International Cooperation and the Prisoner’s Dilemma • Prisoner’s Dilemma: ▫ Dominant strategy: Rational response of the individual regardless of the choice of the other actors ▫ Titfortat strategy: actors evoke cooperation if they cooperate on the fWe also discuss several other topics like vastus medialis palpation
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irst move and then do whatever the other player does on subsequent moves ▫ ‘Mafia’ solution: Disproportionate response; changes the payoff structure. if people want to cooperate or defects ▫ Hegemonic State: state powerful enough to enforce cooperation through threat of force. Hierarchical international structure. Creation of formal organizations to monitor and coordinate Willing to pay the cost of providing a public good. cooperation lasts only as long as the hegemony remains • Mutually Assured Destruction: use of nuclear weapons by 2 or more opposing sides would cause the complete annihilation of both sides ▫ Second strike capability: Country’s assured ability to respond to a nuclear attack with powerful retaliation against the attacker International Organizations, Law, and Human Rights • International Governmental Organizations (IGOs), transnational corporations (TNCs), nongovernmental organizations (NGOs) • International Regimes: Collection of norms that have been institutionalized through organizations and international laws • Sources of International Law: international treaties, international custom, recognized principles of law, previous judicial citizens, writings of respected legal scholars • United Nations: most prominent int’l organization; established after WWII, successor to League of Nations; Purpose is to promote peace throughout the world through the use of collective action ▫ Great Powers: The UN Charter ascribed this status to Britain, China, France, the Soviet Union, & US ▫ General Assembly, Security Council, Secretariat ▫ World Health Organization, Economic and Social Council (ECOSOC) • International Court of Justice: The World Court; the body that adjudicates disputes that arise over treaty obligations. • European Union• Universal Declaration of Human Rights: (1948) Adopted by the UN; motivated by experiences of the preceding world wars ▫Amnesty International: Independent int’l organization that protects Human Rights ▫War crimes: Actions carried out during the conduct of a war that violate int’l rules of war International Political Economy (Developed) • International Political Economy (IPE): Twoway relationship btwn int’l politics and int’l economics. The link btwn politics and economics run in both directions; international economic events have political consequences and political decisions have economic consequences. • Globalization: A process in which int’l trade increases relative to domestic trade; in which the time it takes for goods, people, information, and money to flow across borders and the cost of moving them are decreasing; and in which the world is increasingly defined by single markets rather than many separate markets. • Economic theories: Explanations that focus on the type and intensity of the actors• Political theories: Explanations that focus on the strategic and institutional environment in which interests are translated into policy ▫ Economic determinism: Theory that economic forces determine shape and define all political, social, cultural, intellectual, and technological aspects of a civilization ▫ Distributional outcomes • Economic Market: Composed of producers and consumers or goods and services. Market is based on the supply produced by sellers and the demand from consumers and without restrictions. • Myth of ‘Free Market’: The price of goods would be determined solely by supply and demand. The problem with this is that restrictions to the free market are set by politics. Economics and politics are connected and will never be separated. Economics are fundamentally shaped by political decisions and politics are similarly related to economics. ▫ Laissez Faire economics: Economies and businesses function best without any government involvement• Economic Liberalism: Cooperation btwn states is key to greater prosperity for all states. Government’s purpose is limited to providing support services/ collective goods. ▫ Adam Smith: Economic liberalism is based on his book Wealth of Nations; founder of modern economics ▫ David Ricardo: Theory of comparative advantage. While a country may be better at producing a lot of things, they’re still better off in specializing ▫Invisible hand effect: The market will direct economic relations; it’s much better and more efficient than the government doing it ▫Free trade: Government doesn’t restrict imports from or exports to other countries. • Comparative Advantage: Trade is beneficial to both parties by specializing and trading, states and individuals can increase overall consumption and efficiency. Justifies more int’l trade, less trade barriers and more economic integration.▫Specialization: Another country may be better at producing more goods, how well the goods are produced is better. ▫Absolute advantage: The ability of a country to produce a greater quantity of goods than another country, using the same amount of resources. Doesn’t think of how well the goods are being produced. • Collective Goods: Services or products that are indivisible like education, security, law, infrastructure • Free Rider Problem: Central barrier to solving collective action problems. Since actors share the collective good whether or not they contribute, each actor has the incentive to “free ride” on the efforts of others • Mercantilism: Competition btwn states is primary feature of int’l system. Goal of every state is to run a trade surplus in order to accumulate more money. Primary goal of state is to export more than it imports, if the opposite occurs then the state is sacrificing its power and autonomy by becoming dependent on another. Positive balance of trade. Overriding concern for relative gains, as opposed to absolute gains.