By Robert O'Brien, Marc Williams
The authors hint the evolution of the worldwide economic system, from its roots within the 15th century, throughout the business Revolution, and to the post-1945 international order. They continue to discover intimately the dynamics of worldwide political economic system within the twenty-first century, delivering systematic insurance of the main spheres of job, from exchange, construction and finance to social divisions, the surroundings, improvement, principles, safety and governance.
Lucid, attractive and authoritative, Global Political Economy introduces an strangely wide variety of theoretical ways, relocating past a standard three-paradigm viewpoint to teach how those theories could be utilized and the way priceless they're for knowing key matters and developments.
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Extra info for Global Political Economy: Evolution and Dynamics
To give just one example, many Wall Street bankers continued to receive financial bonuses on top of their salary, while the wealth of the average American family declined by 40 per cent between 2007 and 2010 (Lee, 2012). Other groups that also question the power imbalances and inequality in the global economy often draw on some version of critical approaches. For example, development groups struggling against rules of trade or finance that disadvantage poor countries highlight the rigged nature of the game.
In addition, if the benefits of a public policy are highly concentrated, but the costs are spread widely throughout the population, those reaping the benefit are highly motivated to lobby, while the many individuals paying a very small cost are unlikely to put much effort into opposing the policy. This type of logic is often used to explain trade protectionism, where an industry can reap profits from tariff protection, but individual 28 Part 1 theoretICal PersPeCtIVes citizens pay such a low cost that they do not mobilize to defend their interests.
For host countries, TNCs 13 boost their economies through the transfer of capital, technology and access to markets. Key dynamics For liberal theorists the market lies at the centre of economic life. Economic progress results from the interaction of diverse individuals pursuing their own ends. While liberals acknowledge that market relations are not always optimal, they tend to argue that intervention in the market is most likely to produce suboptimal outcomes. There is, of course, a broad spectrum of liberal thought.