Political Economy and Global Affairs Review

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Political Economy and Global Affairs ReviewFor undergrads who are relatively new to advanced economics, and grads who need a refresher while proceeding into deeper theories, it's high time to move into political economy. This robust and mostly even-handed text will be a strong choice for all of the above purposes. Political economy is infinitely more useful than "pure" economics, which in its pursuit of numbers and laws that supposedly don't lie, refuses to admit that it is actually a political endeavor in which evidence is found to support the economic ambitions of those who enjoy political power. On the contrary, political economy freely engages in the analysis of political factors that play on economic activity, as well as the economic influences on the political decisions of both power players and regular citizens. This particular text does not entirely avoid boosterism of entrenched ideologies like free trade and the invisible hand (which are not unassailable laws, as neoclassical economists would argue). However, this book excels in studying the human factors in its titular subject matter, at least acknowledging dissenting viewpoints and the potential structural shocks and social ramifications of macroeconomic and global trade policies. This book also benefits from an extremely useful historical section (Part II) which, while prone to dryness and proselytization at times, does an excellent job of increasing the reader's knowledge of both historical trends and the vagaries of advanced matters of monetary and trade policy. Recommended for thinking students who crave political realism above the condescending impersonal dogma of standard economics. [~doomsdayer520~]Political Economy and Global Affairs OverviewPolicy decisions at the domestic level--whether relating to currency rates, tariffs on certain goods, or labor protection--factor heavily on such issues as trade, monetary policy, foreign debt, and development. How can we best understand the way those decisions and events at the national level affect outcomes and policy at the international level? A focus on one over the other paints an incomplete picture for students. Sobel contends that we must focus on the individual preferences, strategies, and choices of political-economic policymakers in order to fully understand the larger, macro view of international political economy. With the aim of linking the two, Sobel helps students develop analytic skills for describing both what happens in the international political economy, and why policymakers make the choices they do. In this groundbreaking new text, Sobel presents--in a lucid and intuitive way--the core assumptions of scarcity, political survival, and rationality which form the basis of the book's "micro-level" approach. Individuals--not nations--make choices. With constraints as to what resources and opportunities are available, policymakers choose among alternatives that are most in sync with their self-interest. If students understand market failure and social traps, as well as how collective action problems affect interest group and institutional performance, they will be able to answer questions about a wide spectrum of events that start at the domestic level and spill over into global economic markets. To add context, Sobel presents a concise but detailed historical overview of globalization that demonstrates the shortcomings of common macro-level models in the field, from realism to liberalism to hegemonic stability theory. Your students will be equipped with a set of analytic tools that better explain individual behavior and social outcomes in areas such as trade liberalization, institutional bargains, factor endowments, currency exchange systems and convertibility, and development. Special features:
Exercises at the end of each chapter encourage students to apply the concepts they've just read about.
A suggested reading list for each chapter provides rich sources for further study.
Valuable figures and tables as well as highlighted key terms and a glossary help students grasp important concepts and aid in study.
Photos enliven the book's presentation and provide visual examples to help students understand core concepts.


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