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INTERNATINAL POLITICAL ECONOMY (IPE).   Term Paper ID:29688 Click to get this paper

Essay Subject: Examines connection between free trade, economic growth and international power relations.... More...

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Paper Abstract: Examines connection between free trade, economic growth and international power relations. Varying perspectives of effect of protectionist duties on goods. Politics as determining economics, market forces, geopolitical market dynamics. Economic incentives. Dependency theory. Rate of economic growth in industrialized and developing countries. Paper Introduction: This research examines the debate within the discipline of International Political Economy (IPE) on the connection between three subject areas--free trade, economic growth, and international power relations--from the perspectives of Realism, or neo-mercantilism; liberal internationalism; and historical structuralism, or dependency theory. The research will set forth the basic tenets of each theoretical perspective and discuss how each perspective interprets the dynamics of the three subject areas, noting, as appropriate, how the theoretical perspectives overlap, converge, and diverge. As Frieden and Lake explain, "Realists perceive politics as determining economics" (1996, p. 31). With power as the chief political concern, it follows that political benefit, or power, would translate into economic benefit, and that any benefit a natio Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. The global economy, on that view,becomes a politically stabilizing force. However, Hamilton also specifically calls for "encouragement ofnew inventions and discoveries, at home, and of the introduction into theUnited States of such as may have been made in other countries," by way ofwhat he calls bounties and what today would be called a government patent,grant, or contract (Hamilton, 1996, p. In the area of freetrade, some nations are as it were more equal than others, or moreeffectual in enforcing their preferences and/or controlling distribution ofgoods and services. The reverse must become the rule: will a proposed domestic move advance American competitiveness and participation in the world economy? T Passe- Smith, & J. C. Hamilton continues: [T]here is no truth, which may be more firmly relied upon, than that the interests of the revenue [= national interest] are promoted, by whatever promotes an increase of National industry and wealth (Hamilton, 1996, p. The current debate over international competitiveness is another way of approaching the Realist position. Certainly liberalismpaints a more agreeable picture of IPE than dependency theory, which makesneither dependent nor hegemonic actors look good. C. A Realist position on economic growth is articulated in Hamilton'sReport on Manufactures when it advocates government subsidization ofentrepreneurial efforts. . (1996). International Political Economy: Readings on State-Market Relations in the Changing Global Order. Goddard, J. C. This research examines the debate within the discipline ofInternational Political Economy (IPE) on the connection between threesubject areas--free trade, economic growth, and international powerrelations--from the perspectives of Realism, or neo-mercantilism; liberalinternationalism; and historical structuralism, or dependency theory. (1996). In that regard, Gilpin uses the term economic nationalism when describing the emphasis on power as the determining feature of international relations (1996, p. Another, not inconsistent view ofeconomic growth in a dependency context emphasizes that the industrialistsexploit the pool of cheap dependent-country proletarian labor (for exampleexporting shoe-manufacturing jobs from Maine to Mexico), while alsoeliminating troublesome labor activism at home: "International capitalism .. 64-72.Frieden, J.A., & Lake, D. The free-trademarket, from that point of view, basically functions to enable thecalculation of costs and benefits rather than to reinforce powerrelationships. R. Excerpts from Report on Manufactures. To be sure, these actors compete with oneanother, and they want advantage in trade. F. Goddard, J. . However, the fact that mercantilist attitudes still had power toinfluence his analysis can be seen in the fact that he considers it properfor Britain to have restricted direct foreign trade with Britain's coloniesto British shipping, shutting such trade off in particular from Continentaltrading competitors; violators had their ships and cargoes confiscated. In other words, economic incentivesfunction as a disincentive for international conflict, as well as an"engine of growth" domestically (p. The perspective of liberal internationalism on free trade is thatnation-states engage in foreign trade as "utility-maximizing actors"(Frieden & Lake, 1996, p. . (Drucker, 1996, p. Suppose industrial capitalist countries--ormultinationals with enormous discretion and capital--move industrialmanufacturing to undeveloped countries. Boulder: Lynne Rienner Publishers. The nature of political economy. 