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The downhill slide in the global price of crude oil, which started mid-2014, had major repercussions across the Middle East for net oil exporters, as well as importers closely connected to the oil-producing countries from the Gulf. Following the Arab uprisings of 2010 and 2011, the oil price decline represented a second major shock for the region in the early twenty-first century – one that has continued to impose constraints, but also provided opportunities. Offering the first comprehensive analysis of the Middle Eastern political economy in response to the 2014 oil price decline, this book connects oil market dynamics with an understanding of socio-political changes. Inspired by rentierism, the contributors present original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The studies reveal a large diversity of country-specific policy adjustment strategies: from the migrant workers in the Arab Gulf, who lost out in the post-2014 period but were incapable of repelling burdensome adjustment policies, to Egypt, Jordan, and Lebanon, who have never been able to fulfil the expectation that they could benefit from the 2014 oil price decline. With timely contributions on the COVID-19-induced oil price crash in 2020, this collection signifies that rentierism still prevails with regard to both empirical dynamics in the Middle East and academic discussions on its political economy.
The ideal introductory textbook to the politics of the policymaking process This textbook uses modern political economy to introduce students of political science, government, economics, and public policy to the politics of the policymaking process. The book's distinct political economy approach has two virtues. By developing general principles for thinking about policymaking, it can be applied across a range of issue areas. It also unifies the policy curriculum, offering coherence to standard methods for teaching economics and statistics, and drawing connections between fields. The book begins by exploring the normative foundations of policymaking—political theory, social choice theory, and the Paretian and utilitarian underpinnings of policy analysis. It then introduces game theoretic models of social dilemmas—externalities, coordination problems, and commitment problems—that create opportunities for policy to improve social welfare. Finally, it shows how the political process creates technological and incentive constraints on government that shape policy outcomes. Throughout, concepts and models are illustrated and reinforced with discussions of empirical evidence and case studies. This textbook is essential for all students of public policy and for anyone interested in the most current methods influencing policymaking today. Comprehensive approach to politics and policy suitable for advanced undergraduates and graduate students Models unify policy curriculum through methodological coherence Exercises at the end of every chapter Self-contained appendices cover necessary game theory Extensive discussion of cases and applications
Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.
Turkey stands at a crossroad after a decade of adjustment to its severe debt crisis in the late 1970s. This volume brings together a group of contributors who discuss the consequences of this transition and the likely pains for the future.
Given the widely-accepted premise that free trade is the best means of maximising overall societal welfare, why has it proven so difficult to achieve in certain industries? This book tackles arguably the most perennial and deep-rooted of all questions in political economy, and questions the incumbent orthodox liberal theories of collective action. Using a historical institutionalist framework to explore and explain the political economy of trade protectionism and liberalization, this book is based on detailed case studies of the textiles and clothing sector in the EU, United States, China, Caribbean Basin and sub-Saharan Africa. From this, the book expands to discuss the origins of trade protectionism and examine the wider political effects of liberalization, offering an explanation of why a successful conclusion to the WTO ‘Doha’ round has proven to be so elusive. The book argues that the regulation of global trade - and the economic consequences that this has for both developed and developing countries - has been the result of the particular way in which trade preferences are mediated through political institutions. The Global Political Economy of Trade Protectionism and Liberalization will be of interest to those studying and researching international and comparative political economy, developing area studies, economics, law and geography.
Pempel contrasts the political economy of Japan during two decades: the 1960s ̧when the nation e¡perienced conservative political dominance and high growth ̧and the early 1990s ̧when the "bubble economy" collapsed and electoral politics changed. The different dynamics of the two periods indicate a regime shift in which the present political economy deviates profoundly from earlier forms. This shift has involved a transformation in socioeconomic alliances ̧political and economic institutions ̧and public policy profile ̧rendering Japanese politics far less predictable than in the past. Pempel weighs the Japanese case against comparative data from the USA ̧Great Britain ̧Sweden and Italy ̧to show how unusual Japan's political economy had been in the 1960s. The te¡t suggests that Japan's present troubles are deeply rooted in the economy's earlier success.
This volume presents eight good practice examples of problem-driven political economy analysis conducted at the World Bank, and reflect what the Bank has so far been able to achieve in mainstreaming this approach into its operations and policy dialogue.
In Recasting Welfare Capitalism, Mark Vail employs a sophisticated and original theoretical approach to compare welfare states and political-economic adjustment in Germany and France. He examines how and why institutional change takes place and what factors characterize economic evolution when moving from times of prosperity to more austere periods and back again. Covering the 1970s to the present, Vail analyzes social and economic reforms, including labor policy, social-insurance, and anti-poverty programs. He focuses on the tactics and actions of key political players, and demolishes the stagnation argument that suggests that France and Germany have largely frozen political economies, incapable of reform. Vail finds that these respective evolutions involve interrelated changes in social and economic policies and are characterized by political relationships that are continuously renegotiated—often in unpredictable ways. In the process, he presents a compelling reconceptualization of change in both the welfare state and the broader political economy during an age of globalization.
This is Volume XXI of twenty-three in a collection on the History of Economic Thought. Originally published in 1933, this volume offers selected papers and reviews on economic theory as the first volume of two.