ravenhill3e_ch01 - Chapter 1 The Study of Global Political...

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Chapter 1 The Study of Global Political Economy Chapter by John Ravenhill John Ravenhill Global Political Economy, 3 rd edition
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Lecture Plan The World Economy Pre-1914 Inter-War Period Post-1945 Contemporary Period The Study of International Political Economy
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World Economy: Pre-1914 (1) Mercantilism Political power equated with wealth, and vice versa Extension of global markets Industrial revolution and technological advances International division of labour Tariffs were a barrier to goods trade Capital and people moved freely
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World Economy: Pre-1914 (2) No significant institutionalization of international trade or finance Gold standard Fixed exchange rate Reduced uncertainty and risks with foreign exchange Relied on the commitment of governments Undermined by increasing democratization and popular demands
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World Economy: Inter-War Period Economic chaos Economic interdependence disrupted by WWI
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