State, market, and global political economy: Genealogy of an (inter-?) discipline

International Affairs

Volumn 76, Issue 4, 2000, Pages 805-824

  Underhill, Geoffrey R D ^a  

^a UNIVERSITY OF AMSTERDAM   (Netherlands)

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EID: 0040735649     PISSN: 00205850     EISSN: None     Source Type: Journal    
DOI: 10.1111/1468-2346.00166     Document Type: Article

References (102)

1. In the vein of Hans Morgenthau, Politics among nations: the struggle for power and peace (New York: Alfred A. Knopf, 1956), or Kenneth Waltz, Theory of international politics (Reading, MA: Addison-Wesley 1979), or Stephen Krasner, 'International political economy: abiding discord', Review of International Political Economy 1: 1, spring 1994, pp. 13-28.
2. In the vein of Hans Morgenthau, Politics among nations: the struggle for power and peace (New York: Alfred A. Knopf, 1956), or Kenneth Waltz, Theory of international politics (Reading, MA: Addison-Wesley 1979), or Stephen Krasner, 'International political economy: abiding discord', Review of International Political Economy 1: 1, spring 1994, pp. 13-28.
3. In the vein of Hans Morgenthau, Politics among nations: the struggle for power and peace (New York: Alfred A. Knopf, 1956), or Kenneth Waltz, Theory of international politics (Reading, MA: Addison-Wesley 1979), or Stephen Krasner, 'International political economy: abiding discord', Review of International Political Economy 1: 1, spring 1994, pp. 13-28.
4. Examples include Robert Keohane and Joseph Nye, or James Rosenau in his more 'IPE mode'.
5. Examples included Peter J. Katzenstein and Peter Gourevitch, who have both long been associated with one of the most important journals in the field, International Organization.
6. Her clarion call came in this journal; see Susan Strange, 'International economics and international relations: a case of mutual neglect', International Affairs 46: 2, April 1970, pp. 304-15.
7. Whom Susan Strange always regarded as the founder of contemporary IPE and whose hegemonic stability thesis in The world in depression 1929-39 (Berkeley, CA: University of California Press, 1973) had enormous influence on the discipline as it developed.
8. Robert Cox clearly fits this category - see discussion below.
9. See Loukas Tsoukalis (another economist by training), The new European economy: the politics and economics of integration (Oxford: Oxford Univesity Press, 1991); Kenneth Dyson and Kenneth Featherstone, The road to Maastricht: negotiating economic and monetary union (Oxford: Oxford University Press, 1999).
10. See Loukas Tsoukalis (another economist by training), The new European economy: the politics and economics of integration (Oxford: Oxford Univesity Press, 1991); Kenneth Dyson and Kenneth Featherstone, The road to Maastricht: negotiating economic and monetary union (Oxford: Oxford University Press, 1999).
11. See Richard Higgott, R. Leaver and J. Ravenhill, eds, Pacific economic relations in the 1990s: co-operation or conflict (Boulder, CO: Lynne Rienner, 1993).
12. Examples include Tim Shaw at Dalhousie University, a specialist on Africa, 'Southern Africa: co-operation and conflict in an international system', Journal of Modern African Studies 12: 4, December 1974, pp. 633-55; 'Discontinuities and inequalities in African international polities', International Journal 30: 3, summer 1975, pp. 369-90; and dependency theorists such as Johann Galtung, 'A structural theory of imperialism', International Journal of Peace Research 8, 1971, pp. 81-116.
13. Examples include Tim Shaw at Dalhousie University, a specialist on Africa, 'Southern Africa: co-operation and conflict in an international system', Journal of Modern African Studies 12: 4, December 1974, pp. 633-55; 'Discontinuities and inequalities in African international polities', International Journal 30: 3, summer 1975, pp. 369-90; and dependency theorists such as Johann Galtung, 'A structural theory of imperialism', International Journal of Peace Research 8, 1971, pp. 81-116.
