global political economy exam 1
large N studies correct answers statistical investigations using a data base to find
common feature/causes across large number of cases
small N studies correct answers comparative hypothesis testing
gold standard correct answers fix currency relative to gold, country will exchange
currency to gold, currencies can move freely against each other, problems of liquidity
(growing econ needs more money but gold finite), social disruption (prices are sticky
downwards, once inflation hard to come back down, wages don't fall easily so people
fired), debt burden (increases with inflation)
Polanyi's fictional commodities correct answers land, labor, capital
comparitive advantage correct answers way for countries to trade to their advantage,
important justification for free trade, a country specializing in production of goods and
services in which it's relatively less inefficient compared to competitors will be better off
haute finance correct answers commodification of money, enabled by the gold
standard, emergence of global (non-nat'l) banking, production of credit increases,
money becomes disconnected from nations, sovereign debt, lenders untethered from
state interest but interest in peace
double movement correct answers movement and countermovement,
example=economic liberalism versus social protection, for changes in market and
society, not just unidirectional, there's pushback from either side, march toward
marketization is not smooth
protectionism correct answers policies that restrict the import of goods and services,
ex=policies that devalue one's currency and tariff barriers, Smoot Hawley Act (protect
US workers especially farmers, but failure)
hegemonic stability theory correct answers theory of economic stability as well as
military and political, realist theory that a hegemonic power is necessary to support a
highly integrated world economy
Bretton Woods institutions correct answers World Bank, IMF (International Monetary
Fund), GATT (General Agreement on Tariffs and Trade)
NIEO correct answers stands for New International Economic Order, 1974, idea that
industrial world owed developing world, almost nothing happened except special
drawing right (reserve currencies for developing countries)
large N studies correct answers statistical investigations using a data base to find
common feature/causes across large number of cases
small N studies correct answers comparative hypothesis testing
gold standard correct answers fix currency relative to gold, country will exchange
currency to gold, currencies can move freely against each other, problems of liquidity
(growing econ needs more money but gold finite), social disruption (prices are sticky
downwards, once inflation hard to come back down, wages don't fall easily so people
fired), debt burden (increases with inflation)
Polanyi's fictional commodities correct answers land, labor, capital
comparitive advantage correct answers way for countries to trade to their advantage,
important justification for free trade, a country specializing in production of goods and
services in which it's relatively less inefficient compared to competitors will be better off
haute finance correct answers commodification of money, enabled by the gold
standard, emergence of global (non-nat'l) banking, production of credit increases,
money becomes disconnected from nations, sovereign debt, lenders untethered from
state interest but interest in peace
double movement correct answers movement and countermovement,
example=economic liberalism versus social protection, for changes in market and
society, not just unidirectional, there's pushback from either side, march toward
marketization is not smooth
protectionism correct answers policies that restrict the import of goods and services,
ex=policies that devalue one's currency and tariff barriers, Smoot Hawley Act (protect
US workers especially farmers, but failure)
hegemonic stability theory correct answers theory of economic stability as well as
military and political, realist theory that a hegemonic power is necessary to support a
highly integrated world economy
Bretton Woods institutions correct answers World Bank, IMF (International Monetary
Fund), GATT (General Agreement on Tariffs and Trade)
NIEO correct answers stands for New International Economic Order, 1974, idea that
industrial world owed developing world, almost nothing happened except special
drawing right (reserve currencies for developing countries)
