...theories of international political economy and consider which approach is most apparent in the contemporary world. The following seeks to contrast liberal and mercantilist theories that have developed to describe and analyze the international political economy. Once the contrasts have been made conclusions as to which theory is the most apt or apparent in the contemporary world will be drawn. Both liberal and mercantilist theories have advantages and disadvantages when used to understand the international political economy in the present global system. Perhaps it would be more apt to describe the liberal theory as being neo-liberal as it has undergone a recent revival in popularity. It must be remembered that whether a state is most influenced by liberal or mercantilists theories that trade will never be completely free of duty and tariffs, as they are useful sources of revenue for governments. Governments also have to have relationships with other governments and non-state actors that may or may not share their worldview. Liberalism itself can be dated back to the English, American and French revolutions of the seventeenth and eighteenth centuries, when the mercantilist economic system evolved into capitalism. Liberals were originally regarded as being politically centrist or left wing in outlook but favoring little or no state intervention in the economy. In its original form liberal economic theory strongly advocated a free market approach with states not using tariffs to...
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...INTRODUCTION The present global socio-economic-political and technological landscapes have undeniably pose serious challenges and opportunities to the United States as the only super power in the world at the present. It is not only globally superior in terms of military might and technology but also the biggest economy in the world. Such epitome of global success and leadership for more than a century has been the very beneficial to the U.S. and its economy particularly in the pre-9/11 and pre-2007 global financial crisis eras. But these events particularly the 9/11 attack for example have created serious blow to the U.S. global leadership and its image. Like in the area of the U.S. foreign policy in which its global image defends upon that has also significant implications on its economy, global economic and political interest. Hypothesis The evolution U.S. Foreign Policy for example has been intertwined with the changes of the socio-economic-political and technological landscapes. But for the first time in U.S. History, Terrorism has become the major cause of the abrupt changed in its Foreign Policy which has some serious implications on its national security, political and economic interests in different regions of the globe including West African region which composed of countries like Angola, Benin, Cameroon, Cape Verde, Democratic Republic of Congo, Côte d'Ivoire, Equatorial Guinea, Gabon, Gambia, Ghana, guinea, Guinea-Bissau, Liberia, Mauritania, Namibia, Nigeria...
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...Argentina Country Study ***Overview*** The focus of this study is to compare the economic, financial, and political traits of the United States and Argentina. Beginning with the key indicators (see above) taken from the Global Competitiveness Report published through the World Economic Forum, one can begin to see differences in the makeup of these countries. The Global Competitiveness Report is used to show economic competitiveness and to highlight top performing countries across the globe. Using this upper-level view, it can be seen that the United States is approximately 3.5 times larger than Argentina in land mass, and has almost 8 times as many citizens. GDP for the United States surpasses that of Argentina 33 times. Primary exports for Argentina are commodities, including soybeans and derivatives, petroluem and gas, vehicles, corn, and wheat (World Factbook). These items are mostly sent to Brazil, China, Chile and the United States. Primary imports are machinery, motor vehicles, petroleum and natural gas, organic chemicals, and plastics. Imports are brought in mostly from Brazil, the United States, China, and Germany. The country's current account balance is a deficit of approximately $2.371 billion ranking the country 147 in the world. The United States exports various agricultural products, industrial supplies, capital goods, and consumer goods. These are shipped to Canada, Mexico, China and Japan. Imports include agricultural products, industrial...
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...In this essay, the political regimes of China and United States will be discussed. A political regime is an assembly of political structures that make up a government. This helps in regulating the management of the government and building of the society. The three ways how the government can choose to run the country are via, One-Party State, Liberal Democracy or Military Dictatorship. China and United States have the world’s biggest economies and effective militaries with their ruling influencing politics globally. Even with a huge trade agreement and countless diplomatic meetings, the both countries are unable to sustain a façade of a civil relationship. Though, there is pressure from leaders of United States, China is not discouraged but instead continues to grow its economy. (Super-power showdown - US vs. China, 2012) China follows a One-Party State political system. It is led by a highly controlling communist party. The Chinese Communist Party is fully committed in upholding endless domination in power and will not tolerate others who doubt its right to rule. Freedom of speech is strictly constrained. The Chinese Communist Party dictates both state and society in China. They have been ruling China for over six decades, ever since they gained power in 1949. There are no elections in China. All institutions, executive, judiciary and legislation are all communist as well. (Lawrence & Martin, 2012) Benefits of being a socialist include: equal distribution of...
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...National Differences in Political Economy Learning objectives • Understand how the political systems of countries differ. • Understand how the economic systems of countries differ. • Understand how the legal systems of countries differ. • Be able to explain what determines the level of economic development of a nation. • Discuss the macro-political and economic changes taking place worldwide. • Describe how transition economies are moving towards market based systems. • Articulate the implications for management practice of national differences in political economy. This chapter discusses differences in national political, economic, and legal systems, highlighting the ways in which managers in global settings need to be sensitive to these differences. Political differences are described along two dimensions: collectivist vs. individualist and democratic vs. totalitarian. Economic systems are explored in terms of market characteristics: market economies, command economies, and mixed economies. Legal systems are discussed in terms of the protections they offer for business: intellectual property, product safety, liability and contracts. The opening case explores the political and economic situation in Venezuela since Hugo Chavez was elected president in 1998. The closing case describes the challenges facing Indonesia, a vast country populated mainly by Muslims that stretches over 17,000 islands. Indonesia...
