Course Reader Notes

Course Reader Notes - Course Reader Notes I: Introduction:...

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Course Reader Notes I: Introduction: Approaches to Explaining American Foreign Economic Policy A-Introduction -Even though the US economy is declining it is still the economic giant in the world. -System-centered, society-centered and state-centered approaches are the three approaches that can be taken to explain the US economy -System-centered approaches are directed by state officials who react to international opportunities/constraints. -Society-centered approaches is controlled by a dominant group or class in society or between groups and political parties. In other words, it explains foreign economic policy as a domestic policy. -State-centered approaches see the economy something that can grow within an institutional structure within national and international constraints and of the people/parties who control them. B-System-Centered Explanations -System-centered approaches go away from domestic policies and toward the attributes of the country. This way actions are only done after international interaction. -Important to understand system-centered approaches can be stressed above others, in that without understanding what is going abroad, then you cannot understand the international pressure and constraints that domestic groups must face. (According to Robert Keohane) -By doing international transactions among each others, countries become more inclined to have each other in a higher regard in their foreign policy. -A nations position in the international economy will decide its foreign economic policy. -Dominant states have a preference for liberal economic systems and sustain it by producing goods or forcing other states to join. -Impossible to describe a nations economic foreign policy by looking internationally, you must look domestically. -There has been episodes where the hegemonic stability theory has not held up. Example: A) The US position in the international economy declined but trade policy stayed liberal. B) At the US height in the 1950s, the US could not force a west-east trade system. C-Society-Centered Explanations -The society-centered approach says that foreign economic policy are the result of the influence from competing social or political groups. -Interest groups are the muscle in the society-centered approach, state officials or institutions have no say.
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-Society-Centered players will move in their own interest and not of the states. Example: US economy slowed in the 1970s and 1980s along with its international trade, but domestic import-competing interests groups grew stronger. -Demand, not supply, drives society-centered followers. D-State-Centered Explanations -The state is an important piece in foreign economic policy in developed and developing countries. -The state is a set of rules and institutions that still run even after the groups who formed
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Course Reader Notes - Course Reader Notes I: Introduction:...

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