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14 Cards in this Set

  • Front
  • Back

Corn Laws

Protectionist trade barriers in favor land-owning farmers from 1815 to 1846 and that restricted agricultural imports in Britain. When the interests of manufacturers gained control of the Parliament the Corn Laws were repealed, signifying the emergence of economic liberal ideas about free trade.

Embedded Liberalism

Under the Bretton Woods states were to be responsible for management of the domestic economy. This compromise would become implanted in the minds of actors, institutional procedures, and society (Keynesian)

Hegemonic Stability Theory

One nation is more dominant(rich) than others sets rules that regulate behavior in IPE. (Willing and Able)

Hegemony

Dominance or Leadership, by a Hegemon over other nations. HST happens when one nation is Able and Willing to act and accepts the counteracting costs.

Heterodox Interventionist Liberals (HILs)

Support minimum amount of state intervention in the economy--some government regulation is good. (Less extreme than OELs)

Keynesian Compromise

An aspect of the Bretton Woods system. Nations retain the ability to intervene in their domestic economies but agree to limit interference in international economic markets.

Keynesian Theory (Keynesianism)

Agreeing with John Maynard Keynes (there is a positive roll for the state to play in domestic affairs-unemployment, poverty, etc.) (and international affairs - IMF & World Bank) Interwar, (HILs)

Neoliberalism

Adam Smith and David Ricardo. Emphasizes market delegation, privatization of government enterprises, minimal government intervention, and open international markets. Unlike Classical Liberalism, this is primarily on agenda of policies rather than a political economy perspective.

Paradox of Thrift

If one person saves more income then that person is more secure economically. If everyone does this, however, it can cause a recession and everyone is less secure.Keynes supported the government should help overcome the problem.

Positive-Sum Game

All participants are simultaneously better off

Public Goods

Goods or services that, once provided, cannot be denied to one person and everyone befits simultaneously. (A Lighthouse)

Reaganomics

Promotion of Free-Trade and limited state intervention in the economy along with decreasing taxes to help grow the economy and reduce public debt.

Rent Seeking

Efforts to achieve personal gain by creating an artificial scarcity rather than efficient production. Many corrupt activities.

Zero-Sum Game

When gains by one party create an equal loss to others. Major role in Realist-Mercantilist perspective.