Abstract
The article offers a critical appraisal of the political-economy approach to world politics which has been developed by the German political scientist Hartmut Elsenhans. The main contribution of this approach consists in debunking a number of unwarranted assumptions underlying the current debate on globalization and neoliberalism. In particular, Elsenhans convincingly criticizes the notion that the world is increasingly dominated by a single logic of unfettered marketization. Instead, global society is characterized by a complex dualism of market and nonmarket economies shaped and sustained by powerful political forces. Whereas the article strengthens the case for the Weberian distinction between the dual logics of “profit” and “rent”, both Elsenhans’ sociological anti-normativism and his one-big-bad-thing-theory of rent-seeking are being criticized.
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