Test bank 75 questions with answers

Summary Global Political Economy Evolution and Dynamics Robert O'Brien 7th edition 2024 9781350347892 Summary Global Political Economy Evolution and Dynamics Robert O'Brien

9781350347892 

7 th edition 2024

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Summary Global Political Economy Evolution and Dynamics Robert O'Brien 7th edition 2024 9781350347892

Chapter 1: Theories of Global Political Economy

Interpretations of the Asian financial crisis (1997) LiberalState power Critical CausesCrony capitalism (corrupt business practices and political influence), lack of transparency Overrapid liberalization, reduced state capacity to regulate Predatory liberalism, power of financial interests, systemic flaws Key issue(s) Corruption, lack of liberal economic practices Clash of Anglo-American vs Asian models Human suffering caused by financial collapse LessonsIncrease transparency and good practice in developing countries Limit financial speculation through state policies Reform IFS, defend national system The Economic Nationalist Perspective -Protection of the national unit (realism) -Mercantilism (15 th century-mid-19 th

century): limited amount of wealth in the world and each

state must secure its interest by blocking the economic interests of other states ‘zero-sum game’ -Hamilton: founding father of the US – US should protect their manufacturers from foreign competition to industrialize and increase their power -List: Germany should industrialize behind trade barriers in order to catch up with the UK -Contemporary economic nationalist: acknowledgement that states remain at the centre of power within the GPE and there is an intimate connection between power and wealth

Key actors - State as main actor: two major assumptions

-Inter-state system is anarchical and it is therefore the duty of each state to protect its own interests -State remains the preeminent actor in the domestic and international domains (state = central instrument through which people can fulfil their goals) Key dynamics -State’s fate determined by its ability to ensure that its citizens reap advantages from international production and exchange -The nature of the global economy reflects the interests of the most powerful states -Defensive economic nationalists: recognize globalization as a threat and seek to counter its impact -Sceptical economic nationalists: globalization is largely a myth and that the power of the states remains undiminished Conflict and cooperation -Relations between states are characterized by unending conflict and the pursuit of power -Production of some good/service within particular national borders (security concerns, agriculture or cultural products) -Import of some products pollutes the nation through the introduction of foreign values -Support the ‘rights’ of local investors over foreigners Economic nationalism today -Trade in services (i.e. education and healthcare) sensitive subject that many states are unwilling to open up to foreign competition -In pursuit of development; supporting particular industries

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