Poli 366 Quiz Concepts

US dollar

Currency of the natural resource market

Richard Cooper

Argued that rising economic dependence among economies was creating a disconnect between the globalized economy and the political norms still centered around states

Robert Gilpin

Argued state power and security competition doesn't disappear just because firms cross borders, economics has to be integrated back into a power political framework not treated as if it transcends it

Mercantilism

An economic theory emphasizing the role of the state in managing the economy, specifically through focusing on lots of exports and less imports in a trade balance surplus

Liberalism Economic Theory

Open markets most important for making a country richer, mutual benefit but uneven internal distribution of positive trade effects

Marxism Economic Theory

Argued for classless society with public ownership of the means of production

List’s Infant Industry

Friedrich List's infant-industry argument is a foundational nationalist economic theory stating that developing nations must use temporary tariff protection to shelter new domestic manufacturing from foreign competition until it can achieve scale and efficiency

Ricardo's Theorem of Comparative Advantages

States that nations benefit from international trade by specializing in goods where they have a lower opportunity cost

Transatlantic divide

Benjamin Cohen suggests to distinguish between two schools in IPE alongside ontology and methodology as the British and American schools

Ontology

What needs to be explained/Conception of the world

Epistemology/Methodology

What way do we understand the world and how it is changing

American School as Orthodox School

Complex interdependence defined by multiple channels of communication, an absence of hierarchy among issues, and a diminished role for military force

Hegemonic Stability Theorem

Argues that the international economic system is most stable and open when a single dominant state, the hegemon, possesses the economic and military power, alongside the willingness, to enforce global rules and provide public goods

British School as Heterodox School

Normative and critical towards the status quo plus rejects mainstream positivism in favor of problem-posing, historical, and interdisciplinary analysis

Geoeconomics

Use of economic instruments to promote and defend national interests, often taking a zero sum perspective

Realist school definition of Power