21654 Lecture Notes - Lecture 8: Closer Economic Relations, Distributed Transaction, Multilateralism
International Trade
Increasing trade (exchanging goods or services across borders) has occurred due to
internationalisation
Trade is an economic, political and social transaction, eg Brexit
Patterns of International Relations
Unilateralism:
•Exploitation of weaker states by larger ones, militarily, politically and economically
•Also described as colonialism (military annexation) or imperialism (political-economic control)
•Colonial policy was adopted in 19th and 20th century Europe
•Justified as civilising backward people
Multilateralism:
•Emphasising accommodation, negotiation and collective responsibility
•Goes counties collectively solve issues and conflict, believing that a country’s self interest will be
met through collective efforts
•Often implemented through formal organisations, such as UN (global), EU (regional), and OPEC
(resources)
•Multilateral finance bodies such as the IMF (lends money and pushes for economic reform) and
World Bank (helps developing countries and supports the removal of trade barriers) exist to
support economies
Bilateral:
•Political, economic or cultural relations between two sovereign states
•Emphasises a pragmatic national interest approach to foreign policy
•Distribution of power in an equilibrium with no dominance
•Bilateral free trade agreements (FTA): ANZCERTA, KAFTA, CHAFTA
Globalisation
Intense global integration of international economic activity based on striking increase in economic
global transactions and interdependence, high-tech communication and rapid flows of global
finance
Globalisation challenges sovereignty due to increased interdependent and power of multinationals,
also contributing to political instability and environmental degradation
Necrocapitalism
What is most true?
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Document Summary
Increasing trade (exchanging goods or services across borders) has occurred due to internationalisation. Trade is an economic, political and social transaction, eg brexit. Unilateralism: exploitation of weaker states by larger ones, militarily, politically and economically, also described as colonialism (military annexation) or imperialism (political-economic control, colonial policy was adopted in 19th and 20th century europe, justi ed as civilising backward people. World bank (helps developing countries and supports the removal of trade barriers) exist to support economies. Bilateral: political, economic or cultural relations between two sovereign states, emphasises a pragmatic national interest approach to foreign policy, distribution of power in an equilibrium with no dominance, bilateral free trade agreements (fta): anzcerta, kafta, chafta. Intense global integration of international economic activity based on striking increase in economic global transactions and interdependence, high-tech communication and rapid ows of global. Globalisation challenges sovereignty due to increased interdependent and power of multinationals, also contributing to political instability and environmental degradation.
