In this timely book, Benjamin J. Cohen identifies and analyses a range of critical pathologies currently afflicting the field of international political economy (IPE) and offers remedies to restore the field's vitality. The book addresses the purpose of IPE as a field of study, highlighting the key questions posed by scholars since the modern field's inception, and explores how research seeks to engage with politics in practice. Tackling contemporary factionalism in the field, chapters consider IPE's remarkable diversity and fragmentation of research traditions across the globe and draw attention to the lack of clear methods and behavioural assumptions established as 'best practice' internationally. To rejuvenate the field, Cohen argues, reforms are needed that would both encourage more policy engagement by IPE scholars and maximize opportunities to enjoy the benefits of the field's diversity. The book offers a cutting-edge research agenda, emphasising the need for collaboration across scholarly divides and the obligations of leading professional associations and societies to countervail the forces that keep these groups separated. A powerful critique and a rousing call-to-arms, this book is crucial reading for scholars of IPE in search of innovative ways to develop new research and revitalise the field as a whole. It also offers key insights for students who need to understand the challenges facing IPE and its potential research trajectories.

Acclaim for previous edition: 'Benjamin J. Cohen's Advanced Introduction to International Political Economy evaluates the fragmented intellectual landscape of international political economy and suggests points of convergence, if not integration, among its varied elements. His analysis is wide-ranging and balanced, geographically and in its examination of a variety of standpoints; it is engaging in its combination of sympathy and criticism. All advanced students of the field will benefit from reading it.' - Robert O. Keohane, Princeton University, US Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Now in its second edition, Benjamin J. Cohen's introduction provides a comprehensive and up-to-date global survey of the field of international political economy. With detailed discussions regarding the divergent paths of different schools of thought in the field, this unique guide explores the links between contending factions. This Advanced Introduction gives students access to the multiple analytical styles and traditions of all perspectives in this rich field of study. Key features of the second edition: ? Concise introduction to the field in an accessible, non-technical form updated with the most recent discussions in IPE? Further in depth analysis of the most established American and British schools of IPE? Extended discussion of other key regions contributing to IPE, including Continental Europe, Latin America, Australia, Canada and China. Written in a concise and dynamic style, this Advanced Introduction serves as a thoughtful entry point text for advanced undergraduate and graduate students, as well as being an excellent go-to resource for scholars specializing in international political economy.

In this timely book, Benjamin J. Cohen identifies and analyses a range of critical pathologies currently afflicting the field of international political economy (IPE) and offers remedies to restore the field's vitality. The book addresses the purpose of IPE as a field of study, highlighting the key questions posed by scholars since the modern field's inception, and explores how research seeks to engage with politics in practice. Tackling contemporary factionalism in the field, chapters consider IPE's remarkable diversity and fragmentation of research traditions across the globe and draw attention to the lack of clear methods and behavioural assumptions established as 'best practice' internationally. To rejuvenate the field, Cohen argues, reforms are needed that would both encourage more policy engagement by IPE scholars and maximize opportunities to enjoy the benefits of the field's diversity. The book offers a cutting-edge research agenda, emphasising the need for collaboration across scholarly divides and the obligations of leading professional associations and societies to countervail the forces that keep these groups separated. A powerful critique and a rousing call-to-arms, this book is crucial reading for scholars of IPE in search of innovative ways to develop new research and revitalise the field as a whole. It also offers key insights for students who need to understand the challenges facing IPE and its potential research trajectories.

Acclaim for previous edition: 'Benjamin J. Cohen's Advanced Introduction to International Political Economy evaluates the fragmented intellectual landscape of international political economy and suggests points of convergence, if not integration, among its varied elements. His analysis is wide-ranging and balanced, geographically and in its examination of a variety of standpoints; it is engaging in its combination of sympathy and criticism. All advanced students of the field will benefit from reading it.' - Robert O. Keohane, Princeton University, US Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. Now in its second edition, Benjamin J. Cohen's introduction provides a comprehensive and up-to-date global survey of the field of international political economy. With detailed discussions regarding the divergent paths of different schools of thought in the field, this unique guide explores the links between contending factions. This Advanced Introduction gives students access to the multiple analytical styles and traditions of all perspectives in this rich field of study. Key features of the second edition: ? Concise introduction to the field in an accessible, non-technical form updated with the most recent discussions in IPE? Further in depth analysis of the most established American and British schools of IPE? Extended discussion of other key regions contributing to IPE, including Continental Europe, Latin America, Australia, Canada and China. Written in a concise and dynamic style, this Advanced Introduction serves as a thoughtful entry point text for advanced undergraduate and graduate students, as well as being an excellent go-to resource for scholars specializing in international political economy.

