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Beware what you wish for: lessons for international political economy from the transformation of economics

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To the extent that 'normal science' in international political economy (IPE) has come to be rooted in the liberal paradigm, in statistical techniques, and in mathematical models, it has come to resemble neoclassical economics. The history of economics from interwar pluralism to postwar neoclassicism should sound warning bells about IPE following this path. Neoclassical economics has built-in biases in favor of self-adjusting systems and American hegemony; and biases against attention to inequalities of income and power, and against states' retaining power to shape internal arrangements within frontier controls. The transformation of economics also raises pertinent questions about IPE's shaping by its 'patrons', in the form of university administrators, government officials, business groups, and foundations.

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en

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http://eprints.lse.ac.uk/27083/

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