Week 1 Flashcards
Who is the main actor in Mercantilism?
The state
What are the three main premises of Mercantilism?
- State power and wealth are connected
- Trade created wealth but only when a state sold more than it bought
- Some forms of economic activity are better than others
How can a state secure its interests?
By blocking the economic interests of other states
Who were the advocates for Mercantilism?
Alexander Hamilton and Frederick List
What are the two major assumptions of Mercantilism?
- Inter-state system is anarchical
2. Primacy of the state in political life
True or False: Market relations are shaped by political power?
True
Who is the main actor in Liberalism?
The Individual
What did the Industrial revolution create?
Market capitalism
The interaction between _______ and _______ gives rise to political economy?
Market forces; Politics
True or false: in Liberalism, TNCS are a positive force?
True
What lies at the centre of economic life in Liberalism?
The market
In Liberalism, what is the the result of government intervention?
Economic failure
Where is the focus on Marxism?
On the class and interest of workers rather than state interests
What does the nature of individuals depend on?
The material conducts determining their production
What theories evolved out of Marxism?
Neo-Gramsci
