Political Science 2231E Lecture Notes - Lecture 12: World-Systems Theory, General Agreement On Tariffs And Trade, International Monetary Fund
4 Jan 2021
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No outside actors which can affect the system/group. Capitalism: under the system people pursue the accumulation of capital imperative of the system. Every cycle has a beginning and an end, succeeded by another system. Hegemonic cycle involves the idea that within a system leaders. Realist would see this as useful, partially as an aspect of economic imperialism. Saw wwii was caused by the depression and protectionism idea that poverty leads to war. Way to avoid depression and war was to avoid tariffs and barriers (import quotas) General agreement on tarrifs and trade 1947. Gatt focused on negotiation and arbitration between different members of who signed the treaty mostly on manufactoring goods. Liberal imf is a tool for state power. What can be done to respond to imbalances in payments: Focus is on other states and their behaviour. Put controls on amount of money flows out of the country. Raising taxes will discourage consumers from buying foreign exports.
