Making Sense of the Globalisation Debate When Engaging in Political Economy Analysis

Abstract

This article assesses various contributions to the globalisation debate. It takes as its basis the split in the political economy literature between three ‘waves’ of analysis, and provides an overview of each in the first part of the article. A progression towards a more sophisticated understanding of ‘globalisation’ has taken place with the emergence of each wave, with the third wave representing the most refined account. The second section suggests neo-Gramscian theory can overcome the shortcomings of the otherwise praiseworthy third wave. In particular, the work of Stuart Hall is presented as appropriate for the study of globalisation, and political economy in general. The article concludes by calling for greater cross-pollination of ideas between the various critical theories of political economy.