POL 2103 Lecture Notes - Lecture 3: Market Failure, Neoliberalism, General Agreement On Tariffs And Trade

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Neo-liberalism: assumptions, logics of neorealism vs neoliberalism, the puzzle: hegemonic stability theory and (liberal) international institutions, neoliberal theory. Institutions : hard to create, easier to maintain. Anarchy -> self help -> survival -> security dilemma -> relative gains -> conflict/competition. Anarchy -> self help -> absolute gains -> (int institutions) -> cooperation. Because he accepts anarchy, chain accepts that if no good institutions, the world looks the way the neorealist claim. Why do liberal international economic orders exist in a realist world. Bretton woods system of multilateral financial institutions post wwii (imf, world bank, No government, but still mutually beneficial deals, efficient outcomes. Encourage iteration, increase shadow of the future. Decrease uncertainty and information asymmetries eg: used car market. Increase importance of reputation eg: via linkage (transactions, issues, institutions) Anarchy is what states make of it. Critiqu lof epistemological and ontological assumptions (r/nr & l/nl)

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