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Lecture 4 Classical IPE Theories All theories here are descriptive and prescriptive to various degrees. Dr Jacqui Ala Economic Nationalism/Mercantilism Origins – establishment of modern sovereign state, 16th & 17th Centuries Alexander Hamilton; Friedrich List Economics subservient to politics Main actors – states Nature of economic relations – conflictual/zero sum game • Benign vs aggressive mercantilism Economic goals – state power Success of East Asia Economic Internationalism/ Economic Liberalism Counter theory to mercantilism, emerging also in 16th & 17th centuries Adam Smith (1723 – 1790) David Riccardo, comparative advantage Economics autonomous from politics Main actors – individuals/companies Nature of economic relations – cooperative/positive sum game Economic goal – maximum individual and social well being Economic Structuralism Critical Response to Liberalism Includes • Marxist Theory (Marx, Engels and Lenin) • Dependency Theory (Raoul Prebisch) • World Systems Theory (Immanuel Wallenstein) Marxism Economics dictates politics (materialist) Main actors – classes Nature of economic relations – conflictual zero sum Growth of capitalism – positive States not autonomous V I Lenin - Imperialism Capitalism is expansive Neo Marxism – Robert Cox Cox’s analytical framework Social forces World order Forms of state Dependency Theory Sees world in two spheres • The core manufactured goods Colonizers • The periphery primary goods Colonies Neocolonialism Relationship is inequitable and seeks to entrench the status quo as the core states determine the rules of the game They also have influence on the elite of the periphery Economic system needs to be changed to achieve greater equality between players Immanuel Wallenstein World Systems Theory core Semi periphery periphery Contemporary debates Does a liberal IPE need are hegemon? Development and underdevelopment in the Third World – contending models Economic globalization: where are we going? Class Assignment - Due Date 25 April @ 12:30 Task Colour code each country in the table according to their GDP Now colour in the country on the world map according to their above assigned GDP colour Also write their Human Development Index ranking on the map Questions Section A – (50 marks) Explain what a gross domestic product is and what it is designed to measure? Explain what the human development index is and what it is designed to measure? How do these 2 instruments of economic measurement differ? Where are the countries with high GDPs in geographically located? Where are the countries with low GDPs in geographically located? Where are the countries with the highest HDIs located? Where are the countries with the lowest HDIs located? What observations can we make from looking at this map about the global dispersion of wealth? Is there a correlation between states GDP and HDI score? What are the possible reasons for this? Section B - Short Essay (3-4 pages) (50 marks) Referring to the literature below, discuss the strengths and limitations of using the human development index to assess countries levels of development.
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