POL114H5 Lecture Notes - Lecture 6: John Maynard Keynes, Win-Win Game, Hegemonic Stability Theory
Document Summary
The global economy: our focus : trade (goods, political economy: what is political about the economy. Ipe: international political economy structure of global economy ideologies states n non state actors institutions and igos. (cid:373)ulti(cid:374)atio(cid:374)al (cid:272)orporatio(cid:374)s (cid:894)(cid:373)(cid:374)(cid:272)"s(cid:895: (cid:374)go"s thi(cid:374)k ta(cid:374)ks, sour(cid:272)es of disse(cid:374)t. Economic nationalism aka mercantilism realist theory, economics as zero sum game: economic strength- state strength n security, balance of trade: exports good, imports bad, beggar they neighbour policies, protectionism tariffs (taxes on imports) (cid:374)o(cid:374) tariff (cid:271)arriers (cid:894)(cid:374)t(cid:271)"s(cid:895) like (cid:271)gh (cid:272)o(cid:449) (cid:373)ilk fro(cid:373) u subsidies lower domestic price so give canadian farmers money to afford cheaper. Quotas (including voluntary restrictions: goal: to support ur own industries n be self sufficient. Liberalism free market capitalism: positive sum game, absolute gains trade- specialization, efficiency, more for everyone interdependence peace the market metaphor: adam smith law of supply and demand. Disagreements within liberalism capitalism goes through boom and bust cycles.
