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Lecture 2 - The Global Economy and World Politics Professor...

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Unformatted text preview: The Global Economy and World Politics Professor Edward Weisband Lecture 2: The Logical Frameworks of International Political Economy Course Expectations: Website & Syllabus Syllabus available on the course website ( www.psci.vt.edu/weisband/) Blackboard is a commercial product that this course does not use--all materials must be accessed through the website Please visit the syllabus frequently throughout the semester Course Evaluations: Liberalization Essay--35% Globalization, Regionalization, and Hegemony Essay--40% Pop Quizzes (Lecture)--10% Recitation Attendance/Participation & Weekly Inquiries--15% Course Expectations: Assigned Readings Weekly reading assignments Five Required Texts Frieden: Global Capitalism Irwin: Free Trade Under Fire, 2nd Edition Rivoli: Travels of a TShirt in the Global Economy Lindblom: The Market System Meredith: The Elephant and the Dragon Please check the syllabus on the course website for supplemental articles Supplemental Readings Course Expectations: Lectures and Recitation Sections Required attendance in lectures on Mondays and Wednesdays Unannounced "pop" quizzes constitute 10% of Final Grade Required attendance and participation in weekly recitation sections Fridays at 10:10, 11:15, or 12:20 You must attend the recitation that is displayed on your course schedule Each student will submit one original question that links the assigned readings to the lecture materials and its answer 1 question with a 24 sentence answer Weekly Inquiries Due in Recitation Sections Attendance, Participation, and Weekly Inquiries together comprise 15% of Final Grade Course Expectations: Essay Assignments Two "TakeHome" Essay Assignments Liberalization Due Wednesday, February 27th in lecture 35% of Final Grade Due Wednesday, April 30th in Final Lecture 40% of Final Grade Globalization, Regionalization, and Hegemony NO EXAMS or FINAL EXAM The Predicaments of Economic Governance & Scapes of Political Economy SubNational: within national economies National: national economies taken as a whole International: between national economies Transnational: across and within national economies World: economic structures and dynamics taken as a whole Global: structures and dynamics that have impact or consequence for the earth as a planetary sphere Our study of Political Economy adopts multiple levels of analysis by focusing on the study of the mechanisms of economic governance The Problematics of Economic Governance There are differences between Economics as an analytical approach and-- Political Economy as a theoretical perspective The study of Political Economy focuses on governance In terms of the relationship between Politics and Power Economic Dynamics and Structures Political Economy Political Dynamics, Processes, Structures, and Institutions Economic Exchanges, Values, Choices, and Conditions Scapes & Three "ization" Processes Scapes represent spatial or topological configurations around which the dynamics of political economy occur As economic exchanges and activities occur within and across the scapes from subnational to global the requirements of economic governance intensify These dynamics become organized around processes of economic governance represented in the English language by the suffix: "ization" Liberalization Globalization Regionalization Weisband's Five Keys to Prosperity with Justice 1. 2. 3. 4. 5. Expand life choices and career opportunities Defer consumption or live below your means Save and invest in future productivity Innovate on the basis of efficiency standards Regulate markets and firms to achieve equity without rigidity To understand the creation and distribution of wealth one must begin by distinguishing capital (a promise in the future) from consumption (a choice in the here and now of today) Human Capital and Specialization The primary key to economic prosperity is people and their education, training, and knowledge The French word formation ("training") otherwise referred to as "human capital" Human capital becomes articulated or expressed in terms of careers and the life opportunities available to individuals within an economy Career choices today and life opportunities in the future require specialization Ex: College majors, graduate concentrations, academic disciplines, professional accreditations Specialization, Human Capital, and Prosperity The more specialized human capital becomes And the more complex and varied the opportunities for specialization and career choice become The greater the capacity of an economy to produce competitively And thus to achieve prosperity The expanding dispersion of disciplinary subfields is a sign of emergent specialization, first, relevant to human capital and, second, crucial to the dynamics of prosperity Example: Biological Sciences Example: Information Technology and Computer Science Justice Today and Future Prosperity The concept of justice thus becomes part of the economic equation By underscoring the need to make available to all members of a society at any given time The kinds of life opportunities and career choices That permit them as individuals and members of society as a whole To contribute to future prosperity on an intergenerational basis The Fundamental Indispensability of Economic Governance IF specialization is the key to economic prosperity WHY is economic governance crucial to specialization? The answer points to the primary logic stream of political economy: Specialization/Divisions of Labor Interdependence Risk Trust The Need for Economic Governance Specialization=>Interdependence=> Risk=>Trust=>Governance Whenever there is specialization mutual dependence among independent actors arises--WHY? Whenever mutual dependencies arise risks occur--WHY? Whenever risks occur trust must counter it--WHY? Whenever trust must counter risk there must be economic governance--WHY? Economic governance provides the indispensible element of trust that counters the risk that derives from interdependence that is the result of specialization--HOW? Governments, Markets, Firms ...
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