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Includes bibliographical references and index

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The Politics of International Economic Relations Contents PREFACE ix ABOUT THE AUTHORS xi I AN OVERVIEW 1 FROM MANAGEMENT TO GOVERNANCE IN INTERNATIONAL ECONOMIC RELATIONS 1 Bretton Woods 1 Interdependence 4 Globalization 7 Conclusion 10 II THE WESTERN SYSTEM 2 GOVERNING THE INTERNATIONAL MONETARY SYSTEM 12 The Bretton Woods System 14 From Bretton Woods to Interdependence 20 Interdependence 28 Globalization 42 Crisis Management in the 1990s 52 Global Monetary Governance in the Twenty-first Century 59 3 INTERNATIONAL TRADE AND DOMESTIC POLITICS 66 The Bretton Woods System 67 Interdependence 72 Globalization 92 Conclusion 107 4 THE MULTINATIONAL CORPORATION AND GLOBAL GOVERNANCE 117 Common Characteristics of MNCs 119 Trends in FDI and Other MNC Activities 122 Explaining the Growth in MNC Activity 127 The Consequences of MNC Activity 132 International Regimes for Foreign Direct Investment 142 Conclusion 161 I I I T H E N O R T H - SOUTH SYSTEM 5 THE NORTH-SOUTH SYSTEM AND THE POSSIBILITY OF CHANGE 171 Liberal Theories of Economic Development 175 Marxist and Neo-Marxist Theories of Development 175 The Structuralists 177 Contrasting Marxist and Structuralist Perspectives 178 Weaknesses of the Three Perspectives 179 Dependence 183 Confrontation 184 Globalization 186 6 FINANCIAL FLOWS TO DEVELOPING COUNTRIES 192 Bretton Woods and Foreign Aid 193 Financial Flows in the Era of Interdependence 198 Globalization 214 7 TRADE AND DEVELOPMENT STRATEGIES 234 Bretton Woods: Isolation from the Trading Order 234 Interdependence: Strategies to Increase Southern Power 241 Globalization: Joining the Trade Regime 252 8 MULTINATIONAL CORPORATIONS IN THE THIRD WORLD 267 The Role of MNCs and FDI in the South 268 Interdependence 279 Globalization 289 9 OIL AND POLITICS 299 Corporate Oligopoly 301 The OPEC System 304 Other OPECs? 311 OPEC in Decline 316 Era of Globalization 323 Oil in the Twenty-first Century 330 I V I M P L I C A T I O N S O F T H E E N D OF THE COLD WAR 10 EAST-WEST ECONOMIC RELATIONS: FROM ISOLATION TO INTEGRATION 336 The Cold War 337 The Collapse of the Communist System 342 From Communism to Capitalism 350 China 361 East-West Economic Relations Since the End of the Cold War 374 11 CONCLUSION: GLOBALIZATION AND GOVERNANCE 385 The Evolution of International Economic Management 386 Challenges for Global Governance 390 Characteristics of a New System of Governance 392 GLOSSARY 397 ACRONYMS 424 SELECTED BIBLIOGRAPHY 429 INDEX 486