Lecture notes - Politics Lecture II Notes Introduction...

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Politics Lecture II Notes Introduction -Political economy is a sub-discipline between Political Science and economics. It treats them as they were together and as if they interact with each other. Areas of Study A) The Process -How policies are made -How they make a form of expression from the public. B) Identification of our Group (national) Interest -How political elite decide and negotiate amongst themselves which policies to make. C) Relationship-impact on the external -How policies can impact others. American Foreign Economic Policy -American foreign economic policy is truly unknown. -American economic policy to be made by the state. -Labour is affected with tariffs -Policy felt here and there. -Policy makers must always think about the domestic affect. -US Foreign policy is US International economic policy. -International economic policy is modifying how goods/capital/services are moved across borders and around the world. Example) If American worker can make 100x more money in Tokyo, then he would try to go to Tokyo, but Tokyo and DC make a system that makes that hard to do. -Policy is a substitute for what the market would do by itself. -Most policy represents a political guideline to limit/expand transactions across borders. -Protects national interest -Government officials in all countries think that they all act to do better than the market and keep it in line with the national interest. -National security/wealth/influence > economic efficiency. -Policy makers can’t ignore volatile markets and affects so they will move to protect and make sure there are no panics. -Governments can also act to expand the market by interfering less and make less tariffs or more free trade treaties. Inclusive Definition of International Economic Policy -The aggregate of a country’s ongoing effort to deal with: -The disparate and multifaced relationship with the world economy. -It represents the sum total of actions by nation states intended to affect the economy. -Pursuit of profits and economic efficiency is dictated by economic reasons not political ones.
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-Political science and economist all think they know their things, but in reality they are looking in two different directions. Economics, know about production and trade. Political scientists know about struggling for power and how to turn that to wealth and power. -Policy makers must ride a line between both lines. Defined and less defined areas -The trade and monetary policy areas are the most studied and best defined by scholars of American international economic policy. -Less defined areas are: Energy policy, us investments in other countries. Five Basic Forces of US international economic policy. -The international economic policy of the US are the outgrowth of 5 basic forces: 1) Combination of ideologies and the force of the president and his senior economic advisers. 2) The sentiment of congress as transmitted by the legislation and informal MEANS OF
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This note was uploaded on 11/24/2008 for the course POLI 17 taught by Professor Schoenmann during the Fall '07 term at University of California, Santa Cruz.

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Lecture notes - Politics Lecture II Notes Introduction...

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