Flashcards
IPE
Flashcards do conjunto (67)
- 1John Ravenhill - The study of Global political economyFinancial crisis - sovereign debts
G20 leaders still against protectionism
Monetary regimes:
Merchantilism, Gold standard, Interwar period and Bretton Woods - 2Mathew Watson - The Nineteenth-Century Roots of Theoretical Tradition in Global Political EconomyFour different theories:
Neo-Marxism, Constructivism, LI and Neo-realism - 3Aggarwal and Dupont - Cooperation and Conflict in the Global Political EconomyFocus on Trade:
Increasing flow of goods and services
Rise of none-state actors (IO's)
Increasing interdependence
Production Patters and specialization - 4Capling and Trommer - The Evolution of the Global Trade RegimeTrade Regime built on:
Trade, national regulations and international agreements
After WW2 the US became hegemon
1947 GATT (WTO) removed protectionist policies - 5Trade: Neo-realism argues...1. that protectionist policies are necessary in order to self-sustain
2. that trade is good as long as it benefits the state - 6Trade: L.I. argues...1. that as trade has increased after WW2, states will need to coordinate economic policies
2. that since there is mutual interest between states, there's a need for multilateral corporation, i.e. WTO
3. that the market needs a powerful Hegemon to create stability (Capling, Trommer) - 7Trade: Constructivism argues...1. that already developed countries have promoted the idea of trade, as they benefit from it
- 8Trade: Neo-Marxism argues...1. that trade is promoted by capitalists as producers seek to maximize profit
2. that industrialized countries are the winners while the developing countries are losers of global trade - 9Henk Overbeek - Transnational Historical MaterialismNeo-Marxism
Focus on one dominating class/actor: the elite
Transnational relations: e.g. The US giving money to EU through Marshall Aid - 10Charles S. Maier - Politics of productivityUS as a hegemonic power:
Stabilizing international trade via exchange rates,
New Deal: Restricting monopolies in Europe
Giving foreign aid through Marshall plan - 11Production: Neo-realism argues...1. Keep production within national borders to ensure high employment and thereby maximize own utiliy
2. That the US helped Europe recover after WW2, as it was in their economic interest - 12Production: L.I argues...1. In favour of having production allocated in several countries; specialization thus all countries will gain
2. that the Marshall Plan is a sign of L.I. and increased level of interdependence
3. that a hegemonic state acts on basis of mutual benefits; US giving Marshall aid to Europe - 13Production: Neo-Marxism argues...1. that surplus from production only benefits elite and not the workers
2. that through increasing production there's less focus on workers' conditions
3. that production is often located in developing countries due to lower production costs; benefits only developed countries - 14Andre Broome - Constructivism in IPEHow constructivism approach non-material factors such as:
ideas, ideologies, knowledge, behavior - 15Helleiner and Clapp - IPE and the EnvironmentLack of focus on environment within globalization, financial market and rising economic powers
Lack of cooperate global governance - 16Environment: Neo-realism argues...1. States focus on immediate interest; blinded towards environmental issues
2. that states have different opinions on climate change, hence difficult to cooperate
3. States are at different levels of development, why the developing countries still utilize raw-materials for production (bad for the environment) - 17Environment: L.I. argues...1. In order to combat environmental challenges, states need to cooperate
2. Climate change needs collective action at a global scale, thus an IO focusing on the matter should be created
3. that the Paris Agreement and Kyoto Protocol are examples of cooperation among states - 18Environment: Constructivism argues...1. Environmental issues is a complicated matter, why it's not easy to agree on the subject.
