...Planned Economy and Socialism (Name) (College/University) Planned Economy and Socialism Planned Economy is an economic system whereby decisions concerning investment and production become configured in a plan formulated by a central authority. Central planning justify that the consolidation of economic resources plays a vital role by allowing the economy to take advantage of ideal information. This takes place during the decision-making process for production and investment. In planned economy, the central economic planning by the government controls all sectors of economy and formulates all decisions concerning resource allocation and use. It is the duty of the planners to decide what to produce and make directions to the lower level enterprises to produce goods taking care of national and social objectives. A planned economy consists of private enterprises, state-owned enterprises, and cooperative enterprises. Therefore, planned economy is an economic system whereby the government controls and regulates production, distribution, and pricing. Conversely, socialism is an economic system characterized by control of the cooperative management and the means of production (Lavigne, 1991). This economic system combines cooperative ownership, direct state ownership, and common owner. In addition, it focuses on the production, which meets human needs and economic demand. This implies that goods and services produced are for...
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...The Sanctions Debate and the Logic of Choice David A. Baldwin debate over whether economic sanctions "work" is mired in a scholarly limbo. One writer contends that recent international relations scholarship has promoted optimism about the utility of such measures and sets out to challenge this trend} while another notes the pessimism that "pervades the sanctions literature" and proceeds to argue that it is unjustified. 2 A third scholar cites the sanctions literature as an example of fruitless academic debate with little policy relevance.3 Such divergent readings of the scholarly literature are often explained by differences in ideology or fundamentally different theoretical orientations. This does not seem to be the case with respect to the sanctions debate. Under appropriate circumstances, it is quite possible for liberals, neoliberals, realists, neorealists, or globalists to argue in favor of using economic sanctions. If the sanctions debate is bogged down, the explanation does not seem to lie in the essentially contested nature of the subject matter. A second potential explanation is that scholars are talking past one another because they ask different questions, use different concepts, and set the discussion in different analytical contexts. In short, they are talking about different things. This article explores the second explanation. The basic paradox at the heart of the sanctions debate is that policymakers continue to use sanctions with increasing...
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...choice. Many MENA countries have been facing significant economic hardships. This has forced the international community for economic intervention - serious interventions - to protect their interests in the form of economic reforms. Economic Reform and Structural Adjustment Programs had its failures, reflecting the failures of the post- Washington Consensus neo-liberal interventions in developing countries (Mitchelle, 1999). These failures have to reflect on choices of MENA countries as they are facing a cross-road. Forms of intervention varied in many ways after WWI, when political imperialism was done with its role in fostering mercantilist and conventional capitalism gains (Dillard, 1988). But these powers had to be maintained, so the economic intervention was more appealing than political, during the second half of the twentieth century. This paper argues that developing countries were victims of political and economic powers struggle for dominance during the cold war, and when the west capitalist prevailed after the collapse of communism in late 1980s, the ERSAPs were the most appropriate form of intervention to eradicate any socialist traces form already weakly performing developing countries. We may also argue that the success stories of these programs were very limited, because it didn’t include serious governance reform...
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...Improving Perspectives of International Political Economy International Political Economy is a collection of aspects from economics, political science, sociology, history and some philosophy. With information coming from multiple sources there are bound to be numerous different perspectives of IPE. The three most common and well known perspectives examined will be liberalism, mercantilism and historical structuralism. Being that these are the three most accepted perspectives suggests that the majority of the views within these theories are strengths. However, with so much information, there are bound to be weaknesses and flaws found within these theories as well. There are always ways to improve on these the weaknesses and theories in general. International Political Economy deals with three main approaches: liberalism, historical structuralism and mercantilism. Each theory has its own strengths and weaknesses, but the way to improve them all is not to fix each individual weakness but to combine the strengths of all the perspectives into to create an entirely new theory. Liberalism is often described as the IPE perspective that focuses on the individual and the primacy of freedom or liberty in the book “Introduction to International Political Economy” by David Balaam and Michael Veseth. Individual freedom and capitalism are the overarching ideas found within the idea of liberalism. Capitalism is commonly referred to as a market-based economic system where free-markets...
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...nternational political economy (IPE), also known as global political economy, is an academic discipline within the social sciences that analyzes international relations in combination with political economy. As an interdisciplinary field it draws on many distinct academic schools, most notably political science and economics, but also sociology, history, and cultural studies. The academic boundaries of IPE are flexible, and along with acceptable epistemologies are the subject of robust debate. This debate is essentially framed by the discipline's status as a new and interdisciplinary field of study. Despite such disagreements, most scholars can concur that IPE ultimately is concerned with the ways in which political forces (states, institutions, individual actors, etc.) shape the systems through which economic interactions are expressed, and conversely the effect that economic interactions (including the power of collective markets and individuals acting both within and outside them) have upon political structures and outcomes. IPE scholars are at the center of the debate and research surrounding globalization, both in the popular and academic spheres. Other topics that command substantial attention among IPE scholars are international trade (with particular attention to the politics surrounding trade deals, but also significant work examining the results of trade deals), development, the relationship between democracy and markets, international finance, global markets, multi-state...
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...At last, and finally, here is the first accurate and beautiful translation of Richard Cantillon's 1755 masterpiece on economics. This treatise is widely credited with being the first to describe the market process as one driven by entrepreneurship. William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of economics. But “political economy” does not accurately describe the subject Cantillon addressed. Indeed, he scrupulously avoided political issues in order to concentrate on the mechanics of eighteenth-century economic life. When confronted by “extraneous” factors, such as politics, Cantillon insisted that such considerations be put aside, “so as not to complicate our subject,” he said, thus invoking a kind of ceteris paribus assumption before it became fashionable in economics to do so. Murray Rothbard, for this reason, called Cantillon the "founding father of modern economics." This book preceded Adam Smith by a generation. Unlike any previous writer, Cantillon explicated the vital role of the entrepreneur with perception and vigor. Hence, he deserves to be called “the father of enterprise economics.” We know little of Cantillon’s life and the circumstances of his authorship. The manuscript that was eventually published in 1755 circulated privately in France for almost two decades before;...
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...does a “political economy” approach to study of the Creative and Cultural Industries involve? What are its advantages and disadvantages? ID: 10048001 Anastasia Davydova 1. Introduction The intention of this paper is to define what we mean by political economy? What does this approach involve to study the Creative and Cultural Industries and what its advantages and disadvantages. This work will search through definitions, different schools and historical periods to better understand the background of Political Economy. Also this approach will be compared with another approach which examines cultural industries namely cultural studies approach to underline the main key point of political economy. This essay will briefly discuss specifics features of Creative and Cultural industries and moves to political economy approach itself with the final observation of advantages and disadvantages. “Culture is our business and business is our culture” [1] Definitions The term political economy addresses to relationship between politics and economy, how political power cooperate with economics, so politics responsible for the society and economy, in other words in charge of wealth of the society. Hence it is possible to declare that political economy examines the production and distribution of wealth in society. But there are also combination of such factors as political, economic...
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...perspectives, the four structures, the levels of analysis, and the types of power. Which ones do you feel you understand well and which ones need more work? Los niveles Individual y el de los estados son los más fáciles de comprender ya que se pueden estudiar sin tanto conflicto, pero el sistema internacional: el conflicto internacional a veces es causado por la naturaleza conflictiva del hombre. 3. Define and outline the major features of globalization. Explain the connection between economic liberal ideas and globalization. Which of the three IPE perspectives (or combination of perspectives) about globalization do you agree with most? Globalization is important because it has framed the four structures of the international political economy outlined above. Many of the rules and processes related to trade, money, technology, and security reflect this popular concept. Globalization has brought about a significant change in the way...
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...The views of the Division of Labour through the eyes of three of the most influential philosophers The productive activity, especially for the sake of economic gain. The definition of labour has been constant over time, yet many have argued to what extent labour is divided. For some the division of labour represent doing what we are naturally inclined to do, to others it represents specialization in certain tasks and yet to others labour is most productive when decisions are left in the hands of the worker . There are many distinct definitions of the division of labour, yet the most famous are found in the teachings of Plato, Karl Marx and Adam Smith. The division of labour for Plato stems from the natural capacity of human beings. Plato believes people are naturally suited for specific jobs, it is not through the acquired skill that they chose what they will do in life. He states “…we must infer that all things are produced more plentiful and easily and of a better quality when one man does one thing which is natural to him and does it at the right time and leaves other things”(McNulty, 1975). Simply stating this indicates that one should not gravitate towards another job, as the result would be all but optimal for society. He states that division of labour is formed due to the diversity of human talent (McNulty, 1975). Simply put, not everyone is made out to be a basket weaver, blacksmith or baker, yet when society calls upon its members to meet its demand people while...
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...INTERNATIONAL-BUSINESS POLITICAL BEHAVIOR: NEW THEORETICAL DIRECTIONS JEAN J. BODDEWYN Baruch College THOMAS L. BREWER Georgetown University Alternative assumptions are advanced regarding the political nature of international business and the role of government as a factor of production, which firms must manage in their international valueadded chains. Based on a model oi business political behavior, various propositions are developed regarding the interactions among firm, industry, and nonmarket factors as well as the impact they have on various forms and intensities of political behavior, as affected by strategic objectives. Finally, the sfrategic-theorizing implications of such behavior are discussed in the context of the recent emphasis on resource-based models of strategy management. Research in international business (IB) is much more infused with a consideration of political factors than its domestic counterpart. Authors of IB studies have constantly mentioned and even emphasized government as a variable, rather than a constant or given, because international firms (exporters, importers, licensors, foreign direct investors, etc.) operate under a great variety of evolving political regimes that have an impact on these firms' entry, operation, and exit. When IB topics were first researched in a policy-oriented manner, Fayerweather (1969) stressed "the accommodation of interests and the resolution of conflict" between international firms and political actors at ...