▫ Relative gains: If one state can gain more wealth from a given transaction, it can potentially increase its military power with regard to the other state. Even if both states gain, the side that gains more may increase its power over the side that gains less. ▫ Protectionism: States that want to protect domestic producers against competition from foreign firms. ▫ Tariffs: Taxes placed on imported goods ▫ Nontariff barriers: Quotas, subsidies, regulations, dumping • Fiscal Policies: Government uses a budget deficit or surplus to stimulate or slow economic growth • Monetary Policies: A central bank raises or lowers interest rates to stimulate or slow economic growth • Zerosum game: One side can gain only at the expense of another. Every country should look out for itself; not cooperate • Trans Pacific Partnership: A proposed agreement to reduce barriers to trade among twelve countries in North and South America, Asia, and the Pacific, including Australia, Canada, Chile, Japan, Mexico, Singapore, and the US. • Balance of Trade: Total imports minus total exports. Crucially affects state goals. • Fair trade: A narrower approach to free trade that suggests action should be taken against states that pursued a trade surplus as a means of stimulating their economy • Embedded liberalism: PostWWII system, set up to support a combination of free trade with the freedom for states to enhance their provision of welfare and to regulate their economies to reduce unemployment. Resulting compromise waste in Bretton Woods System. • Bretton Woods System: The system that guided economic arrangements during postwar era that consisted of both trade and financial provisions which were intended to promote free trade and increase wealth around the world ▫ IMF: Primary function is to coordinate and cope with problems in the area of monetary management. Set up a fixed exchange rate based on the US dollar, backed by gold reserves, in order to stabilize the chaotic postwar monetary environment and limit inflation Exchange Rates: The price of one currency in terms of another. The significance is that they affect trade just as trade affects them. If the dollar decreases against the euro, it will take more money to buy the same amount of euro’s which means that goods whose prices are determined in terms of euros will become more expensive for americans to pay in $. Fixed exchange rate: denotes a nominal exchange rate that is set firmly by the monetary authority with respect to a foreign currency or a basket of foreign currencies. Floating exchange rate: determined in foreign exchange markets depending on supply and demand. Gold standard: A system in which each currency represents a specific weight of gold. This facilitates stability but is highly inflexible. Conditionality programs: The requirements placed on the usage or distribution of money lent to another country. Dollar overhang: US couldn’t devalue its own currency didn’t have enough gold to back all of the dollars in the system ▫ GATT/WTO: Primary function was to increase int’l trade by reducing tariffs/barriers to trade. Promote of free trade to provide incentives for pursuing comparative advantages. Mostfavored nation principle: If a state of lowered a tariff for one GATT member, it was obliged to lower the tariff for all members Dispute settlement mechanism ▫ World Bank: It was also supposed to aid poorer, developing countries but postwar reconstruction took priority ▫ Reciprocity: An arrangement whereby two states agree to have the same tariffs on each others goods. This was how trade agreements were based before the GATT ▫ Nondiscrimination: A principle guiding tariff policy that requires a country to apply equal tariffs on all of its trading partners; also referred to as most favored nation principle▫ Lender of last resort: An actor that is committed to continuing to lend money to stressed economic actors when market institutions would refuse to do so. • Portfolio investment: Investments made by purchasing stocks rather than physical assets. • Global Capital Mobility: Ability of the private funds to move across national boundaries in pursuit of higher returns. • Monetary Trilemma: States have 3 goals related to international monetary policy predictable exchange rates, free movement of capital, and autonomous monetary policy. Can’t achieve all 3 at once • Costs of adjustment: Financial burdens that are imposed on a country as a result of changes in the int’l economic system. • Debt crisis: Proliferation of massive public debt relative to tax revenues. • Monetary crisis: A crisis that emerges when rapid sales of a particular currency cause its value to collapse. • Thai crisis: government stopped Thai baht’s peg to the U.S. dollar (USD), which eventually devalued their currency. Currency declines spread rapidly throughout South Asia, in turn causing stock marketdeclines, reduced import revenues and government upheaval. International Political Economy (Developing) • North/South Gap: Sharp divide btwn the wealthy countries in the ‘north’ and the less developed countries (LDCs) of the ‘south’ ▫ LDCs: Lesserdeveloped countries ▫ Global poverty: The lack of sufficient income • GDP, GDP per capita: A measure of poverty (average income of the people in a country) • PPP: Purchasing power parity, a measure of poverty that is used to calculate GDP that takes into account that goods cost different amounts in different countries • Gini Coefficient: A statistic developed by Italian statistician Corrado Gini to compare the incomes of the top and bottom fractions of a society. • QualityofLife indicators: 300,000 children die each year in the developing world of preventable diseases. 