Note Ps 139
What is east Asia and why study east Asia?
China, Japan, South Korea…
Asian tigers: South Korea, Singapore, Taiwan, Hongkong
They are the fastest growing regions in the world.
China’s the largest trading country in the world since 2011.
1.what is political economy?
Political culture: South Korean people’s more obedient to the government so it has strong economy growth in 1960,70.
Political economist try to answer:
a. Would democratization help trading, economy growth?
2.what is international political economy?
Focuses on international relationship between countries that trade.
Economic international relationship between countries: interest rate, trading, etc..
Economic liberal vs. political liberal
Economic liberal: generally politically conservative, more market oriented, let the market act itself, opposite from political liberal.
Adam smith
-Invisible hand naturally operate to the best interest society, the strongest will win the competition, market will operate on its own.
-Self-interest
individuals are self-interest, individuals will make rational choices, that’s best for themselves, serves their own needs and desires.
-Competition
-Results?? Social harmony, supply and demand will be balance, market equilibrium. Nobody decides the wealth and resources to be allocated. It will bring the society to larger wealth. No monopoly so there will always be better product come out.
-Division of labor and wealth accumulation
* liberalism * David Ricardo * -free-trade * -the corn-laws: prohibit import food item at 1800, it negatively effects capitalists class. Result: less selection, higher price, increase wage for the labor because of the higher food price. * Allow importMore selectionLower priceLower labor priceBetter economy * enclosure movement * * John Stuart Mill * -Market does create unequal income distribution and some people are living in extreme poverty * -State has to provide limited
China, Japan, South Korea…
Asian tigers: South Korea, Singapore, Taiwan, Hongkong
They are the fastest growing regions in the world.
China’s the largest trading country in the world since 2011.
1.what is political economy?
Political culture: South Korean people’s more obedient to the government so it has strong economy growth in 1960,70.
Political economist try to answer:
a. Would democratization help trading, economy growth?
2.what is international political economy?
Focuses on international relationship between countries that trade.
Economic international relationship between countries: interest rate, trading, etc..
Economic liberal vs. political liberal
Economic liberal: generally politically conservative, more market oriented, let the market act itself, opposite from political liberal.
Adam smith
-Invisible hand naturally operate to the best interest society, the strongest will win the competition, market will operate on its own.
-Self-interest
individuals are self-interest, individuals will make rational choices, that’s best for themselves, serves their own needs and desires.
-Competition
-Results?? Social harmony, supply and demand will be balance, market equilibrium. Nobody decides the wealth and resources to be allocated. It will bring the society to larger wealth. No monopoly so there will always be better product come out.
-Division of labor and wealth accumulation
* liberalism * David Ricardo * -free-trade * -the corn-laws: prohibit import food item at 1800, it negatively effects capitalists class. Result: less selection, higher price, increase wage for the labor because of the higher food price. * Allow importMore selectionLower priceLower labor priceBetter economy * enclosure movement * * John Stuart Mill * -Market does create unequal income distribution and some people are living in extreme poverty * -State has to provide limited