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International Political and Economic
Relations
Module 2
Dauphine M. Sloan
September 14, 2014IDEV6670-01 Fall 2014 1
“Grant Writing for Development Projects” Earl Picard, Georgia
State U, 10/18-21
“Development, Commerce & Environmental Pro...
16th – mid-18th c.: Mercantilism
Mid-18th century – WWI: Industrialization & British Hegemony
Inter-war period: Isolationi...
Adam Smith critical of mercantilism: Why?
Main principles of mercantilism?
Colbert, Louis XIV’s Minister of Finance
Mercan...
Power of the State through wealth accumulation
Priority to exports
Develop external trade
Impose tariff barriers
Manufactu...
Les Gobelins
September 14, 2014IDEV6670-01 Fall 2014 6
Luxury manufactured goods
Raw materials from French trading posts
Africa, Caribbean, Orient
Low cost
No tariff barriers
Fi...
Triangular Trade: mid 15th – mid 19th centuriesSeptember 14, 2014IDEV6670-01 Fall 2014 8
11-15 million slaves sent to the Americas
Official abolition of slave trafficking
British Empire: 1807
Congress of Vienna:...
North-South trading system
raw materials >< manufactured goods
Achieve power through accumulation of wealth
Military means...
Competitive edge
Trade liberalization
Corn Laws abolished (1815-1846)
Britain = Global Hegemon
Peak: 1870
Controls 24% of ...
Britain’s waning hegemony
Over-extension of empire
Competition
WWI Devastation  production/trade decline
UK
1 million dea...
US largest industrial power: new hegemon?
Great Depression
US: 1929-
Europe: 1930-
Protectionism
Trade barriers
Infant ind...
League of Nations (1920-1946)
Peace and cooperation between nations
US out
Bank for International Settlements (1930)
Payme...
Do we have a hegemon?
Why? Why not?
Post-WWII
September 14, 2014IDEV6670-01 Fall 2014 15
Stability
Institution of international structures
War effort
Military equipment  chain of production
Post-War reconstruct...
Which ones?
Role?
International Organizations
September 14, 2014IDEV6670-01 Fall 2014 17
International Monetary Fund (IMF) – BW, July 1944
Support international monetary stability
Eliminate currency exchange res...
General Agreement on Tariffs and Trade (GATT) / World Trade
Organization (WTO: 1995- )
Reduce trade barriers
Establish rul...
If you go back to the 1970s, what are the main elements that
would support the thesis of a waning US hegemon?
And in recen...
Emergence of Europe  competition
Size
Economic growth
Increase in trade
US balance of payments deficit
Vietnam war
Depend...
Superpower
Central Planning
Arms Race
Perestroika and Glasnost’
Bankruptcy
The Soviet Union: Hegemon?
September 14, 2014ID...
Growing competition from EU and BRICS
Cost of wars
Syria
Globalization of crises
…
What is important in international poli...
Is the current global economy stabilized by HEGEMONY or by
REGIMES or by a combination?
2 groups (1. Hegemony; 2. Regimes)...
Best relationship among nations
HARMONY (all share same goals) >< DISCORD (war or global
autarky)
Negotiation & policy coo...
European Union
Coal and steel agreement: CECA, 1951
Treaty of Rome, 1957
Treaty of Maastricht, 1993  free
movement of peo...
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  1. 1. International Political and Economic Relations Module 2 Dauphine M. Sloan September 14, 2014IDEV6670-01 Fall 2014 1
  2. 2. “Grant Writing for Development Projects” Earl Picard, Georgia State U, 10/18-21 “Development, Commerce & Environmental Protection” Mario Mancilla, Guatemala, 10/25-27 Management of Global Manmade Waste, Lee Gary, NO, 11/8-10 Microfinance/Microentreprise courses (3 2- an 1- credit courses), Carter Garber, Winter Intersession, January 2014. Mini-Courses September 14, 2014IDEV6670-01 Fall 2014 2
  3. 3. 16th – mid-18th c.: Mercantilism Mid-18th century – WWI: Industrialization & British Hegemony Inter-war period: Isolationism Post-WWII: US Hegemony and International Regimes “sets of implicit or explicit principles, norms, rules and decision- making procedures” that intend to regulate each other’s behavior in such areas as trade, aid, and monetary relations.” [Cohn, 65] 1970s-Present: Globalization & the end of hegemons? History of IPER September 14, 2014IDEV6670-01 Fall 2014 3
  4. 4. Adam Smith critical of mercantilism: Why? Main principles of mercantilism? Colbert, Louis XIV’s Minister of Finance Mercantilism (1500-1750) September 14, 2014IDEV6670-01 Fall 2014 4
  5. 5. Power of the State through wealth accumulation Priority to exports Develop external trade Impose tariff barriers Manufactures Les Gobelins (tapestries) Saint Gobain (glass) Silk, lace, porcelain Exports to North America, Middle East, India Compagnie des Indes Orientales Triangular Trade Colbertism (1661-1683) September 14, 2014IDEV6670-01 Fall 2014 5
  6. 6. Les Gobelins September 14, 2014IDEV6670-01 Fall 2014 6
  7. 7. Luxury manufactured goods Raw materials from French trading posts Africa, Caribbean, Orient Low cost No tariff barriers Finished products exported North America (Canada, Louisiana) Middle East India Triangular Trade: what is it? Colbertism September 14, 2014IDEV6670-01 Fall 2014 7
  8. 8. Triangular Trade: mid 15th – mid 19th centuriesSeptember 14, 2014IDEV6670-01 Fall 2014 8
