Poli 366 Quiz Review (Lectures Only)

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

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

Realist School

A theoretical perspective in international relations asserting that states are power hungry and fight against each other for power with various means.

Balance of Power

A mechanism in the international relations system used to guarantee stability and equilibrium.

Structural Power

A concept formulated by Susan Strange defined as the power to decide how things shall be done and to shape frameworks within which states, people, or corporate enterprises relate to each other.

Power (Max Weber)

The ability of an individual to achieve their goals when others are trying to prevent them.

Power (Dahl)

The ability to get B to do something that B would not otherwise do.

Soft Power

A concept defined by Joseph Nye as getting others to want the outcomes you want by non-military means.

Hard Power

The possession of resources such as GDP, population, and military capabilities that provide more security for a state in an anarchic international system.

Four Structures of Power

The key theoretical framework introduced by Susan Strange comprising Production and trade, Money and finance, Knowledge and technology, and Security.

Production and Trade Structure

One of Susan Strange's four structures of structural power, concerned with foreign investment and productivity.

Money and Finance Structure

One of Susan Strange's four structures of structural power, centered around banking.

Knowledge and Technology Structure

One of Susan Strange's four structures of structural power, defined by innovative capacity and education.

Security Structure

One of Susan Strange's four structures of structural power, defined by military and police capabilities.

Objectified Norms

Norms that define incentive structures which people internalize as motivational systems and produce inter-subjectively shared practical knowledge guiding practice.

Orbital Space

A finite resource within the space economy that commercial actors are increasingly accessing in a way that states previously did.