GLBL ST 1 Chapter Notes - Chapter 6: Trade Bloc, Market Fundamentalism, Social Market Economy
Document Summary
Market fundamentalism: a neo- liberal agenda urging the reduction of state involvement in economy. Neoliberal market capitalism: market mechanisms are use to regulate all or most aspects of economy ex. ) Social market capitalism: higher premium is placed upon collaboration between different actors. Developmental capitalism: state plays more central role ex. ) Authoritarian capitalism: highly centralized political system is combined with increasingly open capitalist market system ex. ) Import substituting industrialization (isi): manufacture of products that would otherwise be imported. Korea adopted the most restrictive policy towards fdi of all 4 leading asian nies. Dominant role of the state is most obvious in china. States, like firms, are both collaborators and competitors. Regional trade agreement (rta): both liberalize trade between members while also discriminating against third parties; falls under 2 categories- free trade and customs union. Most highly developed and structurally complex of world"s regional economic blocs. History of attempts to create regional integration agreements has been fragmented and shallow.
