IPE QUIZ 1 Flashcards
(30 cards)
The modern European state gained
official recognition at the 1648 __________________ which marked the defeat of
the Catholic Hapsburg countries by mostly Protestant countries in Northern
Europe.
Treaty of Westphalia,
The _______________________upheld state sovereignty and territorial integrity
by institutionalizing changes to prevent external religious intervention
Peace of Westphalia
A major factor enabling the state to establish its authority vis-à-vis internal and external forces was the development of _______________.
mercantilism
, an eighteenth-century liberal economist who was highly critical of the
mercantilists,
Adam Smith
___________________were acutely
aware of the linkage between politics and economics, viewing both power and
wealth as essential goals of national policy.
Mercantilists
3 reasons mercatilism : accumulated gold and silver by seeking trade
advantages over others in the following ways:
They increased their exports and
decreased their imports of manufactured goods,
3 reasons mercatilism : accumulated gold and silver by seeking trade
advantages over others in the following ways:
restricted raw material and technology exports to prevent others from developing manufacturing capabilities
3 reasons mercatilism : accumulated gold and silver by seeking trade
advantages over others in the following ways:
imported raw materials they needed to reduce costs for their own manufacturers.
____________ was central to mercantilism, because the colonies provided the metropole with raw materials and served as markets for its manufactures
Colonialism
T OR F manufacturing in the colonies was usually NOT prohibited.
F
____________ became the hegemonic power
in the nineteenth century as it was the first state to industrialize.
Britain
T OR F Hegemonic stability theorists argue that the lack of a global hegemon
prevented the development of an open, stable international economy in the
interwar period.
T
_______________________________ was established in Basle, Switzerland in 1930 to oversee the settlement of German repara-
tions after World War I,
Bank for International Settlements (BIS),
Q: What was the purpose of the 1922 conference in Genoa, Italy?
A: The 1922 Genoa conference aimed to pressure central banks to manage currency exchange rates and use currencies convertible into gold.
Q: Why did the 1922 conferences fail?
A: They failed to resolve issues related to war reparations, debt, disorderly currency exchange, and the decline in world trade.
Q: Which countries reached an agreement on exchange rates in 1936?
A: Britain, the United States, and France reached an agreement in 1936.
How did the economic experiences between the World Wars influence post-World War II economic policy?
A: The failures of international economic management led to the creation of the IMF, World Bank, and GATT to ensure stability.
Q: What role did the United States play in the formation of international economic institutions after World War II?
A: The United States emerged as a hegemonic power, leading the establishment of institutions to develop a liberal economic order and prevent interwar problems.
Q: Who else, besides the United States, influenced the creation of the IMF, World Bank, and GATT?
A: John Maynard Keynes, a British economist, played an important role in the creation of these institutions.
Q: Why are the IMF, World Bank, and GATT referred to as keystone international economic organizations (KIEOs)?
A: They are called KIEOs because of their central role in monetary relations, development, and trade.
Q: What was the primary purpose of the International Monetary Fund (IMF) when it was created?
A: The IMF was created to monitor a system of pegged or fixed exchange rates and provide short-term loans to countries facing balance-of-payments deficits.
