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Globalization and the New Politics of Embedded Liberalism

Author

Listed:
  • Hays, Jude

    (University of Illinois)

Abstract
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, much like happened during the earlier interwar period, the last time the international economy collapsed. This is troubling because expanding trade has been a source of growth and prosperity in developed and many developing economies for decades. There are potentially serious consequences for international peace and security too. When globalization was reversed in the 1930s, political disintegration and world war followed closely behind. Can it happen again? Political economists have argued that the domestic political foundation of the liberal international economy rests on an implicit contract between governments and their citizens called the bargain of embedded liberalism, according to which governments are expected to protect their citizens from the vagaries of the global economy in return for political support for policies like free trade that drive economic globalization. To help stem the rising tide of opposition to globalization, the bargain of embedded liberalism-currently under strain from forces associated with the multinationalization of production, the internationalization of financial markets, and now global recession-must be reestablished and bolstered. 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. Available in OSO:

Suggested Citation

  • Hays, Jude, 2009. "Globalization and the New Politics of Embedded Liberalism," OUP Catalogue, Oxford University Press, number 9780195369328.
    • Handle: RePEc:oxp:obooks:9780195369328
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    Cited by:

    1. Stephanie J. Rickard, 2015. "Compensating the Losers: An Examination of Congressional Votes on Trade Adjustment Assistance," International Interactions, Taylor & Francis Journals, vol. 41(1), pages 46-60, January.
    2. Zhi Luo & Guanghua Wan & Chen Wang & Xun Zhang, 2022. "The distributive impacts of the Belt and Road Initiative," Journal of Economic Surveys, Wiley Blackwell, vol. 36(3), pages 586-604, July.
    3. Kent Jones, 2023. "Populism, Globalization, and the Prospects for Restoring the WTO," Politics and Governance, Cogitatio Press, vol. 11(1), pages 181-192.
    4. Duane Swank, 2015. "The Political Foundations of Redistribution in Post-industrial Democracies," LIS Working papers 653, LIS Cross-National Data Center in Luxembourg.
    5. Hanna Lierse & Laura Seelkopf, 2016. "Room to Manoeuvre? International Financial Markets and the National Tax State," New Political Economy, Taylor & Francis Journals, vol. 21(1), pages 145-165, February.
    6. Italo Colantone & Piero Stanig, 2017. "The Trade Origins of Economic Nationalism: Import Competition and Voting Behavior in Western Europe," BAFFI CAREFIN Working Papers 1749, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    7. Stefan Thewissen & Olaf Vliet & Chen Wang, 2018. "Taking the Sector Seriously: Data, Developments, and Drivers of Intrasectoral Earnings Inequality," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 138(3), pages 1023-1048, August.
    8. Colantone, Italo & Ottaviano, Gianmarco & Stanig, Piero, 2021. "The backlash of globalization," LSE Research Online Documents on Economics 113860, London School of Economics and Political Science, LSE Library.
    9. Italo Colantone & Piero Stanig, 2016. "Global Competition and Brexit," BAFFI CAREFIN Working Papers 1644, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    10. Rickard, Stephanie J., 2015. "Compensating the losers: an examination of Congressional votes on trade adjustment assistance," LSE Research Online Documents on Economics 88051, London School of Economics and Political Science, LSE Library.
    11. Italo Colantone & Gianmarco I.P. Ottaviano & Piero Stanig, 2021. "The Backlash of Globalization," CESifo Working Paper Series 9289, CESifo.
    12. Scartascini, Carlos, 2013. "Tax Reforms in Latin America in an Era of Democracy," IDB Publications (Working Papers) 4693, Inter-American Development Bank.
    13. Isa Camyar & Bahar Ulupinar, 2019. "Electoral systems and the economy: a firm-level analysis," Constitutional Political Economy, Springer, vol. 30(1), pages 1-30, March.
    14. Mark David Nieman, 2011. "Shocks and Turbulence: Globalization and the Occurrence of Civil War," International Interactions, Taylor & Francis Journals, vol. 37(3), pages 263-292, July.
    15. Italo Colantone & Piero Stanig, 2019. "The Surge of Economic Nationalism in Western Europe," Journal of Economic Perspectives, American Economic Association, vol. 33(4), pages 128-151, Fall.
    16. Amy Pond, 2018. "Protecting Property: The Politics of Redistribution, Expropriation, and Market Openness," Economics and Politics, Wiley Blackwell, vol. 30(2), pages 181-210, July.
    17. Schmitt, Carina & Obinger, Herbert, 2012. "Policy diffusion and social rights in advanced democracies 1960-2000," Working papers of the ZeS 02/2012, University of Bremen, Centre for Social Policy Research (ZeS).
    18. Genschel, Philipp & Schwarz, Peter, 2012. "Tax competition and fiscal democracy," TranState Working Papers 161, University of Bremen, Collaborative Research Center 597: Transformations of the State.
    19. Mark Hallerberg, 2012. "Explaining European Patterns of Taxation: From the Introduction of the Euro to the Euro-Crisis," Research Department Publications 4777, Inter-American Development Bank, Research Department.
    20. Peter John, 2018. "Theories of policy change and variation reconsidered: a prospectus for the political economy of public policy," Policy Sciences, Springer;Society of Policy Sciences, vol. 51(1), pages 1-16, March.
    21. Piero Stanig & Italo Colantone & Gianmarco Ottaviano, 2024. "A Popular Backlash Against Globalization?," BAFFI CAREFIN Working Papers 24226, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    22. Eric Neumayer & Thomas Plümper, 2010. "Making spatial analysis operational: Commands for generating spatial-effect variables in monadic and dyadic data," Stata Journal, StataCorp LP, vol. 10(4), pages 585-605, December.
    23. Rickard, Stephanie, 2022. "Economic geography, politics, and the world trade regime," LSE Research Online Documents on Economics 113857, London School of Economics and Political Science, LSE Library.
    24. Betz, Timm & Pond, Amy, 2023. "Democratic institutions and regulatory privileges for government debt," European Journal of Political Economy, Elsevier, vol. 79(C).

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