Chapter 7 of 'The Globalization of World Politics' explores contemporary mainstream approaches in international relations, focusing on neo-realism and neo-liberalism. Neo-realism, based on Kenneth Waltz's structural realism, emphasizes security and state behavior shaped by an anarchic international system, while neo-liberalism advocates for cooperation through institutions and recognizes the significance of absolute gains. The neo-neo debate highlights that both theories share underlying assumptions but address different aspects of global issues, particularly in the context of globalization.