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4 Apr 2012
Jeff Frieden
Modern Political Economy: studies how self interested actors
combine within or outside existing institutional settings to
affect social outcomes
Political Economy is the analysis of the interaction of power and the
processes of wealth creation ! the evolving distribution of wealth and
Most realists believe that certain types of power can be exercised
across different issue areas.
Politics and Economy
The public good
Public goods and externalities are exceptions to liberals faith
in markets
Coase Theorem
There is a legal framework to establish liabilities
There is perfect information
There are zero negotiating costs
Keohane used Coase’s Theorem to explain the need for
international regimes
Most liberalism conclusions are based on perfectly competitive
markets. Liberalism prefers to rely on markets to allocate resources,
and believes that politics messes things up.
Robert Gilpin ! the central subject of study in international politic
economy between the state and markets
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