POL2009: Introduction to International Political Economy & Trade Unions

Vocabulary flashcards covering core concepts, terminology, history, and statutory milestones from the POL2009 International Political Economy and Trade Unions lecture.

Political Economy

The intersection between politics and economics, focusing on relationships between actors, organisations, and instruments, particularly Capital and Labour.

International Political Economy (IPE)

A diverse, multidisciplinary field bridging Applied Economics and International Relations that investigates how economic governance decisions are made and what their political, economic, and social consequences are.

Fiat Currency

Currency backed by the authority of the state itself, which historically replaced coinage directly backed by precious metals.

Trade Union

A type of interest group that seeks to influence political decisions and improve members' working conditions and wages without directly seeking political office.

"Model" Unions

Trade unions emerging in the 1850s for skilled workers ("Moderates") that sought to improve their members' position within the capitalist system without seeking radical social change.

"New" Unions

Trade unions emerging in the 1870s for semi-skilled and unskilled workers ("Militants") that were more aggressive in nature and advocated for state intervention to improve living standards.

Solidarity

A key concept in trade unionism defined by Bayertz (1998) as a mutual attachment between individuals based on common ground, shared obligations, and ideals of justice, liberty, and fraternity.

Member-dominated Union

A union structure described by Burton (1984) where all members vote directly on policy decisions via regular referendums.

Executive Discretion Union

A union structure where leaders exercise individual power over policy as representative decision-makers for the members.

Iron Law of Oligarchy

A concept formulated by Michels (1915) warning that holding power within organizational leadership positions inevitably produces vanity and an undue belief in personal greatness.

Combination Act (1799)

UK legislation that made "combining" or organizing over working conditions illegal.

Combination of Workmen Act (1825)

UK legislation that legalised organizing a trade union but strictly prohibited picketing or incitement.

Trade Union Act (1871)

UK legislation that repealed the Combination of Workmen Act 1825 and granted formal legal protections to trade unions.

Taff Vale Judgement (1901)

A UK legal decision that effectively rendered striking illegal by making unions liable for financial losses caused by strikes.

Trade Disputes Act (1906)

UK legislation that nullified the 1901 Taff Vale judgement, restoring legal protection for union strike actions.

Triple Alliance

An influential industrial alliance formed by coal, rail, and sail unions that exercised significant economic influence between 1914 and 1926.

Phillips Curve

An economic concept illustrating an inverse trade-off between inflation and unemployment, where high inflation corresponds to low unemployment and low inflation corresponds to high unemployment.