POL208Y1 Lecture : International trade, globalization

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15 Feb 2011
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Discussed state of the union address / obama"s speech the world has changed etc. There are 2 schematic answers to that: more traditional answers: we have to minimize state intervention the market will solve everything neoliberalism, the state needs to provide the infrastructure for growth. firms aren"t going to finance infrastructure and take care of various types of employees Economic theory: free trade benefits all (smith) ; comparative advantage (ricardo) 19th c: the industrial revolution: the repeal of the corn laws: a dramatic growth in international trade. See the correspondence of the rise of the hegemons (us & uk) and the rise of free trade. Small states cannot afford the cost of protectionism they have no choice but to. Large states can choose to opt for stability and security over the benefits of free open up trade. A hegemon takes up such a large share of the world"s market that it can enjoy the benefits without compromising stability.

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