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...Principles of Islamic economic system: a) Sole purpose is to obey and please Allah b) The wealth and asset in all their forms given under trust by Allah c) Moral values and guiding factors for all economic activities d) Maximum equitable utilization of human and material resources given by Allah e) Human dignity and respect of labor f) Maximum freedom for economic activity within a just framework g) Equitable distribution of wealth and income and disciplined private ownership h) Simplicity economy and austerity in expenditure i) Adal and Ihsan (justice and kindness) j) Strict prohibition of Riba, interest and usury in all forms. Some of the principles of the Islamic economic system, as laid down by the Qur’an and the Sunnah, are discussed as follows: 1. Allah determines Right and Wrong: We have already discussed in the first chapter that Islamic economic system makes distinction between what is permitted being lawful (Halal) and what is forbidden being unlawful (Haram). To determine what is permitted or lawful (Halal) and what is forbidden or unlawful (haram) is the soul prerogative of God. None but God is empowered to pronounce what is right and what is wrong. Allah has made demarcation between lawful and unlawful in the economic sphere and has allowed man to enjoy those food items and other articles of use which are lawful and avoid those things which are unlawful. The Qur’an says: “O ye who believe ! Forbid not the good things which Allah hath made lawful for...
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...BSP5003 Contemporary Issues in International Political Economy Essay 1 (Part 1) – Marking Criteria Which of the three major theoretical perspectives on International Political Economy (IPE) – i.e. liberalism, mercantilism, and structuralism – best explains the emergence, development and consequences of the major IPE issues in the world today, and why? (1,000 words) 1. Critical Review of a Body of Knowledge (Wider Reading and Criticisms) | Criteria | Achievement* | | A | B | C | D | E | * ------------------------------------------------- Does this work use key readings relevant to the subject – sources may include books, journals and the University’s electronic resources with limited reference to internet sources? | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | * ------------------------------------------------- Does the literature on the three major perspectives on IPE include up-to-date material?------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | ------------------------------------------------- | * ------------------------------------------------- ...
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...Syllabus INTA 3301: International Political Economy Spring 2013 Class meets MWF 1:05-1:55, Instructional Center 109 Instructor: Michael Murphree Sam Nunn School of International Affairs 137 Habersham Building Email: michael.murphree@gatech.edu Office Hours: Monday 2:00-3:00, 137 Habersham, or by appointment TA: Kathleen Thompson Email: kthompson136@gatech.edu Political economy is the study of the role of government, politics and collective human behavior in shaping economic outcomes. This exciting field is both old and new. Political economy predates both political science and economics but only reemerged as a distinct field in the 1960s and 70s. It is concerned with understanding how political forces (broadly defined) shape and are shaped by economic ones (broadly defined). There are many research and policy-relevant questions addressed in this field: 1. What is globalization and is it really good for everyone? 2. Is free trade really the only “appropriate” means for international exchange? 3. Why are some countries or regions rich while others struggle? 4. How did the global casino of high finance emerge and what is its purpose? 5. Is economic performance the root of power or power the root of economic performance? 6. What should be the role of government in the economy? 7. Is there a best practice for government economic policy or are there many workable practices? 8. Why has Asia seemed to perform so well over the last...
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...Question: How does international political economy impact on your life in Belgium? Introduction International political economy also known as global political economy is an academic discipline within the social sciences that analyzes international relations in combination with political economy. As an interdisciplinary field it draws on many distinct academic schools, most notably political science and economics, but also sociology, history, and cultural studies. International political economy is concerned with the ways in which political forces (states, institutions, individuals, etc.) shape the systems through which economic interactions are expressed, and equally the effect that economic interactions have on political structures and outcomes. International political economy has various categories that help to describe and explain the different political and economic policies that various states, institutions and individuals may choose to be interested in. These categories are liberal, realist and Marxist. In this essay I will be exploring the different categories and the impact they would have on the international political economy of Belgium. History & Summary of Belgium Belgium is a constitutional, popular monarchy and a parliamentary democracy. It is a small, highly developed and densely populated country with approximately 10 million inhabitants at the cross-roads of Western Europe. Belgium is one of the founding members of the European Community, and its capital...
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...* ------------------------------------------------- Text analysis provides some insight into media messages but only a critical political economy approach can adequately explain how the media work today * * Whoever Controls the media, controls the mind. This is an interesting quote by Jim Morrison that shows the power of the media and its messages at the present day. Media has played a huge role in the cultures it inhabited. Starting from the Printing Press, and then evolving into the radio, the television till the World Wide Web. The evolution of the mass media took many different shapes and with this evolution, it shaped our cultures and understandings differently, which caused its effects to be more influential. Throughout the history the mass media molded our ideologies by its messages and changed the way we look at things around us. “When we consume mass media, there are a lot of physical and mental activities going on” (Fourie, 2001, p.283). At the present time when we decide to sit and watch a movie, there are millions of messages being interpreted to us as audiences that shape how we speak, dress, and behave. It is believed that the media determines what we should know and how we should think. But the vital question is who controls the media and controls its messages, and how does the media work today. This essay will therefore attempt to discuss the different approaches that are used to analyze and evaluate media messages, and how these various approaches operate...
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