International Relations (GT
International Relations (GT POLS 232
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This 4 page Class Notes was uploaded by Leanne Hauck on Monday September 21, 2015. The Class Notes belongs to POLS 232 at Colorado State University taught by Ursula Daxecker in Fall. Since its upload, it has received 26 views. For similar materials see /class/210159/pols-232-colorado-state-university in Political Science at Colorado State University.
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Date Created: 09/21/15
International Relations DefinitionsExplanations International Political Economy The study of the politics of trade monetary and other economic relations among nations and their connection to other transnational forces BrettonWoods System A postWorld War 2 arrangement for managing the world economy established at a meeting in Bretton Woods New Hampshire 1944 Its main institutional components are the World Bank and the International Monetary fund IMF IMF International Monetary fund the IMF coordinates international currency exchange the balance of international payments and national accounts World Bank Formally the international bank for reconstruction and development IBRD an organization that was established in 1944 as a source of loans to help reconstruct the Europeans economies later the main borrowers were third world countries and in the 1990s Eastern European ones Fixed Exchanged Rate the official rates of exchange for currencies set by governments not a dominant mechanism in the international monetary system since 1973 Floating exchange rate the rates determined by global currency markets in which private investors and governments alike buy and sell currencies Gold Standard a system in international monetary relations prominent for a century before the 1970s in which the value of national currencies was pegged to the value of gold or other precious metals Balance of payments A summary of all the flows of money into and out of a country It includes three types of international transactions the current account including the merchandise trade balance flows of capital and changes in reserves Centrally planned economy an economy in which political authorities set prices and decide on quotas for production and consumption of each commodity according to a longterm plan Comparative advantage The principle that says states should specialize in trading goods that hey produce with the greatest relative efficiency and at the lowest relative cost relative that is to other goods produced by the same state Absolute advantage the ability of a party an individual or firm or country to produce more of a good or service than competitors using the same amount of resources WTO World Trade Organization An organization begun in 1995 that expanded the GATT s traditional focus on manufactured goods and created monitoring and enforcement mechanisms MostFavored Nation rule A principle by which one state by granting another state MFN status promises to give it the same treatment given to the first state s mostfavored trading partner Autarky a policy of selfreliance avoiding or minimizing trade and trying to produce everything one needs Protectionism The protection of domestic industries against international competition by trade tariffs and other means Tariff A duty or a tax levied on certain types of imports NonTariff barrier Forms of restricting imports other than tariffs such as quotas Quota are ceilings on how many goods of a certain kind can be imported they are imposed to restrict the growth of such imports Subsidy allows it to lower its prices without losing money such as tax breaks loans Dumping The sale of products in foreign markets at prices below the minimum level necessary to make a profit Mercantilism an economic theory and a political ideology opposed to free trade it shares with realism the belief that each state must protect its own interests without seeking mutual gains through international organizations economic Liberalism an alternative approach generally shares with liberal internationalism a belief in the possibility of cooperation to realize common gains NAFTA Nort American Free Trade Agreement a free trade zone encompassing the United States Canada and Mexico since 1994 Balance of Trade The value of a state s exports relative to its imports Reserve Currency HardCurrency stockpiles kept by states newly industrialized countries NICs third world states that have achieved self sustaining capital accumulation with impressive economic growth the most successful are the four tigers or four dragons of east Asia South Korea Taiwan Hong Kong and Singapore LessDeveloped countries LDCs the world s poorest regionsthe global South where most people live also called underdeveloped countries or developing countries Colonialism the establishment maintenance acquisition and expansion of colonies in one territory by people from another territory neocolonialism the continuation of colonial exploitation without formal political control Dependency Theory A marxistoriented theory that explains the lack of capital accumulation in the third world as a result of the interplay between domestic class relations and the forces of foreign capital ImportSubstituting industrialization a strategy of developing local industries often conducted behind protectionist barriers to produce items that a country had been importing Exportoriented industrialization an economic development strategy that seeks to develop industries capable of competing in specific niches in the world economy Structural adjustment Implementation of the IMF conditionality Integration refers to the process by which supranational institutions replace national onesthe gradual shifting upward of sovereignty from state to regional or global structures Functionalism growth of specialized technical organization that cross national borders focused on technological and economic Neofunctionalism Political consequences modification of functional theory by IR scholars to explain developments European Union EU the official term forthe European Community and associated treaty