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    State, Market, and Global Political Economy: Genealogy of an (Inter

    Geoffrey R. D. Underhill, State, Market, and Global Political Economy: Genealogy of an (Inter-?) Discipline, International Affairs (Royal Institute of International Affairs 1944-), Vol. 76, No. 4 (Oct., 2000), pp. 805-824

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    JOURNAL ARTICLE

    Geoffrey R. D. Underhill

    International Affairs (Royal Institute of International Affairs 1944-)

    Vol. 76, No. 4 (Oct., 2000), pp. 805-824 (20 pages)

    Published By: Oxford University Press

    https://www.jstor.org/stable/2626461

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    International Political Economy (IPE), as a diverse and fragmented field of inquiry, has often had trouble situating itself in the social sciences. This article argues that IPE belongs firmly in the broader tradition of political economy in the social sciences and begins by summarizing the emergence of IPE in its contemporary context, starting with the late I96os and early 1970s debates among IR scholars on the nature and meaning of interdependence, of the importance of `high' versus `low' politics, and of `transnational' versus `international' relations. The article goes on to demonstrate that IPE has emerged in a far from coherent fashion, though this diversity and ecumenism is not to be deplored. The second section of the article argues that the core conceptual issue in IPE remains the nature of the state-market relationship. The way this relationship is viewed has a considerable impact on how the prospects for change in the structures-the normative and material underpinnings-of world order are to be understood. It argues that most IPE scholars, despite their protestations, still see the state and the market as separate and indeed antagonistic dynamics. The logic of the state and the market are distinct. Scholars need to take a final and decisive step in accepting that, in empirical and conceptual terms, the state and the market are part of the same, integrated system of governance: a state-market condominium that operates simultaneously through the competitive pressures of the market and the political processes that shape the boundaries and structures within which that competition (or lack thereof) takes place.

    International Affairs is Britain's leading journal of international relations. Founded by and edited at the Royal Institute of International Affairs in London, it has not only developed a much valued insight into European policy debates but has also become renowned for its coverage of global policy issues. It provides a stimulating and international mix of authors and draws on the best of both English-language and foreign-language debates. Articles, all fully refereed, are commissioned from a wide range of authoritative and interesting writers who have something new and original to say about topics that matter. In addition, International Affairs has an extensive book reviews section, containing up to 100 reviews each quarter, written by experts in the field. JSTOR provides a digital archive of the print version of International Affairs. The electronic version of International Affairs is available at http://www.interscience.wiley.com. Authorized users may be able to access the full text articles at this site.

    Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. OUP is the world's largest university press with the widest global presence. It currently publishes more than 6,000 new publications a year, has offices in around fifty countries, and employs more than 5,500 people worldwide. It has become familiar to millions through a diverse publishing program that includes scholarly works in all academic disciplines, bibles, music, school and college textbooks, business books, dictionaries and reference books, and academic journals.

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    International Affairs (Royal Institute of International Affairs 1944-) © 2000 Royal Institute of International Affairs

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    The Economist

    Authoritative global news and analysis. The Economist offers fair-minded, fact-checked coverage of world politics, economics, business, science, culture and more

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    Source : www.economist.com

    Global Weekly Economic Update

    What’s happening this week in economics? Deloitte’s team of economists examines news and trends from around the world.

    Article 19 April 2022

    Weekly global economic update

    Weekly global economic update What’s happening this week in economics? Deloitte’s team of economists examines news and trends from around the world.

    Ira Kalish

    United States Share by email

    Week of April 18, 2022

    Navigating China’s challenging path

    US inflation worsens due to war

    The US Federal Reserve reverses course

    The ECB bucks the trend of major central banks

    Learn more

    View previous updates

    Visit the Deloitte Insights economics collection

    Navigating China’s challenging path

    China’s economy is in a difficult position. COVID-19 outbreaks in 70 cities have resulted in lockdowns of varying degrees, with production completely shut down in 13 of China’s hundred largest cities, and with the 26 million people of Shanghai in an almost total lockdown. This has seriously disrupted production and distribution of goods and consumer spending. All of this comes at a time of a significant slowdown in the property sector, which is having negative consequences for economic activity. Moreover, China is a commodity-importing country and has been hit by the global surge in commodity prices stemming from the war in Ukraine. Thus, it is not surprising that the government in Beijing is keen to do something that will offset these negative factors.

