Summary: Introduction To International Political Economy

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• An overview of International Political Economy

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• There are three interrelated global developments that are profoundly shaping the international political economy, name them 

  -Arab Spring
  -European sovereign debt crisis
  -Occupy Wall Street movement

• Each of the three interrelated global developments is a double edged sword, explain this.

  A potential harbinger of positive change and a potential foreshadowing of worse yet to come. Each of these development can either help lead to a more prosperous world in which the human security is better guaranteed.

• What do these three interrelated global developments have in common?

  Each of them has it own cause, the protestors collectively represents a reaction to corrupt government and growing inequality. Movements sought protection from financial and cultural globalization that left people feeling at the mercy of market forces. In all the three cases, the elites were supposed to be the experts on political and financial affairs suddenly were at a loss to explain why things had gotten so bad under their watch.

• What is the difference between "International Political Economy" en the acronym IPE?

  The first one refers to what we study-commonly referred to as a subject area or field of inquiry that involves tensions among states, markets and social actors. IPE is a focus on a variety of actors and issues that are either "international" or "transnational" (Global political economy and International political economy interchangeably). IPE is multidisciplinary. 

• What are some of the central elements of the antecedent fields of the study that contribute to IPE?

  - A political dimension (the power between the different actors), all these actors make decisions about money and products or intangible things. It is about the making of rules pertaining how the states and societies should achieve their goals.
  -Economic dimension, deals with how scarce resources are distributed among individuals, groups and nation states
  -Societal dimension of different international problems. There are many different groups within a state and there is a variety of transnational groups (referred to Global civil society) that have interest that cut across national boundaries.

• Laissez-Faire: the Economic Liberal perspective

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• What is the believe of an economic liberal (also referred to as neoliberals)

  The state should play a limited, if not constricted, role in the economy and society

• what about classical economic liberals and individual freedom in the marketplace?

  For classical economic liberals, individual freedom in the marketplace represents the best alternative to potentially abusive state power when it comes to the allocation of resources or organizing economic activity

• The five main elements of capitalism are as follows:

  -markets coordinate society's economic activities
  -extensive markets exists of the exchange of land/labour/commodities and money
  -competition regulates economic activities, consumers self interest motivate economic activity
  -the freedom of enterprise
  -the private property; the ower of a resource is legally entitled to the income that flows from the resource

• Wealt and power: the Mercantilist perspective

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• What is classical mercantilism? 

  Connoted efforts by states to promote exports and limits imports , thereby generating trade surpluses that strengthen the nation while protecting certain groups within society. It is more linked to the rise of the modern nation state in Europe during the 16e through 19e centuries.

• Meanwhile on the other side of the Atlantic

  Which I already stated in the "The economic liberal challenge to mercantilism" List and Hamilton were advocating for a more mercantilism approach (especially because of the rise of England)  (bla bla caught up story)