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International Political Economy Notes. Part 1

by: Marina Subbotina

International Political Economy Notes. Part 1 PSC 103-001

Marketplace > Northern Kentucky University > Political Science > PSC 103-001 > International Political Economy Notes Part 1
Marina Subbotina
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About this Document

These notes include the first part of the lecture- Monetary Systems.
International Politics - AH
Kimberly Weir
Class Notes
International politics, PSC, political economy, economy




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This 3 page Class Notes was uploaded by Marina Subbotina on Saturday March 26, 2016. The Class Notes belongs to PSC 103-001 at Northern Kentucky University taught by Kimberly Weir in Fall 2015. Since its upload, it has received 50 views. For similar materials see International Politics - AH in Political Science at Northern Kentucky University.

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Date Created: 03/26/16
INTERNATIONAL POLITICAL ECONOMY NOTES. PART 1. • 3 Areas: 1- Monetary Systems (IMS) 2- Trade System (ITS) 3- Investment & Finance (IT & IF) 1. MONETARY SYSTEMS A. Currency Exchange: Int’l Monetary Fund (IMF) • created to bring stability-prevent Global Depression • all countries pay a sum to have back-up money • when they pay a country in trouble, pay in sums instead of one big amount- preventing massive spending all at once • in Global South, many jobs are in govn’t- lack of private sector jobs- money stays in one place- when IMF helps, rules are applied such as cutting govn’tal jobs Side Terms: GDP- Gross Domestic Product- measures of capita per country. GDP per capita- per person. B. Countries Rated by Economy: #1 U.S. #2 China #3 Japan #4 Germany. C. IMS: Interdependent • countries are connected: income from exports; currency value- supply & demand influences the value; interest rates- influence by status of other countries. • currency exchanges: 2013- $5.3 Trillion exchanged (14.5 Billion/per day). • top exchange cities: #1 London #2 NYC #3 Hong Kong #4 Singapore #5 Tokyo D. IMS is Globally North Dominated • forced/created by colonization- adopted Gold Standard- currency backed up by gold • post WW2 US goals- to prevent another depression, something needed to be done- spread capitalism • CHANGE #1: U.S. created IGOs- Int’l Global Organization Bretton Woods Conference 1944- created 2 organizations: 1. Int’l Monetary Fund (IMF)- for financial stability; GN dominated because more well-off countries contribute more monetarily; therefore, GN countries have more votes. 2. World Bank (WB)- development and reconstruction of countries post WW2 and develop former colonies. • CHANGE #2: Purchasing Power Party (PPP)- worth of money all over the world (GN currency can buy more). Big Mac Index- way to compare currency value- see how much in each currency Big Mac costs & see how it compares & see how valued/undervalued currency is. This is a good comparison because same ingredients are used all over the world. Example: U.S.—> Big Mac cost $4.93; so can buy 11,028 Big Macs with an average income; can buy 26,616 Big Macs if were to travel to India with the same income. India —> Big Mac cost $1.90; so can buy 895 Big Macs with an average income; can buy 345 Big Macs if were to travel to the U.S. and buy them here. Result: India’s currency is undervalued. • Europe Ties to Compete: - Treaty of Rome- 1952. - EU- 1992- expansion to 28 members. - Adoption of Euro- 1999- before, each country used own currency (19 members at the beginning). - Global Recession- 2008- Iceland Banking Crash creates Euro crisis in 2010.


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