International Political Economy Final Paper

1. Why do international investors lend to sovereign governments? Why do governments usually pay them back? Explicate repeat play, issue linkage, and reputation answers for these two questions. Compare and contrast the theories with reference to empirical evidence. Comment on the strength of the empirical evidence in the literature and suggest future extensions. Explore the question historically.

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2. A central debate in IPE focuses on the domestic political effects of international trade. Ronald Rogowski draws on the Heckscher-Olin and Stolper-Samuelson theorems to argue that domestic political cleavages regarding trade policy are class-based. According to him, in most countries, trade politics are shaped by the conflict between business and labor. An alternative approach challenges the factor mobility assumption in Rogowski’s model, claiming instead that international trade tends to divide societies along sectoral lines. Discuss the strengths and weaknesses of these two society-centered approaches to trade politics. How useful are these arguments in explaining contemporary trade politics in the United States, Europe, or Latin America? Can theories that focus on political institutions do better at explaining trade policymaking?

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3. The creation of the Bretton Woods monetary regime in 1944 has been viewed as “history’s first example of a fully negotiated order intended to govern monetary relations among sovereign states.” Discuss the origins and main features of the Bretton Woods system and explain the confluence of factors contributing to the collapse of the gold convertibility and of the fixed exchange rate system in the early 1970s. How has global monetary governance and order evolved since then? According to some, what has evolved since the 1970s is “little more than a non-system bordering on anarchy if not chaos.” Do you agree? What are the main advantages and shortcoming of this non-system? How effective has the current framework of global monetary governance been in promoting international coordination and cooperation? Discuss in reference to recent events in the international monetary system, including the 2008 global financial meltdown, and recent calls for a new global standard in response to emerging tensions over currency values.
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