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Lecture 11 - INTERNATIONAL POLITICAL ECONOMY Meredith Huber...

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November 16, 2009 INTERNATIONAL POLITICAL ECONOMY Meredith Huber PS 186 ECONOMIC DEVELOPMENT The developing world: differentiated difficult to generalize Postwar rules: based on the principle of non discrimination—trade was to function as an “engine of growth” o Liberal: Net gain for the world as a whole o Realist/Marxist: There is a winner and a looser Postwar experience: mixed—some success stories, many disappointments Economic activity until the industrial revolution—world was basically agrarian, minimal standard of living. o Development is always going to be uneven—there may be some areas that promote growth else ware, there is going to be increased disparity for a period of time o There are large sections of the world that can still be described as “less developed” o Misleading to generalize about a large group of countries who are underdeveloped System that was established after Bretton Woods: IMF, World Bank, WTO Reflected the LIBERAL perspective—designed to encourage a global economy based on market principles Non—Discrimination: Every country would have equal opportunity—open, LIBERAL Assumption : By creating open world the poorer countries of the world would be beneficiaries of the non—discriminatory system, by participating in an international economy and open trade regime—trade would function as a mechanism for growth. Establish a set of rules for regime that is non discriminatory Why has trade failed as an engine of growth for so many? A) Liberalism: market failures—weak demand, weak linkages, weak adaptive capacity B) Marxism: Natural result of capitalism exploitation C) Realism: Result of Power politics o Role of great powers in writing the rules
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November 16, 2009 INTERNATIONAL POLITICAL ECONOMY o Attempts at collective action by LDCs o Outcomes: partial success LIBERALISM: o Countries before they develop have litter or no industries—their first industries are normally “extracting” industries (food stuffs, agricultural raw materials, minerals, oil & natural gas)—they can export these until they can develop other industries o
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