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(solution) POS 486 International Political Economy Dr. Okey Iheduru SAMPLE


POS 486 International Political Economy Dr. Okey Iheduru

SAMPLE Mid-Semester Examination Fall 2015


Instruction: Write short notes on FIVE of the following items. Your answer should be no more than one page of the blue book for each question. 


1(a) Describe TWO conditions under which states may discriminate in favor of domestic companies according to Adam Smith. (b) Discuss THREE reasons (provide specific examples) why Adam Smith probably would not approve of today?s global corporate behemoths like Wal-Mart or Microsoft. (c) List TWO main ideas, TWO policy tools and ONE contemporary thinker (indicate contribution) associated with the ?developmental state? model of state-market relations.


2 (a) Identify and discuss THREE contending perspectives in the debates about the ?hegemonic stability? theory in IPE? (b) Drawing specific examples from your readings and class discussions explain FOUR differences between the era of British hegemony and the era of U. S. hegemony.

(c) Discuss FIVE specific tenets of Antonio Gramsci?s theory of cultural hegemony as a means of achieving social order?


3 (a) Identify and explain FIVE "mistakes of the past? (i.e., the inter-war years, 1919-1938) and the policies or institutions adopted at the Bretton Woods Conference to respond/deal with EACH of them. (b) Identify and explain TWO monetary policies and TWO fiscal policies that states may adopt in response to balance of payments deficits and TWO types of loan facilities available to member-countries in the IMF.  (c) Explain FIVE ways (provide specific examples) in which recent global financial crises have led to reassessment of orthodox liberalism.


4. (a) Discuss TWO specific arguments each made by Friedrich von  Hayek, Margaret Thatcher and Milton Friedman against the state?s role in the market. (b) Explain the major differences between liberalism and mercantilism in terms of their unit of analysis, most serious threat to national security, the role of international regimes, and the relationship between politics and economics. 


5 (a) What major disagreements do feminists and constructivists have with the mainstream IPE perspectives? (b) Make a list of THREE positive and THREE negative potential effects of a more integrated global economic system, and explain the basis for your choice or opinion.


6. Discuss FOUR main contributions of Marxism to contemporary structuralism. 

(b) Provide TWO structuralist explanations why the socialist revolution did NOT occur in industrialized countries. (c) Outline THREE structuralist explanations of the global financial crises that have lingered since 2008. 

7. (a) In what TWO specific ways do the writings and ideas of Alexander Hamilton differ from those of David Ricardo? (b) Discuss TWO differences between the ?Keynesian Compromise? and the ?Washington Consensus.? (c) Identify and explain TWO major differences between Lenin?s theory of imperialism and Immanuel Wallerstein?s World System Theory.


(8) Discuss FIVE arguments for ?free? or unrestricted international trade (b) Identify and explain FIVE non-tariff barriers to international trade (give one example for each). (c) What are THREE most important North-South trade issues that have hindered talks at the Doha ?Development? rounds? (b) Discuss THREE ways in which the World Trade Organization (WTO) has been an improvement over the defunct General Agreements on Tariffs and Trade (GA TT) since its inception in 1995. (b) Discuss TWO benefits of ?monetary sovereignty? and TWO of its disadvantages.




WHAT IS INTERNATIONAL

 

POLITICAL ECONOMY?

 

Lecture Outline

 

I. Introduction

 

II. Defining the IPE as a Discipline or Field

 

of Study

 

III. Origins of IPE in North American

 

Academe

 

IV. Elements of IPE

 

V. Why Should You Study IPE?

 

VI. Summary and Conclusions I. Introduction to I.P.E. International Political Economy

 

? Economics: distribution of scarce resources

 

? Politics: the role of the state in such

 

distribution

 

? International: flows of such resources across

 

borders 2 Who is this guy? WEGG

 

3 International Flows Goods & Services (trade) Finance People Pollutants Others?...

 

? Violence/terrorism?

 

4 II. IPE AS A DISCIPLINE OR FIELD OF STUDY

 

An eclectic mixture of analytical and methods

 

and theoretical perspectives Central Questions:

 

(1) How does the state and its associated political

 

processes affect the production and

 

distribution of wealth?

 

(2) In particular, how do political decisions and

 

interests influence the location of economic

 

activities and the distribution of the costs and

 

benefits of these activities?

 

(3) What are the effects of markets and economic

 

forces on the distribution of power and welfare

 

among states and other political actors?

 

(4) Particularly, how do these economic forces

 

alter the international distribution of political

 

and military power? II. IPE AS A DISCIPLINE OR FIELD OF STUDY, cont?d. Neither state nor market is primary;

 

the causal relationships are

 

interactive (dynamic) and indeed

 

cyclical.

 

IPE therefore focuses on the mutual

 

interactions of very different means

 

of ordering and organizing human

 

activities: states and markets.

