POLB81 Midterm Review Session

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Political Science
Wiafe- Amaoko

POLB81 Midterm Review Session February 15, 2012 Stephen Krasner Context - Mid 1970s - Oil crisis (OPEC) - End of Bretton Woods - States start to float their currency - Vietnam (1960s) – U.S. was not successful in Viet - In Europe, steel and coal commission, suggests formation of trading blocs and resurgence of Europe as significant economic actor after WWs - Rise of Japan in industrial exports - Eroding of U.S. hegemonic power (at least perception of) - Significant relationship between politics and economics; scholars stressed understanding IE in understanding IP What is his question/goal? - Why is the ITS open at some points in time and closed in others? What is ITS? - Continuum of openness (free trade) and closedness (autarky—not exposed or open to world market) on the other - No trade structure will be completely either end, somewhere in between 3 Indicators of Openness/autarky 1. Tariffs – less is more open; more is more closed 2. Increased portion of national income from foreign trade – more $ states are making from world market in engaging in trade + econ relations with states, they are more open 3. Decline of regional blocks – when autarkic, see more regional trades and as more open trade is more globalization 4 basic state interests 1. Political power 2. Aggregate national income 3. Social stability 4. Economic growth What states do depend on: size and development Large & Developed: - Open ITS o Increase national income o Less concern with instability b/c their government can manage fluctuations o More mobility to allocate resources (used to deal with fluctuations) o Not worried about losing political power; not affected by closure Large & Underdeveloped - Closed Small & Developed - Small & Underdeveloped: - Marxist’s dependency theory would say large states would take advantage of small states; too costly for them and w
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