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Publications

You can find below a list of my published books, articles, contributions, reports and papers, as well as electronic reading links to those that are available online.

Books

East Asian Capitalism: Diversity, Change, and Continuity (Oxford University Press, forthcoming July 2012) with Xiaoke Zhang (eds.). | Pre-Order Book

The increasing economic and political importance of East Asia in the global political economy requires a deeper analysis of the nature of the capitalist systems in this region than has been provided by the existing literature on comparative capitalisms. This volume brings together conceptual and empirical analyses of the evolving patterns of East Asian capitalism against the backdrop of regional and global market integration and periodic economic crises since the 1980s. Focusing on China, Japan, South Korea, Indonesia, the Philippines, Malaysia, Taiwan, and Thailand, it provides an interdisciplinary account of variations, continuities, and changes in the institutional structures that govern financial systems, industrial relations, and product markets, and that shape the evolution of national political economies.

While the volume encompasses a range of different cases, specific issues, and diverse methodologies, all the chapters address two dominant themes - the continuities and changes in the institutional underpinnings of capitalist development and the main driving forces behind them. The book thus provides an integrated analysis of how changing institutional practices in business, financial, and labour systems interact and affect the evolution of capitalist political economies in the region.

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China, the United States, and Global Order (Cambridge University Press, 2011), with Rosemary Foot. | Order Book

The United States and China are the two most important states in the international system and are crucial to the evolution of global order. Both recognize each other as vital players in a range of issues of global significance, including the use of force, macroeconomic policy surveillance, the non-proliferation of nuclear weapons, climate change, and financial regulation. In this book, Rosemary Foot and Andrew Walter, both experts in the fields of International Relations and the East Asian region, explore the relationship of the two countries to these global order issues since 1945. They ask whether the behaviour of each country is consistent with global order norms, and which domestic and international factors shape this behaviour. They investigate how the bilateral relationship of the United States and China influences the stances that each country takes. They also assess the global implications of national decisions, coming to the sobering conclusion that China and the United States tend to constrain rather than encourage more cooperative solutions to key global challenges.

This book has been listed as one of the “Essential Readings of 2011” by Foreign Policy Magazine.

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Analyzing the Global Political Economy (Princeton University Press, 2009), with Gautam Sen. | Buy Book | Read Chapter 1 and Chapter 4

This text is intended for upper-undergraduate and graduate students. It critically assesses the convergence between IPE, comparative political economy, and economics. We argue that a careful engagement with economics is essential for understanding both contemporary IPE and for analyzing the global political economy, whilst arguing that the deployment of more advanced economic theories should not detract from the continuing importance for IPE of key concepts from political science and international relations. IPE students with little or no background in economics should find this book useful, and economics students interested in political economy will be alerted to the comparative strengths of political science and other social science disciplines.

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Governing Finance: East Asia’s Adoption of International Standards (Cornell University Press, 2008) | Buy Book

The international financial community blamed the Asian crisis of 1997-1998 on deep failures of domestic financial governance. To avoid similar crises in the future, this community adopted and promoted a set of international "best practice" standards of financial governance. The G7 countries, led by the US and UK, asked specialised public and private sector bodies to set international standards, and tasked the International Monetary Fund and the World Bank with their global dissemination and adoption. Non-Western countries were thereby strongly encouraged to emulate Western practices in banking and securities supervision, corporate governance, financial disclosure, and policy transparency. The book examines in detail the quality of compliance with international regulatory standards in the key test cases of Indonesia, Malaysia, South Korea and Thailand since the Asian financial crisis of 1997-1998. It finds that actual compliance outcomes vary widely, both across different international standards and across countries. It also shows why policymakers, international organisations, and many academics have often overestimated the ability of international institutions and market forces to promote compliance and real institutional convergence.

Instead, I argue, domestic political economy factors best explain the variation of compliance outcomes and the very modest successes of the international standards project. Enduring aspects of Asian capitalism, including the substantial links between corporate and political power, and the family ownership of firms, made substantive compliance with international standards very costly for the private sector and hence politically difficult for governments to achieve. Therefore, despite international compliance pressure, the result was varying degrees of cosmetic or "mock" compliance. International institutions and financial markets often found mock compliance difficult to detect, and when they could detect it they had powerful incentives not to punish it. I suggest there are major limits to global regulatory convergence in the absence of support from domestic politicians, institutions, and firms.

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World Power and World Money: The Role of Hegemony and International Monetary Order (Hemel Hempstead and New York: Harvester-Wheatsheaf/St. Martin’s Press, 1991, second revised edition 1993) | Buy Book | Read Chapter 4 and Chapter 6 (Part 1 and Part 2)

This was my first book. A critical study of the relationship between hegemonic powers and international monetary order since the 1870s.

