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Global political economy by Theodore Cohn: Robert Heilbroner has famously argued that in the history of mankind, no other form of economic organization has created more wealth than the increasingly global capitalist system. This global capitalist system is supported primarily by international monetary and trade regimes, the study of which has formed the core of our course this semester. Taking care first to define the process of economic globalization, your analytic tasks in this essay are as follows: 1) Why are the international monetary and trade regimes integral in supporting a globalizing capitalist economy? 2) Paying attention to both the formal (intergovernmental organizations and norms/principles), discuss the regimes managed by the IMF and GATT/WTO. 3) In whose interests do these regimes function (hint: discuss the differential impact of the regimes on the Global North and Global South)? 4) Taking into account both the vast wealth created by a globalizing world economy on the one hand and the persistent underdevelopment of the periphery, do you think globalization has had a positive impact?
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