14. Examples include Tim Shaw at Dalhousie University, a specialist on Africa, 'Southern Africa: co-operation and conflict in an international system', Journal of Modern African Studies 12: 4, December 1974, pp. 633-55; 'Discontinuities and inequalities in African international polities', International Journal 30: 3, summer 1975, pp. 369-90; and dependency theorists such as Johann Galtung, 'A structural theory of imperialism', International Journal of Peace Research 8, 1971, pp. 81-116.
15. Symbolized by the emergence of new journals in the past decade such as Review of International Political Economy, Global Society and New Political Economy, not to mention book series.
16. Geoffrey R. D. Underhill, 'Conceptualizing the changing global order', in R. Stubbs and G. Underhill, eds, Political economy and the changing global order, second edn (Oxford: Oxford University Press, 2000), pp. 4-5.
17. See M. Cox, K. Booth and T. Dunne, eds, The interregnum: controversies in world politics 1989-1999, special issue of Review of International Studies, vol. 25, Dec. 1999.
18. It is worth noting that political economy, international and otherwise, has strong roots in German and French scholarship, among others. In Europe, the extreme analytical specialization which yielded Anglo-American 'economic science' versus 'political science' had less of an impact than in the Anglo-Saxon world, at least until recently. The journal Economies et Sociétés, founded by François Perroux in 1944, is an example, as is the scholarship of the Italian economist Marcello de Cecco. See his brilliant analysis of the 19th century Gold Standard and British economic dominance, Money and empire: the international gold standard 1890-1914 (Oxford: Basil Blackwell, 1974). Many scholars from developing countries have also contributed, especially towards scholarship on development issues.
19. It is worth noting that political economy, international and otherwise, has strong roots in German and French scholarship, among others. In Europe, the extreme analytical specialization which yielded Anglo-American 'economic science' versus 'political science' had less of an impact than in the Anglo-Saxon world, at least until recently. The journal Economies et Sociétés, founded by François Perroux in 1944, is an example, as is the scholarship of the Italian economist Marcello de Cecco. See his brilliant analysis of the 19th century Gold Standard and British economic dominance, Money and empire: the international gold standard 1890-1914 (Oxford: Basil Blackwell, 1974). Many scholars from developing countries have also contributed, especially towards scholarship on development issues.
20. Richard N. Cooper, The economics of interdependence (New York: McGraw-Hill, 1968).
21. James N. Rosenau, ed., Linkage politics: essays on the convergence of national and international systems (New York: Free Press, 1969); Domestic sources of foreign policy (New York: Free Press 1967); Rosenau, Public opinion and foreign policy: an operational framework (New York: Random House, 1961).
22. James N. Rosenau, ed., Linkage politics: essays on the convergence of national and international systems (New York: Free Press, 1969); Domestic sources of foreign policy (New York: Free Press 1967); Rosenau, Public opinion and foreign policy: an operational framework (New York: Random House, 1961).
23. James N. Rosenau, ed., Linkage politics: essays on the convergence of national and international systems (New York: Free Press, 1969); Domestic sources of foreign policy (New York: Free Press 1967); Rosenau, Public opinion and foreign policy: an operational framework (New York: Random House, 1961).
24. Robert O. Keohane and Joseph Nye, Power and interdependence: world politics in transition (Boston: Little, Brown, 1977), pp. 8-11.
25. Robert O. Keohane and Joseph Nye, eds, Transnational relations and world politics, special issue of International Organization 25, summer 1971;
26. Susan Strange, ed., 'Transnational relations', special section of International Affairs 52: 3, July 1976.
27. Ronald Coase, 'The problem of social cost', Journal of Law and Economics 3, 1960, pp. 1-44.
28. Robert Axelrod, The evolution of co-operation (New York: Basic Books, 1984); Robert O. Keohane, After hegemony: co-operation and discord in the world political economy (Princeton, NJ: Princeton University Press, 1984); M. Olson, The rise and decline of nations (New Haven, CT: Yale University Press, 1982).
29. Robert Axelrod, The evolution of co-operation (New York: Basic Books, 1984); Robert O. Keohane, After hegemony: co-operation and discord in the world political economy (Princeton, NJ: Princeton University Press, 1984); M. Olson, The rise and decline of nations (New Haven, CT: Yale University Press, 1982).
