Chapter 20 Lecture Notes

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Political Science
POLI 100
Christopher Erickson

CHAPTER 20 LECTURE NOTES International relations and the study of IPEThe study of International Political Economy IPE has become increasingly important in recent yearsA major impulse towards the study of IPE came in 1970 with the appearance of an article by Susan Strange This focused on the relative neglect of international economics within academiaThe term political economy suggest a merging of two aspects of social lifeIPE focuses on the interplay between political power and economic forces from the national through to the international and global levelsMore specifically it can be argued that IPE focuses on the relationship between states and marketsThere is a tension between states and marketsSovereigntyFree trade The Age of Mercantilism Refers to a set of ideas related to the balance of trade between states thth Is associated with the doctrine and practice of European states in the 17 and 18 centuryA basic premise of mercantilism is that the economic prosperity of a state is intimately linked to its military powerThe theory could be expressed in terms of a beggar your neighbor policy the growing prosperity of your own state was worth little if other states shared your prosperity In policy terms mercantilism was reflected by legislation which discriminated against the produce or commercial practices of other countriesIt would be a mistake to suppose that mercantilist ideas were irrelevant even in todays globalized economyThe rise of Liberal Political Economy The decline of mercantilist thinking can be dated to the appearance of Adam Smiths Inquiry into the Nature and Causes of the Wealth of Nations in 1776Smith argued that if nations stuck to those trades which suited them best the international economy would benefit as a whole 1
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