World Politics Week 1.pdf

E copper and coal in the ground has no value until

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i.e. copper and coal in the ground has no value until labor is put into it to extract it from the land which gives it value Theory of Comparative Advantage Country should trade the good and services it can most efficiently produce for goods and services better produced by other countries theory says that free international trade benefits other countries Mercantilism vs. Liberalism Mercantilism: push exports, but limits importance; close alliance b/t merchants and the state; and hoard money Economic Liberalism: free trade and open market; forms of economic openness In US we use the world liberal incorrectly, in the world liberal means opening borders to free trade, reducing government restrictions on buying and trading; liberals want less government intervention i.e. John Locke Pax Britannica/Industrial Revolution: British hegemony (wants to keep wealth and be in power) International peace (because had british hegemony and gold standard, had lots of international trade and immigration, era of globalization Economic prosperity Economic liberalism Expansion of colonial empires First Great Globalization (goods, money, and people were interacting more than ever before) 3. Thirty Years Crisis, 1914-1945 A few key points: changing balance of power in Europe WWI exacerbated tensions Countries trying to shelter themselves from international trade because trying to export all their goods, but not buying stuff
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This lapsed into Great Depression because economies not improving, trading is not happening depression fueled left and right-wing extremists WWII ended with weakening of former great powers: (Germany, Japan, Italy, France, Britain) Rise of 2 superpowers: USA and USSR there’s no hegemony, no British power; you have war and destruction shift in balance of power will cause conflict 4. The Cold War (1945-1990) Russian Attack (game back during the Cold War to fight Communist) Know what NATO is and Warsaw Pact no major war b/t US and USSR But lots of violence and conflicts elsewhere competition for support crises in the 1950’s and 1960’s nuclear weapons decolonization: national independence movements, these colonies became states because they fought for it (what is today called the developing countries) Another misused term: “third world” is not simply synonymous with “poor country” Cold War term, referred to nonaligned nations that professed independence from both the US-allied capitalist bloc (“first world”) and the Soviet-allied communist bloc (“second world”) 5. Post-Cold War, 1991-Present USA = sole superpower capitalist = dominant global economic system (US and allies in command of economy and international politics, there is no other way except capitalism) economic globalization increasing rapidly Will USA stay a superpower in our lifetimes? Or is there a decline?
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