Chapter

Markets and States

Baldev Raj Nayar

in The Geopolitics of Globalization

Published in print December 2007 | ISBN: 9780195693034
Published online October 2012 | e-ISBN: 9780199081783 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195693034.003.0004

Series: Oxford India Paperbacks

Markets and States

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Analysts view globalization either as an economic process or as a political project. The view that globalization is an economic process is a function of the self-propelled impersonal forces of the market that may be accepted, availed of, or adjusted to by states and their societies. In contrast, globalization as a political project is a function of the policies of one or more developed states, particularly the United States, the goal of which is to dominate the world. This chapter focuses on the relations between markets and states, the importance of geopolitics, and the evolution of the global economic order before World War II. It explores economic liberalism, mercantilism, and national power, as well as Britain’s changing stance on liberalism, the link between authority and the international economy, war and the world economic order, and the impact of geopolitics on the world economy. The author concludes by writing that both intensive globalization and its truncated nature are rooted in the new order that the USA has come to establish.

Keywords: truncated globalization; international markets; geopolitics; world economic order; Britain; economic liberalism; mercantilism; world economy; US authority

Chapter.  5508 words. 

Subjects: Political Economy

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