GO131: International Relations Professor Walter Hatch Colby College Economic Power.
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GO131:International Relations
Professor Walter HatchColby College
Economic Power
Old Debate over Economic Power
Mercantilism
versus
Liberalism
Mercantilism
16th to 18th centuries
Gold and Silver Bullion = State Power
X > M
Neo-Mercantilism
19th century economic philosophyGermany (Friedrich List), U.S. (Alexander Hamilton), and Japan (Ministry of Commerce and Industry)Promote and protect manufacturing
Commercial Liberalism
Eighteen and nineteenth centuries
David Ricardo and Adam Smith
Gains from trade via specialization
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
Heckscher-Ohlin Theory
Laissez-Faire
So …Why do governments still intervene in markets?
Classical liberals: domestic politics
Realists: relative gains
Hegemonic Stability(Neo-Realism)
Neo-liberal Institutionalism
The International Economic Order: Fair or rigged?
Realists and liberals don’t care
Marxist theorists doLeninism
Dependency Theory
Modern World System Theory
Modern World System Theory
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