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Winter Semester 17/18 > IPE Exam > Flashcards

IPE Exam Flashcards

1
Q

What Liberalism emphasizes?

A

Interdependence, individual, democracy and institutions

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2
Q

What are two feature of liberalism?

A

Invisible hand and laissez faire.

laissez faire: let do

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3
Q

What is the purpose of Mutual gains of trade of liberalism?

A

Leading to peace

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4
Q

What liberalism enhance?

A

Aggregate social welfare

aggregate: form or group into a class or cluster.

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5
Q

Who are the famous people of liberalism?

A

Smith, Ricardo, JS Mill, Kant, Friden

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6
Q

What Marxism emphasizes?

Marxism: the political and economic theories of Karl Marx and Friedrich Engels, later developed by their followers to form the basis of communism.

A

On class esp. capitalist class, and class struggle, exploitative interdependence.

exploitative: making use of a situation or treating others unfairly in order to gain an advantage or benefit.

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7
Q

What the means of production sharp of Marxism?

A

Society, labour theory of value

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8
Q

What capitalism reads to?

A

under consumption, declining rate of profit, class conflict, repeated collapses and eventual revolution.

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9
Q

What Marxism promote?

A

equitable distribution of wealth and income

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10
Q

Who is a famous person of Marxism?

A

Keynes

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11
Q

What economic policy change affected by?

A

Interests, Institutions, Ideas

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12
Q

Explain the affect of Interests.

A

where do economic policy preferences of groups in society come from. Goals and policy objectives

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13
Q

Explain the affect of institutions.

A

How political institutions aggregate, reconcile, and ultimately transform competing demands into economic policies in a particular international system. Rules of the game

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14
Q

what is power of Mercantilism/Economic nationalism?

Mercantilism: the economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.

A

Primacy of state, national interest, wealth

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15
Q

What is trade?

A

Economic and political causes of and effect on (interest rate?)

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16
Q

What is Dilemma?

A

Where is the economic choice being made and why? (Optional decision is rarely taken)

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17
Q

Why actors are not rational?

A

They have conflicting values

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18
Q

Explain about ideas

A

Identities, legacies, mental models that provide a coherent set of beliefs, values

Legacy: a gift of personal property by will

coherent: sticking together;
belief: any cognitive content held as true

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19
Q

Why Power and Process are nitty gritty?

Nitty gritty: Basic component

A

Power influences policy outcome but process matters

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20
Q

What is scarcity?

A

A situation in which the amount of something actually available would not be sufficient to satisfy the desire for it, if it were provided free of charge

Example: Clean air - energy policy
EU-discuss

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21
Q

What is the difference between a shortage and scarcity?

A

A shortage can be temporary or long-term, but scarcity always exist.

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22
Q

What are factors?

A

Land, Labour, Capital (human capital and physical capital)

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23
Q

What are factors of production? (Land and Labour)

A

Land- natural resources

Labour- paid affords

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24
Q

What are factors of production? (Capital)

A

Capital- human made resources used to create other goods.

Physical Capital- capital goods used to produce other goods

Human Capital- knowledge, skills

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25
Q

What was three failures which economists contributed to the financial crisis?

A

Failure of financial globalization
Failure of ideology of liberalization (Washington consensus)
Failure of institutions

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26
Q

What causes financial crisis?

A
  • Recession- at least 2 consecutive quarters of falling GDP
  • Sub-prime mortgage
  • Housing boom and default
  • Banks in trouble- Lehman Brothers
  • spread globally
  • Bail outs- too big to fail
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27
Q

Explain domestic imbalances

A
  • Consumer boom
  • Saving and spending
  • Cheap credit
  • Subprime mortgage market collapse
  • Lack of regulation
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28
Q

Explain international imbalances

A
  • Finance without borders
  • International capital flows- 1970’s onwards
  • No regulator
  • International Financial Management
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29
Q

What increased internationalisation creates?

A

Bigger political conflict and welfare distributional questions

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30
Q

What more conflict at international level means?

