IPE WEEK 1 Flashcards
What are the key characteristics of the realist perspective in international political economy?
Principal actors: States.
Goals of actors: Maximize relative state power.
Core assumptions: National wealth is a major source of state power; State power is a major source of national wealth; Tradeoffs in the pursuit of wealth and power are minimal.
Politics versus economics: Politics drives economics.
Nature of conflict: Systemic concern; zero-sum, endemic inter-state conflict.
Systemic concern: “Hegemony” — effects of distribution of state power on the international economic order.
What are the key characteristics of the liberal perspective in international political economy?
Principal actors: “Individuals” (producers, consumers, firms, and households).
Goals of actors: Maximize net economic benefit.
Core assumptions: Economic exchange is voluntary; Markets settle at stable equilibria with desirable properties; Tradeoffs in the pursuit of wealth and power are minimal.
Politics versus economics: Economics drives politics.
Nature of conflict: Positive-sum, potential harmony of economic interests.
Systemic concern: “Interdependence” — expansion of international transactions and economic cooperation.
What are the key characteristics of the Marxist perspective in international political economy?
Principal actors: Social classes (capitalists and workers).
Goals of actors: Maximize relative class position.
Core assumptions: Economic exchange is voluntary; Capitalist development intensifies class conflict; Tradeoffs in the pursuit of wealth and power are minimal.
Politics versus economics: Economics drives politics.
Nature of conflict: Zero-sum, endemic class conflict.
Systemic concern: “Polarization” — intensification of social conflict through globalization of capitalism.
What key points does Friedan’s article “The Political Economy of Economic Policy” highlight?
The article examines how politics influences the economy and vice versa.
It suggests that economic policies are often hindered by political considerations, making necessary changes challenging.
Winners and losers in economic policies can impact electoral outcomes.
Policies beneficial for society as a whole can face resistance from winners unwilling to compensate losers.
According to Friedan, what are some factors influencing political decision-making in economic policies?
Concentrated interests often prevail over diffuse interests in policymaking.
Swing voters, who change their votes based on incumbent or challenger, can be more influential than the majority.
Social and political institutions significantly shape economic policies.
What are the key characteristics of the liberal perspective in international political economy, as discussed by Frieden and Lake?
It emphasizes free exchange among individuals domestically and internationally.
Liberals assume individuals are rational, utility-maximizing actors who make trade-offs between goods.
Cooperation is seen as essential in international political economy, and governments play a role in ensuring free and fair trade.
The government’s proper role is to create the necessary foundation for the market to function effectively.
hat key aspects of the Marxist perspective in international political economy are highlighted by Frieden and Lake?
The Marxist perspective views capitalism as inherently conflictual, with wealth concentrated among capitalists at the expense of workers.
Capitalist crisis and exploitation of labor are central concerns.
Marxists are concerned with labor’s diminishing power and poverty in the Third World.
Imperialism and competition among capitalist countries are seen as inherent features of modern capitalism.