17% of the population in the developing world suffer from malnourishment and starvation.▫HDI: A measure of poverty produced by the United Nations Development Programme that supplements per capita GDP (at purchasing power parity) with measures of life expectancy, literacy rates and average years of schooling. ▫Gender Development Index: A measure, published by the UN, of the economic equality of men and women. • International Debt Problem: LDCs face huge relate debt loads as compared to developed countries ▫OPEC: Cause of debt 1973 oil shocks. price of oil inc. x4 $ went to North. LDCs took loans to pay for inc. energy costs, after 1979 oil shock, LDCs were fucked by their debt ▫Debt trap: A situation in which debt is difficult or impossible to repay, typically because high interest payments prevent payment of the principle. • Modernization Theory • Historical roots of inequality: Colonialism • Agendasetting power or first mover advantages ▫ Economies of scale, network effects, investment funds ▫ Problem of late development: The economic challenge faced by developing states because of economic competition from more advanced states. • Dependency Theory: Growing gap is caused by exploitative postcolonial structure impose by earlier imperialism. After LDCs were granted independence, they were forced to compete in a system where they were already far behind and started with major disadvantages. ▫ Imperialism: A situation in which one country controls another country or territory. ▫ Colonialism: Historical cause of inequality because European countries forcibly transferred wealth from colonies and controlled trading relationships. Colonies were used for raw materials that Europe manufactured. Colonies were poor and weak at independence. ▫ Import substitution: A strategy designed to shift from being primarily exporters to developing and diversifying the domestic industrial base▫ State socialism: A strategy for development in which the state rather than the market allocates resources. • Economic Liberalism ▫Structural Adjustment Plan (IMF): A strategy adopted by the World Bnk in the 1980s and 1990s aimed at strengthening the financial basis of a country’s economy. ▫Newly industrializing countries: Represented by Asian Tigers, between the LDCs and advanced industrialized countries ▫Asian Tigers (four countries): South Korea, Taiwan, Hong Kong, Singapore ▫Exportled growth: A development strategy that focuses on exporting to the global market. A response to the failure of import substitutions • UN Millennium Development Goals: Emphasis on human development, signal a partial return to the basic human needs approach. • Washington consensus: 10 economic policy prescriptions considered to constitute the “standard” reform package promoted for crisis wracked developing countries by Washington, DC based institutions such as IMF, WB, and the US treasury department. • Multiplier effect: An economic effect whereby an increase in spending produces an increase in national income and consumption greater than the initial amount spent. When aid flows out of a country, the benefit of aid may accrue to the donor rather than to the recipient. • Tied aid: Aid that must be spent on goods or services from the donor country. • Developmental state • Good governance: Governance that is transparent, controlled by the rule of law, accountable, and effective. • Declining terms of trade: A problem related to late development. Conditions of international trade that force countries that primarily produce raw materials to export everincreasing amounts of raw materials to earn the revenue needed to buy the manufactured goods they require Environment • Air pollution: The first environmental problem to enter the international agenda in the 1930s. Growing European concerns over transboundary pollution led to the 1972 Stockholm Conference. The primary cause of air pollution is the world’s reliance on fossil fuels (oil, coal and natural gas) • Acid rain: Rainfall sufficiently acidic by atmospheric pollution that it causes environmental harm, typically to forests and lakes. The main cause is the industrial burning of coal and other fossil fuels, the waste gases from which contain sulfur and nitrogen oxides, which combine with atmospheric water to form acids. • Stockholm Conference: First international (UN) environmental conference in 1972. Stockholm Declaration addresses human rights, maintaining natural and renewable resources, protecting wildlife, pollution, nuclear weapons no longer allowed, and other topics on improving/protecting the environment. [26 points] • Deforestation: Carbon emissions have dramatically increased the concentration of carbon dioxide in the atmosphere. The natural carbon converters, trees, are being cleared at an alarming rate, thereby, exacerbating the problem. Deforestation also leads to more flooding, less food supplies and less biodiversity. • Global Warming: The increase in overall temperature of the planet that results when an increase in certain gases in the atmosphere traps more heat in the atmosphere; a source of climate change. Some effects of global warming are disruption in global weather patterns, shifts in suitable agricultural areas (midwest), rising sea levels, coastal erosion, and diseases (through rise in insect transmission) • Greenhouse Gases: Gases in the atmosphere that trap heat in the earth’s atmosphere. As they increase in concentration, the atmosphere temperature rises, causing climate change. • Climate change: Changes in longterm weather patterns that result from global warming • Master Resource: Energy. All other resource extraction depends on the availability of energy. • Nonrenewable resources: Natural products whose supply is fundamentally limited, such as oil, minerals and rare Earth metals • Renewable resources: Natural products that can be sustained indefinitely, as long as the rate of contusion does not exceed the natural rate of replacement▫Peak oil: Point when the maximum rate of extraction of petroleum is reached, after which it is expected to enter terminal decline ▫Peak water: Point when water becomes scarce because of such high use • Population Momentum: With Earth’s population growing, more young people means more reproduction trend continues • Demographic transition: Transition from high birth and death rates to lower birth and death rates as a country or region develops from a preindustrialized economic system. • Replacement rate: 2.1 births per woman so the population exactly replaces itself from one generation to the next. The rate required in order to sustain economic growth. • Tragedy of the Commons: A version of the collective action problem in which a shared resource is over consumed. Each individual acts according to his or her individual interest, resulting in a collective disaster. i.e. overfishing • Collective action problem: A situation in which a group of actors has a common interest but cannot collaborate to achieve it• Equity: Developing countries have gotten rich by exploiting natural resources and are now trying to close the door before the poorer countries can pursue the same strategies • Kyoto Protocol: Treaty limiting the emission of greenhouse gases based on the premise that global warming exists and humanmade CO2 emissions have caused it ▫Annex I countries: Large producers, 39 countries reduce output by 5.2%. Ratified by all countries except US ▫Emissions trading: Allows states that reduce their output below commitment to ‘sell’ greenhouse credits to other states • Montreal Protocol: An int’l agreement, signed in 1987, that commits the signatories to reducing the production and use of gases that deplete the ozone layer. Most successful environmental cooperation. • Ozone layer: Part of Earth’s stratosphere that absorbs most of the sun’s UV radiation. Depletion/ harm to the ozone would greatly increase the risk of may health problems • Biodiversity: The variety of life in the world. Would decrease with continuing of environmental issues• Copenhagen summit: 2009 UN climate change conference to prevent global warming and to replace Kyoto Protocol which would run out in 2012 • Equity: [Definition above] Led to failed Copenhagen summit • Paris Agreement: An environmental agreement intended to reduce greenhouse gas emissions starting in 2020. 177 countries signed and 15 have ratified it so far. Nationally determined contributions (NDCs) are set by each country target levels. No time limit, restraints, consequences, or enforcement. • Sustainable Development: Development that meets the needs of the present generation without compromising the needs of future generations ▫ Maximum sustainable yield: The maximum amount of a renewable resource that can be harvested each year without reducing the amount that can still be harvested in future years ▫ Green Sells: Citizens actually pay more for eco friendly products, offsetting costs and increasing profits• Intergovernmental Panel on Climate Change (IPCC): An international body that assesses scientific research on climate change for decision makers. • Convention on Biological Diversity: International treaty to sustain the rich diversity life on Earth Possible Essay Questions 1. Describe the evolution of the current free trade regime that dominates the current international economy. What is the economic philosophy guiding this system? What were the major institutions on which that system is based, and what functions did they serve? In what ways did the institutions change over time? Finally, describe some of the problems associated with the free trade regime. a. Free Trade is a policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries. b. After WW2 United States was powerful enough to remake the international economic system c. Foundation of the Bretton Woods System i. Freetrade economic regime headed by the U.S. following the war ii. Avoid the problems faced in the 1920’s and 30’s. iii. Fixed exchange to floating exchange iv. Trilemma 1 Compare and contrast mercantilism and economic liberalism. What are the assumptions of each regarding the economy and politics? What are the weaknesses of each? Which general theories of international relations do mercantilism and economic liberalism best correspond with and why? a. Mercantilism i. Mercantilism sees competition between states as the primary feature of the international system (relative gains). Relative gains: The actions of states with respect to balancing against other states; If one state can gain more wealth from a given transaction, it can potentially increase its military power with regard tothe other state. This implies that even if both states gain, the side that gains more may increase its power over the side that gains less. An aspect of mercantilism. ii. Best corresponds to realism iii. Sees international trade as a zerosum game in which one state could only gain at the expense of another. b. Economic Liberalism i. Economic liberalism sees cooperation between states as the key to greater prosperity for all states (absolute gains). ii. Liberalism 1 Even in a world in which the principles of free trade prevail, states frequently impose protectionist policies. Identify and briefly describe the variety of protectionist tools that are available to states. Discuss the motivations for protectionist behavior in an international political economy based around the principles of free trade. 