A

Need for better and more regulation at International level

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31
Q

What scarves allocation of resources?

A

Dilemmas over values in distributing

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32
Q

Who are multiple actors?

A

Global civil society and business

Nom- state actors

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33
Q

What are globalization backlash?

A
  • Social tensions
  • Nationalism
  • Escape clauses
  • Financial instability
  • Crisis of institutions
  • Failure of financial globalization
  • Disappointment of Washington consensus
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34
Q

What is social embedded ideas?

embedded: put into a surrounded whole

A

Institutions must be embedded in a normative system;

Or how ideas become embedded in institutions

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35
Q

What is socialization?

A

Pro-norm behavior

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36
Q

What does this term “gains from trade” mean?

A

Liberalism

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37
Q

What are impediments to trade?

A

Distance, barriers, borders

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38
Q

When a perfect competitive economy is allocative efficiency?

A

Since it (a competitive economy) operates where price equals marginal cost

marginal: at or constituting a border or edge;

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39
Q

What is basic function of government?

A

To protect society from violence, injustice

Framework of law and border

Well defined and enforced property rights

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40
Q

What government should not do?

A

Open borders to trade and capital (openness) have failed to always deliver promised goods

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41
Q

What governments will use and why?

A

Subsidies

To address distortions and correct them

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42
Q

What governments should do?

A
  • influence the rate of economic growth
  • achieve some standard of equality
  • stabilize the economy against income and price level fluctuations
  • Protect individuals from others and from themselves.
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43
Q

Why do governments choose policy coordination at a level above the nation state?

A

Discuss with regards to trade

Governments will seek to tie their hands with international regulation

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44
Q

Why liberalize?

A

Gains from trade, resisting protectionism

protectionism: the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition

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45
Q

Why do nations willingly seek international cooperation?

A

Form of external leverage on domestic change

Expecting gain vis a vis other states- reciprocity

vis: power in Latin
reciprocity: a relation of mutual dependence or action or influence

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46
Q

What is the reward of “domestic and international coordination “?

A

Neoliberal institutionalism theory

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47
Q

What are anchors and commitments?

commitment: an engagement by contract involving financial obligation;

A

Costs and benefits of delegation

Efficiency vs. accountability

Trust of people towards elites

Trust of states towards other states/organizations

delegation: a group of representatives

48
Q

What is social influence?

A

Punishment and rewards (shame and status Iran/Korea); pro-norm behavior

49
Q

What should be ratified by domestic forces?

A

International agreements

50
Q

What the ratification dimension brings?

A

In the relationship between the market and democracy

51
Q

What is the key ingredient of accountability and how to work?

A

Legitimization is the key ingredient in long term social support and thus is embedding the norms into political culture

52
Q

Line up domestic decision-making sequence

A 
1 Identifying the Lead Department 
2 Consultation, both External and Internal 
3 Political decision 
4 Democratic Legitimization 
5 The Negotiation itself
6 Ratification
53
Q

What is identifying Lead Department?

A

Lead Department- Conducts institutional negotiation; answers in legislature; Bears cost on budget

Usually not the foreign minister

54
Q

What is external and internal consultation?

A

Consultation with outside bodies

Business firms and organizations; NGOs; Academics and experts: other public bodies, e.g. regulators

Inter-departmental consultation:

Agreed view sought, usually in meetings;
other departments have own instincts and pressures;
All departments should defend common position

55
Q

What is political decision?

A

Ministers endorse officials’ agreement

Where no agreement, ministers settle disputes

Head of government acts as arbiter;

Growing practice of ministral initiative

endorse: give support or one’s approval to;
dispute: coming into conflict with
arbiter: someone chosen to judge and decide a disputed issue;

56
Q

What is democratic legitimization?

legitimization: Make legitimate.

A

Ministers report political decision to legislature, seek endorsement

Greater transparency and scope for media

Outside forces try to influence legislature and media too

transparency; the quality of being clear and transparent

57
Q

What is negotiation itself?

