Lecture 7

Question 1

what is the contemporary focus of global political economy

Answer 1

economic growth, welfare and the environment

Question 2

What 2 things does global political economy focus on?

Answer 2

free trade & good market institutions

Question 3

What does global political economy pay attention to regarding the world market?

Answer 3

• the historical path to the present,
• political basis of the world market,
• production, and reproduction aspects of economies.

Question 4

What is critical political economy concerned with?

Answer 4

Critical political economy highlights the exploitative nature of capitalist social relations

combined and uneven development as processes of exploitation and dependence.

Question 5

What does the state-centered perspective in global political economy focus on?

Answer 5

• politics and economy are inseperable
• government should actively intervene to promoto stability
• manage aggregate demand through fiscal and monetary policy
• aknowlegde existance of market failures

Question 5

What is feminist/gendered economics

Answer 5

traditional economics have historically ignored gender issues by disregarding women

Question 6

Two important phases of historical capitalism?

Answer 6

1. Post ww2 development project
2. accelerated globalization (1980)

Question 7

What is ISI

Answer 7

A trade and economic policy that advocates replacing foreign imports with domestic production.

Question 8

What was the phase of ‘The Post WWII Development project’

Answer 8

marked a shift in economic policy towards national development and (ISI) in the Global South.
- state-led efforts to build domestic industries and reduce dependence on foreign imports.
- seen as a way to achieve economic growth, reduce inequality, and promote political stability in developing countries.

Question 9

What was the phase of ‘accelerated globalization’

Answer 9

Result: the rise of transnational corporations, the expansion of global supply chains, and financialization

through
- free-market policies
- international trade liberalization
- privatization of state-owned enterprises.

Question 10

What are some important considerations when thinking about trade?

Answer 10

Trade experiences
- trade in relation to national and particular interests, hegemony, and draw insights from multiple perspectives

Question 11

What led to the formation of the World Market?

Answer 11

conquest, slavery, colonialism, capitalism led to the formation of world market.