Traditional approaches.docx

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Department
Politics and Public Administration
Course
POL 208
Professor
Abbas Gnamo
Semester
Winter

Description
Traditional approaches: liberal, mercantilist, marxist. • Three analytical and moral starting point o Liberal: (neo liberal) economic order as result of market operation • Intituionalists: apply rational choice to explain economic cooperation • Constructivists: how do actors construct preferences? o Highlight identities, beliefs, traditions and values • Neo gramscians: actors define/pursure interests within a structure of ideas. Culture and knowledge shaped by hegemonic powers • Institutions created after depression and second ww • Cold war postponed operation of these institutions --> US managed european reconstruction and dollar based international monetary system • Bretton woods: managed exchange rates and capital flows until 1971 (US would no longer convert dollar to gold) • The role of the IMF collapsed when the bretton woods system broke down in 1971 1970s: • Industrialized countries float exchange rate, engage in trade protectionism • Developing countries push for new economic order (NIEO)( no success except for OPEC when it raised oil prices. 1980s: • Debt crisis: new IMF role (overlap with world bank) • New world trade organization ( GATT/WTO) IFI: international financial institutions International monetary fund: IMF World bank : WB WTO Replacing the general agreeement on tariffs and trade ( GATT) • Institutions created after depression and second world war IMF: • International organization that oversees the global financial system by following the economic policies of its 185 member nations • Particularly focuses on exchange rates, facilitating development, reducing poverty, and global cooperation • Also offers financia
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