《FOUNDATIONS OF INTERNATIONAL POLITICAL ECONOMY》

Introduction1

The subject field of International Political Economy1

The limits of the subject field4

Chapter outline9

1. Approaches to International Political Economy:Beyond 'States and Markets'11

Introduction11

International Political Economy as a sub-field of International Relations14

The 'states and markets' approach in International Political Economy19

Political economy as the basis for IPE27

Beyond the 'states and markets' approach in International Political Economy32

Conclusion41

2 Historicizing Rationality Assumptions: International Political Economy in the History of Economic Thought44

Introduction44

Classical political economy versus modern economics45

The heterogeneous roots of neoclassical economics: Jevons, Menger and Walras51

The limits of utility-maximizing theory60

Conclusion66

3 The Classical Tradition of Political Economy: New Foundations for IPE68

Introduction68

The ontology of classical political economy70

The purpose of theory within the classical tradition of political economy76

From the general to a particular case for classical political economy foundations for IPE81

Foundations for International Political Economy based on Smith, Veblen and Polanyi88

Conclusion98

4 Moral Propriety within Political Economy: The Work of Adam Smith100

Introduction100

Smith on economics: The Wealth of Nations101

Smith on method: The History of Astronomy108

Smith on philosophy: The Theory of Moral Sentiments113

Conclusion118

Institutional Analysis within Political Economy:The Work of Thorstein Veblen120

Introduction120

Veblen on economic method: beyond taxonomy121

Veblen on human nature: beyond hedonism127

Veblen on institutions: understanding habits of thought133

Conclusion139

6Social Embeddedness within Political Economy: The Work of Karl Polanyi141

Introduction141

Polanyi on the exchange relation: the market economy as historical novelty143

Polanyi on fictitious commodities: the embeddedness of economic institutions149

Polanyi on human nature: beyond utilitarian accounts of being154

Conclusion159

7 Understanding the Market within Modern Society161

Introduction161

The market as actor versus the market as arena for action163

The market economy and the coordination of individual activities168

The political construction of market exchange: beyond the 'invisible hand' metaphor172

Conclusion177

8Understanding the State within Modern Society179

Introduction179

'The state', state projects and the competing imperatives of accumulation and legitimation181

The state as the manifestation of the balance of political forces within society186

The state and the commodification of the individual190

Conclusion196

9Applying the Theoretical Framework (1): Globalization198

Introduction198

Competitiveness concerns, market ideologies and discourses of globalization199

Globalization as actor versus globalization as arena for action203

Globalization as ideological justification for self-interested behaviour206

Conclusion210

10Applying the Theoretical Framework (2): International Trade212

Introduction212

The economistic fallacy and the development of global trading relations213

The fair trade market and fair trade ideology216

The impartial spectator and the fairly traded alternative220

Conclusion223

11Applying the Theoretical Framework (3): International Development226

Introduction226

International economic development and the ideology of structural adjustment227

Local level politics and resistance to adjustment ideology230

The World Bank and the re-making of individual rationality235

Conclusion238

Conclusion240

Re-founding International Political Economy240

The future of International Political Economy242

References246

Index262