This document provides an introduction to concepts in international political economy. It discusses key issues like actor behavior, system governance and globalization. It also outlines different analytical perspectives including liberalism, realism and structuralism. It reviews international economic history in the 19th century, interwar period and postwar era. Specific topics covered include international trade, money and finance, economic development, the environment and energy. The document examines issues around governance of the global economic system and prospects for the future.
1.Globalization and its Measures
2.Globalization and its“Contents”: Globalization and Growth
3.Globalization and its“Contents and Discontents”: Globalization and Distribution
4.Implications for Globalization Research and Policy
Introduction to Global Economic & political Systems: Meaning of Global Economy and its History Structure and
Components of Global Economy, Theory of Hegemonic Stability, Differences among National Economies, Market
Oriented Capitalism, Developmental Capitalism, Social Market Capitalism, Comparative Analysis, Effects of
Globalization on Indian Economy. (6)
2. The Trading System: Debate over Free Trade – Functions of GATT and WTO, The Uruguay Round and World
Trade Organization, Trade Blocs – EU, OECD, OPEC, SAARC, ASEAN, NAFTA, Threats to Open Trading System,
Developments in International Trade Theory, Bi-lateral, Multilateral Trade Agreements, Impact of Trade wars in
liberalized economy. (6
1.Globalization and its Measures
2.Globalization and its“Contents”: Globalization and Growth
3.Globalization and its“Contents and Discontents”: Globalization and Distribution
4.Implications for Globalization Research and Policy
Introduction to Global Economic & political Systems: Meaning of Global Economy and its History Structure and
Components of Global Economy, Theory of Hegemonic Stability, Differences among National Economies, Market
Oriented Capitalism, Developmental Capitalism, Social Market Capitalism, Comparative Analysis, Effects of
Globalization on Indian Economy. (6)
2. The Trading System: Debate over Free Trade – Functions of GATT and WTO, The Uruguay Round and World
Trade Organization, Trade Blocs – EU, OECD, OPEC, SAARC, ASEAN, NAFTA, Threats to Open Trading System,
Developments in International Trade Theory, Bi-lateral, Multilateral Trade Agreements, Impact of Trade wars in
liberalized economy. (6
POL 190 Globalization and Development Development Poli.docxharrisonhoward80223
POL 190 Globalization and Development
Development Policies
Combinations of economic policies have been used by state officials to foster growth and economic
change. Most state leaders see an interest in fostering economic growth, but this is a challenge that may
not be completely within the control of the leaders of developing countries. In addition, the policy
measures that they take may not actually lead to the desired outcome.
Development policy has been a central element in addressing the gap (in wealth, income, industry,
technology, health/education, life expectancy, etc) between states.
There are two broad approaches: the market/neoliberal/laissez faire, and the state-led/interventionist
approaches. Note the way that these ‘schools of thought’ provide different explanations for the problems
facing developing countries and opposed strategies:
Policy Type Market/Neo-liberal
development policy
State-led/Interventionist
development policy
Does Economic policy matter? Yes
Yes
What causes development? Free markets Strong states/high-quality state
interventions
What causes
underdevelopment?
Too much state involvement Weak or poor/low-quality state
intervention
Main policy recommendation Reduce the state’s economic role Build the state’s economic
capabilities
Cases that confirm the
recommended policy approach
UK, US South Korea, Singapore, Japan
Test case: Why has China been
successful?
After 1979, opening to the market
has led to economic success
After 1979, strong state remains
active in managing China’s
economy
Test Case: Why has sub-
Saharan African been
unsuccessful?
Too much state intervention,
corruption
Weak states, low capacity for
decision making or provision
good public policy
Economic policy has shifted away from the state-led approach towards the market approach since the
1970s. Developing countries have made this shift in economic policy through two processes:
Being pushed/coerced by other states, global corporations and international organizations
Leaders made the decision to ‘shrink’ the state for domestic political reasons
Over the last 40 years, economic policy and differences in economic growth/wealth have also been
profoundly shaped by a larger process: ‘globalization’.
‘Globalization’: Basic Features
Increased Trade: States gradually eliminated barriers to trade
Increased Global Investment Flows: States eliminated barriers to investment and speculation.
Firms became globally mobile/diversified
The increased power of the global corporations. Businesses organize production around global
supply and manufacturing chains
Economic and social problems become ‘globalized’: environment, labor, product standards,
financial risk, etc
How? Historical Process of Contemporary Globalization: 1970s-2000s
The modern global economy is a product of deliberate state policy actions (and is not a ‘natural’ or
inevitabl.
