two page essay and 3 question (more than one page)

Anonymous

Question Description

Essay (10 points):

1.First describe the basic ideas of each of the following perspectives: realism, mercantilism and neomercantilism. How are these three perspectives similar and how are they different? What were Alexander Hamilton’s views on how the U.S. could best develop (read both the text and the handout by Hamilton). How important was neomercantilism after WWII? How important is the neomercantilist perspective in more recent years?

Research (4 points for #1 and 4 points for #2 and 2 points for #3)

1.What are the KIEOs? What problems have they each confronted, and how have their roles changed over time?

2.Identify the East Asian NIEs and the BRIC economies. Why are these economies of interest? For each BRIC economy, what is their current economic growth rate (percent change in GDP)? Use a table to report growth rates.

3.What is the main argument that hegemonic stability theorists have to support the presence of hegemonic states?

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International Political Economy: Neomercantilism & Realist Perspective ECON 4260 with Dr. Tom Larson Realism, Mercantilism & Neomercantilism  Cohn covers three major IPE perspectives in Chapter 3.  The three are related.  They each pay strong attention to politics.  Realism is the oldest, going back to ancient times.  Its approach can still be seen today.  Mercantilism can be seen after 1500 AD.  Neomercantilism is a modern version of mercantilism. THE REALIST PERSPECTIVE  Realist: the national interest is served through political power.  This makes Realism the oldest IPE political perspective.  Also referred to as International Relations  DOES WAR CREATE WEALTH?  Building up a nation’s military will lead other nations to spend more  You get an arms race  Do we have an arm’s race today? The State and the Nation  Realism focuses on the State  The State is political power of a bordered authority.  It may contain many different groups and cultures.  The Nation can be seen as members of a group.  Kurds feel kinship, are scattered across several States.  They feel they are a nation – without a state.  Palestinians are a people without a state.  IPE describes State actions. Machiavelli: The Prince Machiavelli (1469 to 1527)  Machiavelli saw military power as key to Wealth.  “Gold alone will not procure good soldiers, but good     soldiers will always procure gold.” Is this realism? Focus is on Zero-Sum game This approach was part of the process of nation building in Europe (and elsewhere). Kings fought wars to protect their territory and to add to their territory. Is Putin a Realist? Was Obama a Realist? Is Trump a Realist? MERCANTILISM: 1500 TO 1800  Another approach to Realism is Mercantilism.  The basic idea goes back to the Greek historian and     philosopher Thucydides: trade is the source of wealth. Gain gold to build armies – military might is important and trade pays for it Increase exports, reduce imports Early Mercantilism is associated with Nation building in Europe Feudalism was replaced by nations. Industrial Revolution and Neomercantilism  Alexander Hamilton advocated protecting the nation through national  economic development,  protectionism and  economic self-sufficiency.  Industrial development was viewed as essential to survival  Hamilton sought protection for infant industries  Advocated free trade for advanced industries  The Industrial Revolution lead to Neomercantilism. Industrial Revolution and Neomercantilism  Agricultural societies could not win against     industrialized nations Manufacturing was viewed as essential industry, with imports discouraged. Some industries were viewed as Strategic – steel, weapons, etc. Ending the Corn Laws benefited Industry, but hurt farmers and farm workers. Free trade became a political policy – giving favor to efficient industries. Industrial Revolution (cont.)  The battle over the Corn Laws shows how the     interests of industrialists and of landlords were very different. Should agriculture be protected or forced to compete? “Free trade” benefited British factories by the 1840s because they had reduced costs of production and could compete globally. British agriculture was also very efficient, but land prices were high. England, by the 1870s, faced competition from lower cost grains from the U.S. and from Russia. Protecting Agriculture  Today, the rich countries protect their agricultural producers though tariffs and quotas.  This makes it hard for farmers in poor nations to sell produce on international markets. Neomercantilists & Realists  Economic Liberals see trade as giving mutual gains.  For Realists, strong states make the rules and benefit     from being in control. Neomercantilism and Realism emphasize the role of the state. Neomercantilism focuses on economics – but sees the state as essential to protect markets. Important for nations to control IMF and World Bank Politics is far more important than economics. 1920s and 1930s: Era of Protectionism  After WWI, national interests were seen as requiring:  Trade protection  Higher tariffs and export subsidies  Currency devaluations  International trade declined The Cold War:1947 to 1991  After WWII, the USSR and the U.S. were      adversaries Russia expanded into Europe U.S. increased military spending U.S. and European nations formed NATO Soviet Union created Warsaw Pact Security was more important than the economy Russia and Europe in 1938 Russia Expands as WWII Ends USSR Expands After 1949 End of the Soviet Union: 1991 Russian Federation Today Post WWII Realism: The Cold War  Episodes in the Cold War:  1945: Communists start to take over Eastern Eur.       Nations. 1948: Berlin Air Lift. 1949, April North Atlantic Treaty Organization (NATO) established. 1949, Aug. Soviet Union explodes its first atomic bomb. 1953:U.S. helps overthrow Iranian government. 1957: Soviets launch first man-made satellite. Space race is on More Episodes  1961: Bay of Pigs Invasion of Cuba          E. Germany builds Berlin Wall 1962: Cuban Missile Crisis 1965: U.S. commits combat troops to South Vietnam. 1968: Soviet Red Army crushes Czech Uprising 1973: U.S. helps overthrow Chilean government. 1979: Soviet Red Army invades Afghanistan. 1980: Polish shipyard workers strike. 1985: Mikhail Gorbachev becomes leader of USSR. declares “glasnost and perestroika”  - reform and openess More Episodes  1989:  Million Chinese protest in Tiananmen Square.  Non-communist government formed in Poland.  Non-communist government declared in Hungary.  East Germany opens its borders  Berlin Wall torn down. Germany in 1946 Berlin Airlift: 1948-49 Cold War in Decline  Relations between the East and the West improve in the 1970s and 1980s.  But, the global economy was destabilized  Rise of OPEC  Foreign debt crises  Loss of U.S. global power  Realist concepts changed.  The economy did matter  There was a need for a hegemonic power to bring stability. Cold War Ends  1990 May, George H. W. Bush and Mikhail Gorbachev agree to the reunification of Germany in 1994  1991 Aug. Hard-line Communists stage unsuccessful coup against Mikhail Gorbachev.  1991 Dec. The Soviet Union is abolished.  Boris Yeltsin becomes President of Russia. The Cold War & Realism:  Fear of communism lead to emphasis on military      might. Economic issues were less important than political issues. Security was all important Realists saw the government as involved with the military and not with the economy So Realists can appear to be in agreement with liberals on not having the government regulating the economy Still, U.S. did very well in international trade. Videos of Cold War Events  History Channel  http://www.history.com/topics/cold-war/cold-war- history/videos/cold-war Hegemonic Powers  Realists seek Hegemonic Stability  HEGEMONY: a powerful state controls lesser states  Does the world benefit from having a hegemonic     power? How far should hegemonic power go? Was England a benevolent hegemonic power? Is the U.S. a benevolent hegemonic power? Benevolent or exploitative? Benevolent Hegemons  Liberals tend to see the hegemons as benevolent.  They aid in developing world trade  They develop infrastructure for trade.  They help finance world trade.  They provide markets for world trade. Are HEGEMONS Necessary?  Both British and U.S. hegemony are associated with      periods of greater world trade. Is the world more stable? Is there more trade? World trade is growing even as U.S. hegemony now declines. Liberals tend to not see hegemonic powers as necessary. Hegemonic powers need not favor trade and global growth. Is the U.S. in relative decline?      Overextension? Less investment in human capital? Low national savings rate? George W Bush? Economic growth has slowed down. U.S. Versus China  https://www.youtube.com/watch?v=dC9x0MFB1AA How is the World Doing Today?  Are the LDCs developing?     On balance, yes Health is better Literacy rates have improved HDI scores are up (but not in Africa!)  Has the IMF and World Bank helped the global economy?  Are global environmental problems being addressed?  Will Europe avoid another crisis? Noam Chomsky on U.S. Hegemony  https://www.youtube.com/watch?v=JgJcrzs8WPs ECON 4260 CSULA Tom Larson Spring 2020 Homework Assignment 3 Due: 2-20-20 For our next Thursday meeting, you need to write an essay and do some research. All written work must be typed. Essay (10 points): 1. First describe the basic ideas of each of the following perspectives: realism, mercantilism and neomercantilism. How are these three perspectives similar and how are they different? What were Alexander Hamilton’s views on how the U.S. could best develop (read both the text and the handout by Hamilton). How important was neomercantilism after WWII? How important is the neomercantilist perspective in more recent years? Research (4 points for #1 and 4 points for #2 and 2 points for #3) 1. What are the KIEOs? What problems have they each confronted, and how have their roles changed over time? 2. Identify the East Asian NIEs and the BRIC economies. Why are these economies of interest? For each BRIC economy, what is their current economic growth rate (percent change in GDP)? Use a table to report growth rates. 3. What is the main argument that hegemonic stability theorists have to support the presence of hegemonic states? Extra Credit: Name four hegemonic powers (present and past are OK). ...
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Tutor Answer

