Notesale: Turn your study into money

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Liberalism  
(Monetarist  another  
group  of  liberals)  
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Adam  Smith  
David  Ricardo  
John  Maynard  
Keynes  

Mercantilist  

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Marxist  

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Frederich  List  
Klaus  Knorr  
Klaus  Stegemann  

Frederick  Engel  
Vlademir  I  Lenin  
Immanuel  M
...
 Spike  Peterson  

 
 
Further  author  
Further  Concepts  
Milton  Friedman  
A
...
   
o Meanwhile!!!  Great  Britain  was  the  only  industrialized  country  and  
they  made  the  Corn  Laws  (1815-­‐1846)  to  protect  their  domestic  
agriculture
...
   
• However,  List  came  out  and  said  woah  Ricardo!    
o Terms  of  trade  dude…  if  agricultural  countries  keep  trading  with  
industrialized  ones  to  get  their  manufactured  goods,  their  grain  isn’t  
going  up  in  value…    
o but  the  technology  is  so  for  1  tractor  I’m  going  to  have  to  trade  15  
grain  today,  but  in  a  year  from  now  ill  have  to  trade  500!  We  need  
infant  industries    
• Stegemann  said  yeah  List  you’re  right!  Adam  smith  is  totally  wrong!    
o We  also  need  economic  productive  powers,  which  is  education!    
• Then  Knorr  said  yeah  you  guys  are  all  right!    
o Look  what  we  can  do  with  national  economic  power!  I  can  create  
barriers  and  hinder  another  countries  economy,  or  I  can  create  
domestic  restrictions  to  prevent  countries  from  hindering  my  
economy  
o Knorr  gives  a  very  clear  definition  of  economic  power  and  what  you  
can  do  with  it  
 

• Keynes  is  about  how  you  get  out  of  a  recession  
o He  lived  through  the  great  depression  and  he’s  saying  Adam  Smith,  
you’re  kind  of  wrong
...
   
o He  used  Keynesian  economics  +  Friedman’s  idea  to  try  and  fix  the  
economy
...
   
• Passive  
• Active  
o Although  you  cant  really  have  both  since  more  active  which  is  usually  
through  high  involvement  in  international  trade  makes  you  more  
dependent  on  others  which  reduces  passive  
o Because  passive  is  your  capacity  to  resist  international  economic  
pressures  so  usually  communist  and  self-­‐sufficient  countries  have  a  
high  passive  but  low  active  
 
It  also  talks  about  economic  strength  and  different  ways  you  can  increase  it,  what  he  
called  national  economic  powers  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Mercantilism:  
 
• Classical  Mercantilism  
 
Mercantilism  was  an  economic  theory  and  practice,  dominant  in  Europe  from  the  
16th  to  the  18th  century  that  promoted  governmental  regulation  of  a  nation's  
economy  for  the  purpose  of  augmenting  state  power  at  the  expense  of  rival  national  
powers
...
   
Focused  on  internal  development  of  the  national  economy
...
 
Friedrich  List:  a  nation  must  sacrifice  its  living  standards  in  the  short  run  in  order  to  
invest  in  productive  power  and  manufacturing
...
 It  promotes  such  policies  as  substitution  
state  taxation,  subsidies,  expenditures,  and  general  regulatory  powers  for  tariffs  and  
quotas,  and  protection  through  the  formation  of  supranational  trading  blocs
...
       

 
 
 
 
Liberalism:  
 
Adam  Smith  
Before:  Craftsman  manufactures  their  product  from  start  to  finish
...
 This  is  relevant  in  an  age  disposed  with  allegations  of  fraud  and  
the  ‘cooking’  of  books  by  large  corporations  as  well  as  common  attempts  at  tax  
evasion  by  both  business  and  individuals
...
   
 
David  Ricardo  
Opposed  to  corn  laws  designed  to  protect  British  agriculture  against  less  expensive  
foreign  competition
...
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
John  Maynard  Keynes  
20th  century  of  economics  (not  political  economics)
...
 By  so,  need  of  State  
intervention  to  control  the  adverse  effects  of  recession  (Great  depression  is  the  
essence)
...
 So,  State  can  better  stimulate  demand,  for  example  by  purchasing  weapon  
for  army  and  construct/update  technical  infrastructure)
...
 
In  a  recession,  larger  State  expenses  because  larger  unemployment  so  collects  
welfare  payments  and  at  same  time  state  income  decrease  because  less  tax  revenue  
-­‐>  must  borrow  funds  on  financial  market  to  manage  demand  -­‐>  create  deficit
...
 At  same  time,  growing  individual  and  corporate  
tax  
will  help  
State  
repay  
debt  
and  achieve  
a  
balanced  
budget  after  
economy  
back  on  
track
...
   
If  you  lower  tax  and  interest  rates,  ppl  would  spend  again,  demand  grows  -­‐>  
stimulate  supply
...
 

Epistemoligical  Problem  of  "How  do  
we  know  what  we  know?"  
2  ways  of  explaining  this  question  

 
 
 
 

Post-­‐Positivism  
 
 

Do  not  conduct  research  because  of  social  events  
 
5  reasons  of  rejecting  positivism  
 1-­‐  People  are  re1lexive,  which  means  they  
can  change  their  behavior  if  they  don't  like  the  
outcome  of  the  academic  hindings  about  them  
 2-­‐  Critical  realism  where  observations  of  
reality  are  imperfect  (background  and  
preconceptions)  
 3-­‐  Constructivist    if  effectivily  
'constructing'  social  reality  according  to  our  own  
understanding  
 4-­‐  Relativism  which  different  
understadings  can't  be  generalized  
 5-­‐  Subjectivism  where  there  is  no  hierarchy  
of  individual  experiences  (Prof's  knowledge  not  by  
dehinition  more  legitimate  than  student's  
knowledge)  

Positivism  
Purpose  of  research  as  to    
   
 -­‐  Explain  particular  event  
 -­‐  Generalizing  with  
large  group  of  phenomena  
 -­‐  Predicting  the  
potential  outcome  because  of  
similarities  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Constructivism  
Involving  the  idea  of  
''deconstructing''  something
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Feminism  
Invites  to  a  Gender  analysis  of  IPE  
issues
...
   



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