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Flashcards in WEEK 1 Deck (25)
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1
Q

INTL Political Economy aka…

A

Global Political Economy

2
Q

IPE explores

A

the social science paradigms to uncover the relationships between STATE, ECONOMY and SOCIETY

3
Q

Lake 2010 IPE

A

A substantive area of enquiry rather than merely a methodology

4
Q

IPE.. interdisciplinary area.. draws from

A

Politics, Economics, History, Sociology, Cultural Studies, Development Studies

5
Q

Core Issue Areas (Traditionally)

A

Production&trade, Money&Finance(debt, exchange, capital liberalisation), foreign direct investments/MNCs, Economic Development

6
Q

Core Issue Areas (Increasingly)

A

Knowledge and technology, migration, security, environment, human development

7
Q

Intellectual Roots

A

Mercantilism, Liberalism, Marxism

8
Q

Mercantilism

A

a) States Want Power
b) Wealth required to gain more Power
c) Wealth+Power are zero-sum

9
Q

Mercantilism- 1) Economic Strength is..

A

a Critical Component of National Power

10
Q

Mercantilism- 2) Trade is

A

to be valued for exports, but governments should discourage imports whenever possible

11
Q

Mercantilism-3) Some forms of economic activity

A

are more valuable than others

12
Q

Liberalism

A
  • Markets satisfy human needs

- better to have less state intervention in the market: “invisible hand”

13
Q

Liberalism Key Points: (part 1)

A
  • Rational Self Interest+ Free Market= Economic Well being
  • Labour + Income= societal benefit
  • Free trade opens new markets and provides commodities at a lower cost
  • Gov= regulator
14
Q

Liberalism Key Points: (part 2)

A
  • Economic Development best fostered in environment of free competition- universal natural laws
  • Quantity of money theory- Monetarism
  • Law of diminishing returns
  • Comparative costs/comparative advantage
15
Q

Marxism: History

A

series of class struggles between owners of capital (capitalists) and workers (the proletariat)

16
Q

Marxism: wealth concentrated in the hands of a few capitalists…

A

ranks of increasingly dissatisfied proletariat would swell… revolution… leading to classless society

17
Q

Marxism: Surplus value and exploitation

A

would ultimately lead to falling rate in profit and the collapse of industrial capitalism

18
Q

Marxism Key POINTS:

A
  • Labour theory of value (classical variant)

- State=agent of capitalist class

19
Q

Marxism Key POINTS 2:

A
  • Leads to human exploitation .. eventually revolution + conflict
  • International economic relations are conflictual.. war=competition between capitalist classes
20
Q

Theories:

A

1 Dependancy
2 Hegemonic Stability
3 INTL Regime
4 Open Economy Politics

21
Q

DEPENDANCY THEORY key points 1-3

A

1- Core countries-developed
2- Periphery Countries- developing
3- Transfer of resources from periphery to core

22
Q

DEPENDANCY THEORY key points 4-6

A

4-Core use periphery as markets for goods
5-relationship of dependancy ensues
6-poor countries are poor because of exploitation

23
Q

Hegemonic Stability Theory: key points 1-3

A

1-systems created by powerful actors
2-systems remain as onus as powerful actors are willing to maintain them.. mutually beneficial system
3- in IPE- Hegemon= country who produces the largest share of worlds total output + leads in tech development

24
Q

Hegemonic Stability Theory: key points 4-6

A

4-Hegemon= interest in a liberal international trade system
5-Declining hegemonic becomes less supportive of liberal trade
6-» movement between openness and protectionism synchronise with changes of economic power characterises HST

25
Q

Hegemons:

A
  • Portugal 1494-1580
  • Holland 1580-1688
  • Britain 1688-1792
  • Britain 1815-1914
  • USA 1945-1971