IntlPoliticalEconomy

IntlPoliticalEconomy - INR 11-19-07 International Political...

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INR 11-19-07 International Political Economy IPE: What is it? The reciprocal and dynamic interaction of the pursuit of power and the pursuit of wealth High Politics: war and peace; arms and national security Low Politics: economic, social, demographic, and ecological issues During the post-WWII period: High politics dominates from 1945 to mid-60s Security conflict between East and West Economic consensus among the West Low politics rises in prominence in late 60s East-West relationship begins to change (more cooperation; less conflict) Economic consensus among the West collapses 3 Conceptions of Political Economy Mercantilism: origins in 16 th century Europe Economics used to serve the political aims of the state Liberalism: origins with Adam Smith’s Wealth of Nations (1775) Separation of economics and politics Free markets from political interference If everyone pursues their own self-interest, then overall welfare will be maximized Self-equilibrating nature of markets
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IntlPoliticalEconomy - INR 11-19-07 International Political...

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