Pub Date : 2023-04-24DOI: 10.1080/09692290.2023.2204532
M. Larsen
Abstract The diffusion of liberal economic ideas has been challenged by three global shifts: a bipolar tilt, nationalism, and climate change. One consequence is that policy norms are originating from new places and carry new content. To date, diffusion theory in International Political Economy (IPE) explains how liberal policy norms spread through ‘adaptation’ to local circumstances, but less why they diffuse from particular origins. The three global shifts make a focus on origins critical. I propose integrating Comparative Political Economy (CPE) into diffusion theory to capture the forces and conditions shaping policy norm ‘origination’. Analyzing the global proliferation of green finance policies, I show how China’s closed capital account and state-controlled financial system combined with a state-led and experimentation-prone governance system creates a top-down market-steering approach that makes China a pioneer of policy instruments. Second, I show how the EU’s global economic position, its independent central bank, and a negotiated and consultative governance system create a bottom-up market-facilitating approach that makes the EU a standard-setter of policy content. Adding origination creates a path forward for diffusion theory, exploring how certain political economy traits create roles in the diffusion process and how this impacts the diffusion mechanisms and adaptation processes emphasized today.
{"title":"Adding ‘origination’ to diffusion theory: contrasting the roles of China and the EU in green finance","authors":"M. Larsen","doi":"10.1080/09692290.2023.2204532","DOIUrl":"https://doi.org/10.1080/09692290.2023.2204532","url":null,"abstract":"Abstract The diffusion of liberal economic ideas has been challenged by three global shifts: a bipolar tilt, nationalism, and climate change. One consequence is that policy norms are originating from new places and carry new content. To date, diffusion theory in International Political Economy (IPE) explains how liberal policy norms spread through ‘adaptation’ to local circumstances, but less why they diffuse from particular origins. The three global shifts make a focus on origins critical. I propose integrating Comparative Political Economy (CPE) into diffusion theory to capture the forces and conditions shaping policy norm ‘origination’. Analyzing the global proliferation of green finance policies, I show how China’s closed capital account and state-controlled financial system combined with a state-led and experimentation-prone governance system creates a top-down market-steering approach that makes China a pioneer of policy instruments. Second, I show how the EU’s global economic position, its independent central bank, and a negotiated and consultative governance system create a bottom-up market-facilitating approach that makes the EU a standard-setter of policy content. Adding origination creates a path forward for diffusion theory, exploring how certain political economy traits create roles in the diffusion process and how this impacts the diffusion mechanisms and adaptation processes emphasized today.","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":"30 1","pages":"1203 - 1219"},"PeriodicalIF":4.3,"publicationDate":"2023-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44189949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-30DOI: 10.1080/09692290.2023.2195678
P. Polyak
Abstract The Eurozone’s export-oriented policy regime and pursuit of trade surpluses remains thoroughly puzzling. Rooted in overly strict fiscal policies, inequality and underinvestment; undermining growth and contributing to trade tensions– it defies economic self-interest. This paper develops an analytical framework to confront this puzzle. It argues that these policies are self-harming, but are nonetheless pursued, because of three fallacies that obscure the cost-benefit calculus attached to them. These fallacies are rooted in the empirical problem of observational equivalence: the same observed surplus can be driven by different underlying processes, and its net benefit will depend on our assumptions about these drivers. The first fallacy is mistaking external enablers for domestic competitiveness—interpreting export success to be linked to domestic reform, when it was largely explained by better links to faster growing trading partners. The second fallacy is mistaking weak imports for strong exports—interpreting surpluses as ‘winning’, even when they are not driven by superior exports but sluggish imports. The third fallacy is mismeasuring multinational firms’ contributions to national exports—interpreting profit shifting and assets stashed in low tax jurisdictions as export performance. Germany and Ireland, as paradigmatic ‘success cases of austerity’, are used to expand the argument.
