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International Relations > Final > Flashcards

Final Flashcards

1
Q

Absolute Advantage

A

The ability of a country/firm to produce more of a particular good/service than other countries/firms can produce with the SAME amount of effort + resources

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2
Q

Comparative Advantage

A

The ability of a country or firm to produce a particular good or service more efficiently than it can produce other goods or services

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3
Q

Specialization

A

Countries should produce what they can make the most cost effectively. They gain the most by specializing.

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4
Q

Trade Barriers

A

Government limitations on the international exchange of goods

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5
Q

Tariff

A

Tax on imports, paid by the importer.
Raises the domestic price of the imported good -> protecting domestic producers from foreign competition

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6
Q

Quantitative Restriction (Quota)

A

Limit placed on the amount of a good that is allowed to be imported and sold domestically. Reduced quantity of the good increases the domestic price

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7
Q

Subsidies

A

Government payments to businesses (producing goods and services) to export.

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8
Q

Other Trade Restrictions

A

Import licenses, requirement of government buying only domestically produced goods, and health/safety standards that discriminate against foreign goods

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9
Q

Actors Who Win From Trade Protection

A

Domestic industries: benefit from reduced competition
Government: revenue through tariffs
Protected sector workers: enjoy job security and possible wage increases
New industries: given time to develop and compete

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10
Q

Actors Who Lose From Trade Protection

A

Consumers of the imported good
Exporters
Citizens (protection imposes costs on them)
Economic efficiency, hampers inefficiency

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11
Q

Portfolio Investment

A

Investment in a foreign country via purchase of stocks, bonds, etc. No managerial control.

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12
Q

Foreign Direct Investment (FDI)

A

Investment in a foreign country via acquisition of a local facility/establishing a new one. Managerial control.

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13
Q

Permissive Tax

A

Some countries offer generous tax incentives to attract foreign investors

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14
Q

Costs + Benefits of Borrowing Money From Other Countries

A

Costs: sovereign debts are a burden. austerity measures, defaulting on loan, recessions/depressions
Benefits: use loans to raise national output directly + indirectly. Increased tax revenue

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15
Q

Costs + Benefits of Investing Internationally

A

Costs: Difficult to enforce debt abroad, foreign investors may not enjoy the same rights as national borrowers, different macroeconomic trends/environment abroad, higher costs of info

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16
Q

Conflicts of Interests - Borrowing/Investing

A

Lenders want their debts repaid in full
Borrowers want to pay less of what they owe
Investors want to bring home profits from their foreign investments
Host countries would rather that foreign investors have less to take away

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17
Q

Distributional Conflicts

A

Terms of the investment (amount + cost of loan, conditionality, austerity, weaken debtor’s domestic economy)
Those who enjoy benefits of foreign loans / who really pays for them when they fall through
Moral hazard

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18
Q

Austerity Policies

A

Include raising taxes + cutting government spending
Weakens debtor’s domestic economy
Causes domestic turmoil

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19
Q

Those Who Enjoy Benefits of Foreign Loans

A

State owned businesses

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20
Q

Who Has to Sacrifice When Repayment Becomes Too Costly

A

Citizens who pay higher taxes

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21
Q

Federal Deposit Insurance Corporation

A
  1. Insurance against bank failure. For depository institutions only.
    Insurance + moral hazard (solved by regulation and monitoring)
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22
Q

Exchange Rate

A

The price at which ones currency is exchanged for another

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23
Q

Fixed Exchange Rate

A

Government commits itself to keeping its currency at/around a specific value relative to another currency or a commodity, like gold.
Offers stability

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24
Q

Floating Exchange Rate

A

Government permits its currency to be traded on the open market without direct government control/intervention
Gives govs. freedom to have independent monetary policies to adjust to changing conditions
High risks for investors who seek stability in long term commitments

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25
Q

Strong Currency

A

Requires less of the currency to purchase the same good/service
Imports are cheaper
Exporters + national producers who compete with foreign producers at home can be negatively impacted
Their product is expensive

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26
Q

Weak Currency

A

Requires more of that currency to purchase the same good/service
Imports become expensive
However, goods produced in this country become more competitive

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27
Q

Extreme Poverty

A

Living on less than $2.15 per day

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28
Q

Why Development is So Difficult

A

Geographic location
Domestic factors
Domestic institutions
International factors

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29
Q

Geographic Location (development)

A

Landlocked countries, regions with diseases that are hard to treat/cure, areas far from major markets, tropical regions

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30
Q

Domestic Factors (development)

A

Domestic policies
- providing public goods -> economic infrastructures
- Ensuring security of property

31
Q

Domestic Institutions (development)

A

Resource curse
Lack of resources -> incentive to develop institutions that are conducive to economic development

32
Q

International Factors

A

Rich countries control price in manufacturing and have more leverage in economic institutions (WTO, IMF)

33
Q

Import-Subsidizing Industrialization (ISI)

A

Substituting local products for imports
Pursued by most developing countries from 1930’s-80’s
Trying to reduce imports and encourage domestic manufacturing
Trade barriers, subsidies to manufacturing, state ownership of basic industries

34
Q

Export-Oriented Industrialization (EOI)

A

Encouraging manufacturers to produce for foreign countries
Pursued in mid 1960s by several East Asian countries (South Korea, Taiwan, Singapore, Hong Kong)
To spur manufacturing for export
Subsidies and incentives for export production

35
Q

The Washington Consensus

A

A set of economic policy recommendations for developing countries that became popular during the 1980’s. Involves British economist John Williamson.
Trade liberalization, privatization
Fiscal and monetary policies to avoid large deficits and high inflation
Openness to foreign investment and international capital flows

36
Q

Trade Liberalization

A

Remove barriers to importing + exporting

37
Q

Privitization

A

Selling off government enterprises to private investors

38
Q

Responsibility to Protect (R2P)

A

Advocates military interventions for at-risk populations.
Kofi Annan urged international community to define its obligations to protect citizens from mass atrocity crimes.

