Flashcards on Introduction to International Political Economy
Introduction to International Political Economy (IPE): A Student's Guide
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International Political Economy
21 cards
Card 1
Question: What are the three main intellectual traditions or thinkers that represent different approaches in international political economy (IPE)?
Answer: Karl Marx (Marxist), Adam Smith (Smithian/classical liberal), and John Maynard Keynes (Keynesian).
Card 2
Question: How does the Smithian (classical liberal) approach view markets and government in IPE?
Answer: It trusts markets, private responsibility, and private entrepreneurship; prefers minimal government intervention.
Card 3
Question: What is the Keynesian perspective on markets and policy in IPE?
Answer: Keynesians are skeptical that markets always work; they support government intervention and policy tools (e.g., quotas, fiscal measures) to fix market
Card 4
Question: How do Marxists view the global economic system in IPE?
Answer: Marxists see fundamental deficiencies in capitalism and markets and believe the system must be rebuilt from scratch rather than patched with reforms.
Card 5
Question: Why is it important in IPE to be able to communicate and argue across different perspectives?
Answer: Because classrooms, parliaments, and boardrooms include people with Smithian, Keynesian, and Marxist views; no single solution fits all, so clear comm
Card 6
Question: How does the instructor describe the 'world economy' for the purposes of IPE?
Answer: As a real socio-economic system composed of real people with emotions, expectations, and imperfect rationality—requiring psychology, sociology, and hi
Card 7
Question: Why are standard economic assumptions of fully rational actors limited in IPE analysis?
Answer: Because in reality people are not fully rational, may not know what they want, and can be influenced by emotions and incomplete information, limiting
Card 8
Question: Which disciplines does IPE combine, and what additional domain does the instructor add?
Answer: IPE combines economics and political science; the instructor also adds technology as a necessary domain.
Card 9
Question: Provide an example of how all three domains (economics, politics, technology) interact in an IPE issue.
Answer: AI: economics (costs, pricing, subscriptions), politics (regulation, legislation), and technology (type of engine, energy requirements) all shape the
Card 10
Question: According to the lecture, when might politics be the primary perspective in analyzing an IPE problem?
Answer: In situations like the war in Ukraine, where life-and-death politics dominate, even though economic and technological factors are also present.