lecture 2 notes

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Political Science
Francis Wiafe- Amoako

Lecture 2 notes Polb81h3Every country need the US dollar to ImportExportNixon was determined to stabilize it used to have fixed exchange rate now determined by the marketNeed for a break from IR into IPEIPE could be seen in lowball trade global finance MNCs NS relationsLast week 3 theoriesRelative gains how much you make compared to another Marxism and IPE o Marxism a critique to capitalism private ownership of means of production o Domestic class struggle o International global capitalist order reflects the interest of those who own the means of production o World system phenomenon o Dependency theories Today Global TradeGlobal trade regime o Rules based international agreements states seek to promote and stabilize economic exchanges it is against regulations to restrict these o Components trade national regulations and international agreements o Seek to remove trade protections reduce uncertainty and unpredictability in international trade and promote trade stability o Currently organized by the WTO Tariffs o Revenue o Protectionism issues smoothawley act 1930 increased duties as well as the scope of tariff coverage o National policies have always been at offs with trade agreements Evolution of free trade o Reform act of 1832o Corn laws 1848 o CoblnChavalier treaty 1860 o Stagnation 19141917 o World economic conference of 1927 address issues that arise with custom barriers o The great depression 1929
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