International Political Economy Exam with correct answers 2024
4 views 0 purchase
Course
International Political Economy Exa
Institution
International Political Economy Exa
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...
International Political Economy Exam 1
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
12. Adam Smith discovered an arena of human behavior that operates how correct
answers Automatically in regular law-like fashion without intentional manipulation by the
state.
13. What did Smith downplay the role of in regards to accomplishing social cooperation
correct answers Force
14. Adam Smith believes that states cannot do what to the market correct answers
Fundamentally alter it
15. What did David Ricardo argue would increase efficiency and thus prosperity correct
answers Specialization and free trade based on comparative advantage
16. How did David Ricardo believe a certain equilibrium would be established in the
world of international economic relations correct answers As market mechanisms are
carried from the national to the international economy
17. How did David Ricardo treat money correct answers As a view that has no effect at
all on real production activities or on real prices
18. John Stuart Mills believed that free trade and its mutual benefits are a powerful way
to ensure what correct answers World Peace
19. According to John Stuart Mills, how does free trade spread civilization correct
answers Free trade develops the work and saving habits of persons new to
industrialization thus helping their society also accumulate the capital to industrialize
20. What was the early liberal thought process correct answers Free markets
(economics) --> Peace (politics) and Poverty (economics) --> Tariffs, special interests
(politics)
21. How did liberalism prevail correct answers Liberalism became a more scientific and
factual discipline and they were able to explain more facts about the emerging capitalist
society than mercantilists or their rivals. It contributed to the spread of international free
trade and the gold standard.
22. What did Karl Marx believe that the societies we live in are correct answers Direct
results of the elements of past societies
23. What did Karl Marx believe was the motor force of historical change correct
answers The division of labor through which human beings produce their material life
itself, the "forces of production"
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HopeJewels. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
