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128 Cards in this Set
- Front
- Back
_________ are intellectual descendents of _________
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realists, mercantilists
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Realists and mercantilists are the same i.r.t. the market in that...
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State wants to and can intervene in the market in pursuit of national interests
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Realists and mercantilists are the same i.r.t. states in that...
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Emphasis on strength and security to reduce vulnerability
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Realists and mercantilists are the same i.r.t. non-state actors in that...
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They don't matter
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Realists and mercantilists are the same i.r.t. production in that...
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Everything should be produced within the state
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Mercantilism
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Domestically produce as much as possible to reduce vulnerability and maximize wealth
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Mercantilists argue that states pursue...
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Relative gains
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Liberals argue that states pursue...
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Absolute gains
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What do mercantilists think about trade?
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Export, try not to import
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What do liberals think about the state in IPE?
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It may be important, but it shares the stage with some significant others
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What do liberals think about state power in IPE?
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Traditional forms are not always effective, because they are limited by interdependence
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What do liberals see the potential for in IPE?
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Harmony
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What do liberals think states pursue in IPE?
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Absolute gains
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What forms the basis of liberal theory in IPE?
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Private property and individual contracts
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What motivates individuals, according to liberals in IPE?
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Self-interest
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What do liberals think is good for states in IPE?
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International market and trade
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Autarky
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Economic self-sufficiency
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What does an autarky not do?
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Trade with the outside world
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The more self-sufficient a state is...
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...the less vulnerable it is to economic coercion
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What is autarky the opposite of?
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Free trade
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What is free trade the opposite of?
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Autarky
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Liberals believe in what kind of trade setup?
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Free trade
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Unlike liberals, what do Marxists believe?
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Social harmony (absolute gains) can't be achieved across classes
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Unlike mercantilists, what do Marxists believe?
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States are not unitary actors
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Like realists, what do Marxists believe?
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You should be suspicious of "cooperative" economic arrangements between states, especially those at different stages of development
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In economic arrangements between states, who do realists believe benefits most?
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The most powerful states
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In economic arrangements between states, who do Marxists believe benefits most?
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International capitalist class
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What are the key alliances in IPE to Marxists?
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Rich owners of MNCs in various countries
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Actions or threats to disrupt economic exchange unless target state modifies behavior as demanded
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Economic coercion
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2 types of economic coercion
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Economic warfare, sanctions
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2 types of economic warfare
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Political isolation, use of military force
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Sanctions are usually...
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...a ban on trade
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What are 2 examples of countries that the UN has sanctioned?
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South Africa, Iraq
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The costs imposed on an actor by external events
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Vulnerability
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What is vulnerability contingent on?
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A state's position in the system
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Who is the least vulnerable?
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The most powerful
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How quickly changes by one actor in one setting bring about changes in another, and how great the effects are
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Sensitivity
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Asian financial crisis:
The currency contagion quickly spreads as many other countries see the effects |
Sensitivity
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Asian financial crisis:
Stock markets collapse in Asian countries, deep recession hits |
Vulnerability
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What is the middle ground between realists and liberals?
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Geo-economics
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What do geo-economists think is important for state's military strength?
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Industrial and technological development
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What do geo-economists think are key elements of national interest?
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Domestic economic priorities
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How is geo-economics like realism/mercantilism?
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States are in perpetual competition
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How is geo-economics like liberalism?
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Warfare costs more, economics more important
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Sectors of society that benefit from spending on national defense
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Military industrial complex
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Follow-on imperative
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As one company stops producing a weapons, it gets a new weapons contract
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2 market alternatives
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Command/control economy, free market
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An economic system in which decisions about goods and services are planned ahead of time
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Command economy
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Critics of command economy argue that...
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...planners cannot detect demand with sufficient accuracy
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Controversial model of an idealized economy, wherein exchanges are "free" of all coercive measures
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Free market
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A situation in which markets do not efficiently organize production or allocate goods and services to consumers
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Market failure
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2 main reasons that markets fail
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inadequate expression of costs or benefits in prices, sub-optimal market structure
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The set of arrangements whereby the gov’t assists certain industries (sometimes called “national champions”) that are deemed to be crucial to the nation’s economic strength
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Industrial policy
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What do liberals say about guns vs. butter?
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you need to provide for an economic infrastructure and a healthy, educated population
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What do realists say about guns vs. butter?
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you need guns to protect and create your butter
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What do Marxists say elites do with defense spending?
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Use it to stimulate the economy
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Liberals believe that a large defense budget...
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...saps the nation's economic health
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Principles of economic interaction and organization that emphasize the importance of private ownership, free markets, and the unhampered flow of goods, capital, and labor both within and between national economies
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Economic liberalism
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Economic interactions that emphasize free markets, private property, and free flows of goods, labor, and capital across borders
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Economic liberalism
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Trade balance
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imports - exports
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If exports less than imports...
