31 - Pevehouse p 277-290 Intl trade = 1/6 of total economic...

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Pevehouse p 277-290 Intl trade = 1/6 of total economic activity in the world Intl political economy (IPE) o Monetary relations, trade, mulitnatl corporations, economic integration of Europe, intl politics of the global environment 2 major approaches within IPE o mercantilism (realism) each state must protect its own interests at the expense of others- not relying on intl orgs to create a framework for mutual gains. Emphasize relative power - what matters is not so much a state’s absolute amount of well-being as its position relative to rival states Relative wealth and trade can be translated into military power Outcome of econ negotiations matters for military power Emphasizes conflicting interest Most imp goal is to create the most favorable possible distribution of wealth Economics should serve politics (wealth = power) 17 th cent Britain goal to create a favorable balance of trade (the value of a state’s imports relative to its exports) states exports more than it imports = positive balance of trade / trade surplus o ex: Japan gets more $ for cars it exports than it pays for oil imports more than exports = neg bal of power/
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