OPEN States in the Global Economy : The Political Economy of Small-State Macroeconomic Management

OPEN States in the Global Economy offers an outside-in framework for analysing the way in which national economic sovereignty is affected by globalization. In response to the largely closed-economy assumptions of most cross-national work on economic policy-making, this framework interprets small-state behaviour in terms of price- and/or policy-taking: small open states are always adjusting to changing international conditions. In short, economic policy choices are understood in terms of both international and domestic pressures. This new framework is then applied to a detailed case study of Norwegian economic policy-making. The Norwegian case is particularly well suited for the task, as it represents a best-case scenario for those who believe that politics still matters in an increasingly global economic context. In contrast to the assumptions of most cross-national studies, however, Norwegian full employment was not secured with an actively or consistently Keynesian policy mix. Rather, Norwegian policy mixes changed frequently in response to external developments. "Open States in the Global Economy offers an outside-in framework for analysing the way in which national economic sovereignty is affected by globalization. In response to the largely closed-economy assumptions of most cross-national work on economic policy-making, this framework interprets small-state behaviour in terms of price-and/or policy-taking: small open states are always adjusting to changing international conditions. In short, economic policy choices are understood in terms of both international and domestic pressures. This new framework is then applied to a detailed case study of Norwegian economic policy-making."--BOOK JACKET. In response to the largely closed-economy assumptions of most cross-national work on economic policy-making, Open States in the Global Economy offers an outside-in framework for analyzing the way in which national economic sovereignty is affected by globalization. This framework is then applied to a detailed case study of Norway's economic policy in the postwar period. The 'Open State' framework offers a new way to interpret how external changes affect domestic policy-makers and their preferences. In response to the largely closed-economy assumptions of most cross-national work on economic policy-making, this book offers an outside-in framework for analyzing the way in which national economic sovereignty is affected by globalization. This framework is then applied to a detailed case study of Norway economic policy in the postwar period. The OPEN State framework offers a new way to interpret how external changes affect domestic policy-makers and their preferences.
1. Introduction -- 2. An Outside-in Framework -- 3. Postwar International Regimes -- 4. Direct Planning In Norway: 1948-58 -- 5. Indirect Steering: 1958-71 -- 6. Flexible Adjustment: 1971-86 -- 7. Price Flexibility: 1986-98 -- 8. Conclusion. Jonathon W. Moses. Includes Bibliographical References (p. 228-240) And Index. This text offers an outside-in framework for analysing the way in which national economic sovereignty is affected by globalization. It then applies this framework to a detailed case study of Norway's economic policy in the postwar period Since the early 1980s, nearly all states have undergone radical changes in the way in which they conduct their economic policies.