 

Multidisciplinary/Trans-disciplinary;

 

eclectic; intellectual silo-buster

 

Multi-level and multidimensional

 

analysis So what, exactly, do we

 

want the state to do? The state versus the

 

market? A stylized history of the

 

debate? With a pugilist analogy 7 ROUND 1:

 

The market comes out strong with a powerful blow to the body of the state : Adam Smith?s work leading (eventually) to? The fundamental theorems of welfare econs:

 

1. Competitive allocations are efficient

 

2. Any efficient allocation (distribution) can be reached

 

from an appropriate distribution of initial endowments

 

3. There is No role for the state to play in the

 

economy (except perhaps to redistribute initial

 

endowments) 8 ROUND 2: But the state returns a powerful punch to

 

the market: The traditional market failures:

 

? Monopolies (failure of perfect competition).

 

? Public Goods (efficient price is 0, since

 

these are non-rival goods).

 

? Externalities (consumption by one

 

individual affects the utility of another

 

individual).

 

As the bell rings to end this round, the state has a

 

big role to play in the economy. But wait? the market has a major blow in store for the

 

state? 9 ROUND 3: The market returns with ? what looks to

 

be ? a knock-out blow to the jaw of the state.

 

Stigler:

 

? Why assume that the state will perform any

 

better than the market?

 

? Private individuals are privately motivated

 

? Why assume governments are public spirited??

 

? Opens the possibility of ?rent-seeking? behavior

 

? Corruption

 

? The ?principal-agent? problem which we will

 

address soon! For better or worse, we?re stuck with the market.

 

Keep the state out of the economy. 10 ROUND 4:

 

The state is cut & it?s bleeding, but it?s on

 

its feet and it?s on the move. Delivers a

 

monumental blow to the belly of the market.

 

Stiglitz questions the assumptions of the

 

model which under girds ?the market.? ? MISSING MARKETS ? Practical: Futures markets. No risk market

 

for some things (moral hazard).

 

Logic: trade-off between thinness and

 

completeness.

 

Normative: we don?t want some markets

 

to exist. IMPERFECT INFORMATION Utility functions are not ?well-behaved.? 11 The contest is a

 

DRAW? 12 III. ORIGINS OF IPE IN THE NORTH AMERICAN

 

ACADEME Inadequacies of ?political

 

realism? in the late 1960s and

 

early 1970s

 

The rise of multi-polar economic

 

world of the late 1960s and early

 

1970s

 

The OPEC oil shocks and the

 

significance of ?economic

 

power?

 

Détente and the obsolescence of

 

nuclear weapons III. ORIGINS OF IPE IN THE NORTH AMERICAN

 

ACADEME, cont?d. Third World solidarity and demand for a

 

?New International Economic Order?

 

(1964-1985)

 

Economic recession and ?the fiscal

 

crisis? of the welfare state in 1970s

 

The end of the Cold War and ?the end

 

of ideology? thesis

 

Heightened globalization and the

 

?borderless? word

 

9/11: ?the day everything changed? or

 

did it?

 

China rising; BRICS & econ change IV. FUNDAMENTAL ELEMENTS OF IPE (a) Structural mismatch between a

 

formal state system based on

 

territory (i.e., nation-states) and an

 

increasingly non-territorial &

 

globalized economic system

 

(markets)

 

States = realm of collective action

 

and collective interests

 

Markets = realm of individual

 

action and self-interest

 

Differences: values; methods; and

 

goals IV. FUNDAMENTAL ELEMENTS OF IPE,

 

cont?d. Dynamic nature of state-market

 

interactions

 

(b) the economic & political causes

 

and the effects of the rise of a market

 

economy

 

(c) relationship between economic

 

change and political change

 

(d) significance of a world economy

 

for domestic economies

 

(e) Justice and the problem of

 

inequality (?who benefits??) V. WHY SHOULD YOU STUDY IPE? Globalization and interdependence

 

Vulnerability vs. sensitivity to global

 

changes

 

Global competency and global workforce

 

development for the 21st century

 

Global awareness and the future of

 

America?s global leadership

 

IPE is about you and me and your hometown

 

Antidote to a boring college and adult life

 

So, quit watching ?TMZ? and tune to Wolfe

 

Blitzer & Christian Amanpour!!! Why Study IPE? Main Questions and Issues Globalization: Efforts to manage its negative

 

externalities and impacts on the environment,

 

resources, and society.

 

Tensions between market fundamentalism and

 

protectionism and efforts to re-embed the market

 

into society and its cultural institutions.

 

Tensions between rising production and

 

distribution of gains.

 

Tensions between a state?s domestic needs and

 

its international obligations (throughout the text).

 

Balancing security and freedom.

 

Focusing more on how social groups influence

 

markets and states. Main Questions and Issues Global inequality between and within

 

countries.

 

How the rise of China, India, and other

 

newly industrializing countries is

 

fundamentally reshaping the global

 

economy.

 

Development and transformation:

 

strategies and dilemmas.

 

Regionalism as a development strategy

 

many countries, such as those in the

 

European Union, use to maintain wealth

 

and power. Main Questions & Issues The impact of technological changes on

 

political economic institutions and

 

processes.

 

The issue of hegemony or leadership over

 

the global political economy.

 

Global governance, management, and

 

systemic order provided by a variety of

 

institutions, along with resistance to them.

 

The increasing analytical and policy

 

linkages of issues to one another. VI. SUMMARY AND CONCLUSIONS Q&A

 


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