Global Political Economy exam with correct answers 2024
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Module
Global Political Economy
Institution
Global Political Economy
Global Political Economy correct answers a new discipline of study that looks at the interplay politics and economics to understand how states and the economy develop in the world arena after the welfare state superseded (1970)
Pax Britannica correct answers British Peace: when Britain was heg...
Global Political Economy
Global Political Economy correct answers a new discipline of study that looks at the
interplay politics and economics to understand how states and the economy develop in
the world arena after the welfare state superseded (1970)
Pax Britannica correct answers British Peace: when Britain was hegemony, promoting
liberal - laissez fair style of government Pre-1914
Hegemony correct answers country w/ disproportionate amount of power & able to put
in place an economic and political order and keep it
Mercantilism (mind of the state) correct answers -thinks that war is inevitable and the
state must always think about war so they should enhance the power of the state.
-export more than you import (positive BOP)
-hegemonic stability theory
-relative gains
-bullonism
-anarchy
Liberalism (mind of the individual) correct answers -purpose of economic activity is to
enrich individuals, not enhance national power
-emphasizes on gains from free trade- countries gain from trade regardless of trade
balance sign
-comparative advantage theory
-positive sum gains
-complex interdependence
-regime theory
Marxism (mind of the classes) correct answers -emerged as a critique of capitalism-
capitalism creates two classes: labor and capital & capital always exploits labor so
there's tension between the two
-Exploitation: concentration of wealth + inequality - crisis and revolution - socialist order
-Lenin - extended these ideas to explain Imperialism
-dependency theory
Bretton Woods correct answers -new economic order created by US after WWII - 1944
-created 3 institutions
-IMF- set dollar as the world currency
-World Bank
-GATT- reduce trade barriers leading to an open market
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