Textbook Notes (369,153)
Canada (162,424)
POL114H5 (32)
Jurgensen (13)
Chapter 4

Chapter 4 and 6

12 Pages
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Department
Political Science
Course Code
POL114H5
Professor
Jurgensen

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Globalization Political Science 114 17122012 95900 PM ConflictSecurityMilitary protection vs Lack of protectionPolitical independenceSecurity is the absence of threatNational security is taken with human balance War is a collective killing for a collective purpose Introduction to the International Political Economy IPEUSA is the dominant state actor in the worldWhen global capitalism was introduced the inevitable outcome is the polarization of wealth o Absolute poverty UN also known as a political institution and or economic actor Political economy issues in global politics can be attributedIncreasing global interdependenceThe decline of the US economyThe rise of other state economies Hong Kong Singapore Taiwan and South KoreaThe rise of multinational corporationsThe oil shock OPECEuropean integrationEurope union is together to protect Western Europe against Soviet threat Growing awareness of global disparities Collapse of the soviet unionRealist Approach to IPE Mercantilism and Economic NationalismRealists argue that states are concerned with relative gains in economic strength o Absolute gain and relative gainSee the world economy as a zerosum competitionArgues that international economic organizations are built and managed by states especially powerful states Mercantilism the perspective holding that international trade should be regulated by the state to maximize national incomeBalance of trade advocates Balance of trade came at the expense of ones trading partnersThey will have a trade deficitNeomercantilism referred to beggarthyneighbour economy policyTranslate principles into govt practice by protectionism and export promotionTariffs are taxes charged on goods that enter a country o Are instruments of protectionism but international trade agreements between states have eliminated to achieve more benefitsCritics argue free trade puts restrictions on govt power o Quotas subsidies taxes all are weapons for economic survivalgain in an economic world o Ex Japan has a limit on imports but advertises exportsMore of a borderless world because of free trade agreementLiberal Approach to IPE Classical Liberalism Keynesianism and InstitutionalismInternational trade system and its related organizations such as WTO Smith supported the establishment of the invisible hand and open markets that would be free to engage in marketsWould create a bond of union and friendship For liberals economic actors will engage in mutually beneficial exchange The govt should let economic management individuals and households and firms the freedom to make their own decision on economic matters Liberals reject zerosum game approaches to IPETrusting all sates will benefit from trade Classical liberalismAbsolute advantage Adam Smith theory of how a country can concentrate on what id makes best which will they should specialize in and trade with other states for everything they are not proficient in this increases political cooperation Comparative advantage David Ricardo theory of how one country can be good at producing everything but there is always another country of being able to be more efficient in a certain product enough to benefit from tradeWhich challenged the gap between the very rich and very poorKeynesianismUnregulated market activity would lead to economic instability high rates of unemploymentLarge asymmetries in the wealth and economy developmentFall of production and investment
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