In this lecture, we review some of the major institutions with power over international trade and finance. These include the World Trade Organization (WTO), International Monetary Fund (IMF), and the World Bank (WB). Peripheral bodies such as the United Nations (UN) are also mentioned. We end the lecture with a review of the current debate on globalization, its pros and cons.
Session IV - Policy Considerations in Addressing Malaysian Economic Inequalit...KhazanahResearchInstitute
Malaysian Income Distribution in a Global Context
A Khazanah Nasional Berhad and Khazanah Research Institute Seminar
Session IV - Cross-National Frameworks and the Management of National Inequality
18 January 2018
Political Context (1).pptmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmniyomugaboplacide
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmAbitabiriye iyi nama basuzumye banafata imyanzuro ku ingingo zikurikira:
Ikiganiro ku nshingano, imikorere n'imikoranire;
Gusesengura ibibazo biri mu burezi na gahunda yo kugaburira abana ku ishuri;
Kureba uko Akarere gahagaze mu kwinjiza imisoro n'amahoro ;Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmNejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abako
POL 190 Globalization and Development Development Poli.docxharrisonhoward80223
POL 190 Globalization and Development
Development Policies
Combinations of economic policies have been used by state officials to foster growth and economic
change. Most state leaders see an interest in fostering economic growth, but this is a challenge that may
not be completely within the control of the leaders of developing countries. In addition, the policy
measures that they take may not actually lead to the desired outcome.
Development policy has been a central element in addressing the gap (in wealth, income, industry,
technology, health/education, life expectancy, etc) between states.
There are two broad approaches: the market/neoliberal/laissez faire, and the state-led/interventionist
approaches. Note the way that these ‘schools of thought’ provide different explanations for the problems
facing developing countries and opposed strategies:
Policy Type Market/Neo-liberal
development policy
State-led/Interventionist
development policy
Does Economic policy matter? Yes
Yes
What causes development? Free markets Strong states/high-quality state
interventions
What causes
underdevelopment?
Too much state involvement Weak or poor/low-quality state
intervention
Main policy recommendation Reduce the state’s economic role Build the state’s economic
capabilities
Cases that confirm the
recommended policy approach
UK, US South Korea, Singapore, Japan
Test case: Why has China been
successful?
After 1979, opening to the market
has led to economic success
After 1979, strong state remains
active in managing China’s
economy
Test Case: Why has sub-
Saharan African been
unsuccessful?
Too much state intervention,
corruption
Weak states, low capacity for
decision making or provision
good public policy
Economic policy has shifted away from the state-led approach towards the market approach since the
1970s. Developing countries have made this shift in economic policy through two processes:
Being pushed/coerced by other states, global corporations and international organizations
Leaders made the decision to ‘shrink’ the state for domestic political reasons
Over the last 40 years, economic policy and differences in economic growth/wealth have also been
profoundly shaped by a larger process: ‘globalization’.
‘Globalization’: Basic Features
Increased Trade: States gradually eliminated barriers to trade
Increased Global Investment Flows: States eliminated barriers to investment and speculation.
Firms became globally mobile/diversified
The increased power of the global corporations. Businesses organize production around global
supply and manufacturing chains
Economic and social problems become ‘globalized’: environment, labor, product standards,
financial risk, etc
How? Historical Process of Contemporary Globalization: 1970s-2000s
The modern global economy is a product of deliberate state policy actions (and is not a ‘natural’ or
inevitabl.
In this lecture, we review some of the major institutions with power over international trade and finance. These include the World Trade Organization (WTO), International Monetary Fund (IMF), and the World Bank (WB). Peripheral bodies such as the United Nations (UN) are also mentioned. We end the lecture with a review of the current debate on globalization, its pros and cons.
