Embedding Global Markets An Enduring Challenge
John Ruggie introduced the concept of embedded liberalism in a 1982 article that has become one of the most frequently cited sources in the study of international political economy. The concept was intended to convey the manner by which capitalist countries learned to combine the efficiency of markets with the broader values of the community that socially sustainable markets themselves require in order to survive and thrive. Examining the concept and the institutionalized practice of embedded liberalism, this collection provides a survey of the macro patterns in industrialized countries. Leading scholars combine to demonstrate the benefits of embedded liberalism in practice as well as its gradual erosion at national levels, and to analyze public opinion. They provide a better understanding of what embedded liberalism means, why it matters and how to reconstitute it in the context of the global economy. The contributors contextualize the current challenge historically and theoretically so that students, scholars and policy makers alike are reminded of what is at stake and what is required.
'One of the leading theorists of international relations is the editor of this timely collection of essays. The book elaborates on one of Ruggie's most important papers. The contributions in this volume add plenty of empirical meat to a bare bone analytical construct that has enticed our political intuitions for decades. The challenges and opportunities of contemporary globalization thus appear in novel light.' Peter J. Katzenstein, Cornell University, USA 'This fascinating volume shows how the concept of embedded liberalism, developed by John Gerard Ruggie in 1982, has been used by scholars to understand the connections between economic openness and conceptions of social purpose in the international political economy. Embedding Global Markets is a must-read for those who want to understand world politics in the 21st century.' Robert O. Keohane, Princeton University, USA 'A book on international political economy that enjoys endorsements from both Peter Katzenstein and Robert Keohane is always likely to have much in its favour: this book is no exception. It is a collection of essays tightly themed around John Gerard Ruggie's concept of embedded liberalism...[it] is therefore well worth the read, especially when it is edited by and receives the explicit support of Ruggie himself...The work is undeniably top quality...' Political Studies Review