Book Chapters and Articles

  • “Global norms and major state behaviour: The cases of China and the United States” (with Rosemary Foot), European Journal of International Relations, published February 2012 online | Read Article (LSE Access)

  • “The Mismanagement of Global Imbalances: Why Did Multilateralism Fail?”, in Jochen Prantl, ed., Effective Multilateralism (Palgrave, forthcoming 2011-2012) | Read Chapter

  • "Global Imbalances and Currency Politics: The US, EU, and China," in Robert Ross et al., eds, US-EU-China Relations: Promoting Cooperation and Managing Conflicts of Interest (Routledge, 2010) | Read Chapter

  • "Adopting International Financial Standards: Convergence or Divergence in the Global Political Economy?," in Geoffrey Underhill et al., eds., Global Financial Integration Thirty Years On (Cambridge University Press, 2010) | Read Chapter

  • 'Chinese Attitudes towards Global Financial Regulatory Cooperation: Revisionist or Status Quo?' In Eric Helleiner, Stefano Pagliari and Hubert Zimmerman, eds., Global Finance in Crisis (Routledge, 2009) | Read Paper

  • 'Do Voluntary Standards Work Among Governments? The Experience of International Financial Standards in East Asia.' In Ngaire Woods and Dana Brown, eds. Making Global Self-Regulation Effective (Oxford University Press, 2007) | Read Chapter

  • 'From Developmental to Regulatory State? Japan’s New Financial Regulatory System.' The Pacific Review, 19(4), December 2006: 405-428 | Read Article

  • 'Domestic Sources of International Monetary Leadership.' In David M. Andrews, ed. International Monetary Power (Cornell University Press, 2006), 51-71 | Read Chapter

  • 'Understanding Financial Globalization in International Political Economy.' In Nicola Phillips, ed. Globalizing International Political Economy (Palgrave, 2005), 141-164 | Buy Book

  • 'Implementation in East Asia.' In Benu Schneider (ed.), The Road to International Financial Stability: Are Key Financial Standards the Answer? (Palgrave/Overseas Development Institute, 2003), 110-143 | Buy Book

  • 'Unravelling the Faustian Bargain: Non-state Actors and the Multilateral Agreement on Investment.' In Daphne Josselin and W. Wallace (eds), Non-State Actors in World Politics (Houndmills and New York: Palgrave, 2001), 150-168 | Read Chapter

  • 'NGOs, Business, and International Investment Rules: MAI, Seattle and Beyond.' Global Governance, 7(1), January 2001: 51-73 | Read Article (Copyright © 2001 by Lynne Rienner Publishers, Inc. Used with permission of the publisher.)

  • 'Globalization and Policy Convergence: The Case of Direct Investment Rules.' In R. A. Higgott, G. R. D. Underhill and A. Beiler (eds), Non-State Actors and Authority in the Global System (London/NY: Routledge, 2000), 51-73 | Read Chapter

  • 'Whatever Happened to the Pacific Century?' (with Rosemary Foot). Review of International Studies, 25(1), Special Issue, December 1999: 245-269 | Read Article

    • Also published in Michael Cox, Ken Booth, Christopher Hill and Tim Dunne (eds), The Interregnum: Controversies in World Politics 1989-1999 (Cambridge: Cambridge University Press, 2000) | Read Chapter

  • 'Do They Really Rule the World?' New Political Economy, 3(2), July 1998: 288-291 | Read Chapter

    • Also published in Richard Higgott and Anthony Payne (eds), The New Political Economy of Globalisation (Edward Elgar, 2000) | Buy Book

  • 'Adam Smith on International Relations: Liberal Internationalist or Realist?' Review of International Studies, 25(1), January 1996: 245-269 | Read Article

    • Also published in Iver B. Neumann & Ian Clark (eds), Classical Theories of International Relations (Macmillan, 1996) | Buy Book

  • 'The United States and Western Europe: The Theory of Hegemonic Stability.' In Ngaire Woods (ed.), Explaining International Relations Since 1945 (Oxford University Press, 1996), 126-154 | Read Chapter

  • 'Regionalism, Globalization, and World Economic Order.' In Louise Fawcett and Andrew Hurrell (eds), Regionalism in World Politics (Oxford University Press, 1995), 74-121 | Buy Book

  • 'Globalization, Corporate Identity, and European Technology Policy.' Journal of European Public Policy, 2(3), September 1995: 427-446 | Read Article

  • 'Asia-Pacific Regionalism in a New Global Economy.' In Woo Sik Kee et al. (eds), APEC and a New Pacific Community (Sejong Institute, 1995), 3-44 | Buy Book

  • 'United States Trade Policy: The Economic Consequences of Mr Clinton.' Oxford International Review, Spring 1993.

  • 'Distributive Justice and the Theory of International Relations', Australian Journal of International Affairs, 37:2, August 1983: 98-103.

Working Papers, Policy Reports and Other Papers

  • 'Global Economic Governance after the Crisis: The G2, the G20, and Global Imbalances.' Bank of Korea Working Paper, 2011 | Read Paper

  • 'The Mismanagement of Global Imbalances: Why Did Multilateralism Fail?' (Paper Prepared for Oxford Workshop on Effective Multilateralism, Nuffield College, 23-24 October, 2009) | Read Paper

  • 'Intellectual and Institutional Convergence in East Asia: The Voluntary Euthanasia of the Asian Model?' (Paper presented to the 2003 International Studies Association Annual Convention, Portland, Oregon, 26 February – 31 March 2003) | Read Paper

  • 'Understanding Financial Globalization.' IDSS (Singapore) Working Paper, June 2002 | Read Paper

  • 'The Political Economy Of FDI Location: Why Don’t Political Checks and Balances and Treaty Constraints Matter?' IDSS (Singapore) Working Paper, October 2002.

  • 'Financial Liberalization and Prudential Regulation in East Asia: Still Perverse?' IDSS (Singapore) Working Paper, October 2002 | Read Paper

  • British Investment Treaties in South Asia: Current Status and Future Trends (Report prepared for the International Development Centre of Japan, Tokyo, January 2000) | Read Paper

Other Work in Progress

    Coming Soon