Skip to main content
    • Aa
    • Aa
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 101
  • Cited by
    This article has been cited by the following publications. This list is generated based on data provided by CrossRef.

    Fervers, Lukas Oser, Philipp and Picot, Georg 2016. Globalization and healthcare policy: a constraint on growing expenditures. Journal of European Public Policy, Vol. 23, Issue. 2, p. 197.

    Kushi, Sidita and McManus, Ian P 2016. Gender, crisis and the welfare state: Female labor market outcomes across OECD countries. Comparative European Politics,

    Lierse, Hanna and Seelkopf, Laura 2016. Room to Manoeuvre? International Financial Markets and the National Tax State. New Political Economy, Vol. 21, Issue. 1, p. 145.

    Merkel, Wolfgang 2016. The challenge of capitalism to democracy. Zeitschrift für Vergleichende Politikwissenschaft, Vol. 10, Issue. 1, p. 61.

    Pinto, Pablo M. and Weymouth, Stephen 2016. Partisan Cycles in Offshore Outsourcing: Evidence from U.S. Imports. Economics & Politics,

    Stein, Arthur A. 2016. The great trilemma: are globalization, democracy, and sovereignty compatible?. International Theory, Vol. 8, Issue. 02, p. 297.

    Wang, Zhiyuan 2016. Institutionalized Autocracies, Policy Interdependence and Labor Rights. Journal of Human Rights, p. 00.

    Bahtiyar, Görkem 2015. Handbook of Research on Strategic Developments and Regulatory Practice in Global Finance.

    Broome, André 2015. Back to Basics: The Great Recession and the Narrowing of IMF Policy Advice. Governance, Vol. 28, Issue. 2, p. 147.

    Culpepper, Pepper D. 2015. Structural power and political science in the post-crisis era. Business and Politics, Vol. 17, Issue. 3,

    Erkkilä, Tero 2015. Global Governance Indices as Policy Instruments: Actionability, Transparency and Comparative Policy Analysis. Journal of Comparative Policy Analysis: Research and Practice, p. 1.

    Farrell, Henry and Newman, Abraham L. 2015. Structuring power: business and authority beyond the nation state. Business and Politics, Vol. 17, Issue. 3,

    Fisher, Eloy 2015. The Crucible of Debt and Welfare Spending: Evidence from State-level Welfare Expenditures in the United States. Review of Political Economy, Vol. 27, Issue. 2, p. 201.

    Jensen, Nathan M. and Rosenzweig, Adam H. 2015. Can a Single Country Increase the Taxes of Multinational Corporations? Evidence from the Impact of the 1993 Corporate Tax Rate Increase on Fortune 500 Companies. Journal of Empirical Legal Studies, Vol. 12, Issue. 4, p. 757.

    Mosley, Layna and Singer, David A. 2015. Migration, Labor, and the International Political Economy. Annual Review of Political Science, Vol. 18, Issue. 1, p. 283.

    Soudis, Dimitrios 2015. Credit Rating Agencies and the IPE: Not as influential as thought?. Review of International Political Economy, Vol. 22, Issue. 4, p. 813.

    Burrier, Grant 2014. Show me the money! Economic openness, the left, and social spending in Latin America. Journal of International Relations and Development,

    Dallinger, Ursula 2014. Globalisierung und die Nachfrage nach sozialer Sicherheit. Eine kritische Analyse des „domestic demand“-Ansatzes. Berliner Journal für Soziologie, Vol. 24, Issue. 1, p. 59.

    Glaab, Katharina and Fuchs, Doris 2014. Handbuch Internationale Beziehungen.

    Hecock, R. Douglas and Jepsen, Eric M. 2014. The Political Economy of FDI in Latin America 1986–2006: A Sector-Specific Approach. Studies in Comparative International Development, Vol. 49, Issue. 4, p. 426.


Global Markets and National Politics: Collision Course or Virtuous Circle?


Increasing exposure to trade, foreign direct investment, and liquid capital mobility have not prompted a pervasive policy race to the neoliberal bottom among the OECD countries. One reason is that there are strong political incentives for governments to cushion the dislocations and risk generated by openness. Moreover, countries with large and expanding public economies (when balanced with increased revenues, even from capital taxes) have not suffered from capital flight or higher interest rates. This is because the modern welfare state, comprising income transfer programs and publicly provided social services, generates economically important collective goods that are undersupplied by markets and that actors are interested in productivity value. These range from the accumulation of human and physical capital to social stability under conditions of high market uncertainty to popular support for the market economy itself. As a result, arguments about the demise of national autonomy in the global economy are considerably overdrawn.

Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

International Organization
  • ISSN: 0020-8183
  • EISSN: 1531-5088
  • URL: /core/journals/international-organization
Please enter your name
Please enter a valid email address
Who would you like to send this to? *