Andreas NölkeGoethe-Universität Frankfurt am Main · Institut für Politikwissenschaft
Andreas Nölke
Prof. Dr.
About
258
Publications
52,269
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
3,868
Citations
Introduction
Andreas Nölke currently works at the Institut für Politikwissenschaft, Goethe-Universität Frankfurt am Main. Andreas does research in Political Economy (comparative, international, historical).
Additional affiliations
April 2007 - present
January 2001 - March 2007
Publications
Publications (258)
The global financial system is the economic bedrock of the contemporary liberal economic order. Contrary to other global-economy areas, finance is rarely analyzed in discussions on contestations of economic liberalism. However, a quite comprehensive process of external contestation of the global financial order (GFO) is underway. This contestation...
The Corona pandemic has led to the deepest economic slump since World War II. Economic crises in the past have often led to a change of direction in the development of capitalism. What are the consequences of the Corona crisis? How do experts and policy advisors articulate the desirable steps for economic recovery? This review essay takes stock of...
While the recent extension of the Growth Models perspective to advanced peripheral economies is a laudable endeavor, we argue that the utilization of the social bloc concept needs conceptual refining. We contribute to this debate by drawing explicitly on the writings of Antonio Gramsci. First, we demonstrate that Gramsci differentiated between diff...
Historical political economy extends comparative and international political economy with a view to overarching processes and dynamics in specific historical phases. Against this background, Chapter 12 presents selected theoretical approaches and outlines the foundations of intertemporal comparative political economy. The most important intertempor...
International Political Economy is not only concerned with the visible sphere of production, but also with the less visible—but equally vital—sphere of reproduction. Chapter 10 begins by explaining the latter’s role in capitalist economies and the significance of the welfare state as a specific organizational form of social reproduction. With refer...
Chapter 15 invites theory-based and empirically founded speculation about the coming phase of capitalist development. Against this background, the chapter outlines the contours of state capitalism as a possible guiding model of a new mode of production as well as the various forms of populism as a political program to underpin this economic order....
Chapter 3 presents the main empirical differences between liberal and coordinated types of capitalism, with a particular focus on the USA and the UK, respectively, Germany and Austria. It starts from the theoretical categories of comparative capitalism research presented in Chap. 2, first with a focus on the most important company-related instituti...
Chapter 6 elaborates on the role of money and financial systems in the capitalist economic cycle. It counters notions of money as a neutral “lubricant” with a political understanding of financial and monetary relations. Along different dimensions and functions of money, three organizational problems surrounding money in the world economic order are...
Chapter 4 applies the previously introduced categories of comparative capitalism research to distinguish between four types of capitalism in emerging economies. In doing so, the chapter focuses primarily on taking stock of a model of “dependent market economies,” which has emerged primarily in East Central Europe, and a model of “state-permeated ma...
Chapter 2 presents the most important theoretical perspectives of comparative political economy in their historical context. The chapter starts from a definition of capitalism as a geographically and historically specific order. After early political economy-oriented comparisons of societies, it was only in the second half of the last century that...
The social division of labor and the relationship between capital and labor are at the core of capitalism. Chapter 9 introduces these aspects and discusses national differences in the institutional design of labor regimes, such as the role of trade unions, informality, and wage systems. These are expressed in different reform paths and adaptation p...
Innovation and production are central challenges for the organization of modern capitalism. Chapter 8 outlines these and discusses the emergence of the modern company as a central vehicle for innovation, often based on basic research undertaken by the state. Multinational corporations have played a central role in international political economy fo...
Chapter 14 shows how the world economic order has been increasingly shaped by a financialized mode of production since the mid-1970s, accompanied by a trend toward globalization and secured by neoliberal political programs and global economic institutions. The chapter outlines the characteristics and empirical basis of this market-creating order. I...
The ideal of free markets is a cornerstone of many beliefs about modern economies. Chapter 7 shows, however, that markets are only one way of distributing goods and services and that the functioning of the market mechanism requires institutional prerequisites. The chapter first discusses the principle of free trade and explains the origin and relev...
International Political Economy expands the perspective of Comparative Political Economy to include transnational economic relations, foreign economic policy, and international economic institutions. Chapter 5 outlines the establishment of IPE as a sub-discipline in the 1970s and refers to the subsequent differentiation of theoretical development....
Chapter 11 sets out the economic organizational problems and distributional conflicts associated with the appropriation of natural resources and, above all, an unfolding climate crisis. In particular, it focuses on the role of capitalist diversity in the preconditions and strategies for the decarbonization of the economy. It shows how approaches fr...
