International Political Economy | LSE International Relations

Summary

James Morrison and Ellen Alexander Holtmaat, both from the International Political Economy Program at LSE, discuss their research on the historical evolution of the global political and economic order. Morrison's forthcoming book, 'England's Cross of Gold,' explores the UK's attempt to restore the gold standard post-WWI, focusing on figures like Keynes and Churchill. Holtmaat investigates private sector influence on global governance, particularly in setting sustainability standards that impact developing countries. They underscore the blurred lines between states and markets and the importance of political economy in understanding current global challenges, like the COVID-19 pandemic's economic and political implications.

Takeaways

• 🎓 James Morrison is an assistant professor focusing on the historical international political economy, studying the evolution of the global political and economic order.
• 👩‍🏫 Ellen Alexander Holtmaat is a teaching fellow at LSE, teaching International Political Economy and researching the influence of the private sector in global governance.
• 📚 Morrison's upcoming book, 'England's Cross of Gold,' explores the UK's attempts to restore the pre-World War I gold standard and the roles of Keynes and Churchill in these efforts.
• 🌍 Holtmaat's research delves into private sustainability standards, such as fair trade and ecological production labels, and their impact on global regulations and development opportunities.
• 💼 The discussion highlights the complex relationship between political economy and international security order, emphasizing the interconnectedness of economic interests and global regulations.
• 🌱 Holtmaat examines the role of private standards in the cut flower industry, particularly the impact of Dutch standards on Kenyan producers and the broader implications for developing countries.
• 🔍 Both academics are interested in critical moments in history that lead to significant shifts in the global political and economic system, aiming to learn from these moments to inform current policy decisions.
• 🌐 The COVID-19 pandemic is used as a case study to illustrate the importance of political economy analysis in understanding the global response to crises and the distribution of resources like vaccines.
• 🏛️ The script touches on the historical blurring of lines between public and private entities, such as the Bank of England's role during the First World War and the British East India Company's influence on the American Revolutionary War.
• 🌟 The research aims to benefit society and policymakers by identifying which private standards are beneficial for the common good and where government intervention is necessary to achieve environmental or developmental goals.

Q & A

What is James Morrison's area of expertise?

James Morrison is an assistant professor in the International Political Economy Program, focusing on the evolution of the global political and economic order, particularly in the international financial system and trade.

What is the main focus of James Morrison's recent book?

James Morrison's recent book, 'England's Cross of Gold - Keynes, Churchill, and the Governance of Economic Beliefs,' focuses on the United Kingdom's attempt to restore the pre-World War I gold standard after World War I, with attention to key figures like John Maynard Keynes and Winston Churchill.

What is Ellen Alexander Holtmaat's research focus?

Ellen Alexander Holtmaat focuses on private sustainability standards, examining how these standards, often set by NGOs and businesses, influence global trade, particularly for producers in developing countries.

How does Ellen's research connect with the global trade of flowers?

Ellen investigates how private sustainability standards in the Netherlands affect Kenyan flower producers, showing how larger farms have an advantage in meeting certification requirements and accessing export markets.

What does Ellen hope policymakers take from her research?

Ellen hopes that policymakers use her research to identify which private sustainability standards are beneficial for the common good and which may hinder producers, especially in developing countries.

How does the field of International Political Economy view the relationship between states and markets?

International Political Economy examines the interaction between states and markets in a global context, highlighting the blurred boundaries between political and economic activities, especially with multinational corporations and state-backed enterprises.

What examples does James give of the intersection between global politics and markets?

James cites historical examples like the British East India Company and the Bank of England, showing how multinational corporations and financial institutions have been deeply intertwined with state policies, influencing global events like the American Revolutionary War and World War I.

How has the COVID-19 pandemic highlighted the importance of political economy?

The COVID-19 pandemic underscored the global interconnectedness of markets, from the rapid spread of the virus due to globalization to the unequal distribution of vaccines, reflecting political and economic disparities between countries.

What impact does Ellen believe the pandemic has had on businesses?

Ellen notes that the pandemic has affected the structure of businesses, with some going bankrupt and others expanding through acquisitions. She is particularly interested in the political consequences of having a few large businesses dominate certain markets.

Why does James believe the distinction between public and private sectors is often unclear?

James argues that the line between public and private sectors is blurred because, throughout history, private enterprises like the Bank of England and multinational corporations have played significant roles in public policies, often influencing political decisions for economic gain.