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_feb26 - markets and money in the global economy

_feb26 - markets and money in the global economy - Chapter...

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Chapter 9: Markets and Money in the Global Economy February 26, 2008 Switching from state-centered approach to an economic approach Markets lie in the control of hands outside the states Political system of IR comprises some of what goes on in IR. Liberal economic order in the world today: “Free from governments”; market theory and practice is about efficiency: how to get the most from the least cost. Regimes established after WWII to promote monetary stability/free flow of trade… because the economy was in shambles and democracy in trouble after WWII Bretton Woods Conference 1944: WTO (originally GATT), IMF/World Bank… wanted regimes of international order that had some control but allowed for essentially liberal world economy. Soviet bloc did not participate Spurred by globalization, interaction of the whole world. Basic Ideas of Liberalism and Commerce: Humans naturally want to cooperate and see it necessary to reciprocate with other people. Trade can benefit all and promote peace. No country has ever gotten wealthy on its own… only on a trade system.
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