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International Political &
Economic Relations
Module 2
Dauphine M. Sloan
September14,2014IDEV-6670-01Fall2014
1
Mini-Courses
“Grant Writing for Development Projects” Earl Picard, Georgia
State U, 10/18-21
“Development, Commerce & Envi...
History of IPER
16th – mid-18th c.: Mercantilism
Mid-18th century – WWI: Industrialization & British
Hegemony
Inter-war pe...
Mercantilism (1500-1750)
Adam Smith critical of mercantilism: Why?
Main principles of mercantilism?
Colbert, Louis XIV’s M...
Colbertism (1661-1683)
Power of the State through wealth accumulation
Priority to exports
Develop external trade
Impose ta...
Les Gobelins
September14,2014IDEV-6670-01Fall2014
6
Colbertism
Luxury manufactured goods
Raw materials from French trading posts
Africa, Caribbean, Orient
Low cost
No tariff ...
Triangular Trade: mid 15th – mid 19th centuries
September14,2014IDEV-6670-01Fall2014
8
Triangular/Slave Trade (1450s-
1860s)
11-15 million slaves sent to the Americas
Official abolition of slave trafficking
Br...
Mercantilism
North-South trading system
raw materials >< manufactured goods
Achieve power through accumulation of wealth
M...
Industrialization & British
Hegemony (1750-1914)
Competitive edge
Trade liberalization
Corn Laws abolished (1815-1846)
Bri...
Isolationism (1914-1939)
Britain’s waning hegemony
Over-extension of empire
Competition
WWI Devastation  production/trade...
New World Order?
US largest industrial power: new hegemon?
Great Depression
US: 1929-
Europe: 1930-
Protectionism
Trade ba...
Pre-WWII International
Institutions
League of Nations (1920-1946)
Peace and cooperation between nations
US out
Bank for In...
Post-WWII
Do we have a hegemon?
Why? Why not?
September14,2014IDEV-6670-01Fall2014
15
US Hegemony (1940-1970s)
Stability
Institution of international structures
War effort
Military equipment  chain of produc...
International Organizations
Which ones?
Role?
September14,2014IDEV-6670-01Fall2014
17
International Institutions
International Monetary Fund (IMF) – BW, July 1944
Support international monetary stability
Elim...
International Institutions
General Agreement on Tariffs and Trade (GATT) / World Trade
Organization (WTO: 1995- )
Reduce t...
End of US Hegemony?
If you go back to the 1970s, what are the main elements that
would support the thesis of a waning US h...
Globalization & End of US
Hegemony? (1970s-present)
Emergence of Europe  competition
Size
Economic growth
Increase in tra...
The Soviet Union: Hegemon?
Superpower
Central Planning
Arms Race
Perestroika and Glasnost’
Bankruptcy
September14,2014IDEV...
Threats to US Hegemony
Growing competition from EU and BRICS
Cost of wars
Syria
Globalization of crises
…
What is importan...
Debate
Is the current global economy stabilized by HEGEMONY or by
REGIMES or by a combination?
2 groups (1. Hegemony; 2. R...
Cooperation
Best relationship among nations
HARMONY (all share same goals) >< DISCORD (war or global
autarky)
Negotiation ...
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 & Economic Relations Module 2 Dauphine M. Sloan September14,2014IDEV-6670-01Fall2014 1
  2. 2. Mini-Courses “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. September14,2014IDEV-6670-01Fall2014 2
  3. 3. History of IPER 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? September14,2014IDEV-6670-01Fall2014 3
  4. 4. Mercantilism (1500-1750) Adam Smith critical of mercantilism: Why? Main principles of mercantilism? Colbert, Louis XIV’s Minister of Finance September14,2014IDEV-6670-01Fall2014 4
  5. 5. Colbertism (1661-1683) 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 September14,2014IDEV-6670-01Fall2014 5
  6. 6. Les Gobelins September14,2014IDEV-6670-01Fall2014 6
  7. 7. Colbertism 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? September14,2014IDEV-6670-01Fall2014 7
  8. 8. Triangular Trade: mid 15th – mid 19th centuries September14,2014IDEV-6670-01Fall2014 8
  9. 9. Triangular/Slave Trade (1450s- 1860s) 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 September14,2014IDEV-6670-01Fall2014 9
  10. 10. Mercantilism 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 September14,2014IDEV-6670-01Fall2014 10
  11. 11. Industrialization & British Hegemony (1750-1914) 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? September14,2014IDEV-6670-01Fall2014 11
  12. 12. Isolationism (1914-1939) 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) September14,2014IDEV-6670-01Fall2014 12
  13. 13. New World Order? US largest industrial power: new hegemon? Great Depression US: 1929- Europe: 1930- Protectionism Trade barriers Infant industry Autarky Few international organizations: which ones? September14,2014IDEV-6670-01Fall2014 13
  14. 14. Pre-WWII International Institutions League of Nations (1920-1946) Peace and cooperation between nations US out Bank for International Settlements (1930) Payment of German reparations September14,2014IDEV-6670-01Fall2014 14
  15. 15. Post-WWII Do we have a hegemon? Why? Why not? September14,2014IDEV-6670-01Fall2014 15
  16. 16. US Hegemony (1940-1970s) 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 September14,2014IDEV-6670-01Fall2014 16
  17. 17. International Organizations Which ones? Role? September14,2014IDEV-6670-01Fall2014 17
  18. 18. International Institutions 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 September14,2014IDEV-6670-01Fall2014 18
  19. 19. International Institutions 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 $ September14,2014IDEV-6670-01Fall2014 19
  20. 20. End of US Hegemony? 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? September14,2014IDEV-6670-01Fall2014 20
  21. 21. Globalization & End of US Hegemony? (1970s-present) 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 September14,2014IDEV-6670-01Fall2014 21
  22. 22. The Soviet Union: Hegemon? Superpower Central Planning Arms Race Perestroika and Glasnost’ Bankruptcy September14,2014IDEV-6670-01Fall2014 22
  23. 23. Threats to US Hegemony Growing competition from EU and BRICS Cost of wars Syria Globalization of crises … What is important in international political and economic relations? September14,2014IDEV-6670-01Fall2014 23
  24. 24. Debate 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 September14,2014IDEV-6670-01Fall2014 24
  25. 25. Cooperation 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) September14,2014IDEV-6670-01Fall2014 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? September14,2014IDEV-6670-01Fall2014 26

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