Class Notes (839,094)
Canada (511,185)
POL208Y1 (500)
Lecture

Trade and Globalization II

5 Pages
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Department
Political Science
Course Code
POL208Y1
Professor
Lilach Gilady

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Description
thPOL208Y1 Introduction to International Relations January 24 2012 The Repeal of the Corn Laws y Organize politically in order to deal w issues of free trade and protectionismThe Historical Record The Repeal of the Corn Laws y 1846 the Repeal of the Corn Lawsthe first significant shift towards freer trade the anti Corn Law League the potato famine ideology y A unilateral actthe UK opens itself up for potential exploitation y Britain opening itself to unfair trade opening itself up for countries to bring in goods wo imposing tariffs while exporting to other countries and facing tariffs themselvesThe Revolutionary Expansion of Trade 18401870 y When we have one great power that controls huge percentage of trade market and where there is visible stability politically because we have this visible hegemony y From 1800late 1930s the great hegemony was Great Britain y From 1950s to late 1990s the great hegemony was the us y In order to escape prisoners dilemma we need a hegemony y When we have an international hegemony we will have an increase in amount of free trade y Conversely when there is no hegemony countries will revolt to protectionism and free trade will decline y Hegemony stability suggests that when we have this great power it will creategenerate stability and main implementation of this stability is greater trade y Once the hegemony moves other countries will move and we will see more and more free tradeIn the Absence of a Hegemon The Kindleberger Spiral y The Great Depression Charles Kindlebergers Spiral y Spiral shows us the volume of trade starting from 1929 when Great Depression start and ending in 1933 y Throughout Great Depression volume of trade continue to contract less and less trade quite rapidly and consistently where we end up with a spiral of conditions getting worse and worse y Why do we see this vortex Volume of global trade continues to decline Lot of domestic sectors that are hurting and governments first instinct si to protect everything in their orders currency industries and implement protectionism measures which leads to less and less trade y But less trade leads to less manufacturing and more people lose their jobs which leads to Great Depression y If we had a hegemony in 1929 we would not have ended up with this spiral because that hegemony would have had enough power and influence to calm down the system y This is the risk of what happens when we have economic problem and have no one to steer this economic crisis around
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