which restricted the world—essentially a Western European core to use of foreign vessels in British trade, enabled it to which had been added the United States and Japan monopolize trade with its ever-expanding empire. by the turn of the twentieth century—exported The era of mercantilism did not, however, bring principally manufactured goods, while the rest of a notable increase in overall global wealth. In , the average JOHN RAVENHILL the single most important export for the United tariff level in Germany and Japan was 12 per cent, States in , contributing nearly twice the value of in France 16 per cent, and in the United States The post- it was not until that machinery exports ex- increase in tariffs offset some of the gains from ceeded those of cotton, although by the US had lower transportation costs.
Lindert and Williamson become a net exporter of manufactured goods data estimate that nearly three-quarters of the from Mitchell , table E3; and Irwin closer integration of markets that occurred in the With the exception of the United States, trade century before the outbreak of the First World War among the industrialized countries in manufac- is attributable to these lower transport costs see tured goods remained relatively unimportant. In Table 9. To be sure, some nineteenth century, but capital and people moved changes had occurred in the composition of im- relatively freely across the globe, their mobility ports. From to , 26 million come staples in the diet of the new urban working people migrated from Europe to the United States, and middle classes, their aggregate importance in Canada, Australia, New Zealand, Argentina, and European imports had shrunk relative to other Brazil.
Five million Indians followed the British commodities, notably wheat and ﬂour, butter and ﬂag in migrating to Burma, Malaya, Sri Lanka, and vegetable oils, and meat Offer 82, table 6. Africa, while an even larger number of Chinese are For the early European industrializers, trade with estimated to have migrated to other countries on their colonies, dominions, or with the other lands the Western Paciﬁc rim Maddison For the United Kingdom, a larger ular. These four countries also took ﬁve almost 10 per cent of all the goods and services times the American share of British exports in produced domestically Maddison Mitchell , table E2.
Similarly, Algeria The spectacular growth in international eco- was a larger market for French exports in than nomic integration was not accompanied by any was the United States. signiﬁcant institutionalization of intergovernmen- Tariffs continued to constitute a signiﬁcant bar- tal collaboration. the principle of most-favoured nation status MFN Most industrialized countries the signiﬁcant ex- into international trade agreements see Box 1. The rapid growth of economic integration was THE STUDY OF GLOBAL POLITICAL ECONOMY Under the most-favoured nation MFN principle, a facilitated by the international adoption of the government is obliged to grant to any trading part- gold standard see Box 1. For example, if France had a trade convertible into gold although Britain had oper- treaty with Germany in which it had reduced its tariffs ated a de facto gold standard from as early as on imports of German steel to 8 per cent, it would be obliged, under the most-favoured nation principle, if it The United States, though formally on a bimetallic signed a trade treaty with the United States, to reduce gold and silver standard, switched to a de facto its tariffs on imports of US steel also to 8 per cent.
The gold standard in and turned this into a de MFN principle is the foundation for non-discrimination jure arrangement in Germany and other in- in international trade, and is often asserted to be the dustrializing economies followed suit in the s. ing a deflationary effect on the domestic economy, and National money which may or may not consist of gold depress its demand for imports. In the United States, the coins, because other metallic coins and banknotes were opposite would occur: an inflow of gold would boost the also used in some countries and bank deposits would be money supply, thereby generating additional economic freely convertible into gold at the specified price. activity in the United States and increasing inflationary pressures there. cause inflation in Britain has made its exports relatively In principle, the gold standard should act to restore unattractive to US consumers.
Because British exports do equilibrium automatically in international payments. Cen- not cover the full costs of imports from the United States, tral banks, however, were also expected to facilitate British authorities would have to transfer gold to the US adjustment by raising their interest rates when coun- Treasury. The discovery of gold in California in , for were experiencing a payments surplus. For most of the example, led to an increase in the US money supply, domestic inflation, and an outflow of gold to its trade period from to , the Bank of England played partners, which in turn raised their domestic price levels.
by the rules of the game fairly consistently. Other cen- Countries on the periphery were particularly vulnerable tral banks—including those of France and Belgium—did to shocks: interest-rate increases in the industrialized not. reducing or increasing the volume of gold circulating in For further discussion, see Eichengreen and the domestic economy. Officer The great contribution of the gold standard to not rest on any international institution but rather facilitating international commerce was that eco- on the commitment of individual governments to nomic agents generally did not have to worry maintain the opportunity for individuals to con- about foreign exchange risks: the possibility that vert their domestic currencies into gold at a ﬁxed the value of the currency of a foreign country exchange rate.
Ultimately, the implementation of would change vis-à-vis their domestic currency the gold standard rested on the assumption that and thus, for example, reduce the value of their governments had both the capacity and the will to foreign investments. British investors in Ameri- impose economic pain on their domestic popula- can railways could be conﬁdent that the dollars tions when deﬂation was needed in order to bring they had bought with their sterling investments their economy back into equilibrium. These do- would buy the same amount of sterling at the date mestic costs became less acceptable with the rise of their investment matured, and that the US Trea- working-class political representation, and with the sury would convert the dollars back into gold at growth of expectations that a fundamental respon- this time. Meanwhile, they received interest on the sibility of governments was to ensure domestic full sums invested.
