International Political Economy Midterm exam with correct answers 2024
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Course
International Political Economy Midte
Institution
International Political Economy Midte
International Political Economy is correct answers interplay of economics & political affairs.
what drives and explains events
in the world economy?
Who runs the global economy?
Who has enough influence to define the rules of
the game and give direction (in one way or
another) to economic gl...
International Political Economy is correct answers interplay of economics & political
affairs.
what drives and explains events
in the world economy?
Who runs the global economy?
Who has enough influence to define the rules of
the game and give direction (in one way or
another) to economic globalization?
What is the role of the state in the economy?
Traditional Approaches to IPE (3) correct answers Liberalism, realism/mercantilist, and
marxist traditions
Realism/Mercantilism (nationalism) correct answers Arena of interstate competition
• State as main actor
• Importance of Wealth, relational power AND independence
• Diversity under this label
• Oldest and perhaps most powerful ideological perspective
Liberalism correct answers World Economy: potentially seamless global market
• Markets and Individuals as main actors
• Market based allocation of resources
• Role of State Limited, free trade & movement of capital
-Invisible hand of capitalism
• Adam Smith, David Ricardo, John Maynard Keynes, Milton Friedman....
Structuralist/Marxist Theories correct answers Social classes as main actors
Critical Theory- Robert Cox- transnational elites
Arena of capitalist competition
Search of profits & Struggle between classes
Submission of noncapitalist to the order
New approaches to IPE correct answers Rational Choice, Constructivism
Rational Choice correct answers IPE as a result of actors' choices which are
assumed to be rational, power or utility
maximizing within given particular incentives
and institutional constraints
Institutionalisms: apply rational choice to states in
, their interactions with other states in order to
explain international cooperation in economic
affairs
Political economists : apply rational choice to substate
actors such as coalitions, interest groups and
bureaucrats in order to explain outcomes in a states
foreign economic policy
Constructivism correct answers A "social theory" that stresses the importance of
collectively held ideas in international politics. In essence, they pay attention to how
governments, states
and other actors construct preferences, highlighting the role of identities, beliefs,
traditions and values in this process
IMF & World Bank correct answers Developing countries' dissatisfaction with
the international system came to head in
the 1970s when they pushed
unsuccessfully for a new international
economic order.
The debt crisis in the 1980s thrust the IMF
into a new role, causing its work to
overlap with that of the World Bank.
Trade negotiations in the 1980s produced
a new world trade organization
Post-Bretton Woods System correct answers A system of flexible exchange rate
regimes with no official common denominator.
Classical Political Economy correct answers Smith & Ricardo
Human labor is key source of wealth
Economy is NATURAL, complex
Seeking balance b/w cooperation & self-interest
Divisions of labor
Key role of the market as an integrating force
Harmony of interest across classes is possible
Key role of the state in aiding the economy
Rise of Global Capital correct answers East India Trading Co. - first MNE
Succes & growth of global MNE capital led to concentration of enormous power in the
hands of a select few MNE.
From late 1970s:
A shift in state policies toward deregulation of business
activities and reduction of taxes on wealth
-"Triumph of freedom"
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