Global Politics

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PL SC 014 Wednesday, March 17th, 1999 Announcements: Make sure you are still reading the New York Times Lecture notes: I. History of International Political Economy A. Traditionally lead by a hegemons 1. Hegemon - a regional or world economic and/or political military power that seeks to impose the existing world order on others for the sake of its own stability. B. Ability of economics to functions with little government involvement 1. There must be enforceable contracts and property rights 2. These types of laws can only be enforced by the government C. The purpose of property rights is that once you give your product to the other party, you will still possess something. 1. You exchange goods either for money or other goods, either way you still have something to replace the good you traded. D. The purpose of contracts is that once you have agreed with the other party to trade that it will continue on the agreed terms, even if the goods are not exchanged at the same time. 1. An example of this is when you go to the store and buy something with a check or credit card. You are in giving the store an IOU saying that it will be paid in the future. E. Internationally there is no enforcer for these laws like there is domestically. 1. Governments must work together to ensure that these laws are followed. 2. This is why it is good to have a hegemon, because they act like an
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Hegemony - PL SC 014 Wednesday, March 17th, 1999...

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