POL208Y5 Lecture 13: POL208-WEEK 13
11 May 2016
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Document Summary
International political economy: the analysis of the interaction of power and wealth creation. The study of the distribution of wealth and power. Heavy competition for the same trade ports in the mediterranean pushed western. Modern era was introduced whilst trying to circumnavigate africa/ find a western route to india. Early agents of globalization were: seafarers, soldiers, merchants, missionaries. Designed to maintain inward flow of money thru barriers that protected and restricted trade: resources not circulated, but sought out and protected. Goal: maximize national interest (zero-sum, relative gains: wealth and power are proper ends of national policy, wealth is essential means to power. No government interference, let market regulate the trade itself (via supply and demand) opposite of mercantilism: inds should have freedom to engage in trade w/o as many barriers/obstacles. Better than mercantilism bc resources are now reinvested. Goal: maximize global welfare (absolute gains) trade can lead to harmony.
