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International Political Economy

QuestionAnswer
What is International Political Economy? the study of the intersection of politics and economics
What is Mercantilism Objective:increase the relative wealth and power of the state by creating a BALANCE OF PAYMENT surplus
What is Balance of payment more money coming in than going out
what is the Method of mercantilism tariffs and nontariff barriers (i.e. protectionism)
What is the objective of Commercial Liberalism Objective: maximize economic gains throughout the entire economic system (i.e. market efficiency)
who was Adam Smith Father of Microeconomics, wrote the Wealth of Nations
what is the Method of Commercial Liberalism FREE MARKETS and the removal of barriers to trade (i.e. laissez faire)
what is Keynesianism Government intervention needed to correct market inefficiencies, particularly during economic crises; same goal as commercial liberalism
who was John Maynard Keynes Father of Macroeconomics
What institutions came from Bretton Woods (1944) Institutions: World Bank, International Monetary Fund, Dollar Convertibility, International Trade Organization (ITO)
what does the World Bank do? (IGO) Provide DEVELOPMENT LOANS to Global South countries
What does the World Bank help to finance? Helps finance large CAPITAL PROJECTS in support of economic development
What country is the President of the World Bank always from? president of the world bank is always a US citizen
what is the role of the board of governors in the world bank Board of Governors: sets overall policy of the bank
How are voting rights determined in the world bank voting rights based on each state's financial contributions
what is the Internatinal Monetary Fund (IMF) Provides short term loans to members with FINANCIAL PROBLEMS
what is the IMF Quota money paid into IMF by member states; amount based on each state's relative economic wealth; determines how much each state can borrow and its voting rights
what are Special Drawing Rights (SDRs) IMF currency used only for financial transactions between member states; value tied to euro, dollar, yen, and pound sterling
the Managing Director of IMF is always from... Always European
what became the worlds currency with dollar convertibility After WW2, US dollar became world's currency;US dollar tied to gold at a FIXED EXCHANGE RATE ($35 per oz. of gold)
how are other currencies tied to the US dollar All other currencies values tied to US dollar at relatively fixed rates
Who ended dollar convertibiltiy richard nixon
what is Floating Exchange Rate currency values set by the market
what is the Group of 20 G20 Meeting of finance ministers and central bank governors from 19 countries and the EU
what is thePurpose of G20 coordinate international economic policy; agreements are voluntary; has no permanent organization structure. Chair rotates b/w member states (currently france)
Free Trade: Internation trade Org. ITO Havana Charter signed in 1948; Rejected by US Senate
waht is (GAAT) General Agreement on Trade and Tariffs; signed by 23 countries in 1947
what is the Objective of GAAT encourage global trade by reducing tariffs
what is Most Favored Nation (MFN) tariff preferences granted to 1 GAAT state, must be granted to all others exporting the same product
what are some weaknesses of GAAT several types of goods exempted from GAAT rules (ex. textiles/clothing); did not cover services (ex. banking, insurance, delivery, telecommunications, tourism)
what are more weaknesses of GAAT did not address intellectual property (Patents, copyrights); Difficulties reaching on nontariff barriers;lacked enforcement mechanism
what came out of the Uruguay Round (1986-94) Marrakesh Agreement
what did the Marrakesh Agreement create? created the World Trade Organization WTO
marrakesh agreement expanded trade rules to what? expanded trade rules to cover textiles/clothing, services, intellectual property, nontariff barriers
Created by: gpolite
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