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| synchronous with rise of British Empire. means...to increase our wealth and treasure is by Foreign Trade, to sell more than to consume |
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| Belief that one group of people or nation has the right to control the economic resources and territorial integrity of another people or nation. |
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| Markets are efficient; state should play minor role |
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| Adam Smith, The Wealth of Nations (1776): |
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| theory of absolute advantage- you should be the best what what your producing |
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| David Ricardo (1772-1823) |
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| theory of comparative advantage- you only need to be the best relative to other countries that are producing the same thing |
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| who pays for common goods |
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| theory that one or two nations has the power to stable the whole system Promotes stability in markets thru threat of force Kohane- says this is not as valid or efficient as if there were a group of actors |
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| IMF backed by US, sovereign debter- state cannot go in bankrupt so it is an institution that bails out states with bad credit in need of assistance, also states cannot go bankrupt they must continue to pay off debts |
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| the economic theories of John Maynard Keynes who advocated government monetary and fiscal programs intended to stimulate business. |
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| central american free trade agreement |
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| was passed and committed member countries to establishing an economic union. |
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| establishment, by 1992, of a signle market between European countries |
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| north American free trade agreement-1992 |
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| you boost gdp by upping government spending |
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| more likely to behave in risky conduct when you know you have insurance |
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| conflictual, economic classes, maximization of class interests, economics does not drive politics, revolutions |
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| goal: national self sufficienfy Ownership: public, openness: none , low reform incentives, |
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| goal:growth ownership: private, high openness; high reform incentives |
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| goal: growth and social equality, ownership: mix of public and private ownership, high openness, medium reform incentives |
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| major expansion of state involvement, demands for social protection, high wartime spending |
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| Bretton woods institution |
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| fixed exchange rate system |
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| (International Monetary Fund)a United Nations agency to promote trade by increasing the exchange stability of the major currencies |
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| (International Trade Organization)Originally designed to accompany IMF with Bretton Woods |
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| World Trade Organization: an international organization based in Geneva that monitors and enforces rules governing global trade |
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| Most favored nation principle |
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| treat all nations as you treat your favorite |
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| quota put on imports, gives developing states protectionalism, which is keeping markets from international trade to help infant industries |
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| joint governance rule of law, supranationalism |
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| developing world countries get more say-fail |
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decisionmaking, mixture of community method and intergovernmental method
21 european collective with integrated free market |
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| small gov budget, reduce size of welfare state, industrial support cut, abandon |
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| long term infrastructures(loans), poverty reduction, international bank for reconstruction and development |
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| world bank gives loans with strings attatched |
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| Millennium development goals |
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| looks at poor literacy rates, gender equality, environmental sustainability, health, child mortality |
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| corruption and no safety nets, 1996-7, role of moral hazard, illoyal capital and contagion, |
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| the end of history and the last man- liberal capitalism has won, ideological strife is over |
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