Week 2 Notes
Week 2 Notes INTS 1500
Popular in Contemporary Global Economies
Popular in International Studies
This 4 page Class Notes was uploaded by Leela Orbidan on Friday September 25, 2015. The Class Notes belongs to INTS 1500 at University of Denver taught by Dr. Archer in Summer 2015. Since its upload, it has received 81 views. For similar materials see Contemporary Global Economies in International Studies at University of Denver.
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Date Created: 09/25/15
Political Global Economy Week 2 Notes September 23 Liberalism Foundations Reason Rights Negative rights from Positive rights to Capitalism Economic Liberalism Markets organize and coordinate on their own through consumer demand Anatomy of Civil Societyquot Consumer self interest fuels the economy Emphasized on the individual Based on free choice of job enterprise etc Private property defines foundation of capitalism Individuals have rights of ownership Foundation is the self life etc Cannot have liberalism with slavery To get around the ownership of humans slaves are declared as non human for liberalism to work in 19th century Racism exists because humans are lazy Americans utilize eugenics to authorize themselves to have slaves Social Darwinism Efficiency Markets are unbiased and do not judge Bring together buyers and sellers Do not judge the choice or outcome Split in Liberalism over Positive Rights Problem of capitalism is the individual Vast inequality not as extreme as the Gilded age but very close Some people become worse off with Capitalism Inequality leads to social revolutions Public Education and Welfare Safety Net State intervention is necessary Question How much and to what extent Central Bank becomes necessary entity Series of crisis takes away from the efficiency of markets Issue the wage is lost Keynes Economics is circular Markets fail Paradox of Thrift rational thing to do in crisis is stop spending Selective government intervention is needed Split Heterodox Interventional Liberals Keynesian libs VS Orthodox Liberals economic libs September 25 Mercantilism Ultimately connected to state building project Fundamental focus of the state is security What does it take to survive Economic activity gt military 5 Components of mercantilism 1 Entirely rooted in desire for protection 2 States always regulate market 3 Criticism of Liberalism Liberalism indeed does coincide with state interests 4 Globalization increased insecurity 5 Cooperation in International System is increasingly difficult for long term Where does it come from State building mildly related to empire building A response to the insecurity Life expectancy is max at 47 years Children mortality is very high Level of violence of human society is enormous Violence produces large insecurity Nation States begin to form Territorial boundaries Sovereignty becomes norm After 30 years war Religious war Once Nation state forms it becomes center of security Mercantilism is attempt to control economy for purpose of State Building Ultimate goal is to acquire gold to fund military to have security power as a state Zerosum game Rise of Holland Because of mercantilism Holland holds large power in Europe for long time tulip industry Britain Sweden France and Spain not as successful gain power due to mercantilism Replaced by Britain s power Dutch East India Company Mercantilism creates imperialism and colonialism because states need to acquire resources Highly protectionist High tariffs on imported goods Export driven Anything export gt gold Anything import gt gold Gold gt military gt security 16th 18th century Before feudalism not about territory Church oriented No nation States Rome is basically modern mafia As feudalism loses power nationstates gain powerin uencerecognition Henry the Eighth creates Nation State for Britain to get away from Catholic Church so that he can have divorce For state power military is needed for security Adam Smith Liberalism starts writing about aws of mercantilism in 1776 Napoleon s war army is result of nation state Nation State uses mercantilism to build itself Mercantilism isn t for the individual but neither is the Nation State Mercantilism is about the whole but does it make everyone better off Free stuff has a high cost to the State 60 Years ago WWII Decolonization USA becomes most dominant nation 52 global product is produced by USA 12 every good sold is USA made Atomic bomb Liberal Keynesian Embedded Liberalism Tensions between Liberalism and Mercantilism Enemies become quick allies with USA to avoid Soviet Union Neomercantalism develops as a combo of liberalism and Mercantilism Comes out of US occupation of Germany State makes biggest decisions Japan and Germany recover from war very fast due to American consumerism 19th century Liberal 20th century liberal 1970 s Keynesian OPEC causes US to confront problem with liberalism 13 Oil supply is gone Strategic Oil Reserve Stores US Oil for cloudy daysquot 9 Mercantilism Bans exports on Oil US is only country who has privatized oil Reaganomics liberal and mercantilist neomercantalist Liberalism deregulation Mercantilism doubled military budget in 4 years with borrowed money leads to deficit Increased punishment for corporate quotdumpingquot Forced Japan to limit exports of auto Trying to benefit US not necessarily harm others realism International Relations Neomercantalists China South Korea USA to extent Neomercantalism existing in a global liberal environment But control interests on basis of economic hegemony