30. Robert Axelrod, The evolution of co-operation (New York: Basic Books, 1984); Robert O. Keohane, After hegemony: co-operation and discord in the world political economy (Princeton, NJ: Princeton University Press, 1984); M. Olson, The rise and decline of nations (New Haven, CT: Yale University Press, 1982).
31. J. Alt and K. Schepsle, Perspectives on positive political economy (Cambridge: Cambridge University Press, 1990); Dani Rodrik, Has globalization gone too far? (Washington DC: Institute for International Economics, 1997).
32. J. Alt and K. Schepsle, Perspectives on positive political economy (Cambridge: Cambridge University Press, 1990); Dani Rodrik, Has globalization gone too far? (Washington DC: Institute for International Economics, 1997).
33. A. Shonfield, V. Curzon, et al., Politics and trade (vol. 1) and Susan Strange, International monetary relations (vol. 2) of International economic relations of the western world 1959-1971, ed. A. Shonfield (Oxford: Oxford University Press, 1976).
34. A. Shonfield, V. Curzon, et al., Politics and trade (vol. 1) and Susan Strange, International monetary relations (vol. 2) of International economic relations of the western world 1959-1971, ed. A. Shonfield (Oxford: Oxford University Press, 1976).
35. For a critical assessment and further development of the work of Susan Strange, see the 21-chapter volume by A. Verdun and T. Lawton, eds, Strange power: shaping the parameters of international relations and international political economy (Aldershot: Ashgate, 2000).
36. Benjamin J. Cohen, Organizing the world's money: the political economy of international monetary relations (New York: Basic Books, 1977).
37. Charles Kindleberger, The world in depression, op. cit.
38. Robert Gilpin, US power and the multinational corporation: the political economy of foreign direct investment (New York: Basic Books, 1975).
39. Peter J. Katzenstein, ed., Between power and plenty: foreign economic policies of advanced industrial states, (Madison, WI: University of Wisconsin Press, 1978).
40. See respectively Peter Gourevitch, 'The second image reversed: the international sources of domestic politics, International Organization 32: 4, autumn 1978, pp. 881-911; Politics in hard times (Ithaca, NY: Cornell University Press, 1986); and J. Zysman, Governments, markets, and growth (Ithaca, NY: Cornell University Press, 1983).
41. See respectively Peter Gourevitch, 'The second image reversed: the international sources of domestic politics, International Organization 32: 4, autumn 1978, pp. 881-911; Politics in hard times (Ithaca, NY: Cornell University Press, 1986); and J. Zysman, Governments, markets, and growth (Ithaca, NY: Cornell University Press, 1983).
42. See respectively Peter Gourevitch, 'The second image reversed: the international sources of domestic politics, International Organization 32: 4, autumn 1978, pp. 881-911; Politics in hard times (Ithaca, NY: Cornell University Press, 1986); and J. Zysman, Governments, markets, and growth (Ithaca, NY: Cornell University Press, 1983).
43. See Helge Hveem, 'Explaining the regional phenomenon in an era of globalization', in Stubbs and Underhill, eds, Political economy and the changing global order, second edn, pp. 70-81.
44. See Justin Greenwood and Henry Jacek, eds, Organized business and the new global order (London: Routledge, 2000).
45. On the state in the global economy, see P. Cerny, the changing architecture of politics: structure, agency, and the future of the state (London: Sage, 1990); on finance, see P. Cerny, ed., Finance and world politics: markets, regimes, and states in the post-hegemonic era (Aldershot: Edward Elgar, 1993).
46. On the state in the global economy, see P. Cerny, the changing architecture of politics: structure, agency, and the future of the state (London: Sage, 1990); on finance, see P. Cerny, ed., Finance and world politics: markets, regimes, and states in the post-hegemonic era (Aldershot: Edward Elgar, 1993).
47. The influence of radical political economy on Cerny's work is a example of the ways in which radical insights have affected a range of scholars.
