FREEDOM. Liberalism. Collective action problems. Distributive Justice Hegemonic Stability. Theory. Embedded. Indifidualismn.

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1 PEIS 101 Review

2 FREEDOM Indifidualismn Neo Liberlaism Property Rights Collective action problems Comparative Advantage Embedded Liberalism Distributive Justice Hegemonic Stability Theory Keynesianism Competition Rational Choice Theory Prisoners Dilemma Stag Hunt Liberalism Dependent Development Modernization Theory

3 Political Economy of Freedom: The Liberal Family Liberalism Neo-liberalism Comparative Advantage Rational choice theory Repaired of modified Liberalism Embedded liberalism Keynesianism Hegemonic Stability Theory

4 More relatives in the Liberal Family Focused on Economic Development Modernization theory Staples Theory Product-cycle theory Dependent development

5 Liberal language: some terms Transaction costs Strategic interaction Stages of economic growth Property rights Laissez-faire Business cycle

6 Some Liberal Policies to ensure freedom Minimal state intervention in markets Structural adjustment Multilateralism Gold Standard

7 EQUALITY Welfare State (diminishes salience of class) Exploitation Surplus Value Class conflict Norm of equal citizenship (production) Unequal Exchange Unequal Terms of Trade (exchange) Social Democracy Market Socialism Core-Periphery Relation Imperialism Equality Distributive Justice Redistribution of Wealth NIEO

8 Political Economy of Equality : The Family Marxism Socialism Distributive Justice Keynesianism Dependency Theory

9 Equality Language Language criticizing liberalism Exploitation Surplus value And with regard to development Unequal exchange Imperialism Unequal terms of trade Core Periphery

10 Policies to bring about equality The welfare state Keynesianism deficit spending

11 COMMUNITY Communal identity Communal Sharing Collective action Communal Ownership Gift Economy Retaliation Currency Manipulation Capital Controls Market Control Trade Protection General Will Cooperation Equality as basis of Community Infant Industry protection Fairness Mutual Obligation Community And Nation State-Led Development Strategic trade Export-led growth

12 The Political Economy of Community: The Family Communitarianism Communal Sharing Nationalism Economic Nationalism For developing countries: ISI and Infant Industry protection State-Led Development

13 Policies to preserve community Protectionism Trade protection Tariffs Non-tariff barriers to trade Subsidies to domestic industry bilateralism Currency manipulation (example: competitive devaluation Capital controls

14 Theories and the Business Cycle in 20th century History 19 th Cent. Britain Provides Hegemonic Stability Classical Liberalism Asian Financi Crisis Great Depression: Keynes and the Liberal welfare state 1970s Recession Post War Embedded Liberalism, Hegemonic Stability Rise of Neo-liberalism And developmental states

15 FREEDOM Indifidualismn Neo Liberlaism Collective action problems Comparative Advantage Embedded Liberalism Hegemonic Stability Theory Keynesianism Property Rights Competition Rational Choice Theory Prisoners Dilemma Stag Hunt Liberalism Dependent Development Modernization Theory

16 EQUALITY Welfare State (diminishes salience of class) Exploitation Surplus Value Class conflict Norm of equal citizenship (production) Unequal Exchange Unequal Terms of Trade (exchange) Social Democracy Market Socialism Core-Periphery Relation Imperialism Equality Distributive Justice Redistribution of Wealth NIEO

17 COMMUNITY Communal identity Communal Sharing Collective action Communal Ownership Gift Economy Retaliation Currency Manipulation Capital Controls Market Control Trade Protection General Will Cooperation Equality as basis of Community Infant Industry protection Fairness Mutual Obligation Community And Nation State-Led Development Strategic trade Export-led growth

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19 Departing words Nowadays People know the price of everything And the Value of Nothing --Oscar Wilde We can't solve problems by using the same kind of thinking we used when we created them." "Education is what remains after one has forgotten everything he learned in school." "The important thing is not to stop questioning. Curiosity has its own reason for existing. --Albert Einstein