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By Jill Steans, Lloyd Pettiford, Thomas Diez and Imad El-Anis

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2001), World Politics: Trends and Transformation (8th edn), New York: St Martin’s Press. Mandaville, P. and Williams, A. (eds) (2003), Meaning and International Relations, London: Routledge. , Cornelissen, S. and Nel, P. (2006), Power, Wealth and Global Equity: An International Relations Textbook for Africa, Juta Legal and Academic Publishers. Weber, C. (2004), IR Theory: A Critical Introduction, London: Routledge. 1 Liberalism Introduction Liberal thought about the nature of international relations has a long tradition dating back to the eighteenth and nineteenth centuries.

Common misunderstandings 1. 2. 3. 4. 5. International Relations is International Politics. International Politics is one aspect of International Relations. We might also talk of International Economics, World Sociology, International Cultural Studies and so on. IR has come to involve elements of all of these but has also evolved in its own particular way. International Relations and international relations. Though it is not used by all writers in the field, this book employs a reasonably accepted system for talking about IR.

The US dollar served as the major world trading currency. 30 | Chapter 1 ■ Liberalism The relative value of all of the other world currencies was fixed in relation to the US dollar. Since, in the post-war period, the US economy was easily the largest and most powerful economy in the world, it was believed that pegging all currencies to the US dollar would ensure confidence in the international economic system. The BWS has been described as an economic order in which the broad principles of liberalism were ‘embedded’.

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