48. Karl Marx, Capital: a critique of political economy, vol. III (Harmondsworth: Penguin 1981).
49. V. I. Lenin, Imperialism: the highest stage of capitalism (New York: International Publishers, 1967).
50. Bob Sutcliffe and Roger Owen, eds, Studies in the theory of imperialism (London: Longman 1972); V. Kubalkova and A. Cruickshank, Marxism and international relations, (Oxford: Clarendon Press, 1985).
51. Bob Sutcliffe and Roger Owen, eds, Studies in the theory of imperialism (London: Longman 1972); V. Kubalkova and A. Cruickshank, Marxism and international relations, (Oxford: Clarendon Press, 1985).
52. M. Aglietta, A theory of capitalist regulation (London: New Left Books, 1979).
53. These works are covered well in the review article by Alain Noël, 'Accumulation, regulation, and social change: an essay on French political economy', International Organization 41: 2, spring 1987, pp. 303-33.
54. Peter Burnham, 'Open Marxism and vulgar international political economy', Review of International Political Economy 1/2, summer 1994, pp. 221-31.
55. See Andre Gunder Frank, Capitalism and underdevelopment in Latin America (Penguin, 1969); crossing levels of analysis, see Johann Galtung, 'A structural theory of imperialism', Journal of Peace Research 8, 1971; E. Cardoso and Falletto, Dependencia y desarollo en Latina America (Mexico: Siglo Veintiunno, 1969).
56. See Andre Gunder Frank, Capitalism and underdevelopment in Latin America (Penguin, 1969); crossing levels of analysis, see Johann Galtung, 'A structural theory of imperialism', Journal of Peace Research 8, 1971; E. Cardoso and Falletto, Dependencia y desarollo en Latina America (Mexico: Siglo Veintiunno, 1969).
57. See Andre Gunder Frank, Capitalism and underdevelopment in Latin America (Penguin, 1969); crossing levels of analysis, see Johann Galtung, 'A structural theory of imperialism', Journal of Peace Research 8, 1971; E. Cardoso and Falletto, Dependencia y desarollo en Latina America (Mexico: Siglo Veintiunno, 1969).
58. See Christopher Chase-Dunn, Global formation: structures of the world economy (Oxford: Blackwell, 1989).
59. Fred Block, The origins of international economic disorder (Berkeley, CA: University of California Press, 1977).
60. See Robert W. Cox, Approaches to world order, op. cit.; Production, power, and world order (New York: Columbia University Press, 1987).
61. See Robert W. Cox, Approaches to world order, op. cit.; Production, power, and world order (New York: Columbia University Press, 1987).
62. See the widely cited Kees van der Pijl, The making of the Atlantic ruling class (London: Verso, 1984), and more recently, Transnational classes and international relations (London: Routledge, 1998).
63. See the widely cited Kees van der Pijl, The making of the Atlantic ruling class (London: Verso, 1984), and more recently, Transnational classes and international relations (London: Routledge, 1998).
64. Stephen Gill, ed., Gramsci, historical materialism, and international relations (Cambridge: Cambridge University Press, 1993).
65. See Sandra Whitworth, 'Gender and international political economy', in R. Stubbs and G. Underhill, eds, Political economy and the changing global order, first edn (Basingstoke: Macmillan, 1994), pp. 116-29, and the same author's article, 'Theory and exclusion: gender, masculinity, and international political economy', in Stubbs and Underhill, Political economy, second edn, op. cit., 2000, pp. 91-101. Other recent works in the veritable explosion of feminist writings on the global political economy include Marianne Marchand and Jane Parpart, Feminism/postmodernism/development (London: Routledge, 1995); V. Spike Peterson and Anne Sisson Runyan, Global gender issues, second edn (Boulder, CO: Westview Press, 1999).