    As such, the People’s Bank of China (PBOC), China’s central bank, recently announced a 25-basis-point reduction in the required reserve ratio (RRR) for commercial banks. This was less than many investors anticipated. It follows 50-basis-point cuts in both July and December. The latest reduction will release the equivalent of roughly US$83 billion of liquidity into the system, enabling banks to boost lending. It is meant to increase credit market activity and, consequently, stimulate economic activity, especially on the part of small and medium-sized businesses. It is an easing of monetary policy.

    On the other hand, it can be argued that easing monetary policy will do little to boost economic activity if it is being suppressed by measures aimed at controlling the spread of the virus. Easing credit conditions assumes that there is demand for credit not being met because of constraints on bank lending. This might not be the case. Economist Lord Keynes suggested that an economy could be afflicted by a liquidity trap in which greater availability of credit makes no difference if participants in the market economy are prone to save excessively. This renders monetary policy ineffective. Keynes suggested the solution to this dilemma is fiscal policy, where the government spends money that would otherwise sit on the sidelines. In fact, China is doing this as well, boosting spending on infrastructure. Meanwhile, it is not clear that banks will want to lend to small businesses in this environment, fearful that they might not get paid back on time.

    For China, easing monetary policy could lead to destabilizing outflows of capital given that the US Federal Reserve is raising interest rates. In fact, the Institute of International Finance reports that foreign investors are rapidly withdrawing capital from China. This puts downward pressure on the value of the renminbi, compelling the PBOC to sell reserves if it wants to stabilize the exchange rate.

    Meanwhile, Shanghai continues to experience a lockdown. Yet the rate of infections in Shanghai, while up significantly, remains far below what has been seen in many other countries. Currently, the infection rate in several European countries is much higher. And yet those countries are easing restrictions and going on with their lives, confident that a high rate of vaccination will mean low rates of hospitalization and death.

    China’s situation is different. The government is keen to enforce its zero-tolerance policy regardless of the economic cost. Locking down Shanghai means halting most forms of economic activity, with likely reverberations throughout the global economy. People are staying at home, factories are closed, and distribution is disrupted because drivers are locked down as well.

    Thus, the biggest problem for China in the short term is the zero-tolerance policy toward the virus, which includes lockdowns and periodic shutdowns of factories and ports. It suppresses demand and disrupts supply chains. Moreover, it remains unclear whether the government will consider easing this policy. To do so would entail acceptance of a temporary surge in infections and hospitalizations.

    It has been reported that neighboring Taiwan is now considering easing of COVID-19 restrictions. Taiwan has been successful in suppressing transmission and has retained strong economic growth. Yet, as other countries in the region open up, the government is concerned that Taiwan will get left behind if it does not attempt to live with COVID-19 as other countries have done.

    As China’s central bank eases monetary policy, it is alone among central banks in the region to do so. Others are tightening monetary policy in response to the US Federal Reserve’s decision to raise interest rates and reverse asset purchases. Specifically, the central banks of South Korea, Singapore, Sri Lanka, and New Zealand have all raised interest rates in recent days. These central banks have not only responded to the moves by the US Federal Reserve, but they are also attempting to quell inflationary pressures. While inflation in most Asia/Pacific countries is far lower than in Europe and North America, it has increased in recent months. For example, the Consumer Price Index in South Korea was up 4.1% in March versus a year earlier, the highest inflation rate in a decade. Meanwhile, inflation in Singapore is the highest in nearly a decade, and in New Zealand it is at a three-decade high.

    Source : www2.deloitte.com

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