International Political Economy

Topics: Economics, Economy, Development economics Pages: 11 (3931 words) Published: December 11, 2012
This essay is divided into three parts: The first section shall engage in a comparative review and analysis of the works of Jacob Viner (1948), Alexander Hamilton (1791) and Friedrich List (1885 /1841) . The three works base generally on the concept of the economy but in particular they bear adequate intellect and authority on the issue of economic nationalism, the adoption of developmental policies and their application in the real world scenario of “economic warfare”. Viner’s writing is to an enormous degree recent, as compared to list’s and Hamilton’s respectively; it revisits the Seventeenth and Eighteenth Century economic practices and then elaborates the policies as grounded in National pursuit of Power and Plenty; he writes in inquiry of whether States concerned themselves with pursuit of power, as central to acquisition of plenty or whether plenty created an ease in acquisition of wealth; this essay will neither repeat his methodology nor belittle it but rather will identify the policies and institutions the states used to become wealthy and powerful. List writes after a lifetime of analyzing and evaluating the national economies of numerous states; these included, Italy, Germany (pre-Unification), Spain, France, Russia and the United States among others. He writes as a nationalist and patriot, proposing policies for Germany to use to develop, his central premise being that native manufacturing entities must be promoted and improved in value and a strong navigation policy ought to be adopted; his frustration however is when the proposals are underwritten as non pragmatic, non applicable, too idealistic for Germany and threatening to the Nobility. On finding the very policies in America list remarked that the best work on political economy which one can read in that modern land is actual life. Hamilton’s writing was not so much from a perspective of academia as it was in civil service; he writes as the Secretary of the Treasury in the United States, faced with the challenge of impeded progress in international trade due to the low competitive value of their raw materials. He proposed and concerned himself with the question of manufactures and how its promotion could possibly render the United States independent of foreign Nations for military and essential supplies. In spite of their disparities in time the three present near identical if not totally similar notions on economic nationalism, they premise their writing on a principle of a disciplined and patriotic application of economic policy. The second section shall identify, analyze and highlight the major policies celebrated as proper for national development, due regard being given to the fact that “national development” is a relative notion. In this essay it is rendered as that development achieved through the application of a nationalistic economic framework clearly distinct from that “development” propagated by preachers of economic liberalism and free trade. The third and last section of the essay will then examine at length the lessons of good practice that can be borrowed and applied by a developing economy like Uganda. A Comparative Review

The Report by Hamilton to the United States Congress in 1791 identified seven policies that can be used or applied to improve manufacturing: the division of labour, extension of the use of machinery, jobs for the unemployed, promotion of emigration, promotion of talents and skills development, availability of a favourable atmosphere for different forms of enterprise and creation of a steady demand for agricultural surplus. List condemns the notion of free trade as propagated by Adam Smith (1937/1776), he presents a number of polices but stresses the primacy of domestic industry and manufacture in combination with a monopoly of Navigation and Naval power, import of capital goods, and only raw materials. He coins the phrase kicking away the ladder and calls it the clever common device used by...
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