shit poop

IPE

International Political Economy

Liberalism

Free market, actors individuals, self interested states

Mercantilism

less inputs, more inputs, more gold more money

Marxism

who owns what, who does the work, states protect interest of ruling class

Interests

What the people want, who benefits

Ideas

What people believe

Institutions

Rules and organizations, enforce rules on certain market

Rival goods

if one person uses it, others cant

Excludability

can be stopped from using it if no pay

Public good

non-rival and non excludable

Private good

Rival, excludable

Club Good

Non-rival, Excludible

common pool good

Rival, non-excludible

Market Failure

When market doesn’t allocate resources efficiently

Externatlites

affects someone who isnt directly involved.

Negative externality

creates cost for others, polution

Positive Externality

Benefits others, education helping others

Asymmetric info.

Know more about what you’re selling than the buyer

how the market allocates goods and services.

buyers demand product, sellers decide what to produce and offer, supply demand, consumers decide what to buy based on prices.

How the gov. allocates goods and services.

leaders identifies a need, establish rules or budget, recourses are collected through taxes or public funding, supplies are distributed according to the gov chosen priorities.

Instrumental power

Direct influence the people in charge

Structural power

politicians scared of business leaving or stop investing.

Discursive power

influencing what people think is true, normal and necessary.