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International trade (Goldstein & Pevehouse, 2014) (Markets…
International trade (Goldstein & Pevehouse, 2014)
International Political Economy (IPE)
global South
trade of natural resources & raw materials
industrialized North
manufactured goods
Mercantilism
realist IRT
states protect interests at expenses of others
Relative position of power
wealth has military implications
conflicting interests
the most favorable distribution of wealth
trade should serve state's interests (POWER)
balance of trade
whether a state exports more than it imports (surplus or deficit)
Liberalism
liberal IRT
cooperation
institutions (trade agreements)
organizations (WTO)
regional trade (Asean, Apec, Nafta, European Union)
absolute gains (win-win)
shared interests
maximum of total wealth
efficiency
belief in FREE MARKETS
"the terms of exchange are defined by the price at which goods are traded" (p.130)
"prices are determined by market competition" (multiple buyers and sellers)
relations between states are less important than they are in security relations
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maximum productivity with minimum wasted effort
the comparative advantage
states have different abilities to produce goods
technology
specialization
it's cheaper to produce cars in Japan
services
specialization
it's cheaper to produce oil in Saudi Arabia
natural resources
specialization
Theories but also ideologies
international actors
states
interests
transnational companies (stakeholders)
interests
Markets imperfections
political interference
monopoly/oligopoli
sanctions
US
Cuba
Iran
taxes
self-reliance or autarky
North Korea
protectionism
domestic industries
South Korea's car industry
World Trade Organization (WTO)
agricultural trade
global South
industrialized North
subsidies on agriculture
Rondas of Montevideo and Doha
manufactured goods
trade in services
telecommunications
INTERNATIONAL CONFLICT AS OPPOSITION TO INTERNATIONAL COOPERATION
REALIST IRT
LIBERAL IRT
International Law
pacific resolution of controversies
The International Court of Justice