This key reference collection focuses on the international monetary system. It includes seminal contributions on issues such as exchange rate systems, recycling, adjustment mechanisms, debtor-creditor relations, international monetary policy coordination and seigniorage. While focusing on the international system it includes important work on domestic policy making that affects this system.

This book is about power in a changing world economy. Though power is ubiquitous in the study of International Political Economy, the concept is underdeveloped in formal theoretical terms. This collection of essays analyses recent experience in East Asia to advance our theoretic understanding of state power in IPE. Over the last quarter century, no other region of the world has had a greater impact on the global distribution of economic resources and capabilities. China, with its "peaceful rise," now stands as the second largest national economy on the face of the earth; South Korea and Taiwan have become industrial powerhouses; Hong Kong and Singapore are among the world's most important financial centres; and new poles of growth have emerged in several southeast Asian countries - all while Japan, long the region's dominant market, has slipped into seemingly irreversible decline. The volume's nine essays, contributed by leading scholars in the United States, Britain and Taiwan, aim to extract relevant inferences and insights from these developments for the study of state power. All are framed by a core agenda encompassing four key clusters of questions concerning the meaning, sources, uses, and limits of power. These essays ask: What new lessons are offered for power analysis in International Political Economy?

This book is about power in a changing world economy. Though power is ubiquitous in the study of International Political Economy, the concept is underdeveloped in formal theoretical terms. This collection of essays analyses recent experience in East Asia to advance our theoretic understanding of state power in IPE. Over the last quarter century, no other region of the world has had a greater impact on the global distribution of economic resources and capabilities. China, with its "peaceful rise," now stands as the second largest national economy on the face of the earth; South Korea and Taiwan have become industrial powerhouses; Hong Kong and Singapore are among the world's most important financial centres; and new poles of growth have emerged in several southeast Asian countries - all while Japan, long the region's dominant market, has slipped into seemingly irreversible decline. The volume's nine essays, contributed by leading scholars in the United States, Britain and Taiwan, aim to extract relevant inferences and insights from these developments for the study of state power. All are framed by a core agenda encompassing four key clusters of questions concerning the meaning, sources, uses, and limits of power. These essays ask: What new lessons are offered for power analysis in International Political Economy?

Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe's joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar's shadow. The essays collected in this volume explain why. Because of America's external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe's money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world's leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance.

The book is divided into three sections:

• challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization
• dealing with financial crisis - looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problems and the case for capital controls. There are case studies of the Asian financial crisis and several other key instances of instability in world markets
• the new geography of money - analyzes the crisis of legitimacy created by a global system where governing authority is exercised now more by market forces than by sovereign states. It explores the geopolitical implications of the competition between the two most widely used currencies in the world today, the US dollar and the Euro and spells out the main implications for policy makers.

The concluding chapters evaluate the merits and prospects for the two most widely discussed policy alternatives available to governments responsible for the world's many less competitive currencies - dollarization or monetary union.

The studies included in these two volumes have been selected to highlight key recent contributions to scholarship on the political economy of international monetary relations. Over the last decade, the central theme of research in this area has been the growth and increasingly pervasive influence of capital mobility. The papers collected here have significantly advanced theoretical and analytical understanding of the causes and, even more importantly, the political and economic consequences of financial liberalization. Among the issues addressed are the impact of growing capital mobility on domestic policy, the choice of exchange-rate regimes and monetary institutions, governance of international capital, policy cooperation and monetary integration. These volumes will be of particular interest to specialists in international political economy. 34 articles, dating from 1993 to 2002

International Political Economy is a thriving interdisciplinary area of study and research based on the combined insights of international economics and international relations theory. It has become one of the fastest growing fields of study in the social sciences, and this new title in the Routledge series, Critical Concepts in Political Science, meets the need for an authoritative reference work to make sense of the subject s already vast literature and the continuing expansion of research output. Edited by Benjamin J. Cohen, a prominent scholar in the field, it is a four-volume collection of classic and key contemporary contributions to the political economy of global economics.

The first of the four volumes concentrates on theory, encompassing the full range of conceptual and analytical perspectives that characterize this diverse field of study. The second and third volumes address core structural elements of the world economy while a variety of contemporary policy challenges is taken up in the fourth volume, including problems of economic development, security and conflict, and the environment.

With a comprehensive introduction newly written by the editor, which places the collected material in its historical and intellectual context, International Political Economy is an essential work of reference. Researchers, teachers, and students will value the collection as a vital one-stop scholarly and pedagogic resource.

Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections: challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization dealing with financial crisis - looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problems and the case for capital controls. There are case studies of the Asian financial crisis and several other key instances of instability in world markets the new geography of money - analyzes the crisis of legitimacy created by a global system where governing authority is exercised now more by market forces than by sovereign states. It explores the geopolitical implications of the competition between the two most widely used currencies in the world today, the US dollar and the Euro and spells out the main implications for policy makers. The concluding chapters evaluate the merits and prospects for the two most widely discussed policy alternatives available to governments responsible for the world's many less competitive currencies - dollarization or monetary union.

Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe's joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar's shadow. The essays collected in this volume explain why. Because of America's external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe's money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world's leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

This collection of original essays offers a selection of contemporary scholarship intended to help define an agenda for future research in the field of international trade and finance. Written to honor Peter B. Kenen and to explore his work, the volume is divided into three parts: international trade theory, international monetary theory, and applied policy analysis. Also included is an essay by Paul Krugman assessing Kenen's lifetime of scholarly achievements.

This collection of original essays offers a selection of contemporary scholarship intended to help define an agenda for future research in the field of international trade and finance. Written to honour Peter B. Kenen and to follow his work, the volume is divided into three parts: international trade theory, international monetary theory, and applied policy analysis. Trade issues addressed include the role of capital in standard trade models, welfare implications of economic integration, and the relationship between economic openness and the size of government. The monetary chapters include two related essays on the effects of exchange rates on economic activity and two essays on aspects of optimum currency area theory. Applied policy papers include two on industrial countries, two on developing countries, and one on problems of transition in the successor states of the former Soviet Union. Also included is an essay by Paul Krugman assessing Kenen's lifetime of scholarly achievements.

Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world's dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America's greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy. Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today's top currencies. The greenback, he contends, is the "indispensable currency"--the one that the world can't do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics. Contrary to today's growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.

Why the dollar will remain the world's most powerful currency Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world's dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America's greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy. Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today's top currencies. The greenback, he contends, is the "indispensable currency"-the one that the world can't do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics. Contrary to today's growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.

At any given time, a limited number of national currencies are used as instruments of international commerce, to settle foreign trade transactions or store value for investors and central banks. How countries whose currencies gain international appeal choose to use this status forms their strategy of currency statecraft. In different circumstances, issuing governments may welcome and promote the internationalization of their currency, tolerate it, or actively oppose it. Benjamin J. Cohen offers a provocative explanation of the strategic policy choices at play. In a comprehensive review that ranges from World War II to the present, Cohen convincingly argues that one goal stands out as the primary motivation for currency statecraft: the extent of a country's geopolitical ambition, or how driven it is to build or sustain a prominent place in the international community. When a currency becomes internationalized, it generally increases the power of the nation that produces it. In the persistent contestation that characterizes global politics, that extra edge can matter greatly, making monetary rivalry an integral component of geopolitics. Today, the major example of monetary rivalry is the emerging confrontation between the US dollar and the Chinese renminbi. Cohen describes how China has vigorously promoted the international standing of its currency in recent years, even at the risk of exacerbating relations with the United States, and explains how the outcome could play a major role in shaping the broader geopolitical engagement between the two superpowers.

The field of international political economy gained prominence in the early 1970s--when the Arab oil embargo and other crises ended the postwar era of virtually unhindered economic growth in the United States and Europe--and today is an essential part of both political science and economics. This book offers the first comprehensive examination of this important field's development, the contrasting worldviews of its American and British schools, and the different ways scholars have sought to meet the challenges posed by an ever more complex and interdependent world economy.

Benjamin Cohen explains the critical role played by the early "intellectual entrepreneurs," a generation of pioneering scholars determined to bridge the gap between international economics and international politics. Among them were brilliant thinkers like Robert Keohane, Susan Strange, and others whose legacies endure to the present day. Cohen shows how their personalities and the historical contexts in which they worked influenced how the field evolved. He examines the distinctly different insights of the American and British schools and addresses issues that have been central to the field's development, including systemic transformation, system governance, and the place of the sovereign state in formal analysis. The definitive intellectual history of international political economy, this book is the ideal volume for IPE scholars and those interested in learning more about the field.

The traditional assumption holds that the territory of money coincides precisely with the political frontiers of each nation state: France has the franc, the United Kingdom has the pound, the United States has the dollar. But the disparity between that simple mental landscape and the actual organization of currency spaces has grown in recent years, as territorial boundaries of individual states limit currency circulation less and less. Many currencies are used outside their "home" country for transactions either between nations or within foreign states. In this book, Benjamin J. Cohen asks what this new geography of money reveals about financial and political power. Cohen shows how recent changes in the geography of money challenge state sovereignty. He examines the role of money and the scope of cross-border currency competition in today's world. Drawing on new work in geography and network theory to explain the new spatial organization of monetary relations, Cohen suggests that international relations, political as well as economic, are being dramatically reshaped by the increasing interpenetration of national monetary spaces. This process, he explains, generates tensions and insecurities as well as opportunities for cooperation.

