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IR Final Review - Political Economy(IPE Definition Deals...

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Political Economy (IPE) o Definition Deals with questions of distribution of wealth Issues that mix private and public sectors Mix international and domestic issues State to state cooperation Trade issues Environmental issues Development issues State to non-state exchanges Multinational Corporations (MNCs) International groups like WHO, Red Cross Increased in prominence since the end of the Cold War. o Theories of IPE Realism Trade as a zero sum game Trade is a competition among states Power is essential for acquisition of wealth Wealth and power are intertwined and pursuit of both is state goal Mercantilism and protectionist policies Liberalism Trade results in mutual gains (non zero sum) Cooperation increases wealth and promotes peace (good for business) All states benefit (although at different rates) Mutual dependence for goods and services Division of labor among states to mutual advantage – comparative advantage (Ricardo) Radicalism International economics replicates domestic classes o Workers add value to commodities o All states benefit, but with different rates o Capitalists (bourgeoisie) control production and exploit workers Core and periphery states
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Imperialism exports exploitation of working class (proletariat) o Adjusts for problems in capitalist system o Overseas markets for overproduction and under consumption Realism and liberalism are justifications for capitalist systems All issues reducible to issues of gains or losses Domestic politics and military spending o Military Spending (to take wealth) – Realism o Domestic Development (to develop wealth within) - Liberalism Sanctions – pros and cons o Ideological basis Realists -- associated with mercantilism -- state guarantees economic power and so sanctions reduce the relative power of states Liberals -- less confident in state power -- states and individuals pursue absolute gains and sanctions reduce economic power o Pros Purposes Compliance - force the state to alter its behavior Subversion - remove a leader or overthrow a regime by weakening it Deterrence - persuade target from repeating an action Symbolic - sends a message to the world or to a domestic audience Moral position - refuse to 'sully oneself' by dealing with immoral regime o Cons Increases strength of target regime Rally effect Control of limited resources Moral issues Poor often hurt more than elite Reduces symbolic value of sanctions Black market States violate sanctions regime Individuals violate sanctions regime
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