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POL2103 - 19 NOV 2013.docx

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Political Science
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InternationalPoliticalEconomyandGlobalization1The intersection between politics and economics2The changing position of the American economy in the world3The emergence of new centres of wealth creation4The rise of multinational corporations MNCs5The oil shocks of the 1970s6European integration7Global poverty8The end of the Soviet UnionPerspectivesonIPEMercantilismneomercantilismStates are the central actors and economic power is a component of state powerBalance of trade should always be positiveDevelop leading edge technologiesBeggars thy neighbour policiesincrease your power at the expense of someone elseMNCs are dependent on home states for gaining access to foreign marketsPerspectivesonIPELiberalismVoluntary exchange and markets are emphasizedMercantilist policies are source of discord in the international economyLaissezfaireThe principle of absolute advantage posits that all states benefit from trading in what they produce the bestThe principle of comparative advantage suggests that states will be better off trading with each other based on the margin of efficiency of the goods that they produce so everyone will be better off in the endKeynesian liberalism argues that trade should be managedNational economies should not be undermined and in certain circumstances protectionism can be justifiedInstitutions can be used to manage deficitsLiberal internationalists see an important role for international organizations because they enable coordination by building regimes1 on 7
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