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CH2: Economic Liberalist Perspective
International Political Economy
16
Economics
Undergraduate 4
02/17/2013

Additional Economics Flashcards

 


 

Cards

Term
economic liberalism
Definition
  • competition leads to cooperation;
  • nations are best off when the role of the state is minimized, foundation for political-economic objectives associated with globalization.
  • Laissez-faire.
  • Smith-Ricardo
Term
orthodox economic liberal (OELs)
Definition
strict adherence to economic liberal ideology, free/open markets should determine socio-political outcomes
Term
heterodox interventionist liberals (HILs)
Definition
supportive of more than minimal state interference in the economy.
Term
Keynesianism
Definition
elief that there is a positive role for government in domestic and international affairs
Term
Rent-seeking
Definition
state manipulation that rewards powerful businesses; high prices and high profits
Term
Adam Smith
Definition
  • “invisible hand” created by human choices that serve the best interests of society.
  • Innate desire of humans.
  • Wealth of Nations
  • Orthodox/Classical Liberalism
Term
David Ricardo
Definition
expanded Smith's ideology globally; free-trade
Term
positive-sum game
Definition
everyone playing the game benefits
Term
zero-sum game
Definition
One person wins, everyone else loses
Term
embedded liberalism
Definition

strong international markets subject to social and political restraints and regulations reflecting domestic priorites

Keynesian view popularized 1930-70 state involvement in market economy

Term
hegemonic stability theory
Definition
international markets work best when a single states accepts the costs associated with keeping them open
Term
hegemon
Definition
single dominant state
Term
public goods
Definition
Cannot be denied to one person and benefit everyone at the same time. EX: light house
Term

neoliberalism

(Orthodox Liberalism)

Definition
  • Inspired by Adam Smith and David Ricardo.
  • Emphasizes market deregulation, privitization, minimal government, and open international markets.
  • Economic rather than political (classical liberalism)
  • 1970 Hayek

 

Term
Reaganomics
Definition
Supply-side economics--lower taxes increase the money supply. Deregulation of banking, energy, investment, and trade markets. Privitization.
Term
paradox of thrift
Definition
Savings hurt economy rather than help it.
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