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Notes 16 OCT 09 - PoliticalScience 16Oct09(Fri (IPE...

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Political Science 16 Oct 09 (Fri.) International Political Economy (IPE) The study of the intersection of politics and economics.  Mercantilism Objective:  increase the relative wealth and power of the state by creating a "balance of  payment" surplus.  (More $ coming into the state, than out of the state!) Method     :    export subsidies, currency, devaluations, tariffs (taxes on imports), and non-tariff  barriers (i.e. protectionism); Makes those products more competitive on int'l market, ultimately  brings in more $ -Came back after WWI (some believe that's what led to the Great Depression.) Commercial Liberalism- Objective:  maximize absolute economic gains for all involved (i.e. market efficiency; ) Method:  Free markets and the removal of barriers to trade (i.e. laissez faire (let it  be))- Keep the gov't away from the economy. Markets work best, when left alone.
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