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conditionality
policy of the IMF, the World Bank, and others to attach conditions to their loans and grants
may require recipient countries to devalue their currencies, lift various controls, cut their budgets, raise taxes, etc
not always super productive
not democratic - can take sovereignty from nations loaned to
economic nationalism
national interests, tariffs/nontariff barriers, etc (protecting domestic industry/buyers first)
could lead to conflict, trade wars, isolation from global economy, etc
acting in your own self interest before the global interest
zero sum environment
liberal internationalism
capitalism/free trade = good thing
positive sum game
comparative advantage
less tariffs/nontariff barriers
imposing western ideas onto other people, driving factor for a lot of economic relations
world systems theory
south is dependent on and disadvantaged by the north
âthe world is an economic society brought about by the spread of capitalism and characterized by a hierarchy of countries and regions based on a gap in economic circumstances and by the domination of lower tier countries by upper tier onesâ
measures of economic development
gross national product (GNP): measure of the sum of all goods and services produced by a countryâs nationals, whether they are in the country or abroad
gross domestic product (GDP): measure of economic activity within a countries territory that includes both domestic and foreign enterprises
purchasing power parity: measure of the relative purchasing power of different currencies - price of the same goods in different countries held against a base currency (usually the US dollar)
International Monetary Fund
worldâs primary organization devoted to maintaining monetary stability by helping countries to fund balance of payment deficits
CRITIQUE: conditionality can make things worse (raising taxes/cutting public spending doesnât help most people), givens loans instead of aid - brings people more into debt, vote share based on how much money you donate (power held disproportionately by the global north)
World Bank
International Bank for Reconstruction and Development
helping global south compete with the global north (in theory)
world bank group: four associated agencies that grant loans to less developed countries for economic developments and other financial needs
predatory conditionality
World Trade Organization
implements and enforces the General Agreement on Tariffs and Trade and mediates trade-related disputes between and among parties to the GATT
General Agreements on Tariffs and Trade: multilateral trade negotiations that reduced tariffs after WWII and continued into the 1990s.
Became enforced by the WTO in 1993
Tariffs
a tax, usually based on a percentage of value, that importers must pay on items purchased abroad
import tax or import duty
can be used as a political/economic move against a country (not super effective)
Non-tariff barriers
barriers to trade that arenât tariffs
quotas, technical specifications, or lengthy quarantine or inspection procedures
differing safety regulations, makes more difficult for imports/exports, propping up domestic businesses
EU has lots - US upset that it makes more difficult to sell to Europe
G-77
(originally) group of 77 countries of the south that cosponsored the Joint Declaration of Developing Countries in 1963 calling for greater equity in North-South trade.
now includes 134 members
represents the interests of the less developed countries in the South
Least developed countries
least developed countries are developing countries listed by the United Nations that exhibit the lowest indicators of socioeconomic development.
most likely to get loans from IMF/World Bank
most likely to have the IMF/World Bank concerns
UN Conference on Trade and Development (UNCTAD)
UN organization established in 1964
currently consisting of all UN members, plus Holy See, Switzerland, and Tonga
holds quadrennial meetings aimed at promoting international trade and economic development
New International Economic Order
goals and demands of the South for basic reforms in the global economic system
G-77 really into it
Sustainable Development Goals
17 goals adopted by the UN in 2015 as a roadmap for peace and prosperity for humanity and the global ecosystem now and into the future
No poverty/hunger/water/energy access, Good health/Education, Gender equality/reduced inequality, Sustainable cities and economies, Partnership for the goals
Foreign Policy (sources, types, purposes)
how countries arrive at goals and policies
significance: country articles about how they arrived at different goals and policies
russia: sees itself as the center of the world, fighting the holy fight against western ideals, etc
Foreign policy and public opinion
public opinion important - need to explain why weâre doing what weâre doing and how it serves the American people
needs to persuade leaders to pass legislation, leaders need to answer to their voters
responsibility to explain where taxpayer money is going
significance: American public opinion shifting rapidly - IR becoming more of a partisan issue
impact actions of politicians - potentially more likely to take extreme stances to please voters
gender and political economy
radical feminist theory v classical feminist theory
positivist approach:
adding women to the narrative - encouraging them to entering masculine fields
shifting paradigm of what we value in the economy
constructivist approach:
asking questions about how masculinity and femininity are mapped onto different expectations
reproductive economy - unpaid and undervalued because it is feminized
issues:
binary format
little research/history of non-binary or trans people
South-south cooperation
recent uptick in South-South cooperation - less reliant on global north
north making some moves to block this
regional trade agreements (like the simulation)
positive sum outlook
BRICS
Brazil, Russia, India, China, South Africa
admitting new members - mostly Middle East and North Africa
group/club - informal methods of operations - acting as a semi-inclusive unit
will this actually work ?
no ? has countries that donât like each other, Russia is gonna be sad, everyone is self interested
lots of infighting on how to go about things - contrary interests about representation in UN, World Bank, etc