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Department
Political Science
Course
POLSCI 3B03
Professor
Richard Stubbs
Semester
Fall

Description
Started on: 10/16/2013 4:41:00 AM Last saved on: 11/10/2013 5:58:00 PM C LASS N OTES FOR : 3B03 McMaster University, Fall 2013 O CTOBER 16, 2013 Professor Richard Stubbs; Some analysts see globalization as intimately tied to the spread of neo-liberalism. What are the differences between neo-realism and neo-liberalism? Neo-realists tend to focus on national security issues and the importance of physical security. They emphasize relative gains and capabilities in determining threat. They doubt the value of international organizations in mitigating anarchy and conflict. Neo-liberals by contrast focus on the political economy and economic relations. They highlight the significance of absolute gains and look at intentions in determining threat. They see international institutions as valuable in alleviating international anarchy and lessening conflict. Neo-liberalism came to the fore in the UK under PM Thatcher and in the US under President Reagan. It was ushered in because Keynesianism was viewed as having failed with the onset of stagflation in the 1970s. The stress was places on deregulation, liberalization and privatization. Different forms of neo-liberalism are said to exist. These are set out in Andrew Gamble’s article. Important question is how much of what the state did in the past should be moved into the private sector – utilities, universities, police forces etc.? N EO -LIBERAL - Cooperation as „the norm‟ - Interested in Intentions - “Absolute Gain” - Organizations such as the U.N, OECD, IMF, World Bank (Can have an Impact on the world at making the world a better place; positive contribution to reducing the chances of open conflict in the world) N EO -REALISTS - Relationship between the states “relative gain” - Looking at the way in which states change power or wealth in terms of other states - E.G – China has gained in relative terms to the United States - Much more interested in Capability - International Organizations such as the U.N (Do not have much of an Impact) CRITICISMS - Neo-liberalism covers a wide array of approaches within Neoliberalism itself. ANDREW G AMBLE [LOOK OVER ] 1 Started on: 10/16/2013 4:41:00 AM Last saved on: 11/10/2013 5:58:00 PM - Andrew Gamble‟s point that we have two types of neo-liberals that are competing with each other o State should get right out of society (State has no business in the society, corrupting institutions)  The more you leave the market to itself (society) to itself, the better. Distrustful of the state.  Do not like any state run social program E.G “Obama care” o Other neo-liberals who do need the state to lead the market;  The state has to step in and regulate, in order for it to function the way it should function.  In order to do this, have to regulate society and the economy.  Do not like monopolies; N EO -L IBERALISM - First world war; when it was more associated with the more moderate view (that the state should regulate) - Thatcher and Ronald Reagan in late 1970s and 1980s; the Keynesian approach of a more interventionist state had produced a stagnant economy. o Stagnant economy with inflatio
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