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The Invisible Hand of Peace

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  • McDonald,Patrick J.

Abstract

The Invisible Hand of Peace shows that the domestic institutions associated with capitalism, namely private property and competitive market structures, have promoted peace between states over the past two centuries. It employs a wide range of historical and statistical evidence to illustrate both the broad applicability of these claims and their capacity to generate new explanations of critical historical events, such as the emergence of the Anglo-American friendship at the end of the nineteenth century, the outbreak of World War I, and the evolution of the recent conflict across the Taiwan Strait. By showing that this capitalist peace has historically been stronger than the peace among democratic states, these findings also suggest that contemporary American foreign policy should be geared toward promoting economic liberalization rather than democracy in the post-9/11 world.

Suggested Citation

  • McDonald,Patrick J., 2009. "The Invisible Hand of Peace," Cambridge Books, Cambridge University Press, number 9780521744126, January.
    • Handle: RePEc:cup:cbooks:9780521744126
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    Citations

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    Cited by:

    1. Jonathan Markowitz & Christopher Fariss & R. Blake McMahon, 2019. "Producing Goods and Projecting Power: How What You Make Influences What You Take," Journal of Conflict Resolution, Peace Science Society (International), vol. 63(6), pages 1368-1402, July.
    2. Jason Enia & Patrick James, 2015. "Regime Type, Peace, and Reciprocal Effects," Social Science Quarterly, Southwestern Social Science Association, vol. 96(2), pages 523-539, June.
    3. Gerald Schneider & Nils Petter Gleditsch, 2010. "The Capitalist Peace: The Origins and Prospects of a Liberal Idea," International Interactions, Taylor & Francis Journals, vol. 36(2), pages 107-114, May.
    4. Coyne,Christopher J., 2020. "Defense, Peace, and War Economics," Cambridge Books, Cambridge University Press, number 9781108724036, September.
    5. J Tyson Chatagnier & Haeyong Lim, 2021. "Does the WTO exacerbate international conflict?," Journal of Peace Research, Peace Research Institute Oslo, vol. 58(5), pages 1068-1082, September.
    6. Benjamin O Fordham, 2020. "History and quantitative conflict research: A case for limiting the historical scope of our theoretical arguments," Conflict Management and Peace Science, Peace Science Society (International), vol. 37(1), pages 3-15, January.
    7. Economou, Emmanouel/Marios/Lazaros, 2018. "Η Συσχέτιση Της Οικονομίας Και Του Πολέμου: Μια Βιβλιογραφική Επισκόπηση [The relation between economics and warfare: A bibliographic overview]," MPRA Paper 108643, University Library of Munich, Germany.
    8. Nizan Feldman & Tal Sadeh, 2018. "War and Third-party Trade," Journal of Conflict Resolution, Peace Science Society (International), vol. 62(1), pages 119-142, January.
    9. Karen Rasler & William R. Thompson, 2011. "Borders, Rivalry, Democracy, and Conflict in the European Region, 1816-1994," Conflict Management and Peace Science, Peace Science Society (International), vol. 28(3), pages 280-305, July.
    10. Nick Cowen, 2018. "Robust Against Whom?," Advances in Austrian Economics, in: Austrian Economics: The Next Generation, volume 23, pages 91-111, Emerald Group Publishing Limited.
    11. Christopher J. Coyne & Anne R. Bradley, 2019. "Ludwig von Mises on war and the economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(3), pages 215-228, September.
    12. Michael Mousseau, 2010. "Coming to Terms with the Capitalist Peace," International Interactions, Taylor & Francis Journals, vol. 36(2), pages 185-192, May.
    13. Michael Mousseau, 2018. "Grasping the scientific evidence: The contractualist peace supersedes the democratic peace," Conflict Management and Peace Science, Peace Science Society (International), vol. 35(2), pages 175-192, March.
    14. Patrick E. Shea & Paul Poast, 2018. "War and Default," Journal of Conflict Resolution, Peace Science Society (International), vol. 62(9), pages 1876-1904, October.
    15. Matthew DiGiuseppe & Patrick E. Shea, 2016. "Borrowed Time: Sovereign Finance, Regime Type, and Leader Survival," Economics and Politics, Wiley Blackwell, vol. 28(3), pages 342-367, November.
    16. Bruce Russett, 2010. "Capitalism or Democracy? Not So Fast," International Interactions, Taylor & Francis Journals, vol. 36(2), pages 198-205, May.
    17. Erich Weede, 2010. "The Capitalist Peace and the Rise of China: Establishing Global Harmony by Economic Interdependence," International Interactions, Taylor & Francis Journals, vol. 36(2), pages 206-213, May.
    18. Michael Mousseau, 2012. "The Democratic Peace Unraveled: It’s the Economy," Koç University-TUSIAD Economic Research Forum Working Papers 1207, Koc University-TUSIAD Economic Research Forum.
    19. Vennesson Pascal, 2010. "Military Strategy in the Global Village," New Global Studies, De Gruyter, vol. 3(3), pages 1-43, February.
    20. Patrick Gill-Tiney, 2022. "A Liberal Peace?: The Growth of Liberal Norms and the Decline of Interstate Violence," Journal of Conflict Resolution, Peace Science Society (International), vol. 66(3), pages 413-442, April.
    21. Patrick J. McDonald, 2010. "Capitalism, Commitment, and Peace," International Interactions, Taylor & Francis Journals, vol. 36(2), pages 146-168, May.
    22. Jonathan N Markowitz & Christopher J Fariss, 2018. "Power, proximity, and democracy," Journal of Peace Research, Peace Research Institute Oslo, vol. 55(1), pages 78-93, January.
    23. Erik Gartzke & J. Joseph Hewitt, 2010. "International Crises and the Capitalist Peace," International Interactions, Taylor & Francis Journals, vol. 36(2), pages 115-145, May.
    24. Erich Weede, 2011. "The Capitalist Peace," Chapters, in: Christopher J. Coyne & Rachel L. Mathers (ed.), The Handbook on the Political Economy of War, chapter 14, Edward Elgar Publishing.
    25. Edwin van de Haar, 2020. "Free trade does not foster peace," Economic Affairs, Wiley Blackwell, vol. 40(2), pages 281-286, June.

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