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INRL20040 > International Political Economy > Flashcards

International Political Economy Flashcards

1
Q

Economics

A

science of wealth.

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2
Q

Politics

A

science of power

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3
Q

Political economy

A

Relationship between politics and economics.

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4
Q

Liberalism

A

Adam Smith
David Ricardo

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5
Q

Marxism

A

Karl Marx
Friedrich Engels

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6
Q

Mercantilism

A

Alexander Hamilton
Charles de Gaulle

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7
Q

Liberalism

A
  • Harmonious.
  • Economics not zero-sum.
  • Harmony between national interest & economic interest.
  • State should not interfere with economic relations.
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8
Q

Mercantilists & Marxists

A

Conflictual.
* No underlying harmony in economic relations.
* Nature of the conflict varies:
* Between class: Marxist
* Between state: Mercantilist
* Zero-sum.

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9
Q

Goals

A

Liberalism: Efficient use of resources

Marxism and mercantilism:
Redistribution of wealth and power.

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10
Q

Actors and the State

A

Liberalism: State aggregates private interests

Marxism: State pursues interests of ruling class.

Mercantilism: States “real” actors.

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11
Q

Economics – Politics

A

Liberalism:* Pursuit of wealth should determine political order. Economic integration goal.

Marxism: Mode of production (including relations) does determine political relations. Technological advances necessitate enlarged political organization.

Mercantilism: Politics determines economics. Emphasis on national security.

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12
Q

Exports

A

Goods and services leaving the territory of a country.

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13
Q

Imports

A

Goods and services entering the territory of a country.

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14
Q

Balance of Trade

A

Exports – Imports

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15
Q

Political Determinants of Trade

A
  • Military alliances.
  • International conflict.
  • Regime type.
  • Colonial ties
  • Migration
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16
Q

Trade integration.

A

Measure of growth rate in trade vs. growth rate in GDP.

17
Q

International Finance

A
  • Exchange rates / monetary policy.
  • FDI.
18
Q

International Monetary System:

A

Procedures to calculate value of currencies and credit when capital
moves across borders.

19
Q

Capital

A

Cash or goods used to generate income.
Wealth of a business.

20
Q

FDI:

A

Transfer of physical assets or facilities to a foreign country.
* Control to recipient country

21
Q

Dutch Disease

A

One export becomes popular and the country focuses on that export

22
Q

Arbitrage

A

Selling of one currency
and purchase of another
to make a profit on
changing exchange
rates

23
Q

Capital Mobility

A

Free flow of money across borders has globalized finance
capital.
* Financial markets not centered around states.
* States lose some control.

24
Q

Monetary System

A

Process determining rate that each state’s currency is
valued against currency of all other states.

25
Q

Exchange rate:

A

Price of national currency relative to another.

26
Q

Monetary Policy

A

Regulation of money supply & interest rates by a central
bank.

27
Q

Money supply

A

currency + bank $

28
Q

Interest

A

Fee charged for use of money (%).

29
Q

International Monetary Fund

A
  • Maintain equilibrium in BOP and stable exchange rates.
  • Approved when states could change exchange rates.
  • Provide loans to states making BOP adjustments.
30
Q

World Bank

A
  • Aid recovery from war.
  • Finance growth and reduce poverty through loans.
31
Q

Financial Intergovermental organisations

A

Initially weak.
* US filled void.
* Exchange dollars for gold.
* Dollar became accepted currency.
* Marshall Plan.

32
Q

Globalization

A

The continual increase in transnational economic, social,
and cultural interactions that transcend state boundaries

33
Q

Causes of Globalisation

A

Reduced costs to transportation & communication.
* Reduced policy barriers to trade & investment.

INRL20040 (10 decks)

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