Economics, Politics and (International) Political Economy: The Need For a Balanced Diet in An Era of Globalisation

Even the dogs may eat of the crumbs that fall from the rich mans table; and in these days, when the rich in knowledge eat such specialised food at such separate tables, only the dogs restrain a chance of a balanced diet.( n1)The Guest Editors of this come to the fore of New Political Economy invite us to put the P back in to governmental economy. This exhortation poses two nimble questions. Who took it out? And, indeed, what is political economy? For economists, some would argue, it has been missing since the ontogeny of the marginalist revolution after 1870 when political economy became a speculation of choice under constraint in which economics is a demeanor of acting and politics is a place to act.( n2) Once the bifurcation was established, economists and political scientists went their separate merry ways throughout the twentieth century. But, without overestimating the reliable and still limited interaction between economics and political science,( n3) is a rethink of this intellectual apartheid taking place?oer the last few years scholars of mainstream political science--I cannot resist pointing out--have of late begun to recognise what contemporary students of internationalist political economy had taken for granted for three decades: politics and economics are not separable analytical categories.



( n4) And in pockets of the economics mainstream--as opposed to the professionally marginalised fringe of policy economists--policy is ceasing to be a dirty word. What has caused the re-evaluation? In a word, globalisation. Monodisciplinary analyses cannot cope with it.

Now, globalisation is a slippery and fast pathetic concept. It is also a contested concept that cannot be luxuriant here save to note that we are in the third stage of the fence over the nature and impact of globalisation.( n5) Phase one proverb globalisation as pervasive, with the traditional actor in international economic and political orders--the...

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