{"title":"Foundering on fallacies: theorizing the Eurozone’s self-harming mercantilism","authors":"P. Polyak","doi":"10.1080/09692290.2023.2195678","DOIUrl":"https://doi.org/10.1080/09692290.2023.2195678","url":null,"abstract":"Abstract The Eurozone’s export-oriented policy regime and pursuit of trade surpluses remains thoroughly puzzling. Rooted in overly strict fiscal policies, inequality and underinvestment; undermining growth and contributing to trade tensions– it defies economic self-interest. This paper develops an analytical framework to confront this puzzle. It argues that these policies are self-harming, but are nonetheless pursued, because of three fallacies that obscure the cost-benefit calculus attached to them. These fallacies are rooted in the empirical problem of observational equivalence: the same observed surplus can be driven by different underlying processes, and its net benefit will depend on our assumptions about these drivers. The first fallacy is mistaking external enablers for domestic competitiveness—interpreting export success to be linked to domestic reform, when it was largely explained by better links to faster growing trading partners. The second fallacy is mistaking weak imports for strong exports—interpreting surpluses as ‘winning’, even when they are not driven by superior exports but sluggish imports. The third fallacy is mismeasuring multinational firms’ contributions to national exports—interpreting profit shifting and assets stashed in low tax jurisdictions as export performance. Germany and Ireland, as paradigmatic ‘success cases of austerity’, are used to expand the argument.","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":"30 1","pages":"823 - 840"},"PeriodicalIF":4.3,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44468237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-28DOI: 10.1080/09692290.2023.2190601
Leonardo Di Bonaventura Altuve
{"title":"The demise of sovereign wealth funds","authors":"Leonardo Di Bonaventura Altuve","doi":"10.1080/09692290.2023.2190601","DOIUrl":"https://doi.org/10.1080/09692290.2023.2190601","url":null,"abstract":"","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45890112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-21DOI: 10.1080/09692290.2023.2190922
I. T. Chen
{"title":"Trading for survival: trade policy as a credible signal, alliance strategy, and public preferences in Taiwan","authors":"I. T. Chen","doi":"10.1080/09692290.2023.2190922","DOIUrl":"https://doi.org/10.1080/09692290.2023.2190922","url":null,"abstract":"","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2023-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46992460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-15DOI: 10.1080/09692290.2023.2170445
Fabian Pape, Johannes Petry
{"title":"East Asia and the politics of global finance: a developmental challenge to the neoliberal consensus?","authors":"Fabian Pape, Johannes Petry","doi":"10.1080/09692290.2023.2170445","DOIUrl":"https://doi.org/10.1080/09692290.2023.2170445","url":null,"abstract":"","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2023-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42314951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-15DOI: 10.1080/09692290.2023.2175711
Mu-Jen Chen, Johannes Petry
Abstract In recent years, IPE research has increasingly tried to better understand the nature and implications of China’s rise in a changing global landscape. However, in IPE teaching, China is often treated as an afterthought to a familiar transatlantic story. IPE students thereby are not adequately prepared to explain important developments in the 21st-century global economy, their underlying causes, mechanisms and particularities. This article provides a roadmap for rethinking the IPE curriculum. In an initial step, we suggest incorporating more comparative political economy into the teaching of IPE theories to create an analytical sensitivity for understanding (Chinese) state-market relationships that significantly diverge from Western-centric narratives. In a second step, these conceptual frameworks should be taken into account when teaching core IPE issue areas such as finance, development, production and trade, in which we argue China must be treated as an integral part rather than an outlier of IPE teaching. Such a revised curriculum, we argue, equips students with the conceptual tools and empirical knowledge for understanding diverging domestic institutional configurations of different economies, and thereby enables students to analyze, compare and critically evaluate fundamental assumptions and arguments about how the global economy functions in the context of a rising China.
