international political economy & international cooperation/law Flashcards
what is mercantilism?
theory that wealth and power are preserved via increased exports & precious metals
econ wealth = state power
problems: depended on colonialism, relied on gold standard, and fueled link between trade and war
what is protectionism?
shielding domestic industries from foreign competition
what are tarrifs?
taxes paid on imported goods
AMERICAN IMPORTERES have the biggest csot
what are quotas?
limits on the # of imported foreign products
what is early us trade policy?
high tarifs to protect new manufacturers, investment in inventions
what idea follows the begining of free trade (1776)?
because each state differs in ability to produce specific products, countries should trade
what is the heckscher-onlin (h-o) theory?
trade depends on endowments (land, labor, capital)
what is a regime?
international rules or procedues, usually formalized through an organization
what is the international trade organization (1947)?
lower trade barriers & investment land labor standards
what is the general agreement on tarrifs and trade (gatt)?
8 negotiating rounds to reduce barriers with non-discrimination, protection via tarrifs, and the escape clause
what are characteristics of the world trade organization (wto)?
- focus in trade in goods, services, intellectual property
- periodic review of member states
- formalized dispute settlement with power to sanction
what are the 3 conditions of international cooperation?
- interdependence between actors (one unhappy, all suffer)
- cooperation problem because divergent preferences but overlapping interests
- behavioral adjustment -> compromise
what does realism say about international cooperation?
cooperation difficult because of relative gains problem and prisoner’s dilemma
what does neoliberal institutionalism say about international cooperation?
cooperation is possible because of continuous interactions
self interest can lead states to coop through IOs