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Global123_FinalEssays - Essay 2 Two contrasting ideal types...

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Essay 2 : Two contrasting “ideal types” have been proposed by scholars to describe the contemporary world: an “inter-national economy” model and a “globalized economy” model. Describe what distinguishes the two types and discuss which, in your opinion, more closely approximates the reality of the international political economy today. Defend your opinion with evidence drawn from at least 2 of the issue areas (trade, money, economic development, etc.) that we have studied in this course. This helps explain it: http://en.wikipedia.org/wiki/Globalization_in_Question Inter-national economy principal entities are national economies trade/investment interconnectedness, btw still national economies trade relations: take form of international division of labor (comparative advantage) but nations act as organizing principle of system interdependence is strategic international events are of the “billiard ball” type- events do not directly penetrate domestic economy, but occur due to national policy international and domestic policy spheres are either: remain separate or work automatically aligns well with Realist thinking about IPE Globalized Economy national economies and their international interactions are subsumed and rearticulated by global processes o basically, whether economic actors know it: there are global factors that partially control their actions aligns well with Liberal thinking about IPE Inter-national economy more closely approximates current world system International trade o WTO, GATT, World Bank, IMF: made in interest of wealthy nations who have benefit of majority vote in organizations
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This came from Bretton Woods: important to note that states had it in their interest to create international order (less war, more trade=good) Repeal of Corn Laws: unilateral decision for free trade Made on basis of state interest and their benefit o Trade relations: use of non tariff barriers Problems with governance of liberal trade More countries involved- less consensus and more difficulty w/ decision making Larger agenda=more disagreement Already eliminated easy tasks GATT handles complaint against nations
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Global123_FinalEssays - Essay 2 Two contrasting ideal types...

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