Chapter 13 explains how the Fordist mode of production in combination with the multilateral system of “embedded liberalism” led to a specific phase of industrial capitalist development between 1945 and 1973. This phase of capitalist “habitation” transformed both the mode of production and the mode of consumption. It established a capitalist global...
The growth model perspective has provided avenues for bridging comparative and international political economy, mainly regarding the Global Financial Crisis and developments within the eurozone. This article aims to contribute to this endeavor by highlighting the joint effects of capital flows and commodity price swings on growth models in emerging...
Zusammenfassung Die Corona-Pandemie hat zum tiefsten wirtschaftlichen Ein-bruch seit dem Zweiten Weltkrieg geführt. Wirtschaftliche Krisen haben in der Vergangenheit häufig einen Richtungswechsel in der Entwicklung des Kapitalismus bewirkt. Was sind die Folgen der Corona-Krise? Der Rezensionsaufsatz nimmt ei-ne Bestandsaufnahme von 26 Büchern vor,...
Contemporary trade agreements increasingly turn away from the reduction of tariffs, in favor of regulatory harmonization under the heading of “deep integration”. Since deep integration poses a more profound challenge for national models of capitalism than traditional trade policy, it lends itself well for a study via the lenses of Second Image IPE....
Supranational regional integration in the European Union is a particularly important field for Second Image IPE, given the strong interactions between national models of capitalism and the supranational level. In a second image-reversed perspective, the European Union exercises considerable pressure on the types of capitalism in its member states....
Radical export-led economic models are unusual because they lead to a domestic standard of living that is lower than necessary. In a second image reversed-perspective, the origin of the German export-led growth model can be explained by security considerations after World War II. Similarly, the evolution of export-led growth models in small emergin...
Foreign direct investments by multinational corporation can have a transformative impact on national models of capitalism. In a second image reversed-perspective, these investments have led to the establishment of a very peculiar model of capitalism in the form of the dependent market economies in East Central Europe. Not all emerging economies, ho...
In a second image reversed-perspective on global order, economic globalization did not level the differences between national models of capitalism as expected by many observers. Instead, it has given rise to completely new models of dependent and state-permeated capitalism in emerging economies. Currently, we are witnessing tendencies towards econo...
The notion of “Second Image IPE” is based on Kenneth Waltz's classical distinction between the first, second, and third image in the analysis of international relations. Whereas the first image looks at the personalities of political leaders, and the third image studies the power distribution in the international system, the second image explains i...
From a second image perspective, the financialized US model of a liberal market economy had a major influence on the postnational global financial order. For example, it has deepened this order via US influence on the policy prescriptions of the World Bank and the International Monetary Fund. It also had an important influence on questions of the r...
The recombination of Comparative and International Political Economy under the heading of “Second Image IPE” is based on several core concepts of the two sub-disciplines. In Comparative Political Economy, the most important theoretical development during the last three decades was the evolution of three generations of Comparative Capitalism theoriz...
The global picture of Second Image IPE is one of deep interdependencies between two polar groups of growth models. On the one side, we have economies driven by domestic demand, usually supported by high private or public debt. On the other side, we have export-led economies. Both groups press for a liberal global economic order, the one side predom...
Viele Beobachterinnen moderner Ökonomien gehen vom Ideal freier Märkte aus. Kap. 7 zeigt auf, dass der Markt nur eine Möglichkeit zur Verteilung von Gütern und Dienstleistungen ist und dass die Funktionsweise des Marktmechanismus institutionell sehr voraussetzungsvoll ist. Hier diskutiert das Kapitel zunächst das Prinzip des Freihandels und erläute...
Kapitel 14 zeigt wie die Weltwirtschaftsordnung seit Mitte der 1970er Jahre zunehmend von einer finanzialisierten Produktionsweise geprägt wurde, die mit einem Trend zur Globalisierung einherging und vom Neoliberalismus als politischem Programm sowie neoliberalen Institutionen der Weltwirtschaftsordnung abgesichert wurde. Das Kapitel skizziert die...
Kap. 15 lädt zu theoriegeleiteter und empirisch fundierter Spekulation über die kommende Phase kapitalistischer Entwicklung ein. Vor diesem Hintergrund skizziert das Kapitel die Konturen des Staatskapitalismus als mögliches Leitmodell einer neuen Produktionsweise sowie die verschiedenen Formen des Populismus als ein politisches Programm zur Unterfü...
