International political economy: a tale of two heterodoxies

International political economy (IPE) originated in the early 1970s. For almost 20 years it has been dominated by separate, largely non-communicating schools, one centred on scholarly institutions in Britain, the other associated with the US journal, International Organization (IO) . In terms of the evolving norms of both economics and political science, both schools are surprisingly heterodox. Rather than developing strong systematic data collections and systematic theory, the IO school has been characterised by a shifting set of conceptual and metatheoretical debates. The British school, which has tended to take a deliberately critical position, has been characterised by an ever-widening set of concerns topical concerns fuelled by a desire to include more and more voices in the study of IPE. These outcomes are explicable only by tracing the specific historical developments of the two schools.     

The political economy of China's economic reform

In China and Socialism: Market Reforms and Class Struggle, Martin Hart-Landsberg and Paul Burkett present a withering critique of China's market reforms and development strategy. To assess their critique, I believe it is essential to provide a somewhat fuller discussion of the context within which China's reform strategy emerged than appears in the work of Hart-Landsberg and Burkett. My discussion of this context appears after a brief discussion of their main points, and is followed in turn by a more detailed evaluation of the specific assertions they make. Although I am sympathetic to the spirit of their critique, I believe that in the last analysis they are unable to offer any genuine alternative to the development strategy China has pursued and that their analysis of the consequences of that strategy is in many respects deeply flawed.     

Socialist development: The political economy of agrarian reform in Vietnam

Abstract

Since reunification in 1976, Vietnam's faltering economy has produced a crisis of grave proportions, the causes of which are not yet fully understood. The drawn-out consequences of 45 years of war and international isolation are obviously important elements affecting the Vietnamese economy, but the crisis has continued—if not worsened since the end of the war. Grain production—16.2 million tons in 1983—has not kept pace with consumption needs. Official figures indicate that during 1983 per capita food production was 296 kg., up from a 1978 low of 243 kg., but still well below war-time levels.     

The political economy of judicial corruption in China: a spatial relationship

Like other developing countries, China has been struggling with corruption. Judicial corruption, in particular, damages the rule of law and presents a market disruption as an outcome of a lack of commitment by the government regarding property rights. This article seeks to explain the variations in judicial corruption within China, and it develops a theory of city-level corruption of judges. The theory is tested by an empirical study with data from the World Bank corruption survey using a Bayesian spatial linear model. While wealth appears to diminish corruption, there is also a strong spatial relationship with regard to the level of judicial corruption in China, indicating that as some regions become less corrupt, surrounding areas also experience a diminution in corruption. Thus, through a process organic to the current regime, China could experience an increase in judicial trustworthiness.     

Imagining Europe: political identity and British television coverage of the European economy

The article considers European economic news coverage on British television and its relationship with the UK public's perceptions of and identity with Europe. Stress is placed on the symbolic content of news about Europe; stories about the economic entitlements offered to citizens within the European Union; and portrayal of material benefits or losses for Britain. The results suggest that coverage offers mixed signals about Europe. As yet, they offer an unlikely platform for the development in the United Kingdom of European solidarity or identity. The results are assessed in the light of the way journalists approach political issues. The implications for statistical modelling of the media's relationship with attitudes towards Europe are also considered.     

The transition in the political economy of South Korean development

This article analyzes the current transition in the political economy of South Korea in the context of political democratization and economic development. Because South Korea can be regarded as a case in which successful economic growth preceded political democratization, the article reviews the advantage and the disadvantage of late industrialization and its limitations. It discusses rising conflicts of interest among economic agents, labor disputes, and the erosion of international competitiveness. The article also reviews the sociopolitical reform program advanced by the new administration and its ramifications for the economic prospects. The article concludes that the Korean economy will continue to grow but not as fast as it had grown in the past and that the new political environment will play a critical role in determining the characteristics of capitalism in South Korea. The success of future economic development will depend on the stability of the political system and the national capacity to resolve conflict of interests.     

The semi‐formal sector and the Turkish political economy

The general dichotomy in developing economies between the ‘formal’ and ‘informal’ economic sectors needs to be refined to account for the ‘semi‐formal’ sector: one whose activities appear to be governed by formal rules and procedures but are, in fact, largely unregulated and unrecorded by the state. Using Turkey as an example of a transitional, developing economy, the paper situates the semi‐formal sector in relation to the other two. Also important to examine is the level of autonomy which the semi‐formal sector enjoys in relation to the state and other economic sectors. Autonomy depends on access to resources, and the use of these resources in pursuit of economic, political, or socio‐cultural agendas. Three comparative lessons can be drawn: 1) despite state endeavours, a sizeable portion of seemingly formal economic activities go unreported and unregulated; 2) the semi‐formal sector helps the perpetuation of a mutually beneficial relationship of mutual neglect between state and society; and, 3) the sector's political agendas may best be characterised as one of ‘oppositional pragmatism’.     

Monotowns and the political economy of industrial restructuring in Russia

During the 2008–2009 economic crisis, Russia's monotowns – one-industry towns left from the Soviet era – gained widespread attention as potential sources of social protest and unrest. Will such worries resurface under current economic conditions? While fears about monotowns were exaggerated during the last economic crisis, Russia's leadership has reason to remain concerned. Despite the dramatic transformations of the last two decades, Russia's post-Soviet industrial landscape has largely survived intact, leaving a significant number of monotowns with unprofitable enterprises in a precarious position. Yet given its emphasis on social stability, we can expect the government to continue subsidies, both explicit and hidden, that seek to maintain employment and avoid social conflict, but that preserve the country's inefficient industrial geography.     

The political economy of capital flows and capital controls in Malaysia

This paper explains the neo-liberal reform measures – foreign direct investment (FDI) policies, financialisation and labour market reform – of the Korean economy following the 1998 economic crisis. It investigates how they have influenced a process identified as the bipolarisation of Korea. Although the increase in FDI inflows has contributed to the economy by overcoming balance of payments difficulties, it has led to increased income inequality. As a result of labour market reforms that targeted labour market flexibility, the number of non-regular/non-standard and part-time workers has increased significantly over the past decade. Labour market reform and financialisation aggravated the bipolarisation.