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International Political Economy and Globalization

Bc populism and short term political goals

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Unformatted text preview: riding Just get everyone else to lower their trade barriers, take advantage of them, cheat and don’t lower your own barriers, this is free riding. (think of the prisoners dilemma) Transaction costs If you are a hegemon, you will benefit disproportionally, so it might be worth paying the costs even if lots of people will free ride, because you will still benefit. The Politics of Trade: The smooth functioning of the invisible hand is often absent: Market imperfections Management of trade issues Dilemmas of globalization Market Imperfections: Things arise so that the invisible hand does not function monopolies, cartels, and protectionism all interfere with the economy Why are protectionist measures introduced in the first place? b/c populism and short term political goals, nationalism, special interests, protect firms, protect vital sector of your economy, want to protect industry...
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