POL208 all notes 2nd semester everything.docx

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Department
Political Science
Course
POL208Y1
Professor
Lilach Gilady
Semester
Winter

Description
Pol208 Lecture notes Terms Political EconomyInteraction economics and politics combination of the two fieldsOpportunity CostWar EconomyTimes of war economics plays an important role market needs to adjust Restructuring of the economyEconomic WarfareUse of economic instruments as a part of warEx oil embargo imposed by US and other countries on Japan before they entered WWII eventually they attacked Pearl HarborTotal WarEconomic SanctionsOpportunity CostsWhen you choose an option you give up the opportunity of another opportunity that could have made a lot of moneyPeace DividendEconomic gain from a reduction in spending on defenseEconomic LiberalismIncreased efficiency willlead to growth and growth will maximize welfareFree markets and limited government intervention Economic NationalismEconomics are important for nationalinterestand securityMarxism Lecture 1Whats aheadIPEinternational political economyIslands of cooperationSummary and looking forwardPolitical economy o The interaction between economics and politics o Studying the interaction between polity and market how this interaction workso Game theory o Use of economics tools to understand politicso What is the role of economy in IR o It depends on who you aska source of power we need butter to buy gunsa source of welfare we like butter o Prosperity means vs prosperity as a goal ChinaChinese economy Should we see their economic growth as a threat Guns vs butterCreates a connection between international security and international political economy A common metaphor for the national production possibility frontierGuns will make us powerful butter will only make us fastwe can do without butter but despite all out love for peace not without arms One cannot shoot with butter but with gunsBomb them with butterPPF production possibility frontier o in theory there are only two options and limited amount of resourceso Gives all different distributions of these two optionsWar economyThe tradeoff between guns and butter is most noticeable in times of war Total war sustainable over time o Never happens in reality we divert all our resources for war Effects on moraleEffects on gender relationsWorld wars had far reaching implication on societySocial revolution created by war economy o Positive effects of wartime economyIncreased productionTechnological innovationGuns can lead to greater production of butter Economic warfareHow we can use the economy as an instrument of war An intense coercive disturbance of the economy of an adversary aimed at diminishing its powerEconomic warfare can be waged separately from military warfare sanctions or in conjunction with an ongoing war strategic bombing siege blockade etco Tight connection between war and economySubmarine warfare in WWI and WWII oil embargo on Japan International law separates between goods that are part of the war effort and those which are for civilian use Dual use o Distinction is not easy as many goods have dual useo How we devise the war resources so they follow the international law Mixed record smart sanctions Economic measures can be a carrot as well MFN WTO membership foreign aid etco We can make countries to follow policies by offering economic aidHow to calculate the cost of warDirect cost tanks planes bombs personnel damaged infrastructure Indirect costs higher oil prices borrowing money healthcare for veterans etc Opportunity costsFor the USL total economic impact for the war 200208 13 trillion compared with 804 billion in direct war costsA 1 in indirect costs for every 1 in direct costsPer family of four 20900 57 a week How to understand the role of the economy in IRTight connection with securityOur view of the role of the economy depends on how we answer the following questions o What is power What is the main purpose of power Is the economy an instrument for gaining power or is power an instrument for an improved economy human nature o Who are the main actors in international relations o Is cooperation sustainable relative vs absolute gains o What is therefore the desired balance between guns and butter Economic liberalismefficient equilibrium and stabilityAbsolute gains Economic nationalismMercantilism realism protectionismWealth is a source of power economic competition for primacy imperialismGuns and butter
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