39
Q

Norms

A

Standards of behavior. Define what is right and appropriate.
EX: R2P, election monitoring, taboo of nuclear weapon use
Constrains states by redefining their interests and changing interactions

40
Q

Transnational Advocacy Networks (TANs)

A

A set of activists allied in pursuit of a common normative objective
They adopt a strategy of framing issues
Try to frame issues in a way that gains sympathy

41
Q

Human Rights

A

Universal rights inherent to all humans regardless of class, race, gender, etc.

42
Q

Universal Declaration of Human Rights (UHDR)

A

Foundational document of modern human rights
Four pillars: dignity, liberty, equality, and brotherhood

43
Q

Western Ideal of Human Rights

A

Primary unit: Individual
Focus on political and economic human rights

44
Q

Asian Ideal of Human Rights

A

Community + social stability over individual human rights

45
Q

Why Do States Violate Human Rights?

A

Lack of capacity
National security
Maintaining power
Sovereignty

46
Q

Why Do States Protect Human Rights?

A

Well being of others
Preserving democracy
Instrumental goals

47
Q

Preferential Trade Agreements (PTAs)

A

Trade pact between countries that reduces tariffs + other barriers for certain products between countries

48
Q

PTAs and Human Rights

A

PTAs may be able to induce domestic policy changes and reduce human rights violations

49
Q

Public Goods

A

Products that are nonexcludable and nonrival in consumption

50
Q

Common Pool Resources

A

Goods that are available to everyone (nonexcludable) but such that one user’s consumption of the good reduces the amount available for others (rival)

51
Q

Tragedy of the Commons

A

Problem that occurs when a resource is open to all without limit
No one has an incentive to conserve because others would still use the resource in the meantime

52
Q

Free Rider Problem

A

Benefiting from other’s efforts to make changes for the good while not changing own efforts

53
Q

Globalization

A

The spread of activities + ideas across the globe
Increasing integration of national economies through the movement of goods, services, money, and people across borders

54
Q

Economic Insecurity in the Developed World

A

Workers are negatively affected
Production of labor-intensive goods moved to developing world, causing job losses
Increasing income inequality in many countries

55
Q

Economic Insecurity in the DevelopING world

A

Weak social safety nets in developing countries.
Less access to institutions that give clout in political + economic decision making
Increasing capital mobility exacerbates the volatility of poor economies

56
Q

Populism

A

Describes a range of political movements, claiming to speak on behalf of the people

57
Q

Populism (right wing)

A

A focus on traditional cultural values, nationalism, and rejection of foreign influences

58
Q

Populism (left wing)

A

Emphasis on redistributive policies, anti-imperialism, and nationalization of property

59
Q

Global Challenges to Order

A

Disease, pollution, and people forced to leave their homes

60
Q

Neo-Mercantilism

A

Exports are good because they create jobs
Imports are bad because they take away jobs
Govs should stimulate the national economy by restricting imports and encouraging exports

61
Q

Trade Being Mutually Beneficial

A

Offers opportunities to producers: sell to new markets, expand business, and increase efficiency
Consumers get less expensive goods, wealth for other uses

62
Q

Heckscher-Ohlin Trade Theory

A

Countries specialize in producing and exporting goods that intensively use the resources they have in abundance, while importing goods that intensively use resources they lack.
Land, skill v unskilled labor, capital

63
Q

World Trade Organization

A

Their rules cover about 80% of all world trade.
Negotiating to lower trade barriers and establish international trade rules.
Reviewing member trade policies and agreement transparency.
Resolving trade disputes among members.

64
Q

Sovereign Lending

A

Loans from private financial institutions to sovereign governments

65
Q

Concessional Finance

A

Offers below market rates
Amounts at stake usually not large
The world Bank provides concessional lending at below market interest rates for developing countries

66
Q

Foreign Aid Cons

A

May benefit elites/corrupt officials instead of the poor.
Can weaken government accountability
Limited and not likely to increase significantly

67
Q

Primary Rules

A

Negative and positive rules regulating behavior
Don’t do x, must do y

68
Q

Secondary Rules

A

Rules about how law is made. Akin to a constitution.

69
Q

Hard Law

A

Obligatory, precise, delegates authority to third parties

70
Q

Soft Law

A

Aspirational, ambiguous, limited delegation
Can evolve into hard law

71
Q

Constitutive Norms

A

Who is a legitimate and appropriate actor under what circumstances (countries having flags, national norms)

72
Q

Procedural Norms

A

Similar to secondary rules.
EX: more powerful states have special rights and responsibilities because their support is essential

73
Q

Regulative Norms

A

These govern the behavior of actors in their interactions with others

74
Q

International Organization for Standards (ISO)

A

Highest rate of compliance
Unique form of private governance that sets voluntary standards
Incentives to defect - minimal
Gains for compliance - significant

International Relations (2 decks)

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