Mar 3 - International Political Economy Globalization A...

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International Political Economy
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Globalization A process in which international trade increases relative to domestic trade Goods, people, money, and information flow relatively freely across borders The world is increasingly defined as a single market, rather than many single, national markets
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Markets and Government Traditional view: keep government out of market decisions But the public holds governments accountable for economic performance
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Levers of Government Influence Fiscal policy (budgets) Monetary policy Regulation
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Econ 101 Theory of comparative advantage :( David Ricardo) States and companies will focus production on those items that they can produce better and cheaper than competitors in other locations. Opportunity costs : Factoring in the costs of doing A rather than B; the costs of forgoing opportunities
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Comparative advantage makes economic exchanges more efficient, increases standards of living, comfort, and creates jobs. But it also makes
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Mar 3 - International Political Economy Globalization A...

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