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The Third Wave of International Political Economy

Published:2018-06-14 Published:2018-06-14   Author:Li Wei and Liu Wei   [Small] [Middle] [Big] [More]

Over the past four decades, International Political Economy (IPE) has experienced two development phases, i.e., the paradigmatic meta-de-bates and the middle-level theories of Open Political Economy (OEP). The American financial crisis of 2008 and the European debt crisis of 2010 have once again significantly reshaped the global economic order. Due to the collapse of the unipolar hegemonic structure that underpinned the OEP approach, the academia began to reflect comprehensively on the limitations of OEP under new circumstances, to bring such factors as systemic structure, state power and ideational conflicts back to the studies of international economic relations, and to emphasize the method-driven transition to the problem-driven one. These developments herald the emergence of the third intellectual wave of IPE.

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