Kap. 3 stellt die wesentlichen empirischen Differenzen zwischen liberalen und koordinierten Kapitalismustypen dar, mit einem besonderen Fokus auf den USA und Großbritannien einerseits sowie Deutschland und Österreich andererseits. Ausgangspunkt sind die in Kapitel 2 dargestellten theoretischen Kategorien der Vergleichenden Kapitalismusforschung, zu...
Kap. 4 unterscheidet anhand der zuvor eingeführten Kategorien der Vergleichenden Kapitalismusforschung vier Typen des Kapitalismus in Schwellenländern. Dabei legt das Kapitel den Schwerpunkt vor allem auf die Bestandsaufnahme eines Modells „abhängiger Marktwirtschaften“, wie es sich in Ostmitteleuropa herausgebildet hat, und eines Modells „staatlic...
Innovation und Produktion sind zentrale Herausforderungen für die Organisation des modernen Kapitalismus. Kap. 8 skizziert diese und diskutiert die Herausbildung des modernen Unternehmens als zentralen Träger von Innovationen, häufig allerdings aufbauend auf staatlicher Grundlagenforschung. Seit einigen Jahrzehnten spielen multinationale Unternehme...
Die Internationale Politische Ökonomie erweitert die Perspektive der Vergleichenden Politischen Ökonomie insofern sie transnationale wirtschaftliche Beziehungen sowie Außenwirtschaftspolitik und internationale Wirtschaftsinstitutionen einbezieht. Kap. 5 skizziert die Etablierung der IPÖ als Subdisziplin in den 1970er Jahren und verweist auf die ans...
Kapitel 2 stellt die wichtigsten Theorieperspektiven der Vergleichenden Politischen Ökonomie in ihrem historischen Kontext dar. Das Kapitel geht von einer Definition des Kapitalismus als geografisch und historisch spezifische Ordnung aus. Nach frühen politökonomisch-orientierten Gesellschaftsvergleichen etablierte sich erst in der zweiten Hälfte de...
Kapitel 6 arbeitet zunächst die Rolle von Geld und Finanzsystemen im kapitalistischen Wirtschaftskreislauf heraus und ersetzt dabei Vorstellungen von einem neutralen „Schmiermittel“ durch ein politisches Verständnis von Finanz- und Währungsbeziehungen. Entlang von unterschiedlichen Geldverständnissen und -funktionen werden dabei drei wesentliche Or...
Die Historische Politische Ökonomie erweitert die Vergleichende und Internationale Politische Ökonomie mit Blick auf übergreifende Prozesse und Dynamiken in bestimmten geschichtlichen Phasen. Kap. 12 stellt vor diesem Hintergrund ausgewählte theoretische Zugänge vor und skizziert die Grundlagen einer intertemporal vergleichenden Politischen Ökonomi...
Kapitel 13 erläutert, wie die Produktionsweise des Fordismus in Kombination mit dem multilateralen System des „eingebetteten Liberalismus“ zwischen 1945 und 1973 zu einer spezifischen Phase der industriell-kapitalistischen Entwicklung führte. Diese Phase des „behausenden“ Kapitalismus transformierte sowohl die Produktions- als auch die Konsumweise....
Kap. 11 legt dar, welche wirtschaftlichen Organisationsprobleme und Verteilungskonflikte mit der Aneignung natürlicher Ressourcen und vor allem einer sich vollziehenden Klimakrise verbunden sind. Insbesondere legt es ein Augenmerk auf die Rolle kapitalistischer Diversität in den Voraussetzungen und Strategien der Dekarbonisierung der Wirtschaft. Di...
Internationale Politische Ökonomie beschäftigt sich nicht nur mit der sichtbaren Produktionsökonomie, sondern auch mit der weniger sichtbaren – aber genauso vitalen – Reproduktionsökonomie. Kap. 10 erläutert zunächst deren Rolle in kapitalistischen Ökonomien sowie die Bedeutung des Wohlfahrtsstaats als spezifische Organisationsform sozialer Reprodu...
Die gesellschaftliche Arbeitsteilung und das Verhältnis zwischen Kapital und Arbeit gehören zum Wesenskern des Kapitalismus. Kap. 9 führt in diese Aspekte ein und diskutiert nationale Unterschiede in der institutionellen Ausgestaltung von Arbeitsregimen, wie die Rolle von Gewerkschaften, Informalität und Lohnsystemen. Diese äußern sich in unterschi...