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...Descriptions of governments can be based on: Economy - what provides the goods and services that are bought, sold, and used? Capitalism-(Russia)--In a capitalist or free-market economy, people own their own businesses and property and must buy services for private use, such as healthcare Socialism (Norway)-- Socialist governments own many of the larger industries and provide education, health and welfare services while allowing citizens some economic choices Communism (Cuba)-- In a communist country, the government owns all businesses and farms and provides its people's healthcare, education and welfare. Politics - how is the government run? Dictatorship (Iraq)-- Rule by a single leader who has not been elected and may use force to keep control. In a military dictatorship, the army is in control. Usually, there is little or no attention to public opinion or individual rights. Totalitarian (China)-- Rule by a single political party. People are forced to do what the government tells them and may also be prevented from leaving the country. Theocracy (Iran)-- A form of government where the rulers claim to be ruling on behalf of a set of religious ideas, or as direct agents of a deity. Monarchy (Jordan)-- A monarchy has a king or queen, who sometimes has absolute power. Power is passed along through the family Parliamentary (Israel)-- A parliamentary system is led by representatives of the people. Each is chosen as a member of a political party and remains in power as long as his/her...
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...The University of Houston Russia Energy and the Second Global Economy Mohammad Usman Aijaz INTB3354H – MW 2:30-4:00 Olivia Miljanic November 3rd, 2013 The Soviet Union, now Russia, heavily influenced the second global economy. From the reconstruction of Germany to the Cold War, the Soviet Union’s actions affected the world second only to the United States. While the second global economy is loosely defined as the era between the years of 1971 and 1998, the seeds of this time period were planted shortly after the end of World War II in the European theatre. Following the fall of Nazi Germany, the United States devised the Marshall Plan to rebuild the economies of war-devastated countries. As a world power, the United States believed it was their duty to prevent another world war. The Soviet Union agreed with the sentiment, but not with the approach the western nations took. To prevent the rise of authoritarian governments, the United States promoted democracies, constitutional rule, and capitalism. The Soviet Union, an authoritarian government, advanced their communist ideas to counter the Truman Doctrine. The result of the opposing ideologies was a strained relationship between the two influencers of the modern world, and the initiation of the Cold War. The Soviet Union was focused on spreading their political ideology for one reason: Protection (Service 2). While most of the world considers the establishment of communist regimes as Soviet expansion, the Soviet...
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...Great War of 1914. For the next thirty years attempts were made to bring the world economy to its glory years without any success. At this point, nation states had retreated back to protectionism and a wave of national identity and anger of one state against another was sweeping across Europe. State debts, the just ended war, Fascism, Nazism and other various anti-International economic policies and philosophies made it difficult for cooperation amongst states. Cooperation and success was not realized until another undisputed economic power (United sates of America) rose to the occasion in the summer of 1944, to plan and re-arrange the post war economic order. If we were to follow the same naming style as the above mentioned, then this period would in turn be termed Mach-2. Once again the world united under a new Hegemonic leadership. Just as in the previous hegemon, Markets began to recover the good practices of the classical economic system were adopted and the lessons learnt in the thirty years of economic turmoil since the first world war were also in-cooperated. In this essay I will explain, compare and contrast the similarities and differences of the two hegemonic leaderships during the two periods of world economic dominance. I will focus more on analyzing and explaining the variations in the economic openness with a main focus on how the four factors/perspectives of: • International political, • International economic. •...
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...The purchase of the Louisiana Territory in 1803 opened the door to westward expansion. Thomas Jefferson purchased this extensive plot of land with the hopes of strengthening and expanding the Republic, unaware that it would have the opposite effect. Jefferson’s fateful decision to expand the United States nearly destroyed the Republic that Americans worked so hard to build. It triggered the rise of divisions amongst Americans. These small cracks continued to grow and tear at the seams of the nation. Although westward expansion between 1800 and 1848 granted many new opportunities to the American people, it also brought about tension that plagued the nation for years to come. Some historians may construe westward expansion as beneficial to the...
