International Political Economy (POL11000) at TU München

Flashcards and summaries for International Political Economy (POL11000) at the TU München

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Study with flashcards and summaries for the course International Political Economy (POL11000) at the TU München

Exemplary flashcards for International Political Economy (POL11000) at the TU München on StudySmarter:

What is IPE?

Exemplary flashcards for International Political Economy (POL11000) at the TU München on StudySmarter:

What are the three traditional schools of thought in IPE?

Exemplary flashcards for International Political Economy (POL11000) at the TU München on StudySmarter:

What is mercantilism?

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What is liberalism?

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3 Foundations of Modern IPE

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Institutions 

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Interactions

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What is a tariff?

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Economic History - Period I ("Pax Britannica")

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Economic history - Period III

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Economic History - Period V

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Why is it so hard to cooperate for open trade?

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Exemplary flashcards for International Political Economy (POL11000) at the TU München on StudySmarter:

International Political Economy (POL11000)

What is IPE?

international political economy > international economic relations between states, national polices and feedback on national & international level

International Political Economy (POL11000)

What are the three traditional schools of thought in IPE?

Mercantilism, Liberalism, Marxism

International Political Economy (POL11000)

What is mercantilism?

the state intervenes in the economy to allocate resources, conflicts between countries over trade, enhance power of the nation state 

International Political Economy (POL11000)

What is liberalism?

individual property rights facilitate market-based exchange, harmonious trade benefits all, enhance aggregate social welfare

International Political Economy (POL11000)

3 Foundations of Modern IPE

Interests, Institutions and Interactions

International Political Economy (POL11000)

Institutions 

channel interests - electoral systems, interest groups

structure of decision-making - political regime, legislature 

International Political Economy (POL11000)

Interactions

national and international level - strategy, enforcement 

International Political Economy (POL11000)

What is a tariff?

A tax on imports or exports between two sovereign countries.

International Political Economy (POL11000)

Economic History - Period I ("Pax Britannica")

1820-1879, increasing openness, repeal of the Corn Laws in GB

International Political Economy (POL11000)

Economic history - Period III

1900-1913, greater openness, less regional trade patterns (globalization)

International Political Economy (POL11000)

Economic History - Period V

from 1945, great openness (accelerating)

International Political Economy (POL11000)

Why is it so hard to cooperate for open trade?

open international markets as a Prisoner's Dilemma: State A and State B get highest payoff when one protects and the other liberalizes > dominant strategy is protectionism. But in an iterative game, the socially optimal (and sub-optimal for both states) outcome is for both states to liberalize

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