Give detailed answers to any 6 questions from each module. For best results use examples, numbers, facts, quotes and references to illustrate your point. Additional answers are counted as extra credit that will improve your grade.  A short question or a long question – both are asking for a long answer.

Homework 1.    Answer any 6 questions. 

1.  Explain what is IPE and what issues it studies.

2. Compare and contrast capitalist and socialist economic systems, their main features, historical performance, major advantages and disadvantages.

3. Describe the assumptions and values of mercantilist perspective on international relations and the role of the state.  How is this school of though reflected in today’s policies?

4. Describe the assumptions and values of Liberal perspective on international relations and the role of the state.  How is this school of though reflected in today’s policies?

5.  Describe the views of Marxist school of thought.  How is it relevant today?

6. Take a Nolan chart survey and explain what modern school of thought your views are closest to.  How does your preferred school of thought differ from its alternatives?

7.  Use the theory of median voter to explain why politicians tend to side with centrist views.

8. Based on your readings/videos for this module, make up your own question and answer it.


Homework 2.     Answer any 6 questions. 

1.  What is globalization? Explain the main broad factors that have been driving globalization in the world over the last 100 years.

2.  Anti-globalization movements are prominent all over the world. What are their arguments against globalization?

3. Explain (with an example) the principle of comparative advantage in international trade. Where does comparative advantage come from?  How can trade between two countries increase standards of living in both countries?

4.  Read article by Krugman from 1993. What are the main ideas that students should learn about trade? Explain each briefly.

5.  Look up main exports and imports of the US.  Does our pattern of trade suggest that we are dependent on foreign goods and services, or not?  Could our country survive in complete isolation?

6. Explain the ideas of hegemonic stability theory, its historical origins and performance with respect to real events.  How is it relevant today?

7. If you were to list major power players in the world economy, what institutions (states, organizations, corporations)  would you put on this list?

8. Find a recent news story related to international trade or US economic relations with another country.  Comment on the main idea and why it is important.


Homework 3.   Answer any 6 questions. 

  1. Describe general trends in trade and tariffs.

2.  What type of trade restrictions do nations use? Describe various type of trade barriers, with examples.

3.  Why do nations restrict trade?  Describe arguments against free trade. Which of the arguments do you find most convincing, why?

4. Explain why the theory of comparative advantage may be wrong.

5.  What is WTO?  What has it accomplished since WW2, and how?  What are some of the issues WTO has been dealing with lately?

6.  Explain the term “industrial policy” with examples. Have there been any success stories of countries using such policies?

7.  What is a regional trade agreement?  Using one of the RTAs as an example, explain why it was created and who are the main beneficiaries and losers from the arrangement.

8. When and why was the EU created? What are the benefits and costs of joining the monetary union for the European countries?


Homework 4.   Answer any 6 questions. 

1.  What are some of the major dates and events in the history of the global financial system since WW2?

2. Explain the difference between floating and pegged (fixed) exchange rate regimes.  Which one is better? Explain.

3. What are the implications of a weaker and a stronger currency for a country. Why is China’s exchange rate policy criticized by the US?

4.  US trade deficit is over $600 billion annually over the last decade. Explain why the trade deficit matters for the US economy and for the rest of the world.

5.  What is IMF?  Comment on the roles of this organization over time, and why its activities has been criticized.

6. What is gold standard? Why and when did it exist?  Why was it abandoned?

7. Discuss causes and consequences of one of the financial or currency crises: Asia 1997, Russia 1998,  Mexico 1994, or Argentina 2001.

8. Explain causes and consequences of the most recent global financial crisis of 2008.


Homework 5.     Answer any 6 questions. 

1.  What are the main economic, political and social reasons for the increase in transnational production? Give examples of MNCs.

2. What are the potential benefits of FDI for the host country?  Are there countries that benefited from FDIs?

3. What complaints does the American public and foreigners  have about the activities of MNCs?

4. How has globalization changed the character of the state and the dynamics of state-MNC interactions?

5. Discuss the basic facts about immigration. Why do people migrate? Do immigrants reduce wages and jobs of Americans?

6. Discuss overall the costs and benefits of a policy that allows illegal immigrants to work illegally in the US.  Is illegal immigration a net benefit or a cost to the US economy?

7. What would the perfect immigration system look like from economics standpoint?

8. Find a news story related to the course.  Outline the issue and comment how your story is tied to IPE.


Homework 6.   Answer any 6 questions. 

1. How can the economic development of states be measured and compared?  How do we decide whether a particular country is developed or developing? Use CIA Factbook to compare indicators from a developing country with a developed country to illustrate your answer.

2. Discuss basic facts of development and economic growth trends in developing countries over the last century.

3.  Explain the link between countries’ openness to trade and their level of development.  What conclusions can we draw?

4. Compare export-led and import substitution growth models.   Where were these strategies implemented and how well did each perform?  Which strategy would you recommend for a developing country?

5.  Explain the role of geography in determining why some countries rich and some countries poor?

6. What other factors or institutions are essential for economic development?  Explain briefly why each is important.

7.  Most developing-nation exports go to industrial nations while most developing-nation imports originate in industrial nations. How do you explain this observation? Look up trading partners  of a small developing country, as well as its exports and imports, to illustrate your answer.

8. Based on your readings/videos for this module, make up your own question and answer it.


Homework 7.   Answer any 6 questions. 

1. What are the advantages and disadvantages of measuring poverty based on a single statistic, such as the $1.25-a-day standard used by the World Bank and adopted by many poverty analysts? Is absolute poverty more important than relative poverty?

2. Microcredit, or microfinance, has been portrayed as an important innovation in efforts to combat severe poverty. What are the pros and cons of this anti-poverty initiative?

3. What kind of foreign aid do developing countries receive?  What incentives does aid create? Does it achieve the intended goals?

4. Explain how developing countries ‘aid’ the rich countries.

5. Read about failing states from L.Brown Plan B. What are these failing states and how do they present a threat to the rest of the world?

6. Explain causes and consequences of the debt crises in the developing countries in the 1980s (refer to Ch5 of the textbook and online resources under this module).

7.  Explain why the World Bank was created, what its goals are, what its activities are today and whether its actions are criticized.

8. Watch one of the TED talks under this module.  Explain the main idea and share your own thoughts on the topic of the talk.



Homework 8.    Answer any 6 questions. 

  1. Explain the term ‘global governance’.  Is it a good idea or not, and why?
  2. What kind of problems and risks should global governance be concerned with?

3.  What is natural resource curse?  Which countries are likely to suffer from this problem? Is there a cure against this curse?

4. Summarize the role of oil in today’s politics.

5. What is ‘fair trade’?  How does it help the developing countries?

6. Discuss the role of corruption in economic development.

7. Watch one of the TED talks under this module.  Explain the main idea and share your own thoughts on this topic.

8. Read about current issues in IPE on the project-syndicate site. Explain the issue and comment.


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