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International Political Economy .pdf

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Political Science
Political Science 2231E
Jessica Trisko

Wednesday, 27 February, 2013 International Political Economy The Political Cost of the iPhone - Depletion of indium - the mineral used for LCD and touchscreen displays - “Modern day Gold Rush” re: discovery of indium in the UK - Labour unrest in China - May 2010 - “9th worker death at the iPhone firm Foxconn” - July 2010 - “Foxconn shuts Indian plant as 250 staff fall ill” - Feb 2011 - “1 Million Workers. 90 Million iPhones. 17 Suicides. Who’s to Blame?” by Wired - Sept 2012 - “Foxconn halts production at plant after mass brawl.” Definitions - Mercantilism: Belief that power and wealth were closely connected in the 17th and 18th century. - Trading become more valuable then agricultural production. - Economic Liberalism: Fathered byAdam Smith; Free hand guiding economic trade. - Laissez-Faire: The idea that government intervention was bad. - Reciprocity:All trading agreements must be reciprocal; treating each country equally. - Interdependence: Need countries to rely on each other and trade. - David Recardo:Absolute Vs. ComparativeAdvantage. Recardo believed specialization would allow nations to make things for less money and therefore eventually make it much more efficient then its competitors. - Trade Barrier:Any government limitation on international exchange of goods. - Imposed to protect domestic businesses deemed essential/necessary for the state. - Protectionism: Restriction or barriers on imports. Ex. Tariffs (additional taxes), Non-Tariff barriers (quota limits), Subsidies (Tax breaks or tax incentives for a domestic producer to produce something cheaper then an international producer) - Bretton Woods System: Encourage multilateral removal of trade barriers. - Members of agreement must extend to any party these agreements (non-discrimination against members). 489 regional trade agreements today. Karl Marx - Believed that Capitalism as an economic system is based on ownership on the means of production by the proletariat but the proletariat make up the working class. Contradictions of capitalism: 1. Inherent tendency of monopolization 2. Associated with falling raid of profit 3. Imbalance of ability to produce and ability to purchase goods Three Types of Economies - Command Economics: First Soviets, then China, Vietnam. Wholly owned system of production by th
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