Samenvatting
Summary Global Political Economy notes
- Instelling
- Universiteit Leiden (UL)
Global Political Economy notes
[Meer zien]Voorbeeld 4 van de 77 pagina's
Voorbeeld 4 van de 77 pagina's
In winkelwagengesponsord bericht van onze partner
Voorbeeld van de inhoud
Global Political Economy NotesLecture 1: Introduction to World Trade: Absolute and Comparative Advantage
Reinert Chs. 2, 3, 4
Lecture 2: Trade Policy and Regulation
Reinert Chs. 7, 8, 9
Lecture 3: International Production: MNEs, FDI, and Regulation
Reinert Chs. 10, 11, 12
Lecture 4: Introduction to International Finance
Reinert Chs. 14, 15
Lecture 5: Exchange Rates, and the IMF
Reinert Chs. 16, 17, 18
Lecture 6: Monetary Unions and Monetary Crises
Reinert Chs. 21, 20 (NB, Skip EU Section)
Midterm
Lecture 7: Hegemonic Cycles and Historical Capitalism
: Chapters 1, pp 236-242, chapters 3 and 4 (read in this order)
Lecture 8: Going for Growth: From National Development to Neoliberalism
O’Brien and Williams Chapters 5, 6, and 11
J. Stiglitz: “Introduction to Globalization and its Discontents Revisited” (surfdrive)
Lecture 9: Transnational production and nance: Challenges to state e ectiveness
O’Brien and Williams Chapters 7, 8, and 210-230, 242-245
Lecture 10: Welfare and Inequality, Social Reproduction and Social Policy
Executive Summary, World Inequality Report (surfdrive)
O’Brien and Williams 230-35, 245-259
Dean, H., 2019. . Social Policy: Why on earth does it matter (surdrive)
Lecture 11: Democracy and the 21st century world market: Debating inclusive
growth
O’Brien and Williams. Chapter 15.
(NB: There will be one short reading that will be added on surfdrive by 15 April)
1
fi ff
, Lecture 12: The future of the world economy: debating a secure and sustainable
future
O’Brien and Williams. Chapter 12 ‘Global Environmental Change.”
Why Growth Cannot be Green (surfdrive)
Kate Raworth Podcast (surfdrive)
Lecture 1: Introduction to World Trade: Absolute and
Comparative Advantage
Reading Notes: Reinert Chs. 2, 3, 4
Lecture notes
International Economics
1st topic: International trade
• That is, trade of goods and services across borders
• Trade that involves dealing with more than one sovereign government
• More than one monetary regime, set of laws
• This can lead to any number of “complications” as deals are made
• Trade regulation a ects markets
• But international trade can also be extremely lucrative
• And, arguably, it can help people in both countries
• Though, of course, it might hinder some people in one or both countries
2nd topic: International Production
• So, producing goods and services across borders
• Your smartphone might have been made in 40 di erent countries
• Many manufactured goods now are produced from highly international networks
• How does this get regulated? Who created enough stability for this to remain
pro table
3 rd topic: International Financial Systems
• Foreign exchange
• Every time you move into another currency area, you are subject to additional risk
• Also, credit can be given or withdrawn, leaving a small economy in shambles
• And FDI is covered here as well
2
fi ff ff
,4th topic: International Development: how do capital ows impact economic
development, especially in ‘developing’ countries: this is more handled in GPE even
though there are chapters in our book (Reinert)
International Trade
• Globalisation arguably started in the 1970s-1914
• First “golden age’ of international capital
• Aka heyday of the British empire
• Global economy united under the pod and the gold standard
• Before 1945 however politicians tend to act as though the global economy was a
“zero sum game”
• This meant, if I didn’t grab land and use it for resources and markets, then
someone else would
• This economic model fuelled the political model of colonialism
• This economic model was based on the old theory of mercantilism
Mercantilism
• Metropole > centre of production
• Colonies are places where you abstract raw materials from and produce
things back at the metropole
• This created more wealth
• Manufactured goods are as a rule far more pro table to produce — contain more
value added than raw materials
• So, mercantilists want production to be “at home”
• How to get raw materials for production — e.g. cotton for textile mills?
• You could buy them on a competitive international market
• Or, you could take colonies, and extract raw materials a monopsonistic prices
• Monopsony = only one buyer
• They forced the colonies to sell it cheaper since their was only one buyer
• You then produce goods at home, and sell at home
• But also use the colonies (e.g. India), as a forced market, where you have a
monopoly as a seller
• Meanwhile, other “powers” are jockeying to gain the most colonies, and most raw
materials, and markets, so that they can gain the most value added
• Most wealth = most military power = most economic power = etc.
• But during the 1930s, and 1940s, the Anglo-American economists began to push a
new idea
Trade: The Non-Zero-Sum Game
• The idea was that, instead of competing amongst each other for colonies and
captive markets
• Why not create a new international order based on Ricardo’s old idea, that trade,
via comparative advantage, would enrich everyone?
3
fi fl
, • International trade would create more wealth than would autarky, even with
colonies
• This would create incentives to work together, rather than compete
• It would also create development
• And it would cement the world into one big capitalist-democratic family
• This was extremely radical: and many still view it cynically — even though it was
the main cause of the end of colonialism (!)
• But, to have the major powers create a whole economic system based on
accountability, democracy, good government, trust, rule of law, and on human
rights and dignity
• This was the dream; and in many ways it has delivered, and continues to lift people
out of poverty
• Before Covid, by 2030, no extreme poverty
• So people bought into it: it “won” by selling not only a promise, but real prosperity
for the “middle classes” and those who aspired to be like them
Bretton Woods System
• Goal: To Foster World Trade and Democracy
• United Nations
• IMF
• World Bank
• GATT/WTO
• OECD
• Global currency union under the USD (until 1971)
• Increasing cooperation
• Free movement of capital, goods, and people across borders, with minimal
restrictions or tari s
Globalisation: Rise and Decline
• Thus, Globalisation has been happening since before WWI (with the UK as
hegemon)
• And, since WWII (with the US as hegemon)
• It was believed in 1989 that Russia would join the global order
• Fukuyama’s End of History
• And that since 1997, that China would also join this global order
• And we would be one big democratic-capitalist economy
• Since the 1980s, world leaders acted as though globalisation was inevitable
Globalisation
• What are anti-globalists’ economic concerns?
• Immigrants
• Depresses wages
• Threat of moving companies overseas
4
ff
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper sterrenvliet. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €8,39. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 82871 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen