In this groundbreaking new text, Sobel presents—in a lucid and intuitive way—the core assumptions of scarcity, political survival, and rationality which form the basis of the book's "micro-level" approach. Individuals—not nations—make choices. With constraints as to what resources and opportunities are available, policymakers choose among alternatives that are most in sync with their self-interest. If students understand market failure and social traps, as well as how collective action problems affect interest group and institutional performance, they will be able to answer questions about a wide spectrum of events that start at the domestic level and spill over into global economic markets.
To add context, Sobel presents a concise but detailed historical overview of globalization that demonstrates the shortcomings of common macro-level models in the field, from realism to liberalism to hegemonic stability theory. Your students will be equipped with a set of analytic tools that better explain individual behavior and social outcomes in areas such as trade liberalization, institutional bargains, factor endowments, currency exchange systems and convertibility, and development.
Exercises at the end of each chapter encourage students to apply the concepts they've just read about.
A suggested reading list for each chapter provides rich sources for further study.
Valuable figures and tables as well as highlighted key terms and a glossary help students grasp important concepts and aid in study.
Photos enliven the book's presentation and provide visual examples to help students understand core concepts.