Session IV - Policy Considerations in Addressing Malaysian Economic Inequalit...KhazanahResearchInstitute
Malaysian Income Distribution in a Global Context
A Khazanah Nasional Berhad and Khazanah Research Institute Seminar
Session IV - Cross-National Frameworks and the Management of National Inequality
18 January 2018
Political Context (1).pptmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmniyomugaboplacide
mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmAbitabiriye iyi nama basuzumye banafata imyanzuro ku ingingo zikurikira:
Ikiganiro ku nshingano, imikorere n'imikoranire;
Gusesengura ibibazo biri mu burezi na gahunda yo kugaburira abana ku ishuri;
Kureba uko Akarere gahagaze mu kwinjiza imisoro n'amahoro ;Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmNejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abakozi bazize Jenoside yakorewe Abatutsi mu 1994 bakoreraga amakomine yahujwe akaba Akarere ka Gatsibo. Iki gikorwa giteganyijwe ku wa gatanu tariki ya 19/04/2024, ku Biro by’Akarere ka Gatsibo guhera saa munani (14h00).Nejejwe no kubandikira iyi baruwa ngira ngo mbatumire mu gikorwa cyo kwibuka ku nshuro ya 30 abari abako
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
Russian anarchist and anti-war movement in the third year of full-scale warAntti Rautiainen
Anarchist group ANA Regensburg hosted my online-presentation on 16th of May 2024, in which I discussed tactics of anti-war activism in Russia, and reasons why the anti-war movement has not been able to make an impact to change the course of events yet. Cases of anarchists repressed for anti-war activities are presented, as well as strategies of support for political prisoners, and modest successes in supporting their struggles.
Thumbnail picture is by MediaZona, you may read their report on anti-war arson attacks in Russia here: https://en.zona.media/article/2022/10/13/burn-map
Links:
Autonomous Action
http://Avtonom.org
Anarchist Black Cross Moscow
http://Avtonom.org/abc
Solidarity Zone
https://t.me/solidarity_zone
Memorial
https://memopzk.org/, https://t.me/pzk_memorial
OVD-Info
https://en.ovdinfo.org/antiwar-ovd-info-guide
RosUznik
https://rosuznik.org/
Uznik Online
http://uznikonline.tilda.ws/
Russian Reader
https://therussianreader.com/
ABC Irkutsk
https://abc38.noblogs.org/
Send mail to prisoners from abroad:
http://Prisonmail.online
YouTube: https://youtu.be/c5nSOdU48O8
Spotify: https://podcasters.spotify.com/pod/show/libertarianlifecoach/episodes/Russian-anarchist-and-anti-war-movement-in-the-third-year-of-full-scale-war-e2k8ai4
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
2. I. Introduction – Conceptual and
Analytical Issues
• 1. What is International Political Economy?
• 2. What are the issues?
• A. Actor behavior
• B. System governance
• C. Globalization
3. I. Introduction (cont’d)
• A. Actor Behavior. How do we explain and evaluate the actions of
states?
• 1. Levels of analysis: international (structural, systemic) vs. domestic
• 2. State (government, public sector) vs. society (markets, private sector)
4. I. Introduction (cont’d)
•B. System Governance. Formulation,
implementation, and enforcement of rules;
promotion of cooperation; management of conflict
• 1. Governance without government; governance
mechanisms (regimes)
• 2. Organizing principles: automaticity, supranationality,
hegemony, pluralism (negotiation, cooperation)
6. II. Analytical Perspectives on Political
Economy
• 1. Liberalism
• 2. Realism (statism, economic nationalism, mercantilism)
• 3. Structuralism (Marxism, historical materialism)
7. II. Analytical Perspectives on IPE -
Liberalism
• A. Focus: individuals, households, enterprises
• B. Nature of economic relations: harmonious; interests reconcilable
• C. Relationship between economics and politics: economics drives
politics
8. II. Analytical Perspectives on IPE -
Realism
• A. Focus: states
• B. Nature of economic relations: conflictual (zero-sum game)
• C. Relationship between economics and politics: politics drives
economics
9. II. Analytical Perspectives on IPE -
Structuralism
• A. Focus: classes, social forces
• B. Nature of economic relations: conflictual (zero-sum game)
• Relationship between economics and politics: economics drives
politics
10. III. Alternative Perspectives on
Globalization
•1. Definition: a broadening, deepening, and
acceleration of interconnectedness of states and
markets; networks of connections at
intercontinental distances
•2. Alternative views: from “hyperglobalists” to
skeptics
•3. Why do we care? By creating a dissonance
between the jurisdiction of states and the domains
of markets, globalization problematizes governance:
who is in charge?