organization The EU has 25 member states and is negotiating with other states that have applied for membership European Coal and Steel Community 1952 France and Germany were joined by Italy and by three smaller countries Belgium the Netherlands and Luxembourg six states worked through the ECSC to reduce trade barriers in coal and steel and to coordinate their coal and steel policies EU RATOM an organization created by the Treaty of Rome in 1957 to coordinate nuclear power development by pooling research investment and management European Economic Community EEC Help the economy of Europe Treaty of Rome 1957 the founding document of the European Economic Community EEC or Common Market now subsumed by the European union Single European Act 1985 an act that set a target date of the end of 1992 for the creation of a true common market European Parliament a quasilegislative body of the European Union that operates as a watchdog overthe European Commission and has limited legislative power Council of the European Union A European union institution in which the relevant ministers of each member state meet to enact legislation and reconcile national interests formerly known as the council of ministers when the meeting takes places among that state leaders it is called the European Councilquot European Commission A European union body whose members while appointed by states are supposed to represent EU interests Supported by a multinational civil service in Brussels the commission s role is to identify problems and propose solutions to the council of ministers Tragedy of the Commons A collective goods dilemma that is created when common environmental assets are depleted or degraded through the failure of states to cooperate effectively one solution is to enclose the commons split them into individually owned pieces international regimes can also be a partial solution International Regimes Aset of rules norms and procedures around which the expectations of actors converge in a certain international issues area Sustainable development develop new technology and a new way of life so we can be self sustaining from all the depleting resources Global Warming self explained Ozone Depletion when the ozone around the earth is depleting due to global warming Biodiversity The tremendous diversity of plant and animal species making up the earth s global regional and local ecosystems Greenhouse gasses Carbon dioxide and other gases that when concentrated int he atmosphere act like the class in a green house holding energy in and leading to global warming Resource Curse The difficulties faced by resourcerich developing countries including dependence on exporting one or a few commodities whose prices fluctuate as well as potentials for corruption and inequality Kyoto Protocol 1997 the main international treaty on global warming which entered into effect in 2005 and mandates cuts in carbon emissions in 20082012 almost all the world s major countries except the United states are participants Globalization the increasing integration of the world in terms of communications culture and economics may also refer to changing subjective experiences of space and time accompanying this process Global Governance governing the world about the global health Terrorism political violence that targets civilians deliberately and indiscriminately Statesponsored terrorism the use of terrorist groups by statesusually under control of the state s intelligence agencyto achieve political aims Exchange rate The rate at which one state s currency can be exchanged for the currency of another state since 1973 the international monetary system has depended mainly on floating rater than fixed exchange rates Cartel OPEC oil 39 39 a an 39 quot of 39 or consumers ofa certain product formed for the purpose of manipulation its price on the world market Armed islamist Group AntiAmerican and antiwestern sentiments in predominantly Islamic countries have accelerated the growth of violent lslamist groups as well General Study questions International Economic system as in security affairs the main international economic institutions were created near the end of World War II Bretton Woods System established the International Bank for Reconstruction and Development more commonly called the World Bank as a source of loans to reconstruct the Western European economies after the war and to help states through future financial difficulties IMF is the international monetary fund which is closely linked with the world bank the IMF coordinates international currency exchange the balance of international payments and national accounts IMF is a pillar of the international financial system World Bank is a source of loans to reconstruct the Western European economies after the war and to help states through financial difficulties Trade and world Economy The WTO is a global multilateral IGO that promotes monitors and adjudicates international trade WTO shapes the overall expectations and practices of states regarding international trade the principle of comparative advantage is that different states enjoy in producing different goods states differ in their abilities to produce certain goods because of differences in natural resources labor force characteristics technology and other such factors Mercantilism generally shares with realism the belief that each state must protect its own interests at the expense of othersnot relying on international organizations to create a framework for mutual gains Mercantilism39s believe that eh outcome of economic negotiations matters for military power Liberalism emphasizes the shared interests in economic exchanges whereas mercantilism emphasizes the convicting interests Dependence and Development Decolonization began with the british colonists in the united states who declared independence in 1776 most of latin america gained independence a few decades later colonization for most states in the global south the history of having been coonizd by Europeans is central to their national identity foreign policy and place in the world
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