IR_Final_Study_Guide - International Relations Final Review...

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International Relations Final Review International Political Economy (IPE) o The interplay of politics and economics in world affairs o Key interaction between States & the Market, concerned with creating wealth, and minimizing barriers and openness o State helps: Multilateral Organizations Property Rights Wealth=Power o Individuals and Private firms are also important players o Rules, laws, organizations, regulations and norms frame the transactions o Rose to prominence in the 1970s o Most common international interaction o Gilpin Invisible Hand o Concept of International Trade, developed by Adam Smith in The Wealth of Nations o The pursuit of individual good ensures the wealth of national and international good o Supply and Demand provide the price mechanism of self-regulation o Little Regulation Little Government Involvement: Unlimited Buyers and Sellers Unlimited Process of Sales Comparative Advantage o Key idea of incentive for trade in Smith’s Wealth of Nations o All states are better at producing some goods then others o Beneficial for State to produce the items it produces better and trade for others o Negative: Can lock states in to a system that doesn’t benefit them Mercantilism o Relative equivalent of Realist perspective of IPE – sees Economics as inevitably a science of conflict o Focus on Relative Gains o Sees all IPE issues as Political, focusing on just the Market misses other Economic issues: Military Domestic o No free market producers understand political game o Exploitation as the Goal of Trade o Protectionism is a tool of Mercantilism Autocracy: self sustaining, self-producing (e.g. Albania)
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Marxism o Radical vision of IPE – formerly the “Idealistic” equivalent o Sees the economy as a fundamental competition between classes o Struggle between oppressors and oppressed Oppressors=Capitalist Control Trade Oppressed=Working Class o International Perspective: Industrial Nations=Oppressors Developing Nations=Oppressed o Protectionism o Taxes, tariffs, quotas and sanctions that Nations put into place to discourage foreign goods o Reasons for Protection: Vital Nat’l. Interest/National Security Industries Culturally Important Industry Infant Industry Retaliation of other nation’s Protections o Question of Fairness o Scott Trade Regimes o International Organizations responsible for smooth trading and standardized procedures o Multilateral: GATT WTO States go to liberalize trade and reduce barriers (i.e. Tariffs) “Rounds” aimed at particular goals: Kennedy: Reduce Tariffs between Industrialized
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This test prep was uploaded on 04/07/2008 for the course POLS 20200 taught by Professor Lieber during the Fall '07 term at Notre Dame.

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IR_Final_Study_Guide - International Relations Final Review...

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