ABSTRACT

The concept of 'globalization' has quickly become a popular catchphrase in contemporary social science, and the academic debate on the phenomenon seems extensive. The discipline of International Political Economy is at its core concerned with the relationship between the two dominant forms of social organization in the modern world, 'the state' and 'the market'. 'Institutional adjustment' is operationalized as the role of component governments in the negotiation as well as the domestic ratification and/or implementation of the international trade treaties on which economic regionalism is based. Fiscal Federalism is concerned with the welfare-optimal assignment of public sector functions among various levels of government. There are possible scenarios as 'the state' tries to regain some measure of control over 'the market' via macro-regional integration schemes. The chapter also presents some closing thoughts on the key concepts discussed in the preceding chapters of this book.