{"title":"What about the dragon in the room? Incorporating China into international political economy (IPE) teaching","authors":"Mu-Jen Chen, Johannes Petry","doi":"10.1080/09692290.2023.2175711","DOIUrl":"https://doi.org/10.1080/09692290.2023.2175711","url":null,"abstract":"Abstract In recent years, IPE research has increasingly tried to better understand the nature and implications of China’s rise in a changing global landscape. However, in IPE teaching, China is often treated as an afterthought to a familiar transatlantic story. IPE students thereby are not adequately prepared to explain important developments in the 21st-century global economy, their underlying causes, mechanisms and particularities. This article provides a roadmap for rethinking the IPE curriculum. In an initial step, we suggest incorporating more comparative political economy into the teaching of IPE theories to create an analytical sensitivity for understanding (Chinese) state-market relationships that significantly diverge from Western-centric narratives. In a second step, these conceptual frameworks should be taken into account when teaching core IPE issue areas such as finance, development, production and trade, in which we argue China must be treated as an integral part rather than an outlier of IPE teaching. Such a revised curriculum, we argue, equips students with the conceptual tools and empirical knowledge for understanding diverging domestic institutional configurations of different economies, and thereby enables students to analyze, compare and critically evaluate fundamental assumptions and arguments about how the global economy functions in the context of a rising China.","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":"30 1","pages":"801 - 822"},"PeriodicalIF":4.3,"publicationDate":"2023-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42088219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-13DOI: 10.1080/09692290.2023.2169322
Felipe Antunes de Oliveira, I. Kvangraven
Abstract Whereas the field of International Political Economy (IPE) included a diversity of voices at its outset, histories of the field tend to marginalize certain contributions - particularly those from the Global South. The endeavor to decolonize IPE offers an opportunity to look back at IPE’s history, re-discover the marginalized voices, and imagine new possible futures. This article engages with contemporary calls to decolonize IPE and proposes an alternative route to do so by recovering dependency theory. We argue that dependency theory can be conceptualized as a peripheral IPE perspective that was committed to thinking from the Global South and to producing politically engaged scholarship just as the field was being formed. The article elaborates on the key tenets of dependency theory, contrasting it with mainstream IPE, and putting it in dialogue with decolonial approaches. To demonstrate the simultaneous non-Eurocentric, anti-colonial, and policy-oriented potential of dependency theory, we recover a foundational moment that disciplinary histories of IPE have forgotten: the 1972 Dakar conference, organized by Samir Amin, with the participation of leading Latin American and African dependency scholars.
{"title":"Back to Dakar: Decolonizing international political economy through dependency theory","authors":"Felipe Antunes de Oliveira, I. Kvangraven","doi":"10.1080/09692290.2023.2169322","DOIUrl":"https://doi.org/10.1080/09692290.2023.2169322","url":null,"abstract":"Abstract Whereas the field of International Political Economy (IPE) included a diversity of voices at its outset, histories of the field tend to marginalize certain contributions - particularly those from the Global South. The endeavor to decolonize IPE offers an opportunity to look back at IPE’s history, re-discover the marginalized voices, and imagine new possible futures. This article engages with contemporary calls to decolonize IPE and proposes an alternative route to do so by recovering dependency theory. We argue that dependency theory can be conceptualized as a peripheral IPE perspective that was committed to thinking from the Global South and to producing politically engaged scholarship just as the field was being formed. The article elaborates on the key tenets of dependency theory, contrasting it with mainstream IPE, and putting it in dialogue with decolonial approaches. To demonstrate the simultaneous non-Eurocentric, anti-colonial, and policy-oriented potential of dependency theory, we recover a foundational moment that disciplinary histories of IPE have forgotten: the 1972 Dakar conference, organized by Samir Amin, with the participation of leading Latin American and African dependency scholars.","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":"30 1","pages":"1676 - 1700"},"PeriodicalIF":4.3,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43727323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-13DOI: 10.1080/09692290.2023.2173633
Jeffrey Ding
{"title":"The diffusion deficit in scientific and technological power: re-assessing China’s rise","authors":"Jeffrey Ding","doi":"10.1080/09692290.2023.2173633","DOIUrl":"https://doi.org/10.1080/09692290.2023.2173633","url":null,"abstract":"","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45829469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-13DOI: 10.1080/09692290.2022.2161110
T. Ndhlovu
COVID-19 and rising energy costs have highlighted the interconnectedness of class, gender, race, and food insecurity. This article focuses on three interrelated arguments: the paradox of growing food surpluses alongside hunger and malnutrition;the role of a reconfigured Ubuntu philosophy;and two organisations that, despite central government's failure to prioritise food provision as a moral and human rights issue, are operationalising Ubuntu. Critical re-appraisal of Ubuntu regarding food insecurity has been a neglected area of research. In drawing from the moral economy, we make an urgent case for a Southern perspective of Ubuntu as a more nuanced, dynamic, and holistic approach for addressing excess food production and indigence. Using qualitative analysis to examine community projects in South Africa, namely, Abalimi Bezekhaya in the Eastern and Western Cape and Siyavuna Abalimi in KwaZulu-Natal, Ubuntu is shown to offer a radical solution where collective structural organisation is sensitive to nutritional needs and grounded on communal responsibility rather than profits.
