Political Science 1020E Lecture Notes - Lecture 16: 1973 Oil Crisis, Nixon Shock, Stagflation

• School: Western University
• Department: Political Science
• Course: Political Science 1020E
• Professor: John Grant

Document Summary

Important distinctions: de jure sovereignty, a juridical concept, formally subservient to no one, absolute, de facto sovereignty, an empirical attribute, autonomy, a matter of degree. 4 key bodies of global governance: sub- state global governance, supra state global governance, states shift competence and decision- making authority upwards to various. Un: marketized global governance, refers to delegation of authority or competence to the private sector. Examples include moody"s investment services and the world economic forum: global civil society. Anarchy and independence: anarchy: the absence of a single world government above each sovereign state, there is no higher authority. Why cooperate: lower transaction costs, to jointly manage problems or issues that affect more than one state. Collective goods: rivalry, non- excludability, public goods: no rivalry, non-excludability, e. g. highways and north american security, private goods: characterized by rivalry and excludability, e. g. property, territory, oil.