Right-wing populist parties who obtain governmental power rely on ethno-nationalist mobilization for domestic legitimacy. They may therefore adopt policies that explicitly seek to disadvantage foreign multinational corporations (MNCs). Understanding what factors increase a foreign MNC's exposure to adverse action by right-wing populists is an under...
The coronavirus pandemic very often is perceived as a major security threat. Although it is a health problem, it has found its way in discussions on inter-state security policies. Even more substantial are the impacts of the pandemic on domestic conflicts in the Global South, the most prevalent contemporary security challenge. However, pandemic-rel...
When we understand the recent history of capitalism as a pendulum movement between liberal and organized phases of capitalism, a new phase of organized capitalism currently looks far more likely than a stabilization of liberal capitalism. The coronavirus crisis has contributed to a fundamental crisis of liberal capitalism. At the same time, we are...
The coronavirus crisis deepens the dilemma economies in the Global North face with regard to immigration. On the one hand, the crisis created an immediate communitarian impetus, characterized by prioritization of domestic social ties and community-based solidarity. This trend undermines the public legitimacy to accept foreigners. On the other hand,...
The immediate impact of the coronavirus crisis on individual well-being depends on the ability of the health system to deal with the pandemic. Countries differed widely with regard to the qualification of their health system. From a Political Economy perspective, a core question is whether a national health system should be predominantly private or...
During the coronavirus crisis and the related recession, many governments have initiated massive public rescue operations for business, given that the latter was collapsing in sectors such as tourism. A prominent part of these operations was the increase in public control over companies. Increasing public control took different forms. Often, this m...
The coronavirus pandemic has led to a substantial reduction of foreign direct investment (FDI) levels. However, a reduction of FDI during the crisis does not necessarily mean that FDI does have to stay low after the crisis. Many observers expect a strong rebound after the end of the pandemic and the related recession, although the tendency towards...
Cross-border crises usually benefit international organizations, since they highlight the importance of international cooperation. A first survey indicates that this mechanism seems to be working in case of the coronavirus as well. Still, the coronavirus pandemic has contributed to the erosion of some core institutions of the liberal economic order...
Although we cannot predict how far the process will go, the coronavirus pandemic undoubtedly has led to a wave of protectionist measures. Who could have imagined the imposition of export controls even between European economies? Globally, the initial trade policy reaction to the coronavirus pandemic was even more protectionist than after the Global...
The health crisis has increased the popularity of degrowth concepts in the short run. It has provided ample evidence that modern industrial capitalism is a very fragile system, that degrowth measures are possible and that they lead to an improvement of our natural environments. The recession, however, will likely decrease this popularity, in partic...
The pandemic and the related recession have strongly increased socio-economic inequalities of all kinds. This is in stark contrast to previous global pandemics where a high mortality rate among workers have led to higher wages via labour scarcity. During the coronavirus pandemic, in contrast, fatalities have been mainly concentrated in older age gr...
During the coronavirus crisis, the focus on tax policy rather was on tax deferral and tax exemptions. However, given extraordinarily high level of public debt and limited capacities for additional debt, some governments will be forced to consider tax increases after the coronavirus recession, in order to avoid austerity policies. Increasing income...
The coronavirus pandemic has demonstrated that money spent on the prevention of communicable diseases is money well spent, not only from the perspective of countries in the Global South. Moreover, it has become obvious that the current set-up of global health governance is not fully functional. We did not see much activity on the global pooling of...
If success during the pandemic is a criterion what will be utilized in post-corona capitalism, two innovation systems stand out. On the one side, frugal innovations typical for emerging economies such as China and India have not only flourished, but have also found their way into economies of the Global North. These innovations are called ‘frugal’,...
The coronavirus crisis has intensified the “arms race” towards economic concentration, often with state support. Competition policy concerns about economic concentration, about collusion between companies for market manipulation and about unfair state aid to selected companies at least temporarily have been relegated to the background. Small compan...
The coronavirus pandemic has vividly demonstrated the dangers of the modern system of global agricultural value chains, both with regard to the spread of zoonotic diseases and the insufficient provision of food for those with limited financial means. While a return to domestic smallholder agriculture may not always be the solution to this problem,...
Given the complexity of the coronavirus crisis, many members of the lay public, but also many Social Science students feel overwhelmed by the various topics and the policy initiatives responding to the health crisis and the later recession. This limits citizens' ability to exercise their democratic rights in steering the future course of events. Th...
