Uploaded by Geraldine Slytherin

Intl Pltc Econs Lecture

Michael Pillsbury 100-year marathon
Where does he gets his insights from?
Need to evaluate, what you’re supposed to do when you’re evaluating
Lee Khuay Khiang
What are you supposed to do for evaluation? Investigate, Intermediation, !!Insights!! (Come
from us)
Don’t ask him for sample answers. No point. Liberalist. Neo Liberalism (Collective action.)
There will have rules that makes people microbic. Globalisation is a myth, a textbook theory.
Mercantilism, Liberalism, Marxism
Distil a situation, distil the concepts of liberalism.
YALTA would tell many reasons why Singapore should never join Malaysia again. We should
be autonomous and maintain greater connectivity with Malaysia but never join back with
him. 1946
Crash vs Melt
Melt = People still think govt is good while economy crashes. Jobs lessening. Most people
would be under contract work. No more Free Trade Agreement, a FORCED Cold War. (They
allow Russia to invade Ukraine, and see how China performs and see how NK provides
armouries to Russia)
Crash = A sudden, severe downturn in economic activity marked by a significant
decline in Gross Domestic Product (GDP), widespread unemployment, and financial
Who is Singapore Siding with?
Singapore and UK elevating ties for ‘Strategic Partnership’. UK sides with US.
Singapore and Vietnam eyes comprehensive Strategic Partnerships. (allies) Vietnam VS China.
Singapore calls for Govt-Govt (Develops with State govt, no more Jack Ma/Private Insurance
companies) Project. We are not gonna invest in private sector anymore. According to military
protocol, getting out of China for now, but soon we will come back if Deng Xiao Ping 2 comes
back. They are going to Vietnam.
When a country grows continuously, money will leave. Nothing lasts forever. Property Sector
was 30% of China’s Economic Growth.
Entering a Financial Crisis soon. Asia Currency VS BPS VS USD, Asia Currency is at an all time
high. 0 sum game, another one coming. Someone losing property.
Money only sees Margin.
Very soon Britain will be a great power again.
In exam there will be a question of Globalisation.
Need to provide a comprehensive Knowledge of Key Concepts
Two sides of the story
Politics and Economics, States and Market.
Exams, 1000 words limit.
First Principle, States and Markets
When doing evaluation must be based on 3Is.
I nterest (Alignment of National Interest)
I deas (Develop Ideas after Interests are aligned)
I nstitutions (WTO,IMF,UN,WB)
Russia likely not trust in China. Due to China siding more with America. Trump card for Russia
is India because China supports Pakistan. China as a regional power, will not sustain. Self
interest first then comes the idea. So when China joined WTO, the modern theory of
modernisation, democracy will come. But after 10 years, consolidation of power came up.
2015, official consolidation of power happened. Xi JInPing changed the rules where
XiJingPing will stay general secretary until his death. Business in China is relationship based,
so intellectual property rights will never be implemented in china.
State : Realm of Collective action and decision.
The state will always struggle. The job of a politician is to struggle so never be a politician.
Stay there 5 years you might wanna quit. It’s not easy being a politician.
Collective Action is a skillset that all states must have although specifics differ.
Singapore is a rules based society/economy. When rules are knocked down, new rules are
formed. Refer Covid-19.
But moral aspect of Singapore’s rule-based society, is the morality fitting towards society’s
Singaporeans are transactional, critical. Lack of morality? Embrace people from all over the
world because they have different morals hence why Singapore is Rules-Based. So the main
racial tension, are mainly the clash of different morals.
Collective action can bring about stability but it does not promise stability.
Promises of Liberals
1. Based on Justice
2. And Equality
IMF decides the pay grade of everyone. Questionable morality due to inequality. We are
concerned about driving growth but less concerned about equality.
Morality from his pov, is basically as more people are included in the development, able to
catch up then there is morality. (Removed all farms in Singapore) The farmers were very rich,
they lost their land their childrens futures. Is it moral? No. But we pushed industrialisation.
But we did not give them opportunities. Lack of morality but for the good of Singapore.
Hence there is inequality.
To be moral, policies should prepare people for the next big thing. Sustain structure to
maintain stability. But those left behind would have no choice for a better life.
Debt to GDP ratio
117% 2023 (Singapore) It means we are spending more than we have. Tells us that we are
very focussed on credit worthiness. Credibility. Based on income can buy goods. Higher
income = more credit worthiness = Buy more stuff
But there is something that is lacking. We will think that 600k still possible. But we should
not spend that much if we don’t already have a good base. Financial Literacy is very
important, which means a person should have the least loans as possible. But this is not
happening in Singapore. Govt is rolling out more Bonds, and that singaporeans cannot know
the reserves. Once we cannot pay the interest of the debt, everything will unfold very quickly.
When you go out and work first thing focussed on is salary. The older generation just wanna
survive. But younger generation is more ambitious. Because we want to live a better life.
Money that we do not have and we borrow it, that is Credit.
State Society Relationship covers the control the government have for you.
Neo Liberals (Banking sector) Advise politicians.
1984 Richard Finance Minister. Laid out all policies of financialisation. Which led to escalating
prices. He rolled out more credit, so people got a lot more things and looks very rich.
More politics than economics
Structure Agency (Structure = Economics)
MNCs have more control over govt. Govt is advocating for MNCs.
Ukraine war = No grains export = India(And other countries) not exporting grains anymore
Stay in the game? Stay on board of the politics.
Focus on Globalisation.
Trading System (GATT/WTO) Need to know difference between GATT and WTO
Monetary System (IMF, WB)
Agreement (Don’t NEED to follow)
Has Contracting Parties
Weak Dispute Settlement
Institution (IO)
Has Members
Strong and Fast Dispute Settlement
Venture Capitalist = Unlimited Funding from the Government.
InQTel = Major investor of NASDAQ (Institutional Investor)
Silicon Valley controlled by InQTel = 007, MAIN MNC OF THE WORLD
In the real world, information is asymmetric.
Green Party is very strong in Belgium and Portugal. They want to save the climate and
believe in sustainable society. But they are peoplecentric and relaxed.
For UN, focus on Freedom of Navigation.
Susan Strange , Pioneer at LSE. Concerned about Financial Crisis.
1. Globalisation
2. Financial Crisis how it started Marxist POV
3. Feminism Lecture 5
Professor Strange. Create an Anti-Thesis. Hence you can distil the thesis.
Myanmar, visualism
Global Production System. Mitsubishi is a Defence Company. Can assemble a submarine in 3
Analyse from perspective of every type of state under Globalisation, Society, Firm(industry),
Strength of Singapore is the Civil Service. Not Political Party. Because the Civil Service
maintains the stability of Singapore. That is where morality comes in. FInancialisation will
overthrow civil service.
Because we are in economic nationalism. Conflictual Zero Sum Game.