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...Political, Social, and Economic Environments of the United Kingdom December 2, 2010 Political, Social, and Economic Environments of the United Kingdom Historically, the United Kingdom has been one of the dominant world powers. While much of their power has declined over the course of the last 100 years, the UK remains a relevant western power in today’s world. The reason for this are varied between their political and legal history, social environment and economic status in today’s world. Political and Legal History Prior to 1707, the nations that currently make up the UK were each separate states. On May 1, 1707, the UK was formed by the unification of the kingdoms of England, Scotland, and Wales by the Act of Unions (Duncan 2010). This act formally joined all three kingdoms located on the British Isle under the same crown and government, with England remaining the most powerful entity within the UK. Also formed under the Act of Unions was the Parliament at Westminster, the UK’s main political body and rough equivalent to the United States’ Congress (Duncan 2010). Nearly 100 years later, the kingdom of Ireland joined the UK under the Union with Ireland Act of 1800 (Office of Public Sector Information). While Ireland would remain a part of the UK for over 120 years, they would leave the UK on December 6, 1921 as part of the Anglo-Irish Treaty (Factindex.com 1). During Ireland’s exit from the UK, the subdivisions of Ireland had to each approve the move to leave the...
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...Comparison for political factor of USA and South Korea The formal of the government organization has the major effect on the political system, which is combination of political parties, legislative bodies, trade unions and lobby groups (Useem 2014). It is a complex system as well as who possesses the power, the government effects on the country economy and the evolved people, and ways of dealing with the unsustainable religious problems (Heywood 2012). Benefit * US’s open investment policies is none as the largest economy in the world (Cullingworth and Caves 2013). Undeniably. The US is giant power and energetically have a strong support for the free trading (Odell 2014). It is one of the freest market in the world (Caruso, Vohs et al. 2013). (Appendix 2) * Because of the solid democratic system of the United States government, it has one of the most attractive business and investment environment for FDI (Vadlamannati 2012). (Appendix 3)The United States is ranked as fourth compare 185 countries in the ease of doing business terms, since it has the most clear business regulations (Bank 2015). Moreover, USA has better FDI regulatory restrictiveness (Appendix 4). * The United States has prosperous free market with a essentially stable political system infrastructure which advantage the wealth with an opportunities for FDI (Wald and Calhoun-Brown 2014). Mainly, more freedom rising voice and answerability, fighting corruption, government efficiency, regulation excellence...
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...One of the ways that the United States evolved during the American Industrial Revolution was the production of textiles. Before the 19th century, women would have to hand weave and sew clothes and other garments for their families. It was a very vigorous process for women to create clothing, so Samuel Slater came up with a brilliant idea to open a mill to produce thread. The thread would then be distributed to women throughout the Rhode Island region, where the mill was located. Over time the mill gained popularity, and soon Slater's small town mill was distributing to large cities throughout the United States. He also improved his mechanism which created thread, and modified it so the mill could produce finer yarns. The production of...
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... | | | |Introduction to Sociology | | | | | |The Industrial Revolution changed |How it changed the economy |1900 and Today | |The number of people employed in industrial |The use of machines began to spread throughout |Implementation of the production line | |manufacturing (textiles, iron goods, metal, |the world | | |pottery, etc.) | | | |number of people who left the agricultural |New job opportunities |Henry Ford automobile production plant | |field | ...
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...need for these banks as the means to fund the necessary investments in the economy. 13 bankers, breaks down the American banking industry in how they have grown so big, so profitable, that they have become resistant to regulations. The banks grown to the enormous that the stability of the economy was dependent, giving they a political influence by pouring money into campaigns of congressional candidates and congressmen, assuring investment banks to maintain influence and position in the White House and the Treasury department. Theses “megabanks” had balance sheet assets that accounted for more than 60 percent of the country’s gross domestic product. In March of 2009, the presidents of thirteen of these “Megabanks” met at the White House with the President, Obama that gave a message, “everybody has to pitch in. We’re all in this together” –President Obama (13 Bankers, page 4) this message giving a clear indicator the thirteen bankers needed the government and in turn, the government needed these 13 bankers to maintain stability of the economy. Thomas Jefferson was strongly suspicious of the financial industry and of banks and feel they are more dangerous than standing armies. Jefferson feared that the economic power held by banks have the possibility to grow out of government control. Jefferson’s vision for the United States was more of a farming and agricultural economy, in such had little political and economic power. The opposition to Jefferson, came from Alexander Hamilton;...
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...discussing some pressing issues in the contemporary global economy and assessing issues which prevent deeper multilateral cooperation. | Introduction World War I proved that the governance of international relations was insufficient. The League of Nations was then created in an ambitious attempt to construct a global order. However with the outbreak of World War II instability, debt, and death surged. This created pressure to establish institutions which could facilitate international cooperation. The United Nations, General Agreement on Tariff and Trade, and the Bretton Woods institutions were created in order to bring about stability in the international political economy. “Over a time these developed into a form of global governance.” Charles Kindleberger proposed the hegemonic stability theory. He stated the reason for the Great Depression and for World War I and II was the absence of a strong leader to coordinate macroeconomic policies needed for a stable financial system. Robert Gilpin adds, there must be world hegemony to ensure world order. The leader will advance its status quo by utilizing its power to foster trade liberalization and a stable monetary system, while seeking cooperation of other states and coerce reluctant states to obey the rules of liberal international economic order. Other states will seek the leader’s assistance for economic and security interest and the leader will protect these smaller states to maintain power. The international system experienced...
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