Conﬁdence in the gold standard did employment. the years before The World Economy in the Inter-War Period 13 THE STUDY OF GLOBAL POLITICAL ECONOMY The outbreak of the First World War was a devas- re-establishing the link between national currencies tating blow to cosmopolitan liberalism: it destroyed and gold. The United Kingdom restored the the credibility of the liberal argument that eco- convertibility of sterling at the pre-war gold nomic interdependence in itself would be sufﬁcient price, despite the domestic inﬂation that had to foster an era of peaceful coexistence among occurred in the intervening decade. The conse- states. The war brought to an end an era of quence was that sterling was generally reckoned unprecedented economic interdependence among to be overvalued by at least 10 per cent, mak- the leading industrial countries.
As discussed in ing British exports uncompetitive. It proved very the chapters by McGrew and Hay in this book, difﬁcult for the British government to estab- for many industrialized economies, indicators of lish an equilibrium in its balance of payments economic openness and interdependence did not without imposing severe deﬂation domestically. regain their pre-First World War levels until the Other countries—notably France, Belgium, and s. Italy—restored convertibility of their currencies at The war devastated the economies of Europe: a much lower price of gold than had prevailed subsequent political instability compounded eco- before nomic disruptions. Although the underlying problem: in an era when the work- collapse of international trade in the s is the ing class had been fully enfranchised, when trade feature of the inter-war economy that ﬁgures most unions had become important players in political prominently in stories of this era, the most funda- systems, especially in Western Europe, and when mental problem of the period was the inability of governments were expected to take responsibility states to construct a viable international ﬁnancial for maintaining full employment and promoting system.
domestic economic welfare, the subordination of The international gold standard broke down the domestic economy to the dictates of global mar- with the outbreak of war in August , when kets in the form of the international gold standard a speculative attack on sterling caused the Bank was no longer politically acceptable. Polanyi of England to impose exchange controls—a re- is the classic statement of this argument; on the fusal to convert sterling into gold and a de facto misguided attempts by Britain to restore the con- ban on gold exports. Other countries followed vertibility of sterling at pre levels, see Keynes suit.
Leading countries agreed to reinstate a mod- iﬁed version of the international gold standard The abandonment of the international gold stan- in The Bank of England lost became increasingly concentrated in closed impe- 14 much of its reserves in July and August of that rial blocks. year, and Britain abandoned the gold standard As in the pre period, international institu- JOHN RAVENHILL in September, a move that precipitated a sharp tions played no signiﬁcant role in the governance depreciation of the pound testimony to its over- of international economic matters. The League of valuation in the brief period in which the gold Nations had established an Economic and Financial standard was restored. Other countries again Organization with subcommittees on the various quickly followed in breaking the link between their areas of international economic relations.
It en- currencies and gold. By then, the world economy joyed success in the early s in co-ordinating was in depression, following the shocks to the a ﬁnancial reconstruction package of £26 mil- world economy transmitted from the United States lion for Austria. It also held various conferences after the Wall Street collapse of October aimed at facilitating trade by promoting common The gold standard almost certainly exacerbated standards on customs procedures, compilation of the effects of the depression, because government economic statistics, and so on.
The world economy was already in depression This began with the passage by Congress in before the US Congress, in response to concerns of the Reciprocal Trade Agreements Act RTAA , about the intensiﬁcation of import competition which gave the president the authority to negotiate for domestic farmers, passed the Smoot—Hawley foreign trade agreements without Congressional Tariff of This raised US tariffs to histori- approval. Retaliation from US Second World War the reasons why US trade pol- trading partners quickly followed, with the Euro- icy changed so dramatically between and pean countries giving preferential tariff treatment have been a focus of signiﬁcant recent work in to their colonies. The value of world trade de- international political economy; see Hiscox ; clined by two-thirds between and , and Irwin and Kroszner The World Economy Post 15 THE STUDY OF GLOBAL POLITICAL ECONOMY The world economy that emerged after the Sec- judged to be so high as to jeopardize other- ond World War was qualitatively different from wise politically feasible trade liberalization in other anything experienced before.
John Ruggie, a lead- sectors. ing contemporary theorist of political economy, The institutionalization of international eco- has identiﬁed two fundamental principles that nomic co-operation is another fundamental change distinguish the post-war economy from its pre- in international economic relations in the post-war decessors: the adoption of what Ruggie , period. Neither in the period of relative stability following Polanyi , terms embedded liberal- of the pre-First World War gold standard era nor ism, and a commitment to multilateralism Ruggie in the chaos of the s did leading economies create signiﬁcant international economic institu- Embedded liberalism refers to the compro- tions. A commitment to multilateralism is one of mise that governments made after between the deﬁning characteristics of the post or- safeguarding their domestic economic objectives, der. For Ruggie , multilateralism is not especially a commitment to maintaining full em- merely a matter of numbers—it involves collabo- ployment on the one hand, and an opening up ration among three or more states, not necessarily of the domestic economy to allow for the restora- all members of the system—but it also has a quali- tion of international trade and investment on the tative element in that the co-ordination of relations other.
