05 - International Political Economy
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40 Terms
Q: What triggered the rise of IPE after WWII?
The creation of Bretton Woods institutions and the realization that political independence could not be separated from economic conditions.
Q: Why did IPE become prominent in the 1970s?
Bretton Woods pressures, collapse of the gold standard, Vietnam War costs, and newly independent but economically weak states.
Q: What does IPE study?
The interplay between politics and economics across states, markets, and global systems.
Q: How do politics and economics influence each other in IPE?
Political power shapes economic activity, and economic structures shape political systems.
Q: What major question does IPE ask about global inequality?
Why some states are rich while others remain poor despite resources.
Q: What are the three main theories of IPE?
Mercantilism, economic liberalism, and Marxism.
Q: What is the core idea of mercantilism?
Economic activity should serve state power; economics is a tool of politics.
Q: How does mercantilism view international economic relations?
As conflictual and zero-sum, where one state’s gain is another’s loss.
Q: What is defensive mercantilism?
Protecting national economic interests for national security.
Q: What is aggressive mercantilism?
Exploiting global markets through imperialism and expansion.
Q: What is the core idea of economic liberalism?
Markets operate autonomously according to supply and demand; free trade benefits all.
Q: What is a positive-sum game in economic liberalism?
Economic exchange where all participants gain.
Q: What is comparative advantage?
States benefit by specializing in what they produce most efficiently.
Q: What is laissez-faire?
Minimal government intervention in markets; individuals drive economic activity.
Q: What is Keynesian economics?
State intervention to stabilize markets and address crises.
Q: What is the core idea of Marxism in IPE?
The economy is a site of exploitation; class relations shape politics and society.
Q: What is historical materialism?
The study of societal change through economic forces and production methods.
Q: What do neo-Marxists focus on?
Unequal exchange, global power structures, and cultural mechanisms sustaining inequality.
Q: What is dependency theory?
The Global North keeps the Global South underdeveloped through unequal trade and production relations.
Q: What is world-systems theory?
A global hierarchy of core, semi-periphery, and periphery states based on production and trade.
Q: What is unequal exchange?
Trade where periphery states receive far less value than core states.
Q: What are the Bretton Woods institutions?
The IMF, World Bank, and GATT (later WTO), created to stabilize global finance and trade.
Q: What is the role of the IMF?
Provide short-term financial assistance and maintain monetary stability.
Q: What is the role of the World Bank?
Provide long-term development loans and support economic projects.
Q: What are the three World Bank institutions?
IFC (private enterprise loans), IDA (interest-free loans to poorest states), and MIGA (encouraging private investment).
Q: What was GATT?
A post-WWII agreement reducing tariffs and establishing trade rules.
Q: What is the WTO?
A global institution regulating trade, resolving disputes, and enforcing free trade norms.
Q: What is the WTO’s Most-Favoured Nation principle?
States must treat all trading partners equally when granting trade advantages.
Q: What is national treatment in the WTO?
Imported goods must be treated the same as domestic goods once in the market.
Q: How is voting power determined in the IMF and World Bank?
By financial contributions (quotas), giving wealthy states majority control.
Q: Who appoints leadership in Bretton Woods institutions?
The US appoints the World Bank president; Europe appoints the IMF president.
Q: What is the mercantilist view of economic goals?
Strengthening state power.
Q: What is the economic liberal view of economic goals?
Maximizing individual and social well-being.
Q: What is the Marxist view of economic goals?
Advancing class interests and exposing exploitation.
Q: What is the nature of economic relations in mercantilism?
Conflictual and zero-sum.
Q: What is the nature of economic relations in economic liberalism?
Cooperative and positive-sum.
Q: What is the nature of economic relations in Marxism?
Conflictual and zero-sum.
Q: Who are key mercantilist thinkers?
Antonio Serra, Thomas Mun, Philipp von Hornick.
Q: Who are key economic liberal thinkers?
Adam Smith, John Stuart Mill, John Maynard Keynes.
Q: Who are key Marxist thinkers?
Vladimir Lenin, Robert Cox, Immanuel Wallerstein.