That IR wasn't keeping up with changes in global economy, said economists were politically naive (rational actor assumption)
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What is mercantilism?
military power is the central goal of states (Grieco et al 2019)
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What is autarky?
separation of a country from the world economy in an effort to protect its economy from the effects of the global market (Grieco et al 2019)
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What did Adam Smith argue in The wealth of Nations (1776) (Liberalism)
Unmoderated self-interest would generate greater prosperity for all
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What did Adam Smith believe about government?
It was indispensable for establishing property rights and providing public goods, concerned about mental mutilation
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What did Marx argue drives social change?
Changing means of production and struggles over organisation of production
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What did Marx say causes social classes?
Unequal ownership of the means of production
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How did Marx believe communism would be achieved?
Revolution by the proletariat
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What did Friedrich List criticise about liberal political economny?
It's individualism and lack of focus on the nation
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Why did List not believe in interdependence?
Not relying on global trade would allow the nation to reap greater benefits? W
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What was Karl Polanyi's 'double movement' theory?
Move towards a self-regulating market society and then away
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What is embeddedness ?(polanyi)
subordination of economic goals to other social goals
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When was the first era of globalisation?
19th century - great depression and ww1
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When was the second era of globalisation?
1945 - present
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What was the impact of the repeal of the corn laws 1856?
Protected landlords, kept grain prices high and blocked the import of cheap grain
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Why was Europe vulnerable to economic problems in the US i.e. great depression?
Loans and reparations from WW1
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What did the Bretton Woods Conference 1944 lead to the creation of?
IMF, World bank, general agreement on lower tariffs and trade
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When was the golden age of capitalism?
1950-1973
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What is the BWS?
a set of rules/policies providing framework to create fixed international currency exchange rates (determined by IMF)
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What caused cracks to emerge in the BWS in 1960s?
US cold war spending made it hard to maintain gold standard, resistance from states to adjust fixed exchange rates, dependence on US for stability in more competitive environment of 70s
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How did we achieve floating exchange rates?
In 1971 Nixon took dollar off gold standard and imposed temporary 10% tariff on imports
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Schmidt (2016) characteristics of neoliberalism
Markets unrestricted by states as far as possible, secure property rights, guarantee free markets, promote free trade, individual over community
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Ikenberry's (2019) features of liberal international order?
economic openness, multilateral institutions, security cooperation and democratic solidarity
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Other cards in this set
Card 2
Front
What is mercantilism?
Back
military power is the central goal of states (Grieco et al 2019)
Card 3
Front
What is autarky?
Back
Card 4
Front
What did Adam Smith argue in The wealth of Nations (1776) (Liberalism)
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