International Political Economy
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| What is International Political Economy? | the study of the intersection of politics and economics
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| What is Mercantilism | Objective:increase the relative wealth and power of the state by creating a BALANCE OF PAYMENT surplus
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| What is Balance of payment | more money coming in than going out
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| what is the Method of mercantilism | tariffs and nontariff barriers (i.e. protectionism)
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| What is the objective of Commercial Liberalism | Objective: maximize economic gains throughout the entire economic system (i.e. market efficiency)
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| who was Adam Smith | Father of Microeconomics, wrote the Wealth of Nations
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| what is the Method of Commercial Liberalism | FREE MARKETS and the removal of barriers to trade (i.e. laissez faire)
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| what is Keynesianism | Government intervention needed to correct market inefficiencies, particularly during economic crises; same goal as commercial liberalism
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| who was John Maynard Keynes | Father of Macroeconomics
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| What institutions came from Bretton Woods (1944) | Institutions: World Bank, International Monetary Fund, Dollar Convertibility, International Trade Organization (ITO)
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| what does the World Bank do? (IGO) | Provide DEVELOPMENT LOANS to Global South countries
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| What does the World Bank help to finance? | Helps finance large CAPITAL PROJECTS in support of economic development
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| What country is the President of the World Bank always from? | president of the world bank is always a US citizen
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| what is the role of the board of governors in the world bank | Board of Governors: sets overall policy of the bank
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| How are voting rights determined in the world bank | voting rights based on each state's financial contributions
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| what is the Internatinal Monetary Fund (IMF) | Provides short term loans to members with FINANCIAL PROBLEMS
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| 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
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| 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
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| the Managing Director of IMF is always from... | Always European
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| 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)
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| how are other currencies tied to the US dollar | All other currencies values tied to US dollar at relatively fixed rates
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| Who ended dollar convertibiltiy | richard nixon
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| what is Floating Exchange Rate | currency values set by the market
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| what is the Group of 20 G20 | Meeting of finance ministers and central bank governors from 19 countries and the EU
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| 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)
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| Free Trade: Internation trade Org. ITO | Havana Charter signed in 1948; Rejected by US Senate
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| waht is (GAAT) | General Agreement on Trade and Tariffs; signed by 23 countries in 1947
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| what is the Objective of GAAT | encourage global trade by reducing tariffs
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| what is Most Favored Nation (MFN) | tariff preferences granted to 1 GAAT state, must be granted to all others exporting the same product
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| 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)
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| what are more weaknesses of GAAT | did not address intellectual property (Patents, copyrights); Difficulties reaching on nontariff barriers;lacked enforcement mechanism
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| what came out of the Uruguay Round (1986-94) | Marrakesh Agreement
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| what did the Marrakesh Agreement create? | created the World Trade Organization WTO
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| marrakesh agreement expanded trade rules to what? | expanded trade rules to cover textiles/clothing, services, intellectual property, nontariff barriers
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