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Lecture

POL380.JUNE9.docx

3 Pages
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Department
Political Science
Course Code
POL380Y1
Professor
Clifford Van Der Linden

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Description
ESSAY - First tease out the issues that the countries are securitizing - Then compare, how they divert, or how they are the same RECAP - Securitizing something is different than something that is worth of security - Securitizing is a political process, extension of politicization ECONOMIC SECURITY: REFERENTS, THREATS, AND VALUES MONETARY POLICY A SECURITY ISSUE? - China uses a fixed exchange rate system that keeps the yuan trading in a narrow band at a little under 7 yuan to the US dollar...makes it more competitive and advantageous for China.China is keeping it currency at a certain level thus keeping its exports cheap, - To maintain this peg, China’s central bank buys US dollars in amounts roughly equal to its trade surplus with the USA - In order to prevent inflation of its currency China buys US treasury bonds, thus financing US debt DOES THIS BECOME A SECURITY ISSUE FOR USA? CHINA AS A SECURITY THREAT? - Friedberg views economic gains in relative terms - Argues that the financial crisis may “mark the end of a period in which trade served to stabilise Sino-American relations and the beginning off one in which it will become a source of friction and conflict” - In the 2008 financial crisis, the terms of USA China engagement has changed, start of a TRUE economic rivalry INTERDEPENDENCE AS A SECURITY POLICY? - Is economic interdependence between the United States and China increasing or dwindling? - What are the implications for the US? For China? WALL STREET AS A SECURITY THREAT? - “ I made a mistake in presuming that the self-interest of organization –specifically banks and others—was such that they were best capable of protecting their own shareholders” - Alan Greenspan (Former Chairman of the Federal Reserve) - Market failure case, it occurs when there is no/little government regulation to insure that the interest-drive pursuits of actors in the system do not end up collapsing the system THE “RETURN TO NORMAL” - Disassociation of political economy and security studies and anachronistic - Function of unique historical instance of Cold War o Superpowers were less expose d to international markets than great powers - In the new world order, traditional security concerns more affected by issues normally associated with political economy PARADIGMS IN IPE Mercantilism - Emphasizes the role fo state power in obtaining advantageous trading arrangements for states - Presumes that states should aggressively seek to maximize exports and to minimize imports - Presumes that states should seek trade surpluses and should seek to protect domestic industry from foreign competition - Fits within the broad framework for the realists school of international relations, with its emphasis on national power and the importance of relative versus absolute gains (Classical) Liberalism - Emphasizes the role of markets in maximizing aggregate social welfare - Argues that market surpluses do not exist over time and that attempts to achieve them interfere with efficient production and consumption stifling welfare - Law of comparative advcantge suggested that free trade increased efficiency and made everyone better off - Promotes laissez-faire role for the state in the economy and an international system based on free trade Marxism - Views international relations as struggle between rich and poor classes rather than as a contest between national governments or nation states - International system was constructed with the implicit intention of perpetuating the advantages of the industrialized countries - Sees socio-economic conflict as prog
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