PSC 116 Study Guide - Final Guide: Economic Liberalism, Government Failure, Mercantilism
Document Summary
Essays: compare and contrast mercantilism and economic liberalism. Mercantilism liberalism mercantilism liberalism. Shares with realism the belief that each state must protect its own interests without seeking mutual gains through international organizations. Views international economy as a zero sum game. Shares assumption of anarchy (lack of world government) Touch to determine which industries matter and how much. Smith assumes that greater wealth for all is in any society"s best interest. Potential to disguise narrow interest for general interest (producers v consumers) Distribution of income: describe the north-south gap. Describes a sharp divide between wealthy countries in the north and the lesser developed countries (ldcs) of the south. Overall wealth has grown significantly since wwii but so has global inequality: 1990-2008: average income per person in global south increased from k to . 5k; average income per person in global north increased from k to k.
