Exam #4: Economic Security

Question 1

What is mercantilism?

Answer 1

-Combines business and government
- Gov uses its power to enhance private business, and private business provides revenues to the gov to maintain and enhance its power

Question 2

What is protectionism?

Answer 2

skip

Question 3

What are characteristics of the National Economy Era (1648-1815)?

Answer 3

• most economic activity was within a states borders (would cross into colonies though)
• importation of raw materials, and then exportation of finished products
• the role of the military was to protect a state’s economy
• kind of like realism but for economic theory

Question 4

What are characteristics of the International Economy Era (1815-1975)?

Answer 4

• trade between states grew and played a more important role in IR
• free trade and industrialization
• absolute and comparative advantage :(

Question 5

What are characteristics of the Global Economy Era (1975-present)?

Answer 5

• LIEO

Question 6

What is/are General Economy?

Answer 6

• Liberal International Economic Order (LIEO, post WW2)
• brought security (NATO), human security (UN), and economic security (IMF & the World Bank)

Question 7

What is/are Nationalist Resources?

Answer 7

• the “us vs. them” mentality
• rise in nationalism
• becoming more and more common
• tied to an idea of populism (can be more extreme/”right-wing” but not always)

Question 8

Absolute vs. Comparative Advantage

Answer 8

absolute: a state is more efficient overall at producing a single good

comparative: more efficient at producing a good or service relative to another good/service (opportunity cost)