IPE Final

"State" is to collective interest as

"market" is to individual interest.

Name the 3 theoretical roots of the Liberal perspective

1. History- Vaclav Havel to Adam Smith 2. 3.

List the only 3 similarities between Mercantilism and Realism

1. Importance of the role of state (state is key actor/state is main economic actor) 2. Emphasis on Power 3. Zero Sum Game Differences: 1. Scope (mercantilism is narrower than realism) 2. Focus (military vs. economic)

Law of concentration

AKA accumulation of capital Holds that capitalism tends to create increasing inequality in the distribution of income and wealth. As the bourgeoisie continue to exploit the proletariat and as weaker capitalists are swallowed by stronger, bigger ones, wealth and ownership of capital become increasingly concentrated in fewer and fewer hands.

Law of disproportionality

AKA problem of underconsumption suggests that capitalism, because of its anarchic, unplanned nature, is prone to instability such that workers cannot afford to buy what they make.

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3 Laws of Crisis of Capitalism

Based on Karl Marx: Law of Falling Rate of Profit Law of dis-proportionality Law of concentration

As given in "Globalization And Its Contents," the major engines of the globalizing process include:

Burgeoning human capital Increasing cross-border interaction Freer markets Does not include increased consumption

When EU farmers end up with "mountains of butter" and "lakes of wine and olive oil," what of who usually gets the blame?

CAP trade and domestic income support measures Agricultural ministers who support farm groups because of the disproportionate amount of influence they have in the EU CAP "green" policies to preserve the environment and farm culture

Which country do U.S. officials fear is trying to "lock up" the world's energy supply?

China

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Name the 3 Eras of Dependency Theory in modern history

Colonial dependence (18th-19th centuries) Financial-industrial dependence (19th-20th centuries) Structure of dependence today based on the postwar multinational corporations

What are the four Alternative Perspectives about IPE?

Constructivism Feminist theory

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The WTO has a __________________ that rules on trade disputes, giving the WTO an enforcement mechanism, something the GATT did not have.

Dispute Settlement Panel

Much of "Promises and Poverty" focuses on the Gemadro coffee plantation in:

Ethiopia

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T/F: As claimed in "A Bigger World," U.S. consumer behavior has little effect on emerging economies.

F

T/F: The author of "Terrorist Rivals" notes that, as terrible as the September 11, 2001, attacks were, more civilians were killed at Pearl Harbor on December 7, 1941.

F

T/F: According to "Humanity's Common Values: Seeking A Positive Future," humans now share a universal set of values, but these values are subjective in their origins.

False

T/F: According to our syllabus, students can take any assignments or major exams at anytime during the term, since we have a very generous Makeup Policy.

False

T/F: Based on the syllabus, students may e-mail their quizzes or tests to the professor, if they miss a deadline for a good reason.

False

T/F: The syllabus clearly states that class rules will never change under any conditions.

False

Which political economist stated that "the power of producing is infinitely more important than wealth itself"?

Frederick List

GATT

General Agreement on Tariffs and Trade

As expounded in "Globalization And Its Contents," a prospering middle class is a crucial component of economic, political, and social stability that comes with:

Globalization

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What is an HIL?

Heterodox Interventionist Liberal Support positive role for state in the economy

What are the main ideas of Marx on history?

His views reflect the working conditions he and Friedrich Engels observed during Industrial revolution Theory of history- historical materialism. Forces of production (sum total of knowledge and tech contained in a society) set parameters for the whole political-economic system. Changes in technology determine changes in social system (technological determinist) History evolves from one system of political economy (aka mode of production) to another.

How is Mercantilism related to history, philosophy, and state policy?

History- Classical mercantilist prd of history linked to rise of modern nation-state in Europe during 16th-19th centuries. Focus on wealth/military power Philosophy- "Zero sum game" (clear winners and losers) State policy- government action --> trade (limiting to promoting) and pitting state against state.

According to the author, the election of which world leader signifies a possible change in the structure of the global political economy?

Hugo Chávez

Who is most responsible for the idea that many TNCs engage in FDI because they wish to exploit a monopoly position while protecting a key asset such as a trademark resulting in imperialism in everything but name?

Hymer

Patents, trademarks, and copyrights are all examples of

Intellectual property rights

How do you compare Marxism and Leninism?

Lenin (unlike Marx) brought about his own socialist revolution. Focus on imperialism/international capitalist system. Felt there was another epoch of history bw capitalism and socialism that Marx hadn't accounted for.

Labor theory of value

Marx believed in this Argues that the value of a commodity is related to the amount of labor required for its production. Marx tried to use this to demonstrate that workers were paid less than the full value of what they produced. B/c the workers were abundant, the bourgeoisie were able to pay them less and make more profit for themselves from the sale of the goods the workers produced. Helped to explain Marx's law of disproportionality

Overall, Japan's system of political economy in the postwar period has been one most influenced by which set of analytical and theoretical ideas?

Mercantilism

What are the key ways to gain more profits in a global value chain?

Move into product design and financing Accumulate patents Create national champions

One important trend of recent years has been the growth of regional trade blocs. What are some examples?

NAFTA APEC EU Not the Group of Seven (G7)

NIEO

New International Economic Order

What does NIC stand for? 1 example

Newly Industrialized Country One of the "Asian Tigers" like South Korea

Which IPE perspective professes that people and states should value economic efficiency, and a laissez-faire role for the state in the economy?

OELs

An important example of neomercantilism in the 1970s was the United States-led campaign with many industrialized states to decrease their foreign dependence on _______.