At any given time, a limited number of national currencies are used as instruments of international commerce, to settle foreign trade transactions or store value for investors and central banks. How countries whose currencies gain international appeal choose to use this status forms their strategy of currency statecraft. In different circumstances, issuing governments may welcome and promote the internationalization of their currency, tolerate it, or actively oppose it. Benjamin J. Cohen offers a provocative explanation of the strategic policy choices at play. In a comprehensive review that ranges from World War II to the present, Cohen convincingly argues that one goal stands out as the primary motivation for currency statecraft: the extent of a country's geopolitical ambition, or how driven it is to build or sustain a prominent place in the international community. When a currency becomes internationalized, it generally increases the power of the nation that produces it. In the persistent contestation that characterizes global politics, that extra edge can matter greatly, making monetary rivalry an integral component of geopolitics. Today, the major example of monetary rivalry is the emerging confrontation between the US dollar and the Chinese renminbi. Cohen describes how China has vigorously promoted the international standing of its currency in recent years, even at the risk of exacerbating relations with the United States, and explains how the outcome could play a major role in shaping the broader geopolitical engagement between the two superpowers.

The traditional assumption holds that the territory of money coincides precisely with the political frontiers of each nation state: France has the franc, the United Kingdom has the pound, the United States has the dollar. But the disparity between that simple mental landscape and the actual organization of currency spaces has grown in recent years, as territorial boundaries of individual states limit currency circulation less and less. Many currencies are used outside their "home" country for transactions either between nations or within foreign states. In this book, Benjamin J. Cohen asks what this new geography of money reveals about financial and political power.

Cohen shows how recent changes in the geography of money challenge state sovereignty. He examines the role of money and the scope of cross-border currency competition in today's world. Drawing on new work in geography and network theory to explain the new spatial organization of monetary relations, Cohen suggests that international relations, political as well as economic, are being dramatically reshaped by the increasing interpenetration of national monetary spaces. This process, he explains, generates tensions and insecurities as well as opportunities for cooperation.

"Jerry Cohen is without peer as a scholar working at the crossroads of international economics and international relations. Here is the definitive book on the contemporary and likely future politics of global money. Well researched and well written, it provides a comprehensive overview of the theory and practice of international monetary relations. Specialists will discover original and iconoclastic insights. Undergraduate and graduate students will find an exceptionally clear and accessible presentation of an important and multifaceted subject. Practitioners will benefit from provocative and convincing forecasts. Highly recommended."--Louis W. Pauly, Canada Research Chair and Director, Centre for International Studies, University of Toronto

"Cohen knows both economics and political science intimately and fuses them skillfully. "The Future of Money" is both a definitive analytical survey of the money question today and a judicious synthesis of the increasingly complex challenges facing policymakers in a globalizing world. Whether dealing with the fashion for dollarization, real world examples of how governments-from the leading currency countries to the most powerless-have tried to cope, or the growing impact of private market actors, electronic currencies, and the like, Cohen demonstrates a mastery of both empirical detail and theoretical analysis. And the book is full of common sense, too."--Philip Cerny, University of Manchester

"Benjamin J. Cohen's third major work on the political economy of international monetary affairs addresses another major issue confronting the international community: how to stabilize and govern an international monetary system composed of severalcompeting national currencies. Professor Cohen presents and analyzes a number of mechanisms available to the international community to prevent monetary collapse and anarchy. However, as he emphasizes, the choice of a stabilizing mechanism rests on the political as well as economic interests of the major economic powers. Cohen's knowledge, insights, and wisdom will be of immense value to the creators of a more stable and efficient international monetary system. This book should also be of interest to scholars, government officials, and others interested in the future of international monetary affairs."--Robert Gilpin, Princeton University

"This book is an outstanding addition to the literature. It uses a neat analytical framework to synthesize and analyze a vast, disparate body of research, including work in both economics and political science, and raises important questions about the evolution of money and monetary arrangements."--Peter B. Kenen, Princeton University, author of "The International Financial Architecture"

"Benjamin Cohen has written an important book about a compelling question of modern political economics: how many currencies will there be, and what arrangement will govern them? Unusually well written, this is a book I will assign to my students."--Dennis Quinn, Georgetown University