11. III. Globalization (cont’d)
• 4. Perspectives on causes and consequences
• A. Liberalism: triumph of markets; good for economic welfare
• B. Realism: product of state policy; bad for power of states
• C. Structuralism: triumph of markets; bad for poorer states and
disadvantaged classes
12. IV. International Economic History –
Nineteenth Century
• 1. Three major developments
• 2. Political economy issues
• 3. Key lessons
13. IV. Nineteenth Century - three major
developments
A. Monetary system: classical gold standard
B. Trading system: movement toward free trade in 1860s-70s, then
back toward protectionism
C. Core-periphery relations: rise of “new imperialism” after 1870s
14. IV. Nineteenth Century - political
economy issues
• A. Gold standard: What accounted for its stability and relatively
smooth operation?
• B. Trade: What accounted for the free trade movement in the 1860s-
70s? What accounted for the subsequent return to protectionism?
• C. Core-periphery relations: What accounted for the “new
imperialism?”
15. IV. Nineteenth Century - key lessons
• A. No single (mono-causal) explanations; need to sift the evidence.
• B. No single rule for all regimes; different governance mechanisms
can exist side by side
16. V. International economic history –
interwar period
• 1. Major developments
• A. Breakdown during World War I
• B. Attempted reconstruction during 1920s
• C. Renewed breakdown (Great Depression) during 1930s
17. V. Interwar period (cont’d)
• 2. Political economy issue: What explains the failure of the
attempted reconstruction?
• A. Liberalism: markets failed because of wrong-headed government policies
• B. Structuralism: internal contradictions of capitalism
• C. Realism: absence of effective governance (theory of hegemonic stability)
18. VI. International economic history –
postwar period
•1. Major developments
• A. Creation of new international institutions: IMF, World
Bank, GATT
• B. Cold War, leading to two separate blocs (East-West)
and the rest (Third World)
• C. Unprecedented economic growth (early years)
• D. Globalization
• E. Rise of Europe, Japan; East Asia; China and BRICs
• F. From G-7 to G-20
• G. Increasing instability
19. VI. Postwar period (cont’d)
• 2. Political economy issues
• A. What explains the origins of the postwar system?
• B. What accounted for the relative success of the system in its early years?
• C. What accounts for the increased instability in more recent years?
20. The World Economy Today
• 1. Major developments
• A. Globalization and Regionalism
• B. Shifting balance of power among states
• C. Key challenges: trade, finance, development, environment, energy
• 2. Political economy issues
• A. Can key challenges be managed?
• B. Where will leadership come from?
21. VII. International Trade
1. Basic issue: a tension between desire for material benefits of an
open system and pressure to promote/defend state and/or
particularist interests
a. Advantages of free trade: efficiency, growth
b. Disadvantages of free trade: dependence, losses to key constituencies
c. Collective action problem: how to manage the basic tension
22. VII. International Trade (cont’d)
•2. Postwar experience: GATT/WTO
• a. Purposes: liberalization, dispute resolution
• b. Principles: non-discrimination, reciprocity, safeguards
•3. Protectionism (actor behavior)
• a. Instruments of trade policy
• b. Arguments for protection
• c. Practical motivations
23. VII. International Trade (cont’d)
• 4. Managing the system (system governance)
• a. Promotion of liberalization
• b. Dispute resolution
• c. Safeguards
• d. Other current issues
24. VII. International Trade (cont’d)
• 5. From multilateralism to regionalism
• a. Types of regional trade agreements (RTAs, PTAs)
• b. Advantages and disadvantages
• i. For individual countries
• ii. For overall system (trade creation, trade diversion)
• c. Postwar experience
• i. First wave: 1950s-60s
• ii. Second wave since 1980s
• d. Why the renewed interest in RTAs?
• e. Significance for system governance
25. VIII. Money and Finance
•1. Basic issue: as with trade, a tension between
desire for the material benefits of an open system
and pressure to promote/defend state and/or
particularist interests
•2. Basic concepts
• a. Balance of payments; deficits
• b. Financing: reserves, borrowing, liquidity
• c. Adjustment: the “Three D’s,” “Unholy Trinity”
26. Balance of payments deficits
• In case of deficit, two basic choices
• Finance: (1) run down assets or (2) build up liabilities (borrow)
• Adjust: (1) reduce external spending or (2) increase external revenues
• How to adjust: the “Three D’s”
• Deflation: (1) tighter fiscal policy (decrease gov’t spending, raise taxes) or
monetary policy (higher interest rates)
• Devaluation (depreciation): lower exchange rate
• Direct controls: (1) trade controls (tariffs or NTBs) or (2) capital controls
• Is there another D? Answer: D’em others…
• Summary: the Unholy Trinity
28. VIII. Money and Finance (cont’d)
•3. Postwar experience
• a. IMF, Bretton Woods system
• b. Financing: US dollar, SDRS, capital markets
• c. Adjustment: breakdown of pegged exchange-rate
system – currency wars?