2. States have their own opinion of climate change, why these opinions will compete with each other. - 19Environment: Neo-Marxism argues...1. the burden of pollution is unevenly distributed among states, often concentrated within poor parts of the world
2. Often a seen as Global North and Global South (winner and loser of environmental burden)
3. that capitalists ignore the fact of environmental problems, in order to keep profit flowing - 20Robert O'Brien - Labour shapes the global political economy1960's women entered the labour-force, leading to competition for jobs
Organized labour forces bargaining for improved benefits and better wages
Companies outsourcing to areas with less organized labour
People with different background view labour-rights differently - 21Petra Dunhaupt - Determinants of labour's income share in the era of financializationLabour share of income has decreased since end of Bretton Woods
Productivity has increased, due to technological advancement
Disposable income has decreased, due to wage stagnation - 22Labour: Neo-realism argues...1. That the labour-force should stay within national borders keeping employment high.
2. That organized labour (labour union) is not powerful as countries will simply outsource for cheaper labour (O'Brien)
3. That an IO such as ILO is difficult to have on an international level, since labour-rights are often dominated by national structures. - 23Labor: LI argues...1. that division of labor is necessary in order to create wealth
2. that there is a demand for an international organization, who can promote the mutual interest (fair labor conditions) of states i.e. ILO - 24Labor: Neo-Marxism would argue...1. that labor is not given any of the surplus made from production, wages have not increases (Dunhaupt)
- 25Labor: constructivism argues...1. that labor rights are viewed differently across states (O'Brien) why it can be difficult to find a collective solution e.g. an international organization
2. that the division of labor in regards to ethnicity and gender is socially constructed (O'Brien) i.e. stereotypes - 26Labor: feminism would argue...1. that there is a clear division between men and women both in regard to payments and the possibility of being promoted
- 27Piketty: The top 1% in international and historical perspective- Rising wage inequality in the US: income share of top 1% has more than doubled
- Skilled biased growth (technological advancements)
- Skilled labor earn higher wages
- Top taxes have been cut = more inequality
- Inheritance taxation = decrease the gap in inequality - 28Hoskyns and Rai: Recasting the global political economy: Counting women's unpaid work- Households and the unpaid work of women should be accounted for in the economy
- Social reproduction should be counted as work
- Replacement value and opportunity value - 29Economic and Social inequality: Neo-Marxism argues...1. Cut in top taxes has benefited the capitalists in their interest of profit maximization (Piketty)
2. .. critics: social reproduction isn't included in this theory as it only discusses class struggles and not gender - 30Economic and Social Inequality: constructivism argues...1. that social reproduction is not part of the economy because women as caretakers is a socially constructed phenomena
- 31Social and Economic Inequality: feminism argues...1. that the unpaid work of women should be accounted for in the economy (Hoskyns and Rai)
- 32Helleiner: The evolution of the international monetary and financial system- After the Great Depression (1930) nations centralize around protectionist policies focusing on domestic unemployment and wage rates
- After the WW2 with the era of Bretton Woods, an international financial order was built
- Hegemonic Stability Theory
- Dollar pegged to gold, and other countries to the dollar
- IMF and World Bank were created
- Easier to transfer and exchange money - 33Broome: Global Capital Mobility- Move from capital control to capital movement: supported by IMF and OECD
- Increased interdependence among states, a crisis will then most likely hit all actors involved
- Unregulated capital flows make it easier to commit cross-border crimes - 34Money: neo-realism argues..1. that states should stay autonomous in deciding monetary policies and will only cooperate with others if they see national benefits in doing so
2. It was in the US and UKs interest for coordinate monetary policies and peg their currencies to the dollar under the Bretton Wood era (Maier) - 35Money: LI argues...1. that countries should work collectively towards stable exchange rates
2. that IOs should regulate international monetary policies such as the BIS and IMF who pursues the common interest of all states
