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International political economy summary
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Lecture notes and book summary - International Political Economy - 2023 - Grade 9.5
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International Political Economy (De Bièvre)
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IPE Lecture1: Class Notes + Summary of Chapter 1 (International Political Economy, IRO Year 2 Block 2)
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Lecture 1: introduction: Economics: The study of production distribution and consumption of scarce resources
Political economy: The study of the role of the state and politics in the production,
distribution and consumption of scare resources
There is no pure economy that has the hand of the state involved in some way
What is IPE?
Studies the politics of flows of production distribution and consumption across national
borders
It is not only national governments that matter but also foreign governments
international institutions and foreign businesses
Mostly focus on winners and losers of
- Who is going to benefit or lose from policies?
- State makes decisions that have heterogenous consequences across society
- Some benefit some lose out ( taxation/ trade policy/ social programs)
- Sometimes general welfare is increased sometimes small groups win at the expense of
general welfare
Distributional consequence of policy matter
- Who wins and loses can tell us about which decisions are made and why they are
made ( instead of assuming that the government is trying to improve general welfare (
as many economists do)
Implications of focusing on winners and losers (material benefits)
- Focuses less on ideas
- They do matter but question is do they really matter as much as its perceived to matter
( maybe not so much) ( window dressing for material intreses)
- It is difficult to determine to theorize and quantify if ideas matter do people act
against their interest because of ideas ( certainly) but there is more tendency for
citizens and Politian’s to act rationally
Keynesian economics:
, - The idea that in economic recession it is good for aggregate society (most people) if
the government engages in cyclical fiscal policy ( government puts a lot of money
into economy)
- Did most post WWII leaders adopt Keynesian economics because they read it or
because it was rationally ( politically favorable )?
Marxism
- Did communism rise because it was attractive idea or because the political
circumstances make it politically convenient at the time
- Said something about inequality at the time
Could say the same thing about modern monetary theory
- Doesn’t make much sense but gained a lot of attraction for those who want more gov
involvement
Difficult questions to answer but often we give too much attention to ideas ( when
incentives and identifying winners and losers might offer a more compelling answer)
- Politics (election) plays key role In what policies eventually get adopted ( not the
ideas but political constraints)
The consequences of international flows:
- Trade (goods and services)
- Capital (finance currency)
- Immigration (people labor)
- Environment (pollutants)
- Violence (terrorism conflict)
Understanding the consequences helps us understand the outcome
American approach to IPE ( mainstream)
The old schools:
( used to taught similar to IR)
- Mercantile
- Liberalism
- Marxisms
I don’t do isms
- It doesn’t add anything to our knowledge
- A single paradigm cant even explain natural sciences
- - I am an “empiricist.” I try not to hold assumptions and try to base my conclusions on
available scientific evidence and compelling theory.
- In practice, your professors conduct mid-level theory or focus on a specific topic •
Believe it or not, we don’t debate liberalism vs. realism anymore
, Instead modern approaches
1. Interests
2. Institutions
Mercantilism
- Similar to IR realism
- Focus on state rather than subnational interests
Assumption: state is responsible for directing economic activity both domestically and
within the globe
- What determines economic flows and international political economy ( states are
dictating policy )
National power comes from economic power
- Exports bring money in and increase power imports
- Imports sends money out (decreasing power and strengthening other states )
- Exports vary in their importance ( manufactured goods are superior to agriculture)
Limit
Was more true back (when money was gold) when democracy not a thing
unaccountable
Not true today
( unitary actors ) ( ignores domestic pressure – transnational- strong ( interest groups stake
holders)
Implication:
- Policy prescription
- The economy should be controlled to gain power ( normative)
Liberalism
Countries and individuals gain from trade by exploiting comparative advantage
Main focus on individuals welfare not state
No harm in trade ( all trade is good)
Implication:
State should not be involved in economy ( Limited role)
Market bc they have less incentive to act in short term thing long term unlike
politicians
Marxism
, Focus:
- On two groups of society the rich ( capital) and the poor (the labor)
The struggle for power
- Natural tendency of capital concentration
- For the wealth to get even wealthier
competition efficiency small elite unequal society ( inequality) revolution
- More sects with in groups
Implication:
- State exists to protect capital not labor
- Internationally: exploitation of south by the north
- Capitalism is bad for distribution
Each of these approaches offer some truth
- Alone doesn’t
- Who the important actors
- The relationship between them
- What should be done
Each is limit because of their rigid frameworks & dependence on questionable
assumptions ( normative views
Modern approaches
Attempt to take the good things of these modern approaches and have another
approach that is more inclusive and adaptable to help us answer key questions and
outcomes
Interest and institution
The interaction between societal interests and the pollical institutions that funnels to policy
through domestic institutions internationally interact with international ios and interests
Interests
What drives your political behavior? Interests
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