26). It would be pleasant to think that the principles of liberalinternationalism, in particular the beneficently invisible hand of theimpersonal marketplace, could override petty political rivalries and putall countries on an equal footing in the matter of foreign trade, permanenteconomic growth, and international/national security. C. R. . ReferencesDrucker, P. (1996). Rapkin and Strand may think that in reality (generic, not theoretic), actual American economic strength does depend on how well other countries' economies perform. 31). R. Adam Smith, whom Goddard, Roe, Passe-Smith, and Conklin characterizeas the father of liberal economics, makes an argument against foolishprotectionism, hence Realism, when saying that it would be unreasonable "toprohibit the importation of all foreign wines [to Scotland], merely toencourage the making of claret and burgundy in Scotland" (Smith, 1996, p.4 ). In dependency theory, economic growth in dependent countries isproblematic and paradoxical. Goddard, J. Gilpin cites the idea of "economic interdependence"as the foundation of "peace and cooperation in the competitive andanarchical state system" (1996, p. Boulder: Lynne Rienner Publishers. From the Realist perspective, there is no win-win option, only a series of win- lose (zero-sum) options. (1996). (1996). A strengthened domestic economy, Hamilton suggests, will yield international status, which is consistent with a Realist view of international power relations. 1 9-126.Smith, A. R. 26). The abandonment of client states by powerfulones can also have far-reaching geopolitical implications. Moreover, it is difficult not to notice that thenotion of "equal" as presented theoretically bears little resemblance toreal-world conditions, which are far from harmonious. Afghanistan, aCold War frontier until the USSR collapsed, became a US and Russianafterthought--to the great cost of many, as it turned out. 9-23.Hamilton, A. 14). It entails issues relating to economicnationalism as well, to the degree the self-interested quest for power andmoney motivate global interaction. Is International Competitiveness a Meaningful Concept?" International Political Economy: Readings on State- Market Relations in the Changing Global Order. If national interest is the controlling idea of Realism, it follows that it is in the nation's interest to achieve as much geopolitical status as possible. (1996). T Passe-Smith, & J. 12). Frieden and Lake (1996, p. Conklin (Eds.). C. The theory of hegemonic stability and changes in international economic regimes, 1967-77. . Thus Soviet entropy initially fed the notion of US relative gain as leader of the Allies but later translated into concerns that such Allies as Germany and Japan achieved relative economic gains as competitors who no longer had to depend on US protection (Rapkin & Strand, 1996, p. International Political Economy: Readings on State-Market Relations in the Changing Global Order. 3 ). T Passe-Smith, & J. R. T Passe-Smith, & J. International Political Economy: Readings on State-Market Relations in the Changing Global Order. Conklin (Eds.). 86). Boulder: Lynne Rienner Publishers. International Political Economy: Readings on State-Market Relations in the Changing Global Order. Goddard, J. 25- 33.Gilpin, R. Dependency theory is in one way or another called upon to explain notjust the relations between countries but the internal conditions ofdependent countries, i.e., their economic status, which is of coursecompared to the economic status of the industrial nations. With power as the chief politicalconcern, it follows that political benefit, or power, would translate intoeconomic benefit, and that any benefit a nation-state might enjoy in thegeopolitical arena would come at the expense of benefits and power of othernation-states. C. Goddard, J. To discuss dependency theoriesof international politics is to discuss unequal relationships betweennations; Keohane (1996) uses the concept of the hegemonic state, i.e., theUS, to describe the position of power vis-à-vis so-called dependentnations. The behavior of international capitalism overlaps with the unequalposition of nation-states in the modern IPE and illustrates a dependency-theory view of international power relations. If one takes Realism to be woefullyinadequate to addressing the moral-ethical vagaries of the IPE, Realismnevertheless seems to offer the most realistic picture of how nation-statesactually behave. 75-88.Keohane, R.O. 71). T Passe-Smith, & J. International Political Economy: Readings on State-Market Relations in the Changing Global Order. Goddard, J. Trade lessons from the world economy. As Drucker indicates (1996), this could involve accepting alarge foreign-trade deficit in order to maintain a high valuation ondomestic currency. International Political Economy: Readings on State-Market Relations in the Changing Global Order. Boulder: Lynne Rienner Publishers. Conklin (Eds.). As Frieden and Lake explain, "Realists perceive politics asdetermining economics" (1996, p. R. 89-1 6.Rapkin, D.P., & Strand, J.R. Moving manufacturing from domestic to foreign shores maymean job loss at home, but the benefit is in the revenue stream that keepsflowing homeward; thus in the long run "investment abroad creates jobs athome" (Drucker, 1996, p. (1996). T Passe-Smith, & J. The hegemon