Regime Theory in International Political Economy (IPE)
As stated above, a regime is defined by Stephen D. Krasner as a set of explicit or implicit "principles, norms, rules, and decision making procedures around which actor expectations converge in a given issue-area.” This definition is intentionally broad, and covers human interaction ranging from formal organizations (i.e., OPEC) to informal groups (i.e., major banks during the debt crisis). Note that a regime need not be composed of states.
Within IPE there are three main approaches to regime theory: the dominant, liberal-derived interest-based approach; the realist critique of interest-based approaches, and finally knowledge-based approaches that come from the cognitivist school of thought (Hasenclever, 1997). The first two are rationalist approaches while the third is sociological.
Although realism is arguably the dominant school of thought in the field of international relations generally, within regime theory specifically, because regime theory is by definition a theory that explains international cooperation (i.e. it's a traditionally liberal concept) liberal approaches prevail within the literature.
Read more about this topic: Regime Theory
Famous quotes containing the words regime, theory, political and/or economy:
“The basic test of freedom is perhaps less in what we are free to do than in what we are free not to do. It is the freedom to refrain, withdraw and abstain which makes a totalitarian regime impossible.”
—Eric Hoffer (1902–1983)
“The whole theory of modern education is radically unsound. Fortunately in England, at any rate, education produces no effect whatsoever. If it did, it would prove a serious danger to the upper classes, and probably lead to acts of violence in Grosvenor Square.”
—Oscar Wilde (1854–1900)
“I have no purpose to introduce political and social equality between the white and black races. There is a physical difference between the two, which, in my judgement, will probably for ever forbid their living together upon the footing of perfect equality; and inasmuch as it becomes a necessity that there must be a difference, I ... am in favour of the race to which I belong having the superior position.”
—Abraham Lincoln (1809–1865)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)