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Michael C. Webb explores a central question about postwar economic history: how has the growth of international markets affected the coordination of economic policy among nations? His analysis overturns the popular assumption that policy coordination has eroded as American hegemony has receded. Instead, he argues that the growing mobility of capital forced governments to abandon the strategies they had used in the 1950s and 60s to insulate monetary and fiscal policies from international influences, and to move toward more direct coordination of central economic strategies. Webb shows that since 1945 there has been a crucial shift in the pattern of international collaboration. He focuses on three types of adjustment policy: trade and capital controls, balance-of-payment lending and intervention in foreign-exchange markets, and monetary and fiscal policies. Noting that the first two types are no longer effective, he demonstrates that governments now rely more on monetary and fiscal policy coordination to regulate the global economy. As the expansion of international finance created greater turbulence in the global economy in the 1980s, the liberal system of international trade threatened to collapse. Webb examines in particular how the United States, Japan, and Germany took unprecedented steps to coordinate monetary and fiscal policies in the late 1980s and early 1990s, although domestic political obstacles—not any decline in U.S. power—limited the impact of this policy coordination. He concludes by assessing the effectiveness of these attempts to reconcile the goal of a stronger liberal system of economic exchange with the desire to maintain national autonomy.
In this book, Miles Kahler examines both global and regional institutions and their importance in the world economy. Kahler explains the variation in these institutions and assesses the role they play in sustaining economic cooperation among nations.
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
What is the balance of the European Union’s Common Agricultural Policy more than half a century after its birth? Does it illustrate the virtues of the European model of coordinated capitalism, as opposed to US-style liberal capitalism? Or is it an incoherent set of instruments that exert diverse negative impacts and, like Frankenstein’s monster, seems to have escaped the control of its designers? The Political Economy of the Common Agricultural Policy does not criticize the CAP from the liberal standpoint that views most public interventions in the economy as bad for efficiency and welfare. The CAP has been costly to Europeans, both as consumers and as taxpayers, and has also generated a number of negative impacts upon third countries, but these costs and impacts have been more moderate than is suggested. This book proposes that the issue with the CAP is not a generic problem of coordinating capitalism but, instead, a more specific problem of low-quality coordination. The text argues that profound reform of the European Union’s institutions and policies is required to counter the rapid rise of a more Eurosceptical state of mind but – in the case of agricultural policy – history casts serious doubts on the capacity of the European network of agriculture-related politicians to lead such a reform. This key work is essential reading for researchers, graduate students, and master’s level docents of the Common Agricultural Policy and – more broadly – European Union policy and reform.
This collection of essays from one of the major Austrian economists working in the world today brings together in one place some of his key writings on a variety of economic issues.
The contributions in this book provide a unique view of its emergence and growth in a number of different national settings in an area of the Third World where the industry is most advanced. In The Political Economy of Japanese Monetary Policy, Cargill, Hutchison, and Ito investigate the formulation and execution of monetary and financial policies in Japan within a broad technical, political, and institutional context.Their emphasis is on the period since the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, and on the effects of policies and institutions in shaping the modern Japanese economy. The authors present basic themes and recent developments, as well as their own research findings.They also review and integrate the large literature in the area. They consider theoretical arguments and empirical evidence for each topic discussed. Topics covered include Japan's low inflation record (despite the central bank's lack of formal independence from the government); politically motivated business cycles and the timing of elections; exchange rate policy and international policy coordination; the historical development of central banking; Japan's "bubble economy" of the 1980s; and the causes, magnitude, and regulatory responses to Japan's banking and financial crisis of the 1990s.
How do European states adjust to international markets? Why do French governments of both left and right face a public confidence crisis? In this book, leading experts on France chart the dramatic changes that have taken place in its polity, economy and society since the 1980s and develop an analysis of social change relevant to all democracies.
Exploring regionalism from a political economic perspective, this text investigates why regional arrangements are formed, the conditions under which these arrangements solidify, and why they take on different institutional forms.
Political economy has been an essential realm of inquiry and has attracted myriad intellectual adherents for much of the period of modern scholarship. The discipline's formal split into the distinct studies of political science and economics in the nineteenth-century, while advantageous for certain scientific developments, has biased the way economists and political scientists think about many issues, and has placed artificial constraints on the study of many important social issues. This volume calls for a reaffirmation of the importance of the unified study of political economy, and explores the frontiers of the interaction between politics and markets. This volume brings together intellectual leaders of various areas, drawing upon state-of-the-art theoretical and empirical analysis from each of the underlying disciplines. Each chapter, while beginning with a survey of existing work, focuses on profitable lines of inquiry for future developments. Particular attention is devoted to fields of active current development.