A classic example is the most-favoured rary basis, from their international commitments nation principle, with its requirement that prod- should these threaten fundamental domestic eco- ucts from all trading partners must be treated in nomic objectives. Moreover, an acknowledgement the same manner regardless of the characteristics of the legitimacy of the principle that governments of the countries involved. This principle for the should give priority to the pursuit of domestic conduct of trade contrasts, for example, with the economic objectives was also written into the largely bilateral trade agreements of the inter-war rules of the game. The adoption of the prin- years, where governments, rather than applying a ciple of embedded liberalism was a recognition generalized principle to their trade relations, dis- by governments that international economic col- criminated in their treatment of individual trading laboration rested on their capacity to maintain partners. domestic political consensus—and that interna- The commitment to multilateralism that devel- tional economic collaboration was, fundamentally, oped in the late s and during the Second World a political bargain.
This recognition explains, for War bore immediate fruit in the founding of the example, why the agricultural sector was for many Bretton Woods multilateral ﬁnancial institutions: years excluded from trade liberalization: the do- the International Monetary Fund and the World mestic political costs for governments of nego- Bank see Box 1. For the whole of the pe- affairs see Ravenhill, Chapter 6 in this volume. riod since , but especially since the mid s, States have increasingly enmeshed themselves in a JOHN RAVENHILL regional institutions have also played an important dense web of multilateral institutions. html; see also Mount Washington Hotel in the village of Bretton www. Woods, New Hampshire, to chart the future of the These institutions and the rules for managing in- international economy in the post-war period.
The ternational finance that were agreed became known forty-four governments represented at what was of- collectively as the Bretton Woods regimes. In , ficially known as the United Nations Monetary and a United Nations Conference on Trade and Em- Financial Conference agreed on the principles that ployment in Havana, Cuba, drew up a charter would govern international finance in the post-war www. htm for an International years, and to create two major international institu- Trade Organization ITO , to complement the Bret- tions to assist in the management of these arrange- ments: the International Monetary Fund; and the World ton Woods financial institutions. The ITO never came Bank formally known as the International Bank for to fruition, however—see Winham, Chapter 5 in this Reconstruction and Development. For details of the volume. The unprecedented rates of economic growth Aggregate rates of growth, however, disguised achieved in the years after attest to the success substantial variations across different regions of the of the pursuit of multilateral economic collabo- world economy.
The gap between rich and poor ration in this period. Global GDP grew at close widened substantially see Figure 1. In , to 5 per cent in the period — Although little difference had existed in per capita incomes the recessions that followed the oil price rises of across various regions of the world. Incomes per —4 and —80, and the debt crises that af- head in the United States did not exceed those of ﬂicted Latin America and Africa, contributed to China until the second quarter of the eighteenth a slowing of growth in the quarter-century after century. By the third quarter of the nineteenth , world GDP nonetheless grew at an aver- century, however, a marked gap had developed be- age of 3 per cent per annum, a faster rate than tween incomes per capita in the United States and during any period before Maddison Western Europe on the one hand, and those of the , table 8— This text is the only introduction to global political economy that lets students learn from the very top scholars in the field.
Now in its sixth edition, this highly successful textbook has been thoroughly updated with contemporary real word examples, including the impact of the Trump administration, Brexit, and economic nationalism. Furthermore, new analysis has been added on the international political economy of work, labour, and energy. This ensures that Global Political Economy is the most up-to-date and relevant textbook on the subject available. This book is supported by online resources designed to help students take their learning further. Edited by John Ravenhill , Director of the Balsillie School of International Affairs and Professor of Political Science, University of Waterloo, Canada.
Edited by John Ravenhill, Director of the Balsillie School of International Affairs and Professor of Political Science, University of Waterloo, Canada. Vinod Aggarwal, University of California, Berkeley, USA Ann Capling, University of Melbourne, Australia Peter Dauvergne, University of British Columbia, Vancouver, Canada Cédric Dupont, The Graduate Institute of International Studies, Geneva Colin Hay, University of Sheffield, UK Eric Helleiner, University of Waterloo, Canada Michael J Hiscox, Harvard University, USA Anthony McGrew, University of Strathclyde, UK Louis W Pauly, University of Toronto, Canada Nicola Phillips, Kings College London, UK John Ravenhill, University of Waterloo, Canada Eric Thun, Saïd Business School, University of Oxford, UK Silke Trommer, University of Helsinki, Finland Robert Hunter Wade, London School of Economics and Political Science, UK Matthew Watson, University of Warwick, UK.
Most importantly, though, it helps students to unpack big claims. The coverage is comprehensive, thoroughly revised to keep up with contemporary developments, and the quality of the scholarship is uniformly high. Students could not ask for a more incisive and thoughful introduction to the study of global political economy. Ravenhill brings together many of the leading scholars in an unrivaled collection. I value its thoroughness, clarity, and the balance it strikes between theory and practice. Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. Academic Skip to main content. Australia About Us Jobs Contact Us Help. Sign In Register My Account Cart 0 items. Search Start Search. Sign In Register My Account.
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