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...no native industry developed
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A policy of restricting, but not eliminating, imports in an effort to protect the economic viability of domestic industries
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Protectionism
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Middle of spectrum of trade practices
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Protectionism
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Taxes or duties levied on an imported good in order to raise revenue or to regulate the flow of foreign goods into a country
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Tariffs
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§ Makes a particular imported item more expensive to purchase and fewer will be sold relative to similar domestic goods
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Tariffs
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3 types of non-tariff barriers
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Quotas, boycott, embargo
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Control imports not through prices, but through the amount of goods permitted to enter a country from a specific source for a specific time period
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Quotas
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States cease to buy from another state
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Boycott
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Stop sales of economic items to another state
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Embargo
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Cut the target state off from its markets
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Boycott
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What do Marxists say elites do with defense spending?
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Use it to stimulate the economy
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Liberals believe that a large defense budget...
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...saps the nation's economic health
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-Principles of economic interaction and organization that emphasize the importance of private ownership, free markets, and the unhampered flow of goods, capital, and labor both within and between national economies
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Economic liberalism
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Economic interactions that emphasize free markets, private property, and free flows of goods, labor, and capital across borders
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Economic liberalism
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Trade balance
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imports - exports
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If exports less than imports...
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...no native industry developed
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A policy of restricting, but not eliminating, imports in an effort to protect the economic viability of domestic industries
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Protectionism
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Middle of spectrum of trade practices
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Protectionism
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Taxes or duties levied on an imported food in order to raise revenue or to regulate the flow of foreign goods into a country
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Tariffs
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Makes a particular imported item more expensive to purchase and fewer will be sold relative to similar domestic goods
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Tariffs
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3 types of non-tariff barriers
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Quotas, boycott, embargo
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Control imports not through prices, but through the amount of goods permitted to enter a country from a specific source for a specific time period
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Quotas
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States cease to buy from another state
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Boycott
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Stop sales of economic items to another state
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Embargo
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Cut the target state off from its markets
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Boycott
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Cut off state’s supply of resources from outside
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Embargo
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If a good is supplied to any member of a group, it is supplied to all members of a group (indivisible)
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Jointness of supply
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If new members are added, the old members won’t receive a diminished amount
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Jointness of supply
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Can’t be withheld from members of the group
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Nonexclusiveness
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The complete set of rules that govern behavior in some specified area of international relations
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Regime
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What is something that could help overcome the free rider problem?
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Regime
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What is a positive aspect of a regime?
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Regularization of behavior, so creation of patterns
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Designed to help states manage their exchange rates, maintain their reserve currencies used as a common medium of exchange, and regulate the movement of international capital
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International monetary regime
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What did Bretton Woods create?
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A system of fixed exchange rates
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What did Bretton Woods create to maintain its other creation?
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IMF
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What was GATT based on?
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Free trade and nondiscrimination
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What did GATT create?
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WTO
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What was the central feature of the world trade regime?
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GATT
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Examples of regional economic integration
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EU, NAFTA
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What is the goal of regional economic integration
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Create larger domestic markets
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The goal of regional economic integration is to...
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...create a single market out of many markets
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Are realists pro or anti regional economic integration?
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Pro
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Are liberals pro or anti regional economic integration?
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Anti
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Maastricht treath
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Created the Euro
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Currently how many members in EU?
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25
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The snake
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Each European currency valued relative to another, all floated against dollar
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Pro of Euro
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Increase economic efficiency
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Con of Euro
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Surrender policy autonomy to common authority
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A grouping of national economies that impose a common set of tariffs on imports from countries outside the group
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customs union
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Government economic policy converges to what market dictates
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Harmonization
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Transnational relations
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interactions that bypass the governments of states and impact directly on their domestic environments
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What do socialists say about globalization?
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It is exploitation of poor by rich
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What do environmentalists say about globalization?
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Globalization is way of circumventing environmental laws
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What do labor unions say about globalization?
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Fear losing jobs to cheaper overseas labor
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Components of human development
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economic, social/political, human
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OECD
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the wealthy
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A perspective that attributes underdevelopment in the Global South to the features of traditional society, which will become transformed over time
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Modernization theory
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What is the disparity caused by in modernization theory?
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"traditional elements"
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What is the disparity caused by in dependency theory?
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"international structure"
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Periphery
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Has resources but no way to process them
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Core
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extracts resources from poorer states
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Dependence
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Only stronger power gains
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Interdependence
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Mutual gains
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Import Substitution Industrialization
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substituting domestically manufactured goods for imported ones
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G-77
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Underdeveloped countries trying to negotiate better trade with industrialized
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Economic arrangements more favorable to the South, including commodity price stabilization, development assistance, and debt relief
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NIEO
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A strategy of specializing in the production and export of select manufactured goods in the hopes that other industrial sectors will also benefit
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export-led industrialization
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The extension of very small loans to unemployed, poor entrepreneurs and others living in poverty who are not bankable
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micro-lending
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