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Ch3: Mercantilist Perspective
International Political Economy
19
Economics
Undergraduate 4
02/17/2013

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Cards

Term
mercantilism
Definition
  • increase state power and security. Import restrictions, exports encouraged.
  • Chronologically oldest economic perspective, dating back to the emergence of the nation-state 1648
  • Hamilton-List

 

Term
classical mercantilism
Definition
  • Exports up, imports down;
  • done thru protectionism and colonialism
  • Hamilton-List
Term
realism
Definition
  • national interest is the determinant of state behavior
  • emphasizes state efforts to act in their own interest.
Term
neomercantilism
Definition
  • interdependence and globalization
  • post WWII
  • Protectionist policies to generate welath and stregnthen national security
  • NTBs
  • strategic trade
Term
nation
Definition
political unit based on language, religion or other commonalities
Term
state
Definition
boundaries, government, sovereignty
Term
sovreignty
Definition
final political authority
Term
industrial policy
Definition

state-planned strategy to promote certain businesses

Ex: land enclosure acts, monopoly rights for businesses and corporate espionage

Term
security dilemma
Definition
one state's protective measures regarded as a threat to another state
Term
colonialism
Definition
Term
comparative advantage
Definition
Ricardo proposed that countries specialize in producing what they have an advantage in + free trade = positive sum game
Term
economic nationalism
Definition

people's strong sense of identification with and loyalty to their nation-state

After 1870 renewed mercantilism allowed to economic nationalism to gernerate a second wave of imperialism

Term
Alexander Hamilton
Definition
associated with mercantilism, opposed Jefferson
Term
infant industries
Definition
new industries that are disadvantaged by older and more efficient industries
Term
Friedrich List
Definition
associated with mercantilism
Term
interdependence
Definition
interconnectedness between nations
Term
nontariff barriers NTBs
Definition

government regulations preventing imports

1970s = import quotas

  • Export quotas
  • import quotas
  • export subsidies
  • currency devaluation
Term

import quotas

 

Definition

limiting import quantities, price goes up while restricting competition

Example of a NTB

Term
strategic resources
Definition
oil, rubber
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