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International Political Economy (IPE)

ever, the fact that mercantilist attitudes still had power to influence his analysis can be seen in the fact that he considers it proper for Britain to have restricted direct foreign trade with Britain's colonies to British shipping, shutting such trade off in particular from Continental trading competitors; violators had their ships and cargoes confiscated.

A Realist position on economic growth is articulated in Hamilton's Report on Manufactures when it advocates government subsidization of entrepreneurial efforts. In an effort to build the national economy of the new country, Hamilton calls for protectionist duties on goods that would discourage development of domestic manufacturing, itself a Realist position. However, Hamilton also specifically calls for "encouragement of new inventions and discoveries, at home, and of the introduction into the United States of such as may have been made in other countries," by way of what he calls bounties and what today would be called a government patent, grant, or contract (Hamilton, 1996, p. 84). Hamilton continues:

[T]here is no truth, which may be more firmly relied upon, than that the interests of the revenue [= national interest] are promoted, by whatever promotes an increase of National industry and wealth (Hamilton, 1996, p. 86).

A strengthened domestic economy, Hamilton suggests, will yield international status, which is consistent with a Realist view of international power relations. If national interest is the controlling idea of Realism, it follows that it is in the nation's interest to achieve as much geopolitical status as possible. In that regard, Gilpin uses the term economic nationalism when describing the emphasis on power as the determining feature of international relations (1996, p. 12). The current debate over international competitiveness is another way of approaching the Realist position. Rapkin and Strand may think that in reality (generic, not theoretic), actual ...

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International Political Economy (IPE). (1969, December 31). In LotsofEssays.com. Retrieved 05:43, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1683059.html