The third edition of this highly regarded textbook on international political economy shows how globalization is not a novel phenomenon but a recurrent process whereby markets have, since the 16th century, periodically redistributed economic activity.

Taking into account the new rise of Asia and the global financial crisis originating in the US housing finance system, this revised and updated edition continues to explore the complex relationship between modern states and markets to show how the 21st century global economy has come to resemble that of the 19th century, in which markets typically drove economic outcomes and generated large scale financial crises.

This is a thought-provoking text which will encourage both upper level undergraduate and postgraduate students to think analytically about the inevitability of a global market influencing state economies and to locate their own thinking within the IPE tradition.