International Political Economy (IPE) Basics

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Questions and Answers

According to Susan Strange, what is a central focus of International Political Economy (IPE)?

  • The exclusive rights of political scientists to write about politics.
  • The study of isolated economic events without considering social factors.
  • The strict confinement of historians to history and economists to economics.
  • The study of international problems that require economic, political, and sociological analysis. (correct)

Which of the following best describes the relationship between states and markets in the context of IPE?

  • States and markets share the same goals but use different methods.
  • States and markets operate independently and do not influence each other.
  • States and markets have interconnected values and actions, where politics and economics are intertwined. (correct)
  • Markets allocate power, while states distribute resources.

Which 'level of analysis' in IPE is most concerned with the impact of global factors on governments and societies?

  • Interstate (International)
  • Global (correct)
  • Individual
  • State (Societal)

Which of the following examples demonstrates 'hard power' in international relations?

<p>A country's military intervention in a conflict zone to protect its interests. (D)</p> Signup and view all the answers

What is the primary focus of the 'Production and Trade Structure' within the context of international power structures?

<p>The determination of what is produced, by whom, for whom, and on what terms. (D)</p> Signup and view all the answers

Which 'IPE perspective' advocates for the accumulation of national wealth through maximizing exports and minimizing imports?

<p>Mercantilism (Economic Nationalism) (D)</p> Signup and view all the answers

In the context of IPE, what does 'efficiency' primarily enable in markets?

<p>It enables markets to use and distribute resources effectively with minimal waste. (B)</p> Signup and view all the answers

Which level of analysis in IPE emphasizes the psychology, personality, and beliefs that shape choices made by specific policy makers?

<p>Individual (D)</p> Signup and view all the answers

What is 'soft power' primarily based on?

<p>Cultural influence, values, and ideals (A)</p> Signup and view all the answers

Which of the following scenarios best illustrates the concept of IPE?

<p>A multinational corporation invests in a foreign country, impacting local employment and trade balances. (A)</p> Signup and view all the answers

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Flashcards

What is International Political Economy (IPE)?

Study of international problems that cannot be addressed by economic, political, or sociological analysis alone; focuses on complex interdependence.

State

The realm of collective action and decision-making within a geographic region, possessing a government capable of exercising sovereignty.

Market

The sphere of individual actions and decisions, driven by self-interest and shaped by competition.

Hard Power

Military and economic means used to influence, persuade, or coerce.

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Soft Power

Power based around culture, values, and ideals; less direct but potentially more effective.

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Efficiency

A value that enables markets to use and distribute resources effectively with little waste.

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Wealth and Power Intertwined

The exercise of power affects resource allocation and distribution; command of resources affects power.

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Production and Trade Structure

Addresses who produces what, for whom, and on what terms.

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Finance and Monetary Structure

Determines who has access to money and on what terms.

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Security Structure

Comprises persons, states, international organizations and NGOs that provide security for everyone.

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Study Notes

  • International Political Economy (IPE) studies international problems that cannot be addressed by economic, political, or sociological analysis alone.

  • IPE focuses on complex interdependence to define pressing issues.

  • The IPE approach integrates economics, political science, and sociology, considering history, philosophy, and culture.

  • Various academic disciplines address events such as those of September 11.

  • Susan Strange described IPE as a broad field where anyone interested in societal behavior can freely explore without rigid boundaries.

International, Political, Economy

  • International: Issues crossing national borders.
  • Political: The utilization of state power for decision-making.
  • Economy: The distribution of resources.
  • IPE involves social, political, and economic arrangements impacting global systems, not divinely ordained, but human decisions in institutions and customs.

States and Markets

  • State: Realm of collective action. Geographic location and autonomous system government.
  • The realm of the market is individual actions and decisions, dominated by self-interest and competition.

Wealth and Power: The Tension Between States and Markets

  • States and markets have differing values and goals, intersecting and overlapping.
  • Markets handle resources, states handle power.
  • Power affects resource distribution, resources affect power, interlinking wealth and power.

Values of Markets and States

  • Efficiency: Enables effective resource use, including Static (present) and Dynamic (future) types

  • Fairness: Equity

  • Security: Strongly held by both states and markets, multidimensional

  • Soft power is the impact of culture, values, and ideals which is less direct but more effective.

  • Both soft power and hard powers are sometimes used simultaneously, example: after 9/11.

Dimensions of International Political Economy

  • Hard and soft power are the two types of power.
  • Global, interstate (international), state (societal), and individual are the four levels of analysis.
  • Production and trade, finance and monetary, security, and knowledge and technology are the four international power structures.
  • Mercantilism, liberalism, or structuralism are the three lenses for viewing IPE.

Types of Power

  • Hard power involves military and economic means to influence, persuade, or coerce.
  • Soft power relies on culture, values, and ideals, being less direct but still effective.

Levels of Analysis in IPE

  • Global: Examines global factors' impact on governments and societies.
  • Interstate: Examines the balance of political, military, and economic power between states.
  • State: Focuses on the impact of lobbying, socio-economic groups and culture on foreign policies.
  • Individual: Investigates the psychology and beliefs affecting policy choices.

Power Structures

  • Production and Trade Structure: Addresses who produces what, for whom, and on what terms.
  • Finance and Monetary Structure: Determines access to money and resource distribution.
  • Security Structure: Ensures safety through states, organizations and NGOs.
  • Knowledge and Technology Structure: Wealth and power for those employing it.

IPE Perspectives

  • Mercantilism (Economic Nationalism): Accumulating wealth by exports and minimizing imports.

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