Dieses Lehrbuch liefert eine Einführung in das Feld der Politischen Ökonomie. Es verbindet die Perspektiven der Vergleichenden Politischen Ökonomie, der Internationalen Politischen Ökonomie und der Historischen Politischen Ökonomie zu einer umfassenden Darstellung. Auf Karl Polanyi aufbauend beleuchtet es, wie der Kapitalismus unterschiedliche Spie...
The growth model perspective has provided avenues for bridging Comparative and International Political Economy, mainly with regard to the global financial crisis and developments within the Eurozone. This article aims to contribute to this endeavor by highlighting the joint effects of capital flows and commodity price swings on growth models in eme...
This book draws on comparative and international political economy to explore alternative options for future economic development in the wake of COVID-19. Covering all major infrastructures of contemporary capitalism affected by the pandemic, it analyses the impacts of the crisis on our global socio-economic-political systems.
Similar to other large recessions, the coronavirus pandemic has led to low valuations of many companies in distress. Foreign investors may utilize this situation for acquisitions. As we will see, this is not a hypothetical consideration during the coronavirus crisis. Particularly, Chinese companies were quite active with regard to foreign acquisiti...
Within days after the first victims of the coronavirus were identified, governments took decisions on a comprehensive closure of national borders and restricted flights. Particularly striking was the closure of borders within the Schengen Area of the EU, within which people were used to move freely on a daily basis for work and leisure. Accordingly...
The coronavirus pandemic very often has been framed as an economic security problem. For example, lack of access to medical equipment (see Chapter 20) or the disruption of supply networks (see Chapter 17) have been issues of major concern. However, the pandemic also raises further security issues, with regard to the conventional military, to armed...
Even in a world of global production networks, trade policies remain important for capitalist economies. They regulate the conditions under which goods and services may cross borders; for example, by imposing tariffs or regulatory norms. Countries can choose more liberal or more protectionist policies. With the onset of the coronavirus crisis, seve...
During the coronavirus crisis, governments have raised massive debt in order to combat the health emergency. However, many countries of the Global South already had high levels of public debt before the coronavirus crisis. Correspondingly, we may witness a new global debt crisis soon. Led by the G20, the IMF and the WB, creditor governments have re...
From the start, the coronavirus crisis was a propaganda contest between democratic and authoritarian capitalist regimes: who is better equipped to fight against the crisis? Authoritarian countries such as China and Singapore were lauded for their draconian and successful measures against the spreading of the crisis, but also detested for their lack...
Every few decades, the international economic system suffers an economic crisis, which changes its institutional path, in a way that dramatically affects the day-to-day operation of the system and the institutions it is embedded in. In such cases, we say that capitalism has been transformed and that we entered a new era in global capitalism. Among...
The coronavirus pandemic has led to a massive increase in state activity in the economy. Correspondingly, we may wonder whether the state retains this role after the end of the crisis or whether it returns to its pre-crisis role. This is particularly relevant in case of industrial policy; that is, government policies for the upgrading of economies....
Next to the tendency towards digitalization, the coronavirus crisis also has led to increasing concerns about economic concentration. This pertains to not only the strengthening of major digital companies such as Alphabet (Google holding company), Amazon and Facebook on the one side, but also the destruction of many small companies (for example, in...
Many people see the outbreak of the coronavirus pandemic as a more or less necessary consequence of capitalism and its inherent growth imperative. Correspondingly, they perceive the pandemic not only as an urgent warning sign, but also as a unique opportunity to overcome the focus on economic growth. This is assumed to be even more pressing, given...
In contrast to the 2008/09 Great Recession, the Northern financial sector was not the origin of the coronavirus recession. Still, it has been massively affected by the recession, although the emergency rescue operations by the central banks have avoided a major damage during the early phase of the crisis by providing massive injections of liquidity...
During the coronavirus crisis and the related recession, many governments have initiated massive public rescue operations for business, given that the latter was collapsing in sectors such as tourism. A prominent part of these operations was the increase in public control over companies. Increasing public control took different forms. Often, this m...
The immediate impact of the coronavirus crisis on individual well-being depends on the ability of the health system to deal with the pandemic. Countries differed widely with regard to the qualification of their health system. From a Political Economy perspective, a core question is whether a national health system should be predominantly private or...
As we have seen in the case of welfare states, countries differ considerably in their ways to tackle economic challenges, with very different institutions in conservative, liberal and social-democratic welfare systems. The discipline of Comparative Political Economy focuses on these institutional differences, in contrast, for example, to approaches...
