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STATES AND MARKETS IN AN ERA OF GLOBALIZATION. Riain, Sean O. "STATES AND MARKETS IN AN ERA OF GLOBALIZATION. " Annual Review of Sociology. (Annual 2000): 187 Key Words neoliberalism, welfare states, development, capitalism, socialism Abstract The paper considers how states and markets shape one another at the national and world-system levels and how globalization is transforming that relationship. This process is illustrated through a review of research on liberal, social rights, developmental, and socialist states in the postwar capitalist economy. These state models were reconciled with expanding international markets through a series of controls on trade and capital flows. Globalization has undermined many of these controls so that states must increasingly integrate themselves into local and global networks. States are experimenting with organizational and strategic changes nationally and internationally in order to respond to a networked economy and polity. Neoliberal institutions are the dominant force shaping the relation between states and markets in the contemporary era, but alternative state-society alliances are emerging to contest the hegemony of neoliberalism in shaping globalization. PERSPECTIVES ON STATES AND MARKETS Globalization is transforming the relationship between states and markets. Even as some authors predict the demise of the state in the face of increasingly global markets, others focus on the role states play in constructing markets themselves and making sustainable market interactions possible. As the times change so do our theories, generating new concepts that can be used to better understand the previous period. This essay undertakes such a project. I argue that state, market, and society are embedded in each other and constructed by their interactions with one another. [1] This chapter briefly reviews world-systems and comparative political economy analyses of the relation between states and markets. This analysis provides the framework for a discussion of the variety of models of state-market interaction in the postwar Golden Age of capitalism, an era when economic growth and rising living standards were sustained for the greater part of the industrialized countries' populations (Marglin & Schor 1990). Four dominant models of state-market interaction are considered: liberal states that promote market dominance of society, social rights states [2] that set social limits to market strategies, developmental states in which state and society coordinate market strategies, and socialist states where the state attempts to subsume market and societal action within its own structures. I review the challenges that globalization poses to these models and consider contemporary experiments with state- market relations built on the legacies of these models but operating within a transformed international order. Finally, the prospects for a transformation of the international institutions governing state-market relations are examined. Globalization does not consist 1
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