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Second semester - notes on lectures and readings

42 Pages
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Department
Political Science
Course Code
POL208Y1
Professor
La Haine

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POL208 MIDTERM 2: REVIEW
Introduction to International Political Economy
TERMS
Political Economy
- Interaction economics and politics; combination of the two fields
Opportunity Cost
War Economy
- Times of war, economics plays an important role; market needs to adjust
- Restructuring of the economy
Economic Warfare
- Use of economic instruments as a part of war
- Ex. oil embargo imposed by US and other countries on Japan before they entered WWII;
eventually, they attacked Pearl Harbor
Total War
Economic Sanctions
Opportunity Costs
- When you choose an option, you give up the opportunity of another opportunity that could
have made a lot of money
Peace Dividend
- Economic gain from a reduction in spending on defense
Economic Liberalism
- Increased efficiency will lead to growth, and growth will maximize welfare
- Free markets and limited government intervention
www.notesolution.com
Economic Nationalism
- Economics are important for national interest and security
Marxism
LECTURE
- Sudan civil war; Southern Sudan having referendum; mostly Christian; more oil in
Southern part
- Professor Rajan in an integrated economy, what is good for the individual isnt
necessarily good for the system fault lines in global economy because of politics
- Economics in the past was understood as political economy’; need to study politics as well
to really understand economics
- Market can be seen as a means of gaining power market is the butter and security as
the guns; without butter, you cant get any guns
- Source of power we need butter to buy guns, so we should invest in the market and
invest in international security
- Source of welfare we like butter
- We need guns for protection, and butter for welfare
- More money in guns or butter?
- War economy see trade-offs between guns and butter
- Total war everything towards production of guns, and not butter
- Lots of shortages and thus rationing
- But most wars are followed by an economic boom as long as they didnt face too much
infrastructural damage ex. US and Canada after WWIIalthough many European
countries didnt
- Economic warfare coercive disturbance of the opponents economy to diminish their
power and they will not be able to buy a lot of arms
- Economic sanctions putting sanctions on another country to make them change their
policies
www.notesolution.com
- Economic warfare can be waged separately from military warfare, or even in conjunction
- International law tries to separate goods that are part of a war from civilian goods
- Recently, economic sanctions have been used more instead of war but they often dont
work, and harm civilians as well
- Smart sanctions can target civilians or military capabilities
- Calculating the cost of war
- Direct costs: tanks, planes, personnel, damaged infrastructure, etc.
- Indirect costs: higher oil prices, borrowing money, healthcare for veterans, etc.
- Opportunity costs are indirect example: sitting in class instead of going to work
- Peace dividend peace should lower demand for guns and generate more butter
- What is the role of the economy in international relations? liberalism, economic
nationalism, and Marxism
- Economic liberalism trade will lead to efficiency as well as peace and prosperity
- Absolute gains
- Mercantilism emphasize military sectors; wealth is a source of power; zero-sum
approach; industrialization therefore government intervention and ownership are necessary
- Guns vs. butter for economic liberals, but guns and butter for a mercantilist
- Marxism world economy is dominated by capitalists who seek to maximize profit, which
leads to overproduction
- Rich get richer, poor get poorer
- Marxists believe guns serve the needs of butter
Gilpin The Political Economy of International Relations
- Three ideologies of political economy: liberalism, nationalism, and Marxism
- Liberalism politics and economics exist separately
- Marxism economy drives politics
www.notesolution.com

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Description
POL208 MIDTERM 2: REVIEW Introduction to International Political Economy TERMS Political Economy - Interaction economics and politics; combination of the two fields Opportunity Cost War Economy - Times of war, economics plays an important role; market needs to adjust - Restructuring of the economy Economic Warfare - Use of economic instruments as a part of war - Ex. oil embargo imposed by US and other countries on Japan before they entered WWII; eventually, they attacked Pearl Harbor Total War Economic Sanctions Opportunity Costs - When you choose an option, you give up the opportunity of another opportunity that could have made a lot of money Peace Dividend - Economic gain from a reduction in spending on defense Economic Liberalism - Increased efficiency will lead to growth, and growth will maximize welfare - Free markets and limited government intervention www.notesolution.comEconomic Nationalism - Economics are important for national interest and security Marxism LECTURE - Sudan civil war; Southern Sudan having referendum; mostly Christian; more oil in Southern part - Professor Rajan in an integrated economy, what is good for the individual isnt necessarily good for the system fault lines in global economy because of politics - Economics in the past was understood as political economy; need to study politics as well to really understand economics - Market can be seen as a means of gaining power market is the butter and security as the guns; without butter, you cant get any guns - Source of power we need butter to buy guns, so we should invest in the market and invest in international security - Source of welfare we like butter - We need guns for protection, and butter for welfare - More money in guns or butter? - War economy see trade-offs between guns and butter - Total war everything towards production of guns, and not butter - Lots of shortages and thus rationing - But most wars are followed by an economic boom as long as they didnt face too much infrastructural damage ex. US and Canada after WWIIalthough many European countries didnt - Economic warfare coercive disturbance of the opponents economy to diminish their power and they will not be able to buy a lot of arms - Economic sanctions putting sanctions on another country to make them change their policies www.notesolution.com- Economic warfare can be waged separately from military warfare, or even in conjunction - International law tries to separate goods that are part of a war from civilian goods - Recently, economic sanctions have been used more instead of war but they often dont work, and harm civilians as well - Smart sanctions can target civilians or military capabilities - Calculating the cost of war - Direct costs: tanks, planes, personnel, damaged infrastructure, etc. - Indirect costs: higher oil prices, borrowing money, healthcare for veterans, etc. - Opportunity costs are indirect example: sitting in class instead of going to work - Peace dividend peace should lower demand for guns and generate more butter - What is the role of the economy in international relations? liberalism, economic nationalism, and Marxism - Economic liberalism trade will lead to efficiency as well as peace and prosperity - Absolute gains - Mercantilism emphasize military sectors; wealth is a source of power; zero-sum approach; industrialization therefore government intervention and ownership are necessary - Guns vs. butter for economic liberals, but guns and butter for a mercantilist - Marxism world economy is dominated by capitalists who seek to maximize profit, which leads to overproduction - Rich get richer, poor get poorer - Marxists believe guns serve the needs of butter Gilpin The Political Economy of International Relations - Three ideologies of political economy: liberalism, nationalism, and Marxism - Liberalism politics and economics exist separately - Marxism economy drives politics www.notesolution.com
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