PSCI 2601 Lecture Notes - Lecture 9: Free Market, Class Conflict, World Trade Organization
16 Dec 2017
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Document Summary
Class 7 international political economy and regimes. One of the distinct sub-fields of ir. Is about the interplay of economics and politics in world affairs. Key question is what drives and explains events in the world economy. Tries to explain what creates and perpetuates institutions rules, norms, organizations and what impact they have on world economy. Sets of rules that stipulate the ways in which states should cooperate and compete with each other (mearsheimer, 1994/95: eg. International sovereignty, collective security, human rights, etc. are international institutions. Are material entities that are created to pursue identifiable goals and are endowed with personnel, offices, budgets, and legal personality they have agency: eg. Invisible hand of the market ensures equilibrium between buyers and sellers, between supply and demand: comparative advantage. Everyone has some sort of advantage (this is where trade enters the picture: interdependence is good. An optimal choice given the specific incentives and institutional constraints and opportunities that existed at the time.
