The Politics of International Political Economy

339 Pages·2014·1.856 MB·English

by  Vassilis K. Fouskas

THE POLITICS OF
INTERNATIONAL
POLITICAL
ECONOMY
Europa Politics of … Series
This major series from Routledge offers up-to-date surveys covering the
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THE POLITICS OF
INTERNATIONAL
POLITICAL
ECONOMY
A SURVEY
FIRST EDITION
Editor: Vassilis K. Fouskas
First edition published 2015
by Routledge
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and by Routledge
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Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2015 Vassilis K. Fouskas for selection and editorial material; individual
chapters, Routledge
The right of the editor to be identified as the author of the editorial
material,andoftheauthorsfortheirindividualchapters,hasbeenasserted
in accordance with sections 77 and 78 of the Copyright, Designs and
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Allrightsreserved.Nopartofthisbookmaybereprintedorreproducedor
utilised in any form orbyany electronic, mechanical,orother means, now
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from the publishers.
Trademark notice: Product or corporate names may be trademarks or
registeredtrademarks,andareusedonlyforidentificationandexplanation
without intent to infringe.
Library of Congress Cataloging in Publication Data
Thepoliticsofinternationalpoliticaleconomy:asurvey/editedbyVassilis
K. Fouskas.
pages cm
Includes bibliographical references.
1. International economic relations. 2. International economic relations–
Case studies. 3. International finance. 4. International finance–Case
studies. I. Fouskas, Vassilis K., 1963- , author, editor of compilation.
HF1359.P656 2014
337–dc23
2014010765
ISBN: 978-1-85743-638-9 (hbk)
ISBN: 978-0-203-14597-5 (ebk)
Europa Commissioning Editor: Cathy Hartley
Editorial Assistant: Lydia de Cruz
Contents
List of illustrations ix
List of contributors xi
Foreword xii
Acknowledgments xiv
List of abbreviations xv
ESSAYS
Global political economy and the separation of
academic disciplines 3
KEES VAN DER PIJL
Revisiting Bretton Woods, 1944–71 20
ALEXO. TACKIE
The failure of neo-liberal financialization (1971–91) 38
VASSILIS K. FOUSKAS AND BÜLENT GÖKAY
Shock therapy and the political economyof the former
Soviet space 57
SABINE SPANGENBERG
Revisiting the 1992–93 EMS crisis in the context of international
political economy 78
DIMITRIS P. SOTIROPOULOS
Asiacatchescold,Russiasneezes:thepoliticaleconomyofemerging
market crises in 1997–98 95
MICHAEL F. KEATING
The rise of the qi ye ji tuan and the emergence of
Chinese hegemony 119
JAYANTHA JAYMAN
The global South: from dependency to convergence? 146
RAY KIELY
The policy response to the great recession of 2008: is it the 1930s
all over again? 165
YIANNIS KITROMILIDES
Understanding the global financial crisis 178
BÜLENT GÖKAY
The political economyof the Arab uprisings 188
SHAMPA ROY-MUKHERJEE
vii
CONTENTS
The politics and economics of the Greek debt crisis 209
CONSTANTINE DIMOULAS AND VASSILIS K. FOUSKAS
A–Z GLOSSARY 249
Select bibliography 295
viii
List of illustrations
FIGURES
7.1 GDP: World, G7 + Australia, China, India, Russia 122
11.1 MENAGDP growth, 1996–2011 195
11.2 GDP and per capita GDP growth by region, 2012 197
11.3 MENA fiscal balance (percentage of GDP), 1996–2011 198
11.4 Manufactured exports as a percentage of total
merchandise exports 199
11.5 Tariff Reform Index (percentile ranking), 2000–07 200
11.6 FDI inflows into the MENA region, 2011 200
11.7 Unemployment rates in MENA countries in 2011 203
11.8 Unemployment in percentage among youth, women and
educated in 2009 203
TABLES
3.1 Average profit rates in three sectors 50
3.2 Comparing average profit and unemployment rates, and
average annual rates of change for real wages, in selected
OECD countries 50
4.1 Selected economic indicators 69
4.2 Selected economic indicators 70
11.1 The original and augmented Washington Consensus 190
11.2 MENA region statistics 196
12.1 Sectoral structure of GDP at factor costs as a percentage
of total 219
12.2 Balance of payments deficit and invisible receipts (1960–80) in
US$ million, current prices 220
12.3 Some key economic indicators, 1974–89 222
12.4 EEC/EC transfers during PASOK’s second term, 1985–89 223
12.5 Athens Stock Exchange: share price indices, 1980–2010 226
12.6 Evolution of the Greek public debt and its relation to
GDP in US$ 229
12.7 Exports over imports 231
12.8 AnnualloansoftheGreekstate,statereceipts,receiptsfromEC
and expenditures 232
ix