What is IPE?What is IPE?Study of states and marketsCan be divided into:International Trade (exchange of goods, services & labour across states)International Finance (structure of the int monetary system & capital flows across state borders)Both changing rapidly since the post 1945 period
1945-1971 Bretton Woods: A New International Economic Order1945-1971 Bretton Woods: A New International Economic OrderCharacterised by “Embedded Liberalism”Stable monetary system with a fixed exchange rate & capital controlsFacilitate the spread of free tradeRole of IMF, World Bank and later the WTO
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International trade and growthInternational trade and growthRapid growth of world trade 1947-1973States with lower trade barriers perform better economicallyWorld trade uneven: 80% concentrated in Triad