3. that Bretton Woods is an example of countries working together towards common goal (stable economic market) with US as a stable hegemon - 36Money: Neo-Marxism argues...1. that capital flow happen between developed countries and only a small group of developing countries, hence developed countries will become richer while developing will remain poor (lecture 7)
- 37Money: constructivism argues...1. that capital movement has become a norm within the global order (Broome)
- 38Rodrik: Goodbye Washington Consensus. Hello Washington confusion?- WC applied to many countries around the world, but results were not the same across countries
- WC was based on internal discussions and ideological ideas (mainly from the US)
- Other discussions would have let to different approaches - 39Baker: Foreign aid and the Bretton Woods institutions- Economic poverty is a huge focus within IOs
- How different theories describe IOs - 40IOs and Development: neo-realism argues...1. that IOs exist but states will follow their own interest (Baker)
2. that states will use IOs if there is a national gain
3. that in terms of development protectionist policies can protect infant industries - 41IOs and Development: LI argues...1. that in order to do multilateral cooperation, states would need IOs help (Baker)
2. that IOs are necessary in order to reach common goals such as free trade, decreasing risk of GFC and minimizing climate change (collective approach) - 42IOs and Development: Neo-Marxism argues...1. that especially monetary organizations is driven by and for the greater good of developed countries
2. that IOs are leverage that developed countries use to suppress the developing countries
3. that the decision made by IOs is merely reflecting the interests of developed countries - 43IOs and Development: Constructivism argues...1. that IOs come into existence when there is a shared belief among states (Baker)
2. that the WC was made of ideas which they (the US) believed countries would become more developed - 44Robert Wade: the developmental state: dead or alive?Within developing countries, the state took the role of allocating resources
Markets were oriented promote the industry and not welfare (Catch-up effect)
The elite created W.C. to ensure they can hold the most profit awarding position - 45Ban and Blyth: The BRICS and the Washington Consensus1980 - developing countries opened towards a completely open market
In 1980's it became apparent that some East Asian countries would soon increase to become developed countries - 46Asian Miracle and the BRICS: Neo-realisma argues...1. Would argue that the Asian Miracle happened because of the powerful hegemon USA, who financially supported several Asian countries in making sure they wouldn't turn communists (Lecture 9).
2. that the state is the most important when allocating resources, in contrast to the market (Robert Wade). - 47Asian Miracle and the BRICS: LI argues...1. that the liberal approach, opening the market in 1980, was the reason why some East Asian countries developed so quickly (Cornel Ban).
- 48Asian Miracle and the BRICS: Constructivism argues...1. that the US persuaded East Asian countries to follow its' ideas and economic ideology (CAPITALISM), thereby constructing it as the correct way to grow.
- 49Asian Miracle and the BRICS: Neo-Marxism argues...1. That the US promoted Capitalism in Asia, with the aim of increasing their market and profit.
2. This is supported by Wade who argues that the WC was made so that the US could hold the most profit awarding position - 50Seabrooke and Wigan: Powering ideas through expertiseExperts shares knowledge and have a bigger say in how things ought to be
IO's have been given more power to regulate tax avoidance and tax competition
The idea of tax fairness emerged, leading to the Tax Justice Network - 51Ronen Palan: The Offshore WorldOff-shore exists beyond the reach of national regulations
Right to make laws within own territory; Tax competition
Operations and firms move as much of their corporations to low or zero tax-regimes - 52Taxation: Neo-realism argues...1. It's the states own right and power to make taxation laws within own territory (Palan), why IO's would not be able to solve the problem of off-shoring
2. Neo-realist cannot explain off-shore taxation, as it'd entail that companies are more powerful than states - 53Taxation: LI argues...1. that there should be a multilateral cooperation working towards solving tax avoidance
2. An example of this is the Tax Justice Network (Seabrooke and Wigan), a clear example of how states prefer to colaborate when combating global issues - 54Taxation: Constructivism argues...1. The right experts who can frame the problem of tax-avoidance is essential in how the public perceive off-shoring (Wigan).
