Global Political Economy and Governance

The “liberal international order,” which until recently appeared inevitable to many observers, faces numerous challenges that have erupted in the past few years—including war, heightened superpower rivalry, the imposition of sanctions and tariffs, and economic stagnation. To this list, we must add a series of preexisting conditions, such as ballooning inequality and persistent North-South divides, the climate crisis, rising nationalist and xenophobic sentiment, and increasing support—on both the left and right—for protectionism and skepticism of “free trade” and (global) capitalism itself. In turn, the very utility (and desirability) of global-governance mechanisms and institutions is increasingly being called into question. 

This course centers around analyzing the political economy and structure of the contemporary world order, its underlying logics, origins and inherently political nature, how it is (and is not) governed, and how power is exercised therein by actors including states, corporations, international institutions, and even individuals. As we will highlight throughout the semester, issues related to global political economy and governance shape the lives of people all over the world, including our own. 

Specifically, we will discuss the origins and consolidation of today’s “liberal international order,” especially vis-à-vis its economic dimensions and the rise of global neoliberalisms, along with its trials, tribulations, and challengers, its “governance” and spatial logics, and the various forms of backlash against it that are currently proliferating. We will also carefully analyze the role of race, class, and gender in global economics and politics, as well as the persistence of colonial legacies, and the ongoing relevance of North-South and other inequalities. Additionally, we will discuss how issues such as the climate crisis, U.S.-China relations, and technological change are shaping the future trajectory of the global political-economic order (or orders). 

To shed light on these and related matters, we will critically engage with the contributions of a diverse and interdisciplinary array of classic and contemporary thinkers who have sought to theorize the global economy, global governance, and world order, as well as the dynamic interplay between global politics and economics, in different ways. 

This is a required core course for the MA in Global Thought