Oil

Examples of ideas about free open markets associated with David Ricardo

Open markets promote efficiency Free trade binds nations together and promotes the universal good Open markets lead to greater wealth

What is an OEL?

Orthodox Economic Liberal State's role in the economy and society decidedly negative

Law of Falling Rate of Profit

Over time as investment causes machines to replace workers, profits must decline and ultimately disappear.

The four structures of international political economy:

Production and trade Money and Finance Knowledge and Technology Security Does not include: global structure

As the author suggests in "Can Extreme Poverty Be Eliminated?" poverty could be entirely eliminated through large-scale efforts in:

Public investment

Adoption of the euro requires member nations to

Ratify the EU constitution

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Trade diversion is a twofold problem. It is first an economic problem because it means that economic integration is not as efficient as it may first seem. It also creates a ________ problem due to more and more countries entering into regional economic groups while nonmenbers find themselves locked out and vulnerable.

Systemic

T/F: As concluded in "A Bigger World," the growing role of the state in the global economy is a legitimate concern for those who are worried about bad capitalism overtaking good capitalism.

T

T/F: As stated in "Africa's Restless Youth," more than half of African youth are working at the $1-per-day level.

T

T/F: As stressed in "Globalization And Its Contents," for most of recorded history, the majority of humans lived in conditions of poverty.

T

T/F: For Marx, it is the structure that dominates events, more so than ideas, nature, or military generals.

T

Name the the three forces UNCTAD identified as driving transnational market growth in the 1990s?

Technological change Increasing competition Policy liberalization Not consumer demand

Zero-sum game

The idea that the benefit of one actor (individual, state, etc.) necessarily comes at the expense of another. Example: A state in the Middle East finding rich oil reserves means that that oil reserve can no longer be utilized by my state and this Middle Eastern state could use this as advantage against my state in the global economy.

According to dependency theory, why do LDCs remain underdeveloped?

Their dependency on industrialized nations prevents them from acquiring capital and technology for their own development.

As revealed in "Africa's Restless Youth," Zimbabwe's National Youth Service Training Program training camps, ostensibly organized to improve job skills, really taught:

Torture techniques

TRIPR

Trade Related Aspects of Intellectual Property Rights

T/F: As asserted in "It's A Flat World, After All," if Wal-Mart were a country, it would be China's eighth-largest trading partner.

True

T/F: As maintained in "It's A Flat World, After All," C.E.O.s outsource jobs to save on salary, despite being forced to employ workers who are not as well educated or productive as American workers.

True

T/F: As stated in "Can Extreme Poverty Be Eliminated?" Americans usually underestimate the amount of foreign aid supplied by the United States.

True

The _______________ GATT round became famous for creating the World Trade Organization and for institutionalizing what would become a set of global trade rules and regulations.

Uruguay

This European leader envisioned a "United States of Europe" to check U.S. power and influence after World War II.

Winston Churchill

Structuralists tend to view free market globalization as

an ideological manipulation by those in power with an economic interest in perpetuating the status quo.

The notion of _______________ is among the most durable and powerful ideas in IPE.

anarchy

According to "The Rise of the Rest," a majority of Americans are feeling a deep-seated anxiety about their country because, for the first time in living memory, the United States is:

at risk of losing its "sole superpower" status in the world

Ricardo's work on the law of _______________ demonstrated that free trade increased efficiency and had the potential to make everyone better off.

comparative advantage

This theory argues that the structure of the global political economy essentially enslaves the less developed countries of the "South" by making them dependent on the nations of the capitalist core "North."

dependency theory

During the 1990s, as explained in "The Lost Continent," leaders in Latin America won elections by promising:

economic reforms

As claimed in "It's A Flat World, After All," when the world is flat, you can innovate without having to:

emigrate

Measures that restrict the quantity of an item a nation can export, with the effect of limiting the number of goods imported by another country, is called

export quota

In Russia, as put forth in "Ensuring Energy Security," oil output slowed substantially recently because

geological challenges uncertainties over government policy insufficient investment not: accidents and issues of worker safety

According to HILs, when it comes to reforming the WTO, IMF, and World Bank, they would like to see

getting away from the "One Size Fits All" mentality.

Common Values: Seeking A Positive Future," humans share a universal set of values, and present-day societies differ mostly in how well they:

live by the positive values and suppress the negative ones.

David Ricardo favored free open international markets. Which of the following ideas about free open markets is not associated with Ricardo?

open markets results in zero-sum benefits to all

As explained in "The Power and the Glory," one major complaint about subsidies for renewable energy innovation is that they:

rig the market by favoring certain areas or entities.

The reason that best accounts for the failure of the OECD-backed MAI is

states desired to continue to discriminate in favor of domestic firms and to bid lavishly for foreign factories.

Conditions that the IMF and World Bank require developing nations to adhere to if and when they borrow money from these institutions are known as _______________.

structural adjustment policies

As explained in "Feminists and Fundamentalists," Lawrence Summers, the president of Harvard University, attracted a great deal of negative attention with his remarks:

suggesting that women may not have the same innate abilities in math and science as men.

A tax placed on imported goods to raise the price of those goods is called a _____________.

tariff

As noted in "The Ideology of Development," development experts see poverty as a problem that is purely:

technological

Ordoliberal thought has had a profound influence on economic and political policy in _______________.

the European Union

The term "embedded liberalism" refers to

the idea that markets need to be encapsulated in political and social institutions in order for them to be viewed as legitimate.

According to "Nonalignment as a Foreign Policy Strategy: Dead or Alive," _____.

the nonalignment strategy will continue to function in the post-Cold War era.

According to the authors, the financial crisis has led many HILs to assert that _____must act to save the financial system and even capitalism itself.

the state