Midterm Flashcards
Peace of Westphalia
Established state sovereignty in europe, setting a precedency for the world. october 1648
Role of the state in a globalized world
Dominant forms of government and control over law. Cannot address all global challenges=importance diminished
global governance
NOT government, less power/orginization
think of the UN (previously the league of nations)
political globalization
political interdependencies/connections
interactions between states/nonstate actors/even people worldwide
International organizations (INOs)
Of which states are members
EU, IMF, UN, NATO, WTO, ICC (int’l criminal court)
Complex interdependence (keohane / nye)
established the idea
multiple channels of interaction+no heirarchy of interstate issues (we can face multiple)+diminished effectiveness/relevance of military
Adam Smith
father of capitalism and economics
proponent of : the free market, self interest, “the invisible hand” (if everyone works in their own self interest, that will lead to competition and growth)
Joseph Schumpeter
all about change : creative destruction under capitalism
favored capitalism and democracy (opposed social policies that would ‘undermine capitalism’)
Wallerstein’s World systems
Core, semi-periphery, periphery countries
Bretton Woods System
controlled capitalism : balance between free market and gov’t control/expenditures
Washington Consensus
fiscal discipline: Tax reform Free market Privatization Deregulation
Market globalism
the dominant ideology
- globalization (neoliberal) is inevitable and good
Steger (critique of market globalism)
- leoliberal globalization is the result of politics and NOT natural
- some profit at the expense of many
- creates democracies that are not really representative
Rodrik (trilema/capitalism 3.0)
Trilema : democracy, security, and global economic integration are not compatible. gotta try to balance
Capitalism 3.0 : moderate>hyper globalization (like krugman). Free national governments to adjust to the global economy in their own way
Stiglitz (winners and losers of glob’n)
Contries that had control before/during globalization are winners, while those who didn’t are losers. Opposes market fundamentalism (forcing laissez-faire economics onto developing economies)