66. See Sandra Whitworth, 'Gender and international political economy', in R. Stubbs and G. Underhill, eds, Political economy and the changing global order, first edn (Basingstoke: Macmillan, 1994), pp. 116-29, and the same author's article, 'Theory and exclusion: gender, masculinity, and international political economy', in Stubbs and Underhill, Political economy, second edn, op. cit., 2000, pp. 91-101. Other recent works in the veritable explosion of feminist writings on the global political economy include Marianne Marchand and Jane Parpart, Feminism/postmodernism/development (London: Routledge, 1995); V. Spike Peterson and Anne Sisson Runyan, Global gender issues, second edn (Boulder, CO: Westview Press, 1999).
67. See Sandra Whitworth, 'Gender and international political economy', in R. Stubbs and G. Underhill, eds, Political economy and the changing global order, first edn (Basingstoke: Macmillan, 1994), pp. 116-29, and the same author's article, 'Theory and exclusion: gender, masculinity, and international political economy', in Stubbs and Underhill, Political economy, second edn, op. cit., 2000, pp. 91-101. Other recent works in the veritable explosion of feminist writings on the global political economy include Marianne Marchand and Jane Parpart, Feminism/postmodernism/development (London: Routledge, 1995); V. Spike Peterson and Anne Sisson Runyan, Global gender issues, second edn (Boulder, CO: Westview Press, 1999).
68. See Sandra Whitworth, 'Gender and international political economy', in R. Stubbs and G. Underhill, eds, Political economy and the changing global order, first edn (Basingstoke: Macmillan, 1994), pp. 116-29, and the same author's article, 'Theory and exclusion: gender, masculinity, and international political economy', in Stubbs and Underhill, Political economy, second edn, op. cit., 2000, pp. 91-101. Other recent works in the veritable explosion of feminist writings on the global political economy include Marianne Marchand and Jane Parpart, Feminism/postmodernism/development (London: Routledge, 1995); V. Spike Peterson and Anne Sisson Runyan, Global gender issues, second edn (Boulder, CO: Westview Press, 1999).
69. See Eric Helleiner, 'IPE and the Greens', New Political Economy 1: 1, 1996, pp. 59-77.
70. See chapter one of Susan Strange, States and markets (Oxford: Blackwell, 1988).
71. The concept has become increasingly popular in policy-making circles as the limits of national policy-making and formal, public institutions are realized. The concept is well outlined in James Rosenau and Ernst-Otto Czempiel, eds, Governance without government: order and change in world politics (Cambridge: Cambridge University Press, 1992).
72. On Smith's contribution to political economy, see Andrew Skinner, 'Introduction' to Adam Smith, The wealth of nations (London: Penguin, 1970); Robert Heilbroner, ed., The essential Adam Smith (Oxford: Oxford University Press). The points under discussion here draw on an earlier article, Geoffrey R. D. Underhill, 'The public good versus private interests in the global monetary and financial system', International and Comparative Corporate Law Journal 2: 3, 2000, pp. 335-59.
73. On Smith's contribution to political economy, see Andrew Skinner, 'Introduction' to Adam Smith, The wealth of nations (London: Penguin, 1970); Robert Heilbroner, ed., The essential Adam Smith (Oxford: Oxford University Press). The points under discussion here draw on an earlier article, Geoffrey R. D. Underhill, 'The public good versus private interests in the global monetary and financial system', International and Comparative Corporate Law Journal 2: 3, 2000, pp. 335-59.
74. On Smith's contribution to political economy, see Andrew Skinner, 'Introduction' to Adam Smith, The wealth of nations (London: Penguin, 1970); Robert Heilbroner, ed., The essential Adam Smith (Oxford: Oxford University Press). The points under discussion here draw on an earlier article, Geoffrey R. D. Underhill, 'The public good versus private interests in the global monetary and financial system', International and Comparative Corporate Law Journal 2: 3, 2000, pp. 335-59.
75. Walter Wriston, in The twilight of sovereignty (New York: Scribner, 1992), argues that the global integration processes driven by the rapid growth of information technology spells, if not the end of the nation-state as such, then a rapid and beneficial dilution of state power over space and peoples; see in particular chapter 8, 'Borders are not boundaries'. Kenichi Ohmae argues from a more conventional standpoint, arguing that contemporary business strategies and the rise of consumer choice has produced an increasingly interlinked economy bypassing traditional state functions, a process once again characterized as fundamentally liberating. See The borderless world (London: Collins, 1990) and The end of the nation-state: the rise of regional economies (London: HarperCollins, 1995).
