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International Political Economy

International Political Economy. The Rational Choice Approach in IPE Ch. 5 Lecture 8. The Story So far…. Mainstream IPE Theories: Liberalism Mercantilism Structuralism These perspectives frame IPE questions in terms of states, markets and societies.

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International Political Economy

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  1. International Political Economy The Rational Choice Approach in IPE Ch. 5 Lecture 8

  2. The Story So far… Mainstream IPE Theories: Liberalism Mercantilism Structuralism These perspectives frame IPE questions in terms of states, markets and societies. These three perspectives capture some of the most important elements in IPE today but not all of them. Need for alternatives/variations of theses mainstream IPE theories

  3. Alternative Theories • Rational Choice Theory • Hegemonic Stability Theory • Constructivism • Feminism

  4. Rational Choice Theory • Model of decision making • Analyzes decisions that individuals or nation states make in relation to a variety of political and economic problems. • Using the model of decision making, evaluate why a particular course of action was chosen among the different options. • Decision makers are assumed to have sufficient information to assess the alternative courses of action and their consequences. • Decision maker chooses the option/solution to a problem that maximizes the gains and minimizes the cost of these choices for the individual himself or the group/nation he represents.

  5. Applications? In a Chess Game? Cold War? UK’s decision to support the US in the War in Iraq? More examples?

  6. Case: US decision to launch military confrontation against Iraq Prevailing belief and opinion: Iraq had acquired biological and chemical weapons of mass destruction According to the CIA: the probability of a terrorist organization using chemical, biological, radiological, or nuclear weapons and long range missiles against the United States has increased significantly in the past decade. (Feb 2003)

  7. The Bush and Blair Administrations were faced with several options: Reconciliation ( economic incentives)  Containment ( economic sanctions, diplomatic isolation of Iraq) Military confrontation/ Forcible disarmament

  8. Constructivism • Most IPE theories have a one-way view of causality ( institutions such as the state, market or society determine behaviour) • Constructivism pays attention to the social contexts that “construct” or make up these institutions • State preferences reflect different social values and belief systems – states are not only political actors, they are also social actors – states adhere to rules, norms and institutional constructs that reflect society’s values.

  9. Main tenets • Ideas, beliefs, values and identities are the key to understanding IPE • Ideas, beliefs, values and identities are socially constructed • Social forces are more important that military or economic forces in shaping state behaviour • Conflict or cooperation by states are a product of values and beliefs • Change can be explained by examining changes in values and beliefs of nations. Landmines?

  10. Applications • Why are some states more belligerent than others? Why do some states cooperate more than others? • According to Constructivists, states cooperate because their society values cooperation and peaceful ways of solving problems rather than resorting to violent means – Neutral states – Canada, Sweden, Netherlands etc..

  11. Hegemonic Stability Theory • The country that is most rich and powerful within the global political economy dominates (acts as a hegemon) other states for a length of time • The hegemon establishes and enforces a set of rules that regulate various elements of the international political economy.

  12. Different Views about the Role of the Hegemon Economic Liberals: -Hegemon will supply public collective goods to promote free trade (such as maintaining a sound exchange rate system). The Hegemon should also absorb any costs of promoting free trade to other members of the global political economy. -The hegemon has to accept ‘free riding’ by other states in exchange for cooperation and letting the hegemon rule.

  13. Mercantilists: Emphasize the extent to which the hegemon provides security to other countries in the global political economy, in exchange for their cooperation. They also emphasize the benefits and surpluses that the hegemon gains as a result of its central position in the global economic order. The US role after 9/11: providing national security or accumulating surpluses?

  14. Structuralists: The imperial bourgeosie states of the West dominate the weaker states. Hegemons impose their own rules and ideals that favour their end on other nations. Core Hegemonic States exploit the periphery..

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