Constructivism as an approach to international political economy

Authored by: Rawi Abdelal

Routledge Handbook of International Political Economy (IPE)

Print publication date:  February  2009
Online publication date:  June  2009

Print ISBN: 9780415771269
eBook ISBN: 9780203881569
Adobe ISBN: 9781135984014

10.4324/9780203881569.ch4

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Abstract

Politics decisively influences the fate of the world economy. Government choices lead to cooperation and discord among countries; economic integration and disintegration; and openness and closure to cross-border flows of persons, goods and services, and capital. International markets have, therefore, political foundations. Since the emergence of the modern world economy during the mid-nineteenth century, politics made one era of globalization, circa 1870–1914, and then unmade it with two world wars, beggar-thy-neighbor economic policies, and failed efforts at international cooperation. The early post-war years witnessed the renaissance of cooperation, which in turn allowed trade in goods and services to expand. During the 1980s, governments laid the institutional foundations for truly international financial markets. Soon thereafter, policy makers acknowledged that we lived in a new era of globalization, an era made possible by profound political transformations and which resulted in far-reaching economic and social changes.

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