76. Walter Wriston, in The twilight of sovereignty (New York: Scribner, 1992), argues that the global integration processes driven by the rapid growth of information technology spells, if not the end of the nation-state as such, then a rapid and beneficial dilution of state power over space and peoples; see in particular chapter 8, 'Borders are not boundaries'. Kenichi Ohmae argues from a more conventional standpoint, arguing that contemporary business strategies and the rise of consumer choice has produced an increasingly interlinked economy bypassing traditional state functions, a process once again characterized as fundamentally liberating. See The borderless world (London: Collins, 1990) and The end of the nation-state: the rise of regional economies (London: HarperCollins, 1995).
77. Walter Wriston, in The twilight of sovereignty (New York: Scribner, 1992), argues that the global integration processes driven by the rapid growth of information technology spells, if not the end of the nation-state as such, then a rapid and beneficial dilution of state power over space and peoples; see in particular chapter 8, 'Borders are not boundaries'. Kenichi Ohmae argues from a more conventional standpoint, arguing that contemporary business strategies and the rise of consumer choice has produced an increasingly interlinked economy bypassing traditional state functions, a process once again characterized as fundamentally liberating. See The borderless world (London: Collins, 1990) and The end of the nation-state: the rise of regional economies (London: HarperCollins, 1995).
78. See F. A. Hayek, The constitution of liberty (London: Routledge & Kegan Paul, 1960); Individualism and economic order (London: Routledge & Kegan Paul, 1949); K. R. Leube and A. H. Zlabinger, eds, The political Economy of freedom: essays in honour of F. A. Hayek, (Vienna: Philosophia Verlag, 1985).
79. See F. A. Hayek, The constitution of liberty (London: Routledge & Kegan Paul, 1960); Individualism and economic order (London: Routledge & Kegan Paul, 1949); K. R. Leube and A. H. Zlabinger, eds, The political Economy of freedom: essays in honour of F. A. Hayek, (Vienna: Philosophia Verlag, 1985).
80. See F. A. Hayek, The constitution of liberty (London: Routledge & Kegan Paul, 1960); Individualism and economic order (London: Routledge & Kegan Paul, 1949); K. R. Leube and A. H. Zlabinger, eds, The political Economy of freedom: essays in honour of F. A. Hayek, (Vienna: Philosophia Verlag, 1985).
81. Claudio Napoleoni, Smith, Ricardo, Marx (Oxford: Basil Blackwell 1975), p. 30. See also Adam Smith, An inquiry into the nature and causes of the wealth of nations, ed. by Edwin Cannan (New York: The Modern Library, 1937). e.g. p. 99; pp. 118-143.
82. Claudio Napoleoni, Smith, Ricardo, Marx (Oxford: Basil Blackwell 1975), p. 30. See also Adam Smith, An inquiry into the nature and causes of the wealth of nations, ed. by Edwin Cannan (New York: The Modern Library, 1937). e.g. p. 99; pp. 118-143.
83. See e.g. the following passage by Adam Smith (op. cit., p. 250), who was particularly worried about the role of vested interests in the control of the regulatory framework of the market: The interest of the dealers…in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public. To widen the market and narrow the competition, is always the interest of the dealers…The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with greatest precaution.
84. Such as the renowned interwar realist E. H. Carr, The twenty years crisis 1919-1939: an introduction to the study of international relations (London: Macmillan, 1946), esp. chapter 14 (conclusion).
85. Cerny discusses globalization as an ideal-typical discourse in P. G. Cerny, 'Globalisation and other stories: the search for a new paradigm for international relations', International Journal LI: 4, autumn 1996, p. 625.
86. Hans J. Morgenthau, Politics among nations (New York: Knopf, 1956), p. 10.
87. Ethan B. Kapstein, in Governing the global economy: international finance and the state (Cambridge, MA: Harvard University Press, 1994), has argued that states are still very much in control of the process of global financial integration, working through the cooperative regulatory and supervisory processes of the Basle Committee on Banking Supervision, among others.
