This book argues that the lack of adequate theories of contemporary capitalism is due to the increasing separation of the sub-disciplines of Comparative and International Political Economy. Theorizing only takes place in one of the two over-specialized sub-disciplines of Political Economy, thereby leading to a neglect of the interplay between national and international dimensions of capitalism. The author seeks to rectify this gap by developing a theory of Second Image IPE. Based on the “second image” notion developed by Kenneth Waltz, he furthers the classical theoretical approaches as developed by Peter Gourevitch and Peter Katzenstein. For this purpose, he incorporates recent analytical developments in Comparative Capitalism and Growth Model analysis. The book demonstrates the usefulness of Second Image IPE theory by studying the major empirical topics of Global Political Economy, including security, finance, regional integration, trade, production and global order. It also covers recent issues such as deep integration, selective de-globalization and state capitalist challenges to liberal international institutions.

Andreas Nölke is Professor of Political Science at Goethe University Frankfurt, Germany. His recent books include Post-Corona Capitalism: The Alternatives Ahead (Bristol University Press, 2022) and State-Permeated Capitalism in Large Emerging Economies (Routledge, 2020, co-authored). For Second Image IPE, he has received an Opus Magnum grant by the Volkswagen Foundation.

“For too long, Comparative and International Political Economy have proceeded on parallel tracks, developing distinct agendas. The former typically emphasizes the diversity of national models of capitalism, while the latter focuses on international trends such as trade and finance. This book argues forcefully that the two perspectives should be integrated, as the exclusion of domestic factors in international studies (and vice versa) limits our understanding of economic phenomena. By combining insights from both sub-disciplines, Second Image IPE offers a robust and innovative framework, applying it to key areas such as finance, trade, security, and regional integration. It is an invaluable resource for scholars and students of political economy alike.” (Lucio Baccaro, Director at the Max Planck Institute for the Study of Societies, Cologne)

“The new book by Andreas Nölke masterfully combines comparative and international political economy to carve out an exciting research agenda. Drawing on Kenneth Waltz notion of “second image” explanations of features of the international system, and Peter Gourevitch’s and Peter Katzenstein’s “second image reversed” analytical lens of how international factors cause domestic outcomes, Nölke argues for an IPE which combines both approaches. In a tour de force, he applies his approach to major topics of IPE, such as security, finance, or production. Overcoming the narrow confines of (sub)disciplinary boundaries, the book offers a refreshing new perspective on our deeply unbalanced global political economy, and its underlying normative order.” (Dorothee Bohle, Professor for Comparative Political Science, University of Vienna)

“Nölke’s book is a magisterial treatment of a core issue in the twin fields of international relations and comparative politics: how do these fields interact? How do we treat them, knowing how inseparable they are?  Nölke judiciously weaves together history of the lived experience of countries, with the history of the conceptual evolution of the theoretical debates. The result is a sweeping statement of use to specialists in this field of interaction. And he does me the honor of drawing on work and concepts I developed some time back to integrate this work as “second image IPE.” (Peter Gourevitch, Professor Emeritus, University of California San Diego)

“This admirably clear-headed book reknits what academic specialization has torn asunder. Andreas Nölke moves forward by taking a step back. His book illuminates the global political economy, incorporating new with old perspectives.” (Peter J. Katzenstein, Walter S. Carpenter, Jr. Professor of International Studies, Cornell University)

“Second Image IPE is an impressive and ambitious work. The gap between Comparative Political Economy and International Political Economy has hampered progress in both disciplines. Grounded in a deep applied knowledge the book succeeds in bridging the divide. It will become a standard referenced for a rejuvenated integrated political economy approach.” (Engelbert Stockhammer, Professor of International Political Economy, King’s College, London)