- 55Taxation: Neo-Marxism argues...1. that it's only the wealthiest individuals and firms that utilize off-shore taxation in order to maximize their profit
2. It can further be argued that tax havens results in the elite increasing their wealth, thus leaving the rest of society with less than initially possible. - 56Mark Blyth: America: Too big to fail?The GFC started off in America
Repo-markets is a key element of shadow-banking; finance that takes place outside the traditional banking system
Repo-markets is short-time lending (sub-prime mortgages) and is not ensured by federal deposits but by collateral
Governments have provided stability within the traditional banking system, by demanding banks to follow certain rules - 57Andrew Baker: Restraining regulatory captureLobbying
Revolving door
Intellectual capture: network building that leads to a shared way of thinking - 58Financial crisis: Neo-realism argues...1. that the Financial crisis happened because states gave too much power to multinational banks. Would further argue by state intervention (Mark Blyth)
- 59Financial crisis: LI argues...1. That a financial crisis in one country with most likely affect multiple other countries due to interdependence; Asian Financial Crisis and the GFC (Lecture 11)
2. Would argue that the global financial market is so large that states are obliged to cooperate on a global level; The EU, IMF, OECD, BIS
3. Due to globalization being such an institutional part of society, protectionist policies are now a days only temporary (McGrew). - 60Financial crisis: Neo-Marxism argues..1. that the GFC happened due to the capitalist (the banks) greed for maximizing profit, all on the cost of the global community's well-being
2. The wealthiest banks of the world were successful in lobbying and promoting their own interests, clearly illustrating how the elite utilize capital to obtain their interests
3. The Revolving Door is an example of lobby-ism and politics goes hand in hand - 61Financial crisis: Constructivism argues...1. Intellectual capture; i.e. people started believing that Repo-markets had it all under control (Andrew Baker)
2. The Big banks managed to frame themselves as experts and trustworthy partners up until the crisis hit (Andrew Baker). - 62Anthony McGrew: Logics of economic globalizationTrade has increased for decades up until the GFC
Production is important in explaining outsourcing
Trade decreased after GFC as countries focused on contemporary protectionism.
However, such policies are only temporary as globalization is embedded socially and institutionally. - 63Colin Hay: Globalization's impact on statesIO's have been given more power by the states along with the evolution of globalization
The focus of responsible; in terms of environment, trade, labour-rights, production, economic policies, taxation, social inequality, has shifted from a national level to a global level.
Hyper globalist theory: Nation states have little power and there's a larger trust in the global market - 64Globalization: Neo-realism argues...1. Globalization is driven by states and is only promoted by the states who benefits from it
2. Despite IO's having a larger say due to globalization; neo-realist would continue to argue that states are still the most powerful ones as they can withdraw from international agreements any time: US (climate, trade (NAFTA), etc.)
3. would further argue that despite small states having knowledge in specific areas (Denmark and wind energy) it is up to those states of military and economic power to have the say in the most important decisions. - 65Globalization: LI argues...1. that globalization has led to positive changed such as less government intervention, less redistribution policies (Lecture 12).
2. The world has become more globalized, therefore policies at large have shifted from national to global level (domestic to foreign level) - (Colin Hay).
3. As globalization has increased the embedded between states, IO's are necessary in order to limit the risk of negative spillovers such as financial crisis (Colin Hay)
4. Would argue that even small states can have a say (Denmark and Wind energy) - 66Globalization: Constructivism1. globalization is based on an ideology of how the global world should be, thus are dependent on actions
2. globalization is socially constructed by those benefiting from it: international elite, who will portray it as the only way for continuous growth - 67Globalization: neo-Marxism argues...1. that globalization is an expansion of capitalism. It is the capitalists who shape the international society through a focus on competition, trade and profit-maximization
2. neo-Marxism would argue that globalization results in winners and losers. The elite profits from the increase in trade and tax-havens, while the workers are left behind in uncertainty of the labor-market (outsourcing)
3. that the unskilled labor force is often the ones losing jobs when firms outsource or when foreign unskilled labor is willing to work for lower wages
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- FlashCards sobre IPE, criado por Bjarke BH em 10-12-2018.
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