States Versus Markets: Understanding the Global Economy

The book covers some of the most exciting concepts in world politics - how to connect the production of goods and services in one region to the markets for those goods, and how this can lead to conflicts among states that try to create, enhance or subdue these markets. Fundamentally, it seeks to answer an enduring question in world politics - which has more power, states or markets?

This fifth edition examines globalization as a recurrent process by which markets have periodically redistributed economic activity. It links the regional production of goods and services with markets located elsewhere, showing how this can lead to conflicts among states. Taking into account the Covid-19 pandemic and the consequences of the recent revival of industrial policy, as well as the both Chinese and American efforts to redefine the Washington consensus, this book offers coverage of the latest developments in global political economy, offering:

- Increased emphasis on de-globalizaition/slo-balization
- New chapter on migration migration and labour exploitation
- Discussion of the long-term fallout of the 2008 financial crisis
- How Covid-19 exposed the fragility of supply chains
- The debate about the rising income of the global middle class
- More discussion of the role of multinational and transnational companies and associated controversies - regulatory arbitrage and tax avoidance, e.g. Apple and anti-competition
- The role of ICT, AI and biotechnology

This is the ideal text for upper level undergraduate and postgraduate students looking to analyse the influence of global markets on state policies and geo-economic position.

Herman Mark Schwartz is Professor of Politics, University of Virgnia, USA.