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School: University of Maryland

Attached.

Essay and Research Questions Outline
A. Essay
Thesis Statement: Realism, mercantilism, and neomercantilism IPE models are closely
related though established in the different period since each emphasizes the value of state
involvement in the economy.
I.

Introduction

II.

Similarity and Difference between Realism, Mercantilism, and Neomercantilism

III.

Alexanders Hamilton View on How the US could Best Develop

IV.

Importance of Neomercantilism after WWII

V.

Importance of Neomercantilist Perspective in Recent years

VI.

Conclusion

B. Research Question
I.

Question 1

II.

Question 2

III.

Question 3


Running head: REALISM, MERCANTILISM, AND NEOMERCANTILISM

Realism, Mercantilism, and Neomercantilism
Name
Institution Affiliation
Date

1

REALISM, MERCANTILISM, AND NEOMERCANTILISM

2

Realism, Mercantilism, and Neomercantilism
This discussion explores the similarities and differences between realism, mercantilism,
and neomercantilism. Although these models were developed in different seasons, they are
closely related. These are three major IPE models that define the roles of the state in the
economy (Cohn, 2016). As an economy change from a state-based economy to globalization, the
roles of state also changes. According to Zahariadis (1999), domestic markets can be more
reliable than a foreign market. Realism, mercantilism, and neomercantilism IPE models are
closely related though established in the different period since each emphasizes the value of state
involvement in the economy.
Similarity and Difference between Realism, Mercantilism, and Neomercantilism
The realist IPE perspective is the oldest model, which indicates that political power is the
main factor in serving national interests. For instance, Machiavelli (1469 to 1527) considered
that when a state conquered in war, it would accumulate wealth, which enhanced national
building (Cohn, 2016). Mercantilism, on the other hand, was developed between 1500 to1800
AD, which proposes protection of the state interests through trade to accumulate wealth. In this
case, trade is a source of wealth, which is important for establishing a strong political power. In
mercantilism, the state focus on safeguarding its trade inte...

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