PSC 124 Lecture 5: Quiz #5 Terms

• School: Syracuse University
• Department: Political Science
• Course: PSC 124
• Professor: Terrell Northrup

Document Summary

Quiz #5 terms: chapters 8 and 9. The study of the politics of trade, monetary, and other economic relations among nations, and their connection to other transnational forces. An economic theory and a political ideology opposed to free trade. It shares with realist the belief that each state must protect its own interests without seeking mutual gains through international organizations. Economic liberalism (in the context of an ipe) an approach that generally shares the assumption of anarchy but does not see this condition as preventing extensive cooperation to realize common gains from economic exchanges. It emphasizes absolute over relative gains and in practice, a commitment to free trade, free capital flows, and an open world economy. Socialism that emphasizes the exploitation and class struggle, including both communism and other approaches. The principle that says states should specialize in trading goods that they produce with the greatest relative efficiency and at its lowest relative cost (compared to other states)