go131: international relations professor walter hatch colby college economic power
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GO131:International Relations
Professor Walter HatchColby College
Economic Power
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Old Debate over Economic Power
Mercantilism
versus
Liberalism
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Mercantilism
16th to 18th centuries
Gold and Silver Bullion = State Power
X > M
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Neo-Mercantilism
19th century economic philosophyGermany (Friedrich List), U.S. (Alexander Hamilton), and Japan (Ministry of Commerce and Industry)Promote and protect manufacturing
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Commercial Liberalism
Eighteen and nineteenth centuries
David Ricardo and Adam Smith
Gains from trade via specialization
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Comparative Advantage
TVs Beer Autarky Ratio
Country A
1 hourper unit
3 hoursper sixpack
1 B: 3 TVs
Country B
2 hoursper unit
4 hoursper sixpack
1 B: 2 TVs
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Heckscher-Ohlin Theory
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Laissez-Faire
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So …Why do governments still intervene in markets?
Classical liberals: domestic politics
Realists: relative gains
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Hegemonic Stability(Neo-Realism)
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Neo-liberal Institutionalism
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The International Economic Order: Fair or rigged?
Realists and liberals don’t care
Marxist theorists doLeninism
Dependency Theory
Modern World System Theory
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Modern World System Theory