{"title":"Food (in)security, the moral economy, and Ubuntu in South Africa: a Southern perspective","authors":"T. Ndhlovu","doi":"10.1080/09692290.2022.2161110","DOIUrl":"https://doi.org/10.1080/09692290.2022.2161110","url":null,"abstract":"COVID-19 and rising energy costs have highlighted the interconnectedness of class, gender, race, and food insecurity. This article focuses on three interrelated arguments: the paradox of growing food surpluses alongside hunger and malnutrition;the role of a reconfigured Ubuntu philosophy;and two organisations that, despite central government's failure to prioritise food provision as a moral and human rights issue, are operationalising Ubuntu. Critical re-appraisal of Ubuntu regarding food insecurity has been a neglected area of research. In drawing from the moral economy, we make an urgent case for a Southern perspective of Ubuntu as a more nuanced, dynamic, and holistic approach for addressing excess food production and indigence. Using qualitative analysis to examine community projects in South Africa, namely, Abalimi Bezekhaya in the Eastern and Western Cape and Siyavuna Abalimi in KwaZulu-Natal, Ubuntu is shown to offer a radical solution where collective structural organisation is sensitive to nutritional needs and grounded on communal responsibility rather than profits.","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":" ","pages":""},"PeriodicalIF":4.3,"publicationDate":"2023-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42687523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-04DOI: 10.1080/09692290.2022.2060278
Omar Ramon Serrano Oswald, J. Eckhardt
Abstract Following decades of relative isolation, China and India have become the world’s largest new traders. In this paper, we focus on their Preferential Trade Agreements (PTAs). While the two economies initially followed similar paths, with a growing number of PTAs signed in the first decade of the 21st Century, since 2011 India has taken a U-turn and stopped completing them. China, on the other hand, has widened and deepened its trade agreements. We present a novel theoretical framework to analyze international economic negotiations by emerging economies and use it to study the puzzling divergence of the trade policies of China and India. By adapting the two-level game framework to emerging economies, we argue that there are key differences in the political economies of countries like China and India (compared to Western industrialized ones), which requires a more specific focus on the domestic side of the two-level game. We show that accounting for non-legislative domestic ratification processes and for iterative games and experiential learning by domestic actors are crucial in understanding the trade strategies of emerging economies. While much of the literature explains large emerging economies by looking at external systemic factors, we instead suggest that their domestic politics trumps international politics.
{"title":"New champions of preferential trade? Two-level games in China’s and India’s shifting commercial strategies","authors":"Omar Ramon Serrano Oswald, J. Eckhardt","doi":"10.1080/09692290.2022.2060278","DOIUrl":"https://doi.org/10.1080/09692290.2022.2060278","url":null,"abstract":"Abstract Following decades of relative isolation, China and India have become the world’s largest new traders. In this paper, we focus on their Preferential Trade Agreements (PTAs). While the two economies initially followed similar paths, with a growing number of PTAs signed in the first decade of the 21st Century, since 2011 India has taken a U-turn and stopped completing them. China, on the other hand, has widened and deepened its trade agreements. We present a novel theoretical framework to analyze international economic negotiations by emerging economies and use it to study the puzzling divergence of the trade policies of China and India. By adapting the two-level game framework to emerging economies, we argue that there are key differences in the political economies of countries like China and India (compared to Western industrialized ones), which requires a more specific focus on the domestic side of the two-level game. We show that accounting for non-legislative domestic ratification processes and for iterative games and experiential learning by domestic actors are crucial in understanding the trade strategies of emerging economies. While much of the literature explains large emerging economies by looking at external systemic factors, we instead suggest that their domestic politics trumps international politics.","PeriodicalId":48121,"journal":{"name":"Review of International Political Economy","volume":"30 1","pages":"654 - 677"},"PeriodicalIF":4.3,"publicationDate":"2023-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47334729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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