We analyse how tensions between international market integration and spatially limited political mandates have led to the phenomenon of economic patriotism. As discrimination in favour of insiders, economic patriotism goes beyond economic nationalism and can include territorial allegiances at the supranational or the local level. We show how this prism helps to understand the evolution of political intervention in open economies and present the ambition of this collection.
The book provides a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, the Fund’s role within the politics of austerity, and how it worked to shape advanced economy policy responses to the global financial crisis (GFC) and the Eurozone crisis. The book aligns with and advances cutting-edge ideational scholarship in international political economy (IPE) and comparative political economy (CPE) to build an innovative theorizing of how ideational change operates in international organizations (IOs). The construction of economic policy knowledge is understood here as a social process, wherein the IMF works to impress its interpretation of sound policy upon member countries through surveillance and other interactions. It updates and refines our understanding of how the IMF seeks to wield ideational power by analysing the Fund’s post-crash ability to influence what constitutes legitimate knowledge, and their ability to fix meanings attached to economic policies. This book is interested in the politics of economic ideas, focused on the assumptive foundations of different approaches to economic policy, and how the interpretive framework through which authoritative voices evaluate economic policy is an important site of power in world politics. After establishing the internal conditions of possibility for new fiscal policy thinking to emerge and prevail, detailed case studies of IMF interactions with the UK and French governments during the Great Recession drill down into how the Fund seeks to shape the policy possibilities of advanced economy policymakers and account for the scope and limits of Fund influence.
This article advances the case for the more systematic incorporation of ideational factors into comparative capitalisms analysis as a corrective to the rational choice proclivities of the Varieties of Capitalism approach. It demonstrates the pay-off of such an ideationally attuned approach through analysis of French capitalist restructuring over the last 25 years, placing it in comparative context. A modus operandi for such ideational explanation is elaborated through delineating different national conceptions of the market, and setting out their impacts on practices of market-making. The claim made in this article is that understanding the evolution of French capitalism requires recognition of the ongoing market-making role of the French State, in combination with the French conception of the market and its embedding within a social context characterised by the interpenetration of public and private elitist networks of France's 'financial network economy' which remains substantially intact. The ideational dimension is crucial because French understandings of the market and competition, the ideational building blocks of market-making, inform French state interventions and leave footprints on French institutions and market structures, and the evolutionary trajectory of French capitalism. In charting this trajectory, this article deploys the concept of post-dirigisme. We map out the parameters and causes of the post-dirigiste condition in France through examination of French bond market development, privatisation, the shift from a government-to a market-dominated financial system, and French capitalism's internationalisation. It then uses postdirigisme to explain French state responses to the financial crisis and the banking bailout, noting how state actors, in concert with the banking elites, actively facilitated dominant market positions of French international champions.
This article questions prevailing interpretations of New Labour's political economy and challenges the assumption within the comparative and international political economy literatures of the exhaustion of the Keynesian political economic paradigm. New Labour's doctrinal statements are analysed to establish to what extent these doctrinal positions involve a repudiation of Keynesianism. Although New Labour has explicitly renounced the ‘fine tuning’ often (somewhat problematically) associated with post-war Keynesian political economy, we argue that they have carved out policy space in which to engage in macroeconomic ‘coarse tuning’ inspired by Keynesian thinking. This capacity to ‘coarse tune’ is precisely what is being sought in New Labour's quest for credibility through the redesign of British macroeconomic policy framework and institutions. Our empirical focus on New Labour in government since 1997 offers considerable evidence that this search for the capacity to ‘coarse tune’ has been successful.
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