The coronavirus pandemic emerged in a historical situation where the political relations between China and the US, not only the two largest economies, but also the contenders for global economic hegemony, grew increasingly tense. The pandemic has put fuel onto the fire of this rivalry. While the US blamed China to be responsible for the emergence o...
Comparative Political Economy does not only study country variation and macroeconomic policy issues on the demand side, but also institutional differences between countries on the supply side. The predominant approach here is called ‘Comparative Capitalisms’ (Clift, 2014; Menz, 2017; Nölke, 2019b). It analyses the differences between the economic i...
The countries at the top of the economic hierarchy – the US, Germany and a few other economies in the Global North – still have flexibility to increase their debt (see Chapter 9 and Chapter 23) and/or to rely on money creation by their monetary authority (see Chapter 8). However, the fiscal flexibility of most other economies is limited, and they w...
The coronavirus crisis deepens the dilemma economies face with regard to immigration. On the one hand, the crisis created an immediate communitarian impetus (see Chapter 32), characterized by prioritization of domestic social ties and community-based solidarity. This trend undermines the public legitimacy to accept foreigners. On the other hand, th...
At the onset of the crisis, the coronavirus was considered by some to be the ‘great leveler’ (Scheidel, 2017). In contrast to the economic and social challenges of the Global Financial Crisis, the virus poses a risk to everybody. Moreover, major crises such as wars and pandemics often have reduced inequality, if combined with high mortality rates t...
The coronavirus crisis has led to an increased – although so far mostly symbolic – appreciation of (paid and unpaid) reproductive work traditionally dominated by women, such as care work (for the sick, but also for the very young and very old), education (home schooling) or food preparation. As people increasingly moved to work from home, the moder...
During the coronavirus crisis, the use of disposable gloves and plastic containers for goods surged. In the mindset of many people, the war on the environment took the backseat for a while. But will it return to the front seat in the era of post-corona capitalism? Among environmental activists, the coronavirus crisis gave rise to hope, that this cr...
With regard to global governance, the most striking development during the coronavirus crisis was the decision of President Trump – withdrawn by President Biden – to leave the WHO, based on an allegedly too prominent role of the Chinese government in this organization. Later during the pandemic, limitations of global health governance became an iss...
The likely origin of the coronavirus in a Chinese wet market, but also food shortages during the crisis have led to additional attention to the global food system. Many observers criticize the latter severely, because its expansion has led to a loss in biological diversity and has brought people too close to wildlife, thereby increasing the risk fo...
Traditionally, the impact of capitalism upon society has been a core prerogative of Sociology. Over the last decades, however, we have seen the emergence of a research (and teaching) programme on ‘Everyday International Political Economy’ (Hobson and Seabrooke, 2009; Andersson, 2020: 15–40) highlighting that decisions and developments in the global...
During the coronavirus crisis, the fast production of pharmaceutical products to detect, prevent and heal virus infections has become an issue of utmost urgency. At the same time, this has led to the question why products related to similar diseases have not been produced much earlier. Some observers have argued that this neglect is due to the limi...
This book draws on comparative and international political economy to explore alternative options for future economic development in the wake of COVID-19. Covering all major infrastructures of contemporary capitalism affected by the pandemic, it analyses the impacts of the crisis on our global socio-economic-political systems.
During the coronavirus pandemic (as during the Global Financial Crisis), central banks were instrumental in stabilizing the economy via highly expansive monetary policy. Arguably, central banks were at least as important as governments for overcoming the economic crisis. The range of their tasks and instruments has become broader than ever before i...
The coronavirus health crisis has highlighted the importance of many forms of low-paid labour for our societies. At the same time, many people have acknowledged the miserable working conditions of these people; for example, Amazon warehouse and delivery workers and workers in the meat industry, but also of bus drivers and retail assistants. It has...
The coronavirus pandemic was a novel challenge for the EU. The purpose of combatting a pandemic was not part of its process of evolution. Still, many observers – both inside and outside the EU – assume that it should be able to play a major role in fighting the pandemic and the subsequent recession. The core question with regard to the EU – as alwa...
What will post-corona capitalism look like? We don't know. It is the core contention of this book that important political choices about the future of capitalism lie ahead. It has described some 30 of these choices and the alternatives available. The next years will demonstrate which of the alternatives will be realized and which not. This will be...
So far, we have studied the impact of the coronavirus crisis with regard to general issues that potentially can affect every economy – although we often have distinguished between the different challenges in the Global North and the Global South. However, the discipline of International Political Economy also studies the shifts in global economic p...