• d. Debt problems; financial crises
•4. Managing the system
• a. Exchange rates
• b. International capital markets
• c. International currencies
• d. Who’s in charge?
29. IX. Economic Development
• 1. The developing world: differentiated, difficult to generalize
• 2. Postwar rules: based on principle of non-discrimination; trade was
to function as an “engine of growth”
• 3. Postwar experience: mixed – some success stories, many
disappointments
30. IX. Development (cont’d)
•4. Why has trade failed as an engine of growth for
so many?
• a. Liberalism: market failures -- weak demand, weak
linkages, weak adaptive capacity
• b. Structuralism: natural result of capitalist exploitation
• c. Realism: result of power politics
• i. Role of great powers in writing the rules
• ii. Attempts at collective action by LDCs
• iii. Outcomes: partial success
31. IX. Development (cont’d)
• 5. Options for development strategies
• a. Export promotion
• i. Traditional exports
• Problems: inelastic demand, protectionism
• Cartels? Three conditions necessary for success: control largest part of supply; no close
substitutes; agreement on the sharing of benefits
• ii. Non-traditional exports: manufacturing, services
• b. Import substitution (“import substitution industrialization” – ISI)
• c. Regionalism
32. X. The Environment
•1. Basic problem: the environment is a collective
good, shared by all and owned by none (“tragedy of
the commons”); core issue is “externalities,” which
can cross borders
•2. Economic functions of the environment
• a. A consumption good
• b. A supplier of resources
• c. A receptacle of wastes
• d. The problem: not always mutually consistent, hence a
collective action problem – a system governance issue
33. X. Environment (cont’d)
•3. Practical dimensions
• a. Pollution (air, water, etc.)
• b. Deforestation
• c. Endangered species
•4. Possible solutions – approaches to governance
• a. Laissez faire
• b. National regulation
• c. Formal regimes
• d. Market approaches
• e. Paris Climate Accord (2015)
34. XI. Energy
• 1. Importance: the world’s single most widely
traded product
• 2. First regime: the Seven Sisters – a classic
cartel, successful because it met all three key
conditions necessary for success: control of
supply; no close substitutes; agreement on
sharing of benefits. In place until late 1960s
• 3. Second regime: OPEC
• a. Dramatic emergence in 1973
• b. Ups and downs of OPEC power since 1973
35. XI. Energy (cont’d)
•4. Reasons for variations of OPEC power over time
– back to the three key conditions for a successful
cartel
•5. OPEC’s biggest challenge: agreement on benefits
(limiting free riding)
• a. Low absorbers vs. high absorbers
• b. Special role of Saudi Arabia
•6. Prospects
• a. Demand side (conservation)
• b. Supply side: exploration, alternative forms of energy,
technology
36. XII. Multinational Corporations
• 1. Definition
• 2. Perspectives on the MNC
• 3. History
• a. Until 20th century, mostly extractive (farming, mining, etc.)
• b. Real growth began in 1950s, for 2 reasons
• i. European Common Market (trade diversion)
• ii. Decolonization (ISI development strategies)
• c. Changing sources and destination of foreign direct investment
(FDI)
• i. Increasing share of FDI from developing world
• ii. Increasing share of FDI going to developing world
37. XII. MNCs (cont’d)
•4. Perspective of home country
• i. Advantages: profits, market share
• ii. Disadvantages: avoidance of taxes, regulation
•5. Perspective of host country
• i. Advantages: capital, technology, management
expertise, market access
• ii. Disadvantage: loss of control
•6. Shifting and uncertain balance of power
between states and markets
• i. The obsolescent bargain
• ii. Multinational production, supply chains
38. XIII. Prospects for the Future
• 1. Postwar period has seen major structural changes
• a. Distribution of power between states
• b. Distribution of power between states and markets
• c. Global security environment
• 2. Future scenarios
• a. Automaticity?
• b. World economic government (supranationality)?
• c. Renewed hegemony (US? Europe? Japan? China?)?
• d. Cooperative regimes (automaticity + pluralism)?
• e. Governance by MNCs?
• f. Collapse and economic warfare?
• g. Most probable: a “mosaic” (all of the above)