A

Negotiators in touch with domestic process

Iteration of earlier stages

58
Q

What is ratification of the agreement?

A

Lead department confirms official consensus and political authority

Report to parliament, with legislation if needed

Negotiators take precautions against rejections

precaution: the trait of practicing caution in advance

59
Q

What are levels of two-level games?

A

Negotiation phrase

Ratification phrase

60
Q

What is negotiation phrase?

A

Negotiators reach a tentative agreement (level 1)

61
Q

What is Ratification phrase?

A

domestic constituents decide whether to approve or veto that agreement (level2)

constituent: people who have right of election
veto: a vote that blocks a decision

62
Q

As for domestic “win-set”, what is “ratifiers”?

A

Whoever can veto international agreement
ex) cabinet, parliament, voter

cabinet: persons appointed by a head of state to head executive departments of government and act as official advisers

63
Q

As for domestic “win-set”, what is “rain-set”?

A

The set of all possible agreements reached at level Ⅰ(international) that could obtain ratification at level Ⅱ(domestic)

64
Q

What are déterminants of win-sets?

A

Preferences of domestic groups

Domestic institutions- access to political decision-making; Ratification procedures

Negotiators’ strategies

procedure: a particular course of action intended to achieve a result;

65
Q

As for Stolper-Samuelson model, what do countries differ?

A

As to the relative abundance and scarcity of factors of production (land, labour, Capital)

66
Q

As for Stolper-Samuelson model, what trade increases?

A

The incomes of the owners of relatively abundant factors

67
Q

As for Stolper-Samuelson model, what trade reduces?

A

The incomes of the owners of relatively scarce factors

68
Q

As for Stolper-Samuelson model, what owners should support?

A

Owners of relatively abundant factors should support free trade

Owners of scarce factors should support protectionism

69
Q

As for Stolper-Samuelson model, what capitalists and workers in capital-rich country should be?

A

Capitalists should be pro-trade

Workers should be anti-trade

70
Q

As for Stolper-Samuelson model, what capitalists and workers in labour-rich country should be?

A

Capitalists should be anti-trade

workers should be pro-trade

71
Q

According to specific factors model, who are pro-trade?

A

Owners and employees of export industry

72
Q

According to specific factors model, who should support protectionism?

A

Owners and employees of industries competing with imports

73
Q

Line up institutions: preferences into policies

A

Franchise

Electoral systems

Non-formal access mechanisms and resources (ex. campaign finance)

Political parties

Legislative-executive relations

Role of civil servants

74
Q

In the case negotiators’ strategies with no change in actual win-sets, what happen internationally?

A

Negotiators will tend to misrepresent their respective win sets as more constraining than they are.

constrain: force; take under control

75
Q

In the case negotiators’ strategies with no change in actual win-sets, what happen domestically?

A

as long as she remains within the domestic win-set, the negotiator has much influence on the precise terms of agreements.

precise: sharply exact or accurate or delimited;

76
Q

What regulations directs?

A

Patterns and volumes of trade

77
Q

What legal agreements also subject to?

A

Issues of enforcement

78
Q

What is the feature of (so) called market access?

A

It is harder to achieve than signing international agreement

79
Q

In international trade, what the state has to do?

A

Has to fill the void where the market cannot take care of itself

80
Q

In international trade, what the state do?

A

Referee and regulate market

referee: to judge

81
Q

In international trade, what create a need for institutions?

A

Externalities and transaction costs of the market

externality: a consequence of an industrial or commercial activity which affects other parties without this being reflected in market prices, such as the pollination of surrounding crops by bees kept for honey.
transaction: the act of transacting within or between groups;

82
Q

In international trade, what are features of institutions?

A

National and international

Create commitment

commitment: an engagement by contract involving financial obligation;

83
Q

In international trade, what interests create?

A

Institutions but are also bound by them

84
Q

In international trade, what ideology affects?

