POL326Y1 Lecture 13: USFP Economy Lecture

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26 Aug 2019
Economic Foreign Policy Lecture
Turkey had ambitions to join the EU and pursued policy of secularism
o Failure of secular governments to deliver goods by Erdogan
Neo-automatism: an attempt to turn away from EU and pursuing ottoman conquest
No issues with neighbors: even Israel was fine with Turkey
o Attacks on Gaza Strip meant that Israel-Turkish relationship went south
o Turkey, if it didn’t support ISIS, turned a blind eye to their activities; on same page as the United
States; things have gotten more complicated
US only found one ally to overthrow Assad (Kurdish resistance group: YPG) which has close links to groups
in Turkey (PKK) which is presumed a terrorist group to Turkey
American intent was to have a partition of Syria and the YPG/current groups saw this as an advantage for
statehood for which Turkey saw as unacceptable
Foreign economic policy in America arguably took precedent of every other aspect of American foreign
policy throughout American history
o Basic rejection of American foreign entanglements described by George Washington and Jefferson
wasn’t intended to create an isolationist country, but simply avoiding FP engagements typical to
European powers
Foreign security policy was seen as lower priority; this of course fed into extensive discussions on
American exceptionalism in focusing on economic interests
o Basic idea of economic policy trumping everything else
o Policy was made during WWI
o Jeffrey Friedman: reason that scheme initiated by Woodrow Wilson fell through was because
traditional American politicians found that protecting US Economics was more important than
advancing the US role as a global power
o You had some traditional industrial sectors that benefitted from protectionism
o By WWI, there were sectors of business elitists that departed from protectionist policies
o Following WWII, American foreign policy went from low priority to high priority
Cold War cemented American foreign policy as being the highest priority; certainly depended on economic
factors; it still held a role as an economic hegemon
o Resulted in Bretton-Woods System: the victorious powers in WWII established core institutions
that govern global economics including trade regulations whose primary purpose was to aid in
rapid reconstruction of Western Europe which was seen was vital for American interests
Perception that USSR would have communist influence over Europe
o Fred Block: parallel importance for Western Europe consume American industrial goods
World Bank
World Bank was largely created by Americans, reflected their enormous powers
o Was to provide credits for reconstruction; lends not to private borrowers, but to states
o Issue for USFP: if Americans lend money, it owns most of
o World Bank is an extender of last resort: becomes more pronounced in the period after its
For a particular development project, a third-world country would need to demonstrate
that if it exhausted all manners of generating money to reconstruct a nation
WB provides funds for countries that focus on infrastructure development
o WB has successes in developing countries; states can’t borrow from banks yet they do so
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