  9. 9. 11-15 million slaves sent to the Americas Official abolition of slave trafficking British Empire: 1807 Congress of Vienna: 1815 Abolition of slavery British Territories : 1834 French Territories: 1848 Dutch Territories: 1863 US: 1865 Brazil: 1888 Triangular/Slave Trade (1450s-1860s) September 14, 2014IDEV6670-01 Fall 2014 9
  10. 10. North-South trading system raw materials >< manufactured goods Achieve power through accumulation of wealth Military means Coerced trading relationships Ships  military and economic power Politics and religion Treaty of Westphalia (1648) Missions, hospitals, schools (Jesuits) // political & economic domination Hierarchical/Patriarchal order Mercantilism September 14, 2014IDEV6670-01 Fall 2014 10
  11. 11. Competitive edge Trade liberalization Corn Laws abolished (1815-1846) Britain = Global Hegemon Peak: 1870 Controls 24% of global trade Gold Standard Gold = measure for convertibility of currencies Warfare Benefits? Costs? Industrialization & British Hegemony (1750- 1914) September 14, 2014IDEV6670-01 Fall 2014 11
  12. 12. Britain’s waning hegemony Over-extension of empire Competition WWI Devastation  production/trade decline UK 1 million dead 1.6 million wounded Europe 20 million dead 21 million wounded (civilians and military) Isolationism (1914-1939) September 14, 2014IDEV6670-01 Fall 2014 12
  13. 13. US largest industrial power: new hegemon? Great Depression US: 1929- Europe: 1930- Protectionism Trade barriers Infant industry Autarky Few international organizations: which ones? New World Order? September 14, 2014IDEV6670-01 Fall 2014 13
  14. 14. League of Nations (1920-1946) Peace and cooperation between nations US out Bank for International Settlements (1930) Payment of German reparations Pre-WWII International Institutions September 14, 2014IDEV6670-01 Fall 2014 14
  15. 15. Do we have a hegemon? Why? Why not? Post-WWII September 14, 2014IDEV6670-01 Fall 2014 15
  16. 16. Stability Institution of international structures War effort Military equipment  chain of production Post-War reconstruction  new markets Assets Land Resources Immigrants Education and applied research US Hegemony (1940-1970s) September 14, 2014IDEV6670-01 Fall 2014 16
  17. 17. Which ones? Role? International Organizations September 14, 2014IDEV6670-01 Fall 2014 17
  18. 18. International Monetary Fund (IMF) – BW, July 1944 Support international monetary stability Eliminate currency exchange restrictions Monitor and maintain fixed exchange rates Provide short-term loans to countries with balance of payment problems Weighted voting system International Bank for Reconstruction and Development (IBRD) / World Bank – BW, July 1944 Provide long-term loans for post-war reconstruction in Europe and economic development in the Third World Weighted voting system International Institutions September 14, 2014IDEV6670-01 Fall 2014 18
  19. 19. General Agreement on Tariffs and Trade (GATT) / World Trade Organization (WTO: 1995- ) Reduce trade barriers Establish rules for international trade relations Establish procedures for settling trade disputes United Nations (San Francisco, 1945) IMF, WB: “UN Specialized Agencies” (not WTO) Gold Exchange/Fixed Exchange Rate/Bretton Woods System (1947) $35/oz of gold All BW member-states’ currencies pegged to $ International Institutions September 14, 2014IDEV6670-01 Fall 2014 19
  20. 20. If you go back to the 1970s, what are the main elements that would support the thesis of a waning US hegemon? And in recent years, what factors have threatened US hegemony? What does that entail for global stability? End of US Hegemony? September 14, 2014IDEV6670-01 Fall 2014 20
  21. 21. Emergence of Europe  competition Size Economic growth Increase in trade US balance of payments deficit Vietnam war Dependence on Middle East oil End of Gold/Fixed Exchange 1971 $35  $160/oz of gold - 12/1975 $1,775/oz - 9/16/2012 $1,326/oz - 9/12/2013 Globalization & End of US Hegemony? (1970s-present) September 14, 2014IDEV6670-01 Fall 2014 21
  22. 22. Superpower Central Planning Arms Race Perestroika and Glasnost’ Bankruptcy The Soviet Union: Hegemon? September 14, 2014IDEV6670-01 Fall 2014 22
  23. 23. Growing competition from EU and BRICS Cost of wars Syria Globalization of crises … What is important in international political and economic relations? Threats to US Hegemony September 14, 2014IDEV6670-01 Fall 2014 23
  24. 24. Is the current global economy stabilized by HEGEMONY or by REGIMES or by a combination? 2 groups (1. Hegemony; 2. Regimes) Prepare arguments and counter-arguments Give specific examples Debate September 14, 2014IDEV6670-01 Fall 2014 24
  25. 25. Best relationship among nations HARMONY (all share same goals) >< DISCORD (war or global autarky) Negotiation & policy coordination International cooperation many states share many goals cumulative Europe Common Market/European Economic Community European Community European Union (1993) Cooperation September 14, 2014IDEV6670-01 Fall 2014 25
  26. 26. European Union Coal and steel agreement: CECA, 1951 Treaty of Rome, 1957 Treaty of Maastricht, 1993  free movement of people, goods, and capital Euro, 2002: 17 countries in Euro zone Treaty of Lisbon, 2009  European Constitution 2013: 28 members Should Turkey join? September 14, 2014IDEV6670-01 Fall 2014 26

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