International Political Economy Vocabulary

Flashcards for International Relations focusing on International Political Economy.

IPE

The intersection of Politics and Economics across borders.

Market

A place where relationships between states and trade occur.

Free Trade

Primary policy of Liberalism where states let markets operate without interference.

Liberalism

Economic theory advocating for free markets, competition, efficiency, and innovation through reduced barriers.

Mercantilism

Economic theory emphasizing state intervention in the market to protect national interests.

Protectionism

Policy of Mercantilism involving the use of barriers to protect from market forces.

Economic Nationalism

A form of protectionism, prioritizing domestic economic interests (e.g., 'buy American').

Protectionist Policies

Policies such as tariffs, quotas, subsidies, and regulations used to protect domestic industries.

Non-Tariff Barriers

Restrictions and regulations (red tape) that impede international trade.

Dumping

Selling products in a foreign market at below cost to eliminate competition.

Globalization

The expansion of free trade by opening up markets and states to the global economy.

Most-Favored Nation (MFN)

Granting reciprocal levels of free trade to all members.

World Trade Organization (WTO)

An organization that replaced the GATT in 1995 to enforce trade regimes and resolve disputes.

Exchange Rates

The value of one currency in relation to another, determined by fixed agreements or floating market forces.

International Monetary Fund (IMF)

An organization that coordinates international currency exchange and provides loans to countries with payment imbalances.

World Bank

IBRD, IDA, IADB. An international financial institution that lends to finance infrastructure development and promote economic development.

Fund Conditionality

Conditions attached to IMF loans requiring policy changes in borrowing countries.

Structural Adjustment Policies

Economic policies implemented by the World Bank. Affects state economic foreign policies

Mission Creep

The expansion of an organization's original goals, often leading to diffused efforts and reduced effectiveness.