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Chapter Chapter 2

PSCI 2602 Chapter Notes - Chapter Chapter 2: International Political Economy, The Nineteenth Century (Periodical), Economic Liberalism


Department
Political Science
Course Code
PSCI 2602
Professor
Supanai Sookmark
Chapter
Chapter 2

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(WEEK 1 AND 2) CHAPTER 2 THE NINETEENTH CENTURY ROOTS OF THEORETICAL
TRADITIONS IN GLOBAL POLITICAL ECONOMY
Introduction
My aim is to question the account of the three main theoretical positions through which
introductions to GPE are typically taught realism, liberalism, and Marxism and to
urge students to go beyond these accounts and explore for themselves the specialist
history of economic thought literature that offers alternative perspectives on those
positions. (27)
Homo economics the Latin term designed to capture the reduction of the human
essence to something straightforwardly economic, is used in economic theories today to
describe rational and self-interested beings capable of deciding the optimal strategy for
pursuing their goals. (27)
Teaching Global Political Economy Through the Textbooks
GPE realism and the nineteenth century nationalist political economy tradition
Realism has no political economy content. (32)
The aim of realist GPE is simply to explain how one state seeks to impose its national
iteest at the epese of othe states atioal iteests i agaiig situatios that
occur either bilaterally or multilaterally. (32)
The political economy foundations of nineteenth-century economic nationalism
How states derive their economic interests. (33)
o For GPE realists, this is simply a matter of devising strategies to enhance short-
term economic bargaining power, but for List it always involved complex trade-
offs between emphasizing short and long term economic goals. (33)
o It also involved successfully managing the expectations of society if the long-
term objective of overall national economic development was to be prioritized
over the short-term objective of the immediate enrichment of society. (33)
List was Adamant that what counted as the national economic interest changed with
respect to the stage of development exhibited by a country. (34)
Modern-day realists assume that the national economic interest will change over time
as the outs leel of deelopet hages, ut that i eah idiidual tie peiod it
will cohere internally as a singular and unproblematic entity. (34)
The second ig diffeee etee Lists ok ad that of ode-day GPE realists is
that he point-blank rejected their statist ontology. (34)
One of the major lessons to emerge recently from this type of work is that economically
liberal policies can be the preference derived from adopting an economically nationalist
ontology. (34)
o In other words, in an attempt to satisfy perceptions of the national interest
toda the atio a e iopoated ito lieal eooi stutues just as
easily as into any other type of policy. (34)
The cotiuig appeal of Lists Natioal Sste
The eduig appeal of Lists ok fo sholas eatig to the political realities of the
neo-liberal era is that it is so avowedly anti-market.
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