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She has published extensively on policy reform in developing countries, the role of multilateral institutions in the international economy, and the political economy of trade policy. In her 1996 Presidential address to the American Economic Association, she explored the lack of congruence between successful trade and development policies ...
Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests. [50] Political economy and law is a recent attempt within legal scholarship to engage explicitly with political economy literature.
Governments can use trade policy instruments to shift profits from foreign to domestically owned firms, thereby raising national economic welfare at the expense of other countries. [4] In practice, however, the impetus for government intervention is likely to come from a narrowly focused interest group that has a stake in a specific industry.
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. [1] A key focus in IPE is on the power of different actors such as nation states, international organizations and multinational corporations to shape the international economic system and the distributive consequences of international economic activity.
According to this model, trade policy is dynamically unstable in that it constantly tends towards either liberalization or protectionism. To prevent falling off the bike (the disadvantages of protectionism), trade policy and multilateral trade negotiations must constantly pedal towards greater liberalization. To achieve greater liberalization ...
Many of these domestic policy choices, however, are now seen as detrimental to free trade and are hence limited by various international agreements such as WTO TRIMs or TRIPS. Instead, the recent focus for industrial policy has shifted towards the promotion of local business clusters and the integration into global value chains. [24]
The economic theory of international trade differs from the remainder of economic theory mainly because of the comparatively limited international mobility of the capital and labour. [6] In that respect, it would appear to differ in degree rather than in principle from the trade between remote regions in one country.
The political trilemma of the world economy is a concept created by economist Dani Rodrik to capture the trade-offs that governments faced in their responses to globalization.