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POL 2103 E - Intro to International Relations Global Politics - Joseph Roman - 21 Mar. 17.docx

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Political Science
Joseph Roman

POL 2103 E - Intro to International Relations & Global Politics - Joseph Roman - 21 Mar. 17 International Political Economy (IPE) & Globalization 1. The intersection between politics & economics 2. The changing position of the American economy in the world 3. The emergence of new centres of wealth creation 4. The rise of multinational corporations (MNCs) 5. The oil shocks of the 1970s 6. European integration 7. Global poverty 8. The end of the Soviet Union Mercantilist/neo-mercantilist Perspective on IPE • States are the central actors & economic power is a component of state power • Balance of trade should always be positive - Always want to export more than you import, meaning that other states are reliant on you for goods • Develop leading edge technologies - Grabbing a market share asap in certain technologies gives a state advantages over other economies • Beggar thy neighbour policies - Mercantilists also emphasize this, meaning eat into other states’ market shares • MNCs (multinational corporations) are dependent on home states for gaining access to foreign markets - MNCs have no innate political power Liberalist Perspective on IPE • In some ways a rxn to mercantilism - also want to stimulate markets • Voluntary exchange and markets are emphasized • Mercantilist policies are a source of discord in the international economy • Laissez-faire economy theory • The principle of absolute advantage posits that all states benefit from trading in what they produce the best • The principle of comparative advantage suggests that states will be better off trading with each other based on the margin of efficiency of the goods that they produce, so everyone will be better off in the end • Keynesian liberalism argued that trade should be managed - Keynes was not a socialist, was a pro-capitalist - However, he realized there were some problems with markets and the laissez-faire economics - However, he thought the market still needed to be managed • He thought national economies should not be undermined & in certain circumstances, protectionism (interference) can actually be justified Ex: in Energy institutions • Institutions can be used to manage deficits • Liberal internationalists take institutions a step further, and see an important role for international organizations b/c they enable co-ordination by building regimes - and with those regimes, you can coordination action between states, obtaining cooperation Marxist Perspective to IPE • Karl Marx never wrote about international trade and it was left up to Marxian theoreticians to develop Marxist approaches • The world economy is seen as an arena of competition • The oppressors vs. the oppressed mark the character of the world economy • World economic relations are best seen as a class struggle • Unequal exchange between states - Marxists here look at the terms of trade • Marxists argue that global capitalism reflects the interests of business owners - to take advantage of an already under-privileged class - they bring up how labour rights and labour across borders not a focus in studies Theories of IMperialism: V.I. Lenin & Rosa Luxemburg • Core countries exploit the periphery • Constant search for new markets • New markets act as a sink for goods which have been overproduced in the home country • The search for new markets will generate conflict between imperialist countries World-system Theory (WST) • A world-system is about connections between countries & how they’re forged - Connections connect poor countries with peripheral countries (exporters of raw materials) • WST argues that there have been a number of world-systems & the current European world- system began in the 16th century • Capitalism distinguishes the connections that the European world-system has made • Connections link the core with the periphery • A world-system has a beginning, a middle, & an end • A contribution of WST is that it added a temporal dimension to the analysis of IPE & IR - basically saying that time matters • As a result of WST, they say that capitalism is cyclical - Kondratiev waves - In each K-wave, you’re gonna have a tech innovation which transforms the world economy, stimulating it, then a dip occurs in the economy due to the new technology being exhausted, then it repeats • With K-waves, WSTheorists look at secular trends, i.e. long-term waves - Focus on contradictions within a world-system • Crisis Tendencies • The semi-periphery has been added/introduced (recently) to address the fact that some countries are neither core nor periphery - The semi-periphery is dominated by the core even though it has its own domestic industrial base - Its role is to be a buffer between the core & the periphery Ex: Canada & South Korea Ex: Canada still dependent on the US for its technology and its exports • The core, the periphery, & the semi-periphery are bound together in an exploitive relationship
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