The Political Economy of Globalization

Transcription

1 The Political Economy of Globalization

2 Also by Ngaire Woods EXPLAINING INTERNATIONAL RELATIONS SINCE 1945 INEQUALITY, GLOBALIZATION AND WORLD POLITICS (co-edited with Andrew Hurrell)

3 The Political Economy of Globalization Edited by Ngaire Woods St Martin's Press New York

4 THE POLITICAL ECONOMY OF GLOBALIZATION Selection, editorial matter and Chapters 1 and 8 copyright # Ngaire Woods 2000 Individual chapters (in order) copyright # John H. Dunning; Diana Tussie and Ngaire Woods; Benjamin Cohen; Geoffrey Garrett; Thomas Biesteker; Jan Aart Scholte 2000 All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles or reviews. For information, address: St. Martin's Press, Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y First published in the United States of America in 2000 ISBN ISBN (ebook) DOI / Library of Congress Cataloging-in-Publication Data The political economy of globalization/ngaire Woods. p. cm ``Earlier versions of chapters 1 to 6 appeared in Oxford development studies, vol. 26, issue 1''±acknowledgments p. Includes bibliographical references and index. ISBN (cloth: alk. paper) ± ISBN (pbk:alk. paper) 1. International economic relations. 2. International relations. 3. World politics±1989± I. Woods, Ngaire HF1359.P ±dc21 99±086149

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7 Contents Notes on the Contributors Preface viii x 1 The Political Economy of Globalization 1 Ngaire Woods 2 The New Geography of Foreign Direct Investment 20 John H. Dunning 3 Trade, Regionalism and the Threat to Multilateralism 54 Diana Tussie and Ngaire Woods 4 Money in a Globalized World 77 Benjamin Cohen 5 Globalization and National Autonomy 107 Geoffrey Garrett 6 Globalization as a Mode of Thinking in Major Institutional Actors 147 Thomas Biersteker 7 Global Civil Society 173 Jan Aart Scholte 8 Globalization and International Institutions 202 Ngaire Woods Index 224 vii

8 Notes on the Contributors Thomas Biersteker is Henry R. Luce Professor of Transnational Organization and Director of the Thomas Watson Institute for International Studies at Brown University. His recent publications include State Sovereignty as a Social Construct (1996) with Cynthia Weber. His present research addresses globalization and its implications for states and other institutional actors. Benjamin Cohen is Louis G. Lancaster Professor of International Political Economy at the University of California, Santa Barbara. His recent publications include The Geography of Money (1998). His research continues to focus on the politics of international money and finance. John H. Dunning is Professor of International Business at Rutgers University and Emeritus Professor at the University of Reading. His recent publications include Multinational Enterprises and the Global Economy (1993). His present research focuses on economic and strategic theories of multinational enterprise activity. Geoffrey Garrett is Professor of Political Science and Director of the Program in Ethics, Politics and Economics at Yale University. His recent publications include Partisan Politics in the Global Economy (1998). His present research is on the interaction between globalization and domestic politics and the emerging institutional architecture of the European Union. Jan Aart Scholte is Reader in International Studies at the University of Warwick. His recent publications include the International Relations of Social Change (1993). His present research explores the involvement of civil society in global finance and in particular, civil society responses to IMF-sponsored restructuring. viii

9 Notes on the Contributors ix Diana Tussie is Senior Research Fellow at the Facultad Latinoamericana de Ciencias Sociales, Buenos Aires. Her recent publications include The Developing Countries in World Trade: Policies and Bargaining Strategies (1993) with David Glover. Her present research covers both international trade and regionalism, and multilateral development banks and good governance. Ngaire Woods is Fellow in Politics and International Relations at University College, Oxford. Her recent publications include Inequality, Globalization and World Politics (1999) with Andrew Hurrell. Her present research focuses on global economic governance and examines the politics of the IMF and the World Bank.

10 Preface The idea for this book first emerged when, in my teaching and research into globalization, I became aware of how difficult it was to find texts which combined both a careful analysis of the evidence, and an examination of the political economy of globalization, not just with reference to specific economic issues, but in the broader context of international political and economic relations. It took further form when I was invited to guest-edit a special issue of Oxford Development Studies. Editing the book has given me and the contributors an opportunity to present our assessment of the political economy of globalization in a more wide-ranging but at the same time more integrated way. The result is a text which we hope provides a clear set of concepts for considering globalization and its impact; detailed evidence about the practical impact of globalization ± such as on foreign investment and on states' capacities to frame their own economic policies; and fresh arguments about the implications of globalization ± be it on the role of money in the world economy, or on the emergence of a global civil society. I am very grateful to my publisher, Steven Kennedy, not just for his careful shepherding of the project, but also for his ideas about the content and form of the book. Earlier versions of Chapters 1 to 6 appeared in Oxford Development Studies, vol. 26, issue 1 (a special issue on globalization). I am grateful, along with other contributors and the publishers to Carfax Publishing, Taylor & Francis Ltd, for permission for publication of the revised versions included here. Finally, I would like to thank Kerstin Gehmlich for excellent work in indexing the volume and Keith Povey for enlightened copyediting. NGAIRE WOODS x