can make andenforce all kinds of rules without consulting subordinate states. But they distinguish between economic actuality and the political perception of relative gains or losses vis-à-vis other countries, as indices of relative gains. Keohane (1996)cites the dramatic shift in economic power relations when the"concessionary system" under which international oil companies controlledglobal oil markets and treated host countries as de facto dependents fellbefore OPEC'S unified front. We usually do not ask whether domestic decisions will hurt American competitiveness, participation and standing in the world economy. The liberal view of international power relations is that theinvisible hand of geopolitical market dynamics tends to regulate thebehavior of nation-states because it obliges them to integrate theirvarious economies to harmonize the position and behavior of the whole(Frieden & Lake, 1996). 84). All of this in turn affects international powerrelations, with economic calculations pitted against political ideologiesor perhaps religious fundamentalism. Goddard, J. underdevelopment, and, for more advanced economies,[] economic decline" (Gilpin, 1996, p. The basic idea is that when powerfulnations engage in foreign trade what is going on is imperialism, orcapitalism extended beyond domestic shores (Frieden & Lake, 1996, p. A. 12). . Conklin (Eds.). The competitive pool is assumedto be wholly egalitarian, and competition is conceptualized as a process ofconstant cost-benefit calculations aimed at "the highest level ofsubjective satisfaction" (Frieden & Lake, 1996, p. 12 ). That characterization calls into question whether anything likeinternational free trade is possible to realize. International politics and international economics. extracts surplus value from the periphery [Third World] andconcentrates it in the core, just as capitalists exploit workers within asingle country" (Frieden & Lake, 1996, p. In the area of free trade, the Realist position would bethat the nation-state would aim to (for example) minimize its own liabilityfor tariffs or other fees on goods that it exported, while attempting tolevy tariffs or other fees on goods that it imports, so as to protect theability of domestic makers of similar goods to compete with those goods onprice, hence shore up its domestic economy and demonstrate its ability tomanipulate trade: "Thus, trade protection--which might reduce a country'soverall income by restricting the market--may be adopted for reasons ofnational political power" (Frieden & Lake, 1996, p. R. Certain difficulties with subordinating politics to economic behaviorarise when liberal-internationalism theory is compared todependency/historical structuralism theory. Boulder: Lynne Rienner Publishers. 3 ),or "exploitation . By and large, the powerfulstates are at an advantage, but some exceptions can occur. Conklin (Eds.). Dependencytheory deals with international power relations to the degree it looks atthe interdependence of industrial nations on one hand, as well as rivalrybetween them for dependent-nation clients on the other. This approach tothe IPE aims to identify the big picture, or structure, of economic andpolitical behavior of nation-states. T Passe-Smith, & J. 14). Drucker agrees, adding thateconomic concerns should also override domestic special interests: What is needed is a deliberate and active--indeed, aggressive--policy that gves the demands, opportunities and dynamics of the external economy priority over domestic policy demands and problems. In an effort to build the national economy of thenew country, Hamilton calls for protectionist duties on goods that woulddiscourage development of domestic manufacturing, itself a Realistposition. Conklin (Eds.). The hard truth is,however, that there never has been an equal-footing condition in eithereconomics or geopolitics. Conklin (Eds.). 3 ) refer to "rulingclasses who pursue their own narrow interests at the expense of nationaleconomic progress"; an example would be when elites cooperate withindustrial countries or corporations to build factories or clear-cutrainforest that cannot be reclaimed. Economic growth proceeds at vastly different rates inindustrialized and developing countries, which fosters triumphalism on onehand and envy on the other. 37-52. Theresearch will set forth the basic tenets of each theoretical perspectiveand discuss how each perspective interprets the dynamics of the threesubject areas, noting, as appropriate, how the theoretical perspectivesoverlap, converge, and diverge. Boulder: Lynne Rienner Publishers. Excerpts from The Wealth of Nations. Dependency theory entails a Marxist worldview in its emphasis onconflict rather than harmony as the main geopolitical dynamic (Gilpin,1996; Frieden & Lake, 1996, p. C. 72). 31). Industrialization may be takingplace in dependent countries, and the elites of those countries may befeathering their nest. Boulder: Lynne Rienner Publishers. 29). In any case, jobs are less important than therevenue stream that fuels economic growth; market forces are able tomaintain the integrity of the IPE. If this paper is not what you are looking for, you can search again: Search for: or Click here to request an essay written just for you.