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Lecture

POL208 Lecture January 7

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Department
Political Science
Course
POL208Y1
Professor
Lilach Gilady
Semester
Winter

Description
POL208 – January 7 Political Economy – interaction between politics and economics What is the role of economy in IR? - A source of power - A source of welfare (better standard of living) How we look at it depends on whether we see the economy as a means or as an ends (prosperity as a means, or prosperity as a goal) The Guns and Butter Metaphor for the national production possibility frontier (PPF) Guns=security VS. Butter=welfare War Economy - During wartime tradeoffs between guns and butter is most noticeable - Can’t have guns absolutely without butter, it is not sustainable - We cannot survive without butter - Some economists suggest it is not guns vs. butter – not always a zero-sum game Economic Warfare - An intense, coercive disturbance of the economy of an adversary aimed at diminishing its power - Economic warfare van be waged separately from military warfare or in conjunction with an ongoing war (strategic bombing, siege, blockade) ie. Oil embargo Japan International Law - Some economic warfare is legal and some is not - Separates between goods that are part of the war effort an those which are for civilian use...what about dual use? Smart Sanctions - Targeted specific sanctions, minimizing effects on regular population WTO membership and foreign aid can be used as a bargaining chip to compel countries to cooperate How to Calculate the Cost of War? Direct – tanks, personnelle, planes Indirect – higher oil prices, borrowing money Opportunity Costs – total economic impact vs. direct war costs The Peace Dividend - If guns are bad for the economy, peace and lower levels of conflict should lower the demand for guns and hence generate more butter...there is however have certain comfort levels with the minimum percentage of GDP going towards defense How to Understand the Role of the Economy in IR? - Our view on the role of the economy depends on how we answer these questions  What is power? What is the main purpose of power? Is the economy then an instrument for gaining power or is power an instrument for an improved economy?  Who are the main actors? Is cooperation sustainable?  What is the desired balance between guns and butter? Economic Liberalism - Increased efficiency  increased gro
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