IPE354-september14th notes

IPE354-september14th notes - Liberalism September 14...

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Liberalism: September 14     th     lecture     Speakers: Douglas Roche: A world without nuclear weapons Thursday (leacock  738 1130 Ted hawk Friday (leacock 429 at 1130) The Origins of Liberalism:     -Adam Smith Idea in the wealth of nations that were picked up and built on to be  implemented in policy outcomes throughout the 1800s as opposed to  simply isolated policy prescriptions in the 1600s Leveled a powerful critique of mercantilist relations o Mercantilism: set of policies states were employing the 15, 16  and 1700s that controlled market ties between them Dominated by state intervention: states out to collect  funds (taxes) in the form of gold and silver Stated we should think of wealth in terms of what we are able to  consume as opposed to the simple accumulation of gold and silver o To become wealthier means to produce more, and be able to  buy from others by means of free trade will result in the  emergence of wealthier economies and states o Wealth as what you want and are able to consume ~Also have to consider the timing of the coming out of wealth of nations  1776 (time of the American Revolution); time when Britain was controlling the  wealth accumulation of its colonies; people were already questioning  mercantilism, and therefore his critique was well received -David Ricardo took Adam Smith’s theory and turned into mathematical equations and  calculations, formulating a logical and sound theory Took the notion of trade being beneficial for both participants and  came up with a calculation regarding  comparative advantage ; with  the help of sound and clear graphs, became a powerful argument o At a time when England was the only state to have gone  through an industrial revolution
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Basis for  neo-classical economics o Most IPE theories and principles closely knit with economic  principles The core assumptions of liberalism:     1. Individuals are the primary actors  o as opposed to states as the principle actors in the international  political economy o general conception of individuals (households, firms, etc. to 
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IPE354-september14th notes - Liberalism September 14...

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