A

Filling the void where the market cannot take care of itself

Referee and regulate market

Externalities and transaction costs of the market create a need for institutions

Institutions are national and international

Institutions create commitment

Interests create but are also bound by them

85
Q

Line up 4 things how a state to globalization is determined by

A

Structural position of state

Nature of its political system (state-centered and institutional approaches)

Institutions of special interests

Ideas and public opinion

86
Q

What is the state?

A

Unified set of institutions

Control over a given territory

Makes and enforces collectively bonding decisions

Monopoly over the use of force

Seeks sovereignty

Decides citizenship

87
Q

What do create interests?

A

Position in international global economy-structure

Domestic politics

88
Q

As for openness and interests, what causes external shock?

A

Changes in international economic conditions

89
Q

What openness changes?

A

Aggregate national interest (macro)

Individual perfection of domestic actors (micro)

90
Q

What matters new coalitions form, new interests?

A

State’s position in international economy

91
Q

What new coalitions form, new interests affected by?

A

Institutions on national and international level

92
Q

What is openness and interests consequence of macroeconomic performance?

A

Welfare gains and losses

93
Q

What is openness and interests consequence of microeconomic performance?

A

Distribution of winners and losers, conflict

94
Q

What government responds though?

A

policy reform and international change

95
Q

As for openness and interests, what government sometimes uses and what is the purpose?

A

International leverage to pursue domestic objectives, the pursuing international cooperation

leverage: strategic advantage; power to act effectively;

96
Q

What are matter of openness and interests?

A

Creditable commitment

97
Q

How do we pursue economic policy reform?

A

Domestically and through international cooperation

98
Q

Most importantly, what openness and globalization create?

A

Interests by creating winners and losers

99
Q

Most importantly, what the winners and losers created by interests do?

A

Get into conflict with each other over how to distribute the pie

100
Q

What government/the state has to do?

A

Address both winners and losers in trying to distribute the scarce resources

101
Q

What does often outweigh the rational economic assumptions?

A

The politics

102
Q

In interest: society centered approaches, What is the feature of world markets?

A

A transmission belt to domestic coalition

transmission: the fraction of radiant energy that passes through a substance

103
Q

In interest: society centered approaches, what agency captures?

A

Pressure groups politics

104
Q

In interest: society centered approaches, what globalization changes?

A

Balance of powers between interests groups.

105
Q

In interest: society centered approaches, what free trade and capital mobility (openness) create?

A

Welfare gains and losses some groups

106
Q

What economic says?

A

People/actors are rational

People have well formed performance

People are maximizers

People maximize benefit, optimize

People are egoistic and international

107
Q

To sum up what economics says, what should be easy?

A

To model people’s economic and political preferences; as well as predict future economic policies

108
Q

the addition of political analysis, what we have?

A

To economic preferences, we have political institutions

Also have multiple values, cultures, ideologies

109
Q

What is institutions?

A

Represents interests

Political system

Model of change

110
Q

As for institutions’ definitions, what many institutions likely to have?

A

The character of public good

111
Q

What is “supply of institutions”?

A

It is generated by the market mechanism

112
Q

What the “supply of institutions” left to itself?

A

It is unlikely to correspond to the society efficient level

correspond: take the place of or be parallel or equivalent to;

113
Q

As for institutions’ definitions, what there is evidently?

A

A role of the state both in creating institutions which the market does not provide and regulating in the public interest those which it is

114
Q

What is typical institutions? (1)

A

Private property light rights and contracts

contract: a binding agreement between two or more persons that is enforceable by law

115
Q

What is typical institutions? (2)

A

Banks and other financial markets: existence, functioning and regulation

Reliable access to credit on reasonable terms

Bankruptcy/liquidation policy in place to facilitate orderly exit

116
Q

What is typical institutions? (3)

A

Labour market institutions: social policy and the social safety net

117
Q

What is liberal states?

A

How states behave depends on how they are internally constituted

Core features of representative democracy as their impact on economic policy

Free elected government

Representative

Flourishing civil society

Human rights

Free market

Private property and protection of rights

Formal/procedural vs. participatory democracy

Respect for international law

Winter Semester 17/18 (4 decks)

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