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International Political Economy Exam 1 With Complete Solutions Latest Update
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International Political Economy Exam 1 With Complete SolutionsLatest Update
1. What are the two major families of thought as to what IPE actually is and describe them - correct answers 1) Markets and
States model: The idea that the political economy lies in the crossroads of politics and economics, defined as the mutual
interaction of states and markets. Centered around the idea of global systemic stability and transformation with a special
emphasis on the liberal interest. 2) Globalization and Capitalism model Moves away from states and markets as the primary
actors of a political economy. Shows a greater interest in global structures of political economic power and an affinity to all-
encompassing ideas such as Globalization and capitalism. This model primarily centered around the distribution of power and
wealth and its consequences aka who benefits.
2. How do economists define "political economy" - correct answers As a rational choice, formal modeling, and neoclassical
microeconomic theory
3. What was the earliest systematic theory on political economy - correct answers Mercantilism
4. Early mercantilists favored ______ under the power of ________ - correct answers National gain, centralized states
5. Where did the greatest influence and development occur for Mercantilism - correct answers France and England
, 6. Late mercantilists favored _______ that would then contribute to _________ - correct answers Particular trade flows,
domestic production and employment
7. Who did late Mercantilists opposed - correct answers Those who undermined those components of national wealth and
power.
8. What was the Ideal Mercantilist Trade Policy - correct answers Low tariffs on the import of raw materials and the export of
manufactured goods
High tariffs or even legal prohibition on the export of raw materials and the import of manufactured goods
9. How is trade seen in the eyes of Mercantilists - correct answers As a zero-sum game in which a gain to another is a loss to
self
10. What did Alexander Hamilton and Friedrich List believe about Mercantilist policy - correct answers It is a good way for
developing nation to create a capital surplus and industrialize
11. Adam Smith believed that __________ rather than _________ will maximize both private prosperity and social prosperity -
correct answers Markets, states
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