Globalization And The New Politics Of Embedded Liberalism

As the world economy slides into the worst recession since the 1930s, there is fear that hard times will ignite a backlash against free trade policies and globalization more generally. This book explores the political and economic institutional foundations of the bargain of embedded liberalism and the ways domestic institutions shape how governments redistribute the risks and benefits of economic globalization. The author identifies the Anglo-American democracies, because of their majoritarian polities combined with decentralized, competitive economies, as uniquely vulnerable to the contemporary challenges of globalization and the most susceptible to a backlash against it.

This book explores how domestic institutions shape the ways governments redistribute the risks and benefits of economic globalization, identifying the Anglo-American democracies, because of their majoritarian polities and decentralized, competitive economies, as uniquely vulnerable to the challenges of globalization.

Many years ago, John Gerard Ruggie coined the phrase "embedded liberalism" to describe the grand post-1945 political compromise between free-market liberalism and domestic political interventionism that stabilized the multilateral economic order. In Global Liberalism and Political Order, leading scholars of political economy and international relations assess the challenges facing today's increasingly interdependent world as globalization redefines the old political order. They address the unraveling and/or reinvention of a grand compromise in global governance from a variety of theoretical perspectives and issue areas, including trade, finance, networked governance, North-South relations, and the environment. Focusing on the foundations of political authority at the global level, the contributors imagine the implications of success or failure for international economic order and political stability. Ruggie, whose work inspired many of this book's scholars, contributes a chapter on the prospects for a new global—as opposed to international—grand bargain.

The Globalization of Liberalism demonstrates that liberalism is more deeply embedded in the structure of modern international political and economic order than is usually realised, and that at present there is a contested process of the 'globalization of liberalism'. As well as exploring liberalism's usefulness for understanding how international relations work, the contributors offer critical perspectives on the liberal structure of modern international society and places international liberalism into a global context by examining responses to liberalism in China, India and the Middle East.

John Ruggie introduced the concept of embedded liberalism in a 1982 article that has become one of the most frequently cited sources in the study of international political economy. The concept was intended to convey the manner by which capitalist countries learned to combine the efficiency of markets with the broader values of the community that socially sustainable markets themselves require in order to survive and thrive. Examining the concept and the institutionalized practice of embedded liberalism, this collection provides a survey of the macro patterns in industrialized countries. Leading scholars combine to demonstrate the benefits of embedded liberalism in practice as well as its gradual erosion at national levels, and to analyze public opinion. They provide a better understanding of what embedded liberalism means, why it matters and how to reconstitute it in the context of the global economy. The contributors contextualize the current challenge historically and theoretically so that students, scholars and policy makers alike are reminded of what is at stake and what is required.

Focusing on the development of justificatory discourse on global governance, Steffek examines how differing conceptions of distributive and social justice have played a role in negotiations in the domains of security, economics, and protecting the environment.

As the world economy slides into the worst recession since the 1930s, there is fear that hard times will ignite a backlash against free trade policies and globalization more generally. This book explores the political and economic institutional foundations of the bargain of embedded liberalism and the ways domestic institutions shape how governments redistribute the risks and benefits of economic globalization. The author identifies the Anglo-American democracies, because of their majoritarian polities combined with decentralized, competitive economies, as uniquely vulnerable to the contemporary challenges of globalization and the most susceptible to a backlash against it.

In this learned and wide-ranging book, Trevor Shelley engages the controversial topic of globalization through philosophical exegesis of great texts. Globalization and Liberalism illustrates and defends the idea that at the heart of the human world is the antinomy of the universal and the particular. Various thinkers have emphasized one aspect of this tension over the other. Some, such as Rousseau and Schmitt, have defended pure particularity. Others, such as Habermas, have uncritically welcomed the intimations of the world state. Against these twin extremes of radical nationalism and antipolitical universalism, this book seeks to recover a middle or moderate position—the liberal position. To find this via media, Shelley traces a tradition of French liberal political thinkers who take account of both sides of the antinomy: Montesquieu, Tocqueville, and Manent. As Shelley argues, each of these thinkers defends the integrity of political bodies, denies that the universal perspective is the only legitimate perspective, and recognizes that, without differences and distinctions across the political landscape, self-government and freedom of action are impossible. As human beings, we can live free and fulfilling lives neither as isolated individuals nor as members of humanity. Rather, we require a properly constituted particular political community in which we can make manifest our universal humanity. In the liberalism of these three thinkers, we find the resources to think through what such a political community might look like. Globalism and Liberalism demonstrates the importance of these writers for addressing today’s challenges and will interest political theorists, historians of political thought, and specialists of French political thought.