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International Political Economy - An Introduction to Approaches, Regimes, and Issues
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There are many books on international political economy, or IPE for short. Not surprisingly, each contains its own assumptions and views about the key concepts, issues, and concerns of IPE. Sometimes the authors of these various books hold the same assumptions and share the same, or at least very similar, views about how the world works. Sometimes they don’t. In fact, as we will see in a few of the chapters that follow, the perspectives of the people who write and think about IPE are often dramatically, if not fundamentally, different. You may already have an inkling that mainstream economists and radical economists (e.g., Marxists) do not agree on many central issues and concepts. But even among those who seem to share basic ideas, there can be sharp disagreements. Within the broad school of neoclassical economics, for example, there is an intense and still-unresolved debate between those who believe that markets must be left alone and those who believe that government intervention in markets is sometimes necessary. This debate is encapsulated in the ideas of, and debates between, two famous economists—John Maynard Keynes and Friedrich Hayek. Keynes, who died in 1946, is best known for his ideas about the importance of “pump priming,” which refers to deficit spending by governments in times of recession or depression. The goal is to increase demand and create a virtuous circle: higher demand means more need for workers, more workers keeps demand strong, and strong demand keeps the economy going. Keynes’s ideas, it is important to note, are far from dead: the global recession that began around 2008 spurred the United States government to engage in stimulus spending—a type of pump priming—and other policies (including maintaining historically low interest rates and quantitative easing
Timothy C. Lim, - Personal Name
1st Edition
NONE
International Political Economy - An Introduction to Approaches, Regimes, and Issues
Management
English
2014
1-448
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