88. P. G. Cerny, The changing architecture, op. cit., p. 15.
89. See e.g. Robert Gilpin, The political economy of international relations (Princeton, NJ: Princeton University Press, 1986); Herman M. Schwartz, States versus markets: history, geography, and the development of the international political economy (Basingstoke: Macmillan, 1994), which is particularly useful for putting contemporary developments in historical perspective; and Robert Boyer and Daniel Drache, States against markets: the limits of globalization (London: Routledge 1996). It is in fact a small step from Schwartz or from some of the contributions in the Boyer and Drache volume to the position argued in this paper, particularly where they draw on the works of Harold Innis and Karl Polanyi.
90. See e.g. Robert Gilpin, The political economy of international relations (Princeton, NJ: Princeton University Press, 1986); Herman M. Schwartz, States versus markets: history, geography, and the development of the international political economy (Basingstoke: Macmillan, 1994), which is particularly useful for putting contemporary developments in historical perspective; and Robert Boyer and Daniel Drache, States against markets: the limits of globalization (London: Routledge 1996). It is in fact a small step from Schwartz or from some of the contributions in the Boyer and Drache volume to the position argued in this paper, particularly where they draw on the works of Harold Innis and Karl Polanyi.
91. See e.g. Robert Gilpin, The political economy of international relations (Princeton, NJ: Princeton University Press, 1986); Herman M. Schwartz, States versus markets: history, geography, and the development of the international political economy (Basingstoke: Macmillan, 1994), which is particularly useful for putting contemporary developments in historical perspective; and Robert Boyer and Daniel Drache, States against markets: the limits of globalization (London: Routledge 1996). It is in fact a small step from Schwartz or from some of the contributions in the Boyer and Drache volume to the position argued in this paper, particularly where they draw on the works of Harold Innis and Karl Polanyi.
92. In G. Underhill, 'Global money', op. cit., p. 126. The discussion here draws on this article, pp. 126-32, and also on G. Underhill, 'Conceptualizing the changing global order', op. cit., pp. 16-19.
93. In G. Underhill, 'Global money', op. cit., p. 126. The discussion here draws on this article, pp. 126-32, and also on G. Underhill, 'Conceptualizing the changing global order', op. cit., pp. 16-19.
94. Susan Strange, Ttte retreat of the state: the diffusion of power in the world economy (Cambridge: Cambridge University Press, 1996).
95. Karl Polanyi, The great transformation (Boston, MA: Beacon Press, 1944).
96. Ibid., pp. 18-25; passim.
97. See Geoffrey R. D. Underhill, 'Transnationalising the state in global financial markets: co-operative regulatory regimes, domestic political authority, and conceptual models of the state', paper presented to the annual meetings of the European Consortium for Political Research, Bern, Switzerland, 27 Feb.-4 March 1997, and G. Underhill, Industrial crisis and the open economy: politics, global trade, and the textile industry in the global economy (Basingstoke: Macmillan, 1998).
98. See Geoffrey R. D. Underhill, 'Transnationalising the state in global financial markets: co-operative regulatory regimes, domestic political authority, and conceptual models of the state', paper presented to the annual meetings of the European Consortium for Political Research, Bern, Switzerland, 27 Feb.-4 March 1997, and G. Underhill, Industrial crisis and the open economy: politics, global trade, and the textile industry in the global economy (Basingstoke: Macmillan, 1998).
99. See G. Underhill, 'Private markets and public responsibilities in a global system: conflict and co-operation in transnational banking and securities regulation', in Underhill, ed., The new world order in international finance (Basingstoke: Macmillan 1997), pp. 17-49.
100. Underhill, Industrial crisis, chs 2-3.
101. See discussion in G. Underhill, 'The public good versus private interests in the global financial and monetary system', op. cit.
102. Kanishka Jayasuriya, 'Globalization, the law, and the transformation of sovereignnty: the emergence of global regulatory governance', Indiana Journal of Legal Studies 6: 2, spring 1999, pp. 425-55.