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Department
Political Science
Course
POL101Y1
Professor
Joseph Wong
Semester
Summer

Description
News Editorial in China Daily—China’s consuming middle class 250 m by 2025 China (and HK) received 200 b USD last year (largest in the world). Last year was the first time the FDI into the service center was greater than that into manufacturing—change in consumption patterns Dominant factories on state-owned enterprise reform—mobile factories Changing global labor market How do we make sense of this? Operating under the Westphalian System Sovereignty  External (borders) and internal (domestic institutions of governance—legitimately use force and taxation) State system  Realism vs. Neoliberal institutionalism  Realism as billiard ball (opaque, doesn’t differentiate between states)—disregard history, but sees the world as in a state of anarchy and functions in the absence of a global gov’t o To realists, only national interests and maxing it matter o Assume world always on the verge of conflict o Power transition theory  history doesn’t matter, what matters is that German power capabilities were rising and UK’s were declining, entering into a power transition moment. Each maximizes its own interests.  Neoliberalism institutionalism o based on sovereignty and anarchy o Under what conditions do states cooperate?—statestend to cooperate o Concerned w/ int’l regimes and institutions that facilitate interstate cooperation o Institutions—set of formal rules or informal norms that constrain and shape the behavior of states, and that states, acting in their own interests, submit to their rules o Bretton Woods Institutions—create a quasi-fixed exchange rate system to create more stability in the int’l economy through formal rules, limiting exchange rate fluctuations to a band, and informal rules, the US ensuring that there would be enough dollar liquidity but in return no country can take a run on the dollar system by demanding too much dollar currency o Trade Related Aspects of IP Rights (TRIPS agreement)— countries agreed upon a different set of rules according to national status o These agreements constrain states but still remain in states’ best interest to comply  Key differences between the 2 in terms of emphasis o Realists tend to predict more conflict, while neoliberal institutionalists see more points of cooperation o Realists—relative gains – how much one country gains relative to others—zero-sum games o NI—absolute gains – positive-sum games o Priority of state goals—NI emphasize more on national economy (pacifying effect of complex interdependence), realists focus more on state security and economy as a means to enhance security o Understanding state motivations—realists see national interests as defined solely in terms of power, NI reject billiard ball idea and look at state intentions o Note: order is possible for both—NI through interdependence, realists through stability such as balance of power Cold War: arms race as way of balancing power, to realists as ‘the long peace,’ hegemon as source of stability of realists, while power transition moments as moments of conflict IPE 1970s as key pivotal moment –falling of Cold War, OPEC causes oil prices to rise exposing first world dependency, ending of Bretton Woods era as US leaves the Bretton Woods system, rise of less developed countries (Korea, Taiwan, S. Europe) change global landscape of global economy, transformation of state system as decolonizing ending  IPE as field of study that actually drew upon existing Western canon Liberalism  How do we foster cooperation under anarchy?  Global economy as f’n of individuals and firms  Comparative advantage due to preexisting structural advantages, zero transaction cost in int’l trade, markets determine prices and not the added transaction costs imposed
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