1 Describe the NorthSouth Gap. What are historical explanations of the plight of the global South? Is it true that the roots of the NorthSouth Gap lie in the historical patterns of colonialism and imperialism? What, if anything, should lesserdeveloped countries be doing to improve their economic status? a. North=wealthy b. South= poor c. Colonialism and imperialism d. Yes e. Theory of comparative advantage i. Specialization: A country should export goods they are most efficient in producing and import goods they are less effective in producing. That was capital and labor is not wasted on inefficient activities. What Ricardo is saying is different from absolute advantages, he believes that while a country may be better at producing a lot of things, but they're still better off in specializing. 2. Briefly describe the legacy of colonialism as it relates to the global economy. How did colonialism affect the economic development of both advanced countries and LDCs? Why has colonialism continued to impact international relations today? a. Global poverty and inequality are not recent but emerged over time historical roots f. Europe developed political systems that encouraged innovation and investment critical for growth. European colonialism was critical to their economic development and impoverishment of the rest of the world. g. First mover advantage and problem of late development h. After independence (1960), LDCs were forced to compete in a system where they were already far behind (economically, militarily) started with major disadvantage. They cannot follow same path as Europe as europe used colonialism, and there are no colonies to conquer, and had no competition, and southern countries have competition with more developed countries. 3. Analyze the problems and prospects associated with postcolonial dependency. What are the obstacles to industrialization and economic development? What are the possibilities for industrialization and economic development? What tools are available to countries in the global South to achieve their development goals? a. Was a historical cause for inequality because European countries forcibly transferred wealth from colonies and controlled trading relationships. The colonies were used for raw materials that Europe manufactured. Colonies were poor and weak at independence. i. Decolonization provided political independence but not economic independence. j. Dependency Theory: i. Growing gap is caused exploitative postcolonial structure imposed by earlier imperialism ii. After independence (1960), LDCs were forced to compete in a system where they were already far behind (economically, militarily) started with major disadvantage iii. Why? North has agendasetting power and first mover advantage LDCs are not diversified enough in terms of exports overly dependent on international trade Developed countries are not able to set the terms of trade Foreign aid supports elites that reinforce this structure finances repression, reduces state autonomy iv. Conclusion: Adopting a similar strategy as earlier Northern countries only enriches the North Problem of late development: global South cannot follow same path as Europe (no colonies and no competition) v. The post colonies are financially troubled because they were dependent upon their colonizer 4. What is the "tragedy of the commons"? How did it apply to global environmental protection? Describe two environmental problems facing the global community that best fit with the ‘tragedy of the commons’ metaphor. Explain your reasoning. a. A version of the collective action problem in which a shared resource is over consumed. i. Collective action problem: A situation in which a group of actors has a common interest but cannot collaborate to achieve it. k. When land in a community is available to all and each herder must decide whether to add one more animal to his herd. All gain from this decision will goto the herder but the cost (overgrazing) will be shared by all. Each herder has an incentive to add another animal, yet all lost by this decision. l. Applies to global environmental protection because if a good is environmentally bases, and it is abused for an actor's personal interest it would still have a negative effect for the entire population. m. Overfishing n. Air pollution 5. What are the major environmental issues facing the international system? How are these problems interrelated? How can states and the international community address these environmental problems? What are the barriers to international environmental cooperation. a. Air pollution: Air pollution was the first environmental problem to enter the international agenda in the 1930's. Growing European concerns over transboundary pollution led to the Stockholm Conference. The primary cause of air pollution is the world's reliance on fossil fuels (oil, coal and natural gas). o. Climate Change: Changes in longterm weather patterns that result from global warming; the overall warming of the atmosphere may have very different climatic and weather effects in different places. p. Free rider problem is a barrier to international environmental cooperations. This is one of the central barriers to solving collective action problems. Since actors share the collective good whether they contribute to it or not, each actor has the incentive to "free ride" on the efforts of others. q. Collective action: A situation in which a group of actors has a common interest but cannot collaborate to achieve it. i. Tragedy of the commons r. Equity: Developing countries have gotten rich by exploiting natural resources and are now trying to close the door before the poorer countries can pursue the same strategies.