No Crisis Ends Without Leaving a Legacy

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Economic World?

1/26/11
No crisis ends without leaving a legacy.
2008’s legacy will include new perspectives on the long-standing conflict over the kind of economic system most likely to deliver the greatest benefit. Battle between capitalism and communism maybe over, but market economies come in many variations and competition between them continues. Machiavallian Maintainer

See China as a threat
Wouldn’t address underrepresented issues (Female Economic?) Grotian
Tries to bring China into the fold
Kantian
Looks at the human rights aspect of it
Fighting for justice
Robert Gilpin
Political economy debates shaped by three core belief systems capitalism, socialism, mercantalism Have a bit of each in the US
Mercantalism is More a political decision (protectionist policies, subsidies, tariffs) Socialism-Nordic Model
Social democratic states, more government control
Welfare state, free education, free health care, high taxes
* Which form of capitalism? Debate of 21st century
James Fallows:
Anglo-American capitalism vs Asian capitalism
American, less govt involvement
Factors
Purpose of economic life: American model focuses on consumer and individuals, make people happy give them opportunities. Asian model is to increase the collective strength of the nation View of power: Americans don’t like concentration of power. Asian view is a like for concentration for power to create stability. View of Surprise: Americans like surprise, want to be able to bet on things. Asians suspicious of surprise, want to predict and control market Borders and the Other: We don’t like idea of us and them, like idea that people are different. Can trade with anyone. Asians look at xenophobia and an us vs them atmosphere Countries that were protected and tied to their government weren’t as affected by the economic crisis Basic difference in what the economy is for

More for consumer vs more for the state and the producer
America is outsourcing, not providing for its workers
In general, debates about economic systems and the role of government shaped by political culture Obama’s State of Union displayed need to compete and state working hand-in-hand with economy Friedman on US politics is shaped more by globalization

Friedman:
Integration with global economy, like Nike, means finding the lowest bottom line and getting the lowest cost Separate from global economy means self-reliance, making everything domestic (North Korea) ‘Let them eat cake’ : Your on your own, minimal government (Closer to Anglo-American model) Higher up, safety-netters: Protect the workers, prepared to work in global market (Closer to Asian model)

Nazi Case
Crisis of efficiency and identity
What is the nature of the international system that states in our case are working in? Westphalian system1648
Legal equality of all states
Sovereign power over a given territory
3 powers governing them: Vichy, London, and Nazis
sole representative in international system
determine citizenship
Enforce the rule of law
Has anything changed in 360+ years?

How does this system survive? Force? Diplomacy? Reciprocity/Recognition French culture based on tradition, history
IS based on communal identity
Is the system still as anarchic or without a common power?
Yahoo wants an anarchic system
Reciprocity would mean banning Yahoo would set precedent of other countries shutting down French companies SocializationLearning the values of the society
Globalization challenges what it means for citizens to have national identities

DISCUSSION REVIEW
* Integration

Safety-Netters Let them eat cake

Separation
Globalization doesn’t concern itself with humane issues, is about the bottom line. Separation vs Integration: You’re either in global market or your not. However, there are various forms of capitalism

Anglo-American (Liberalism)More ‘let them eat cake’
Critiques:
Asian (Neomercantilism) Government has strong hand...
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