Write an essay that defines and discusses the relationships among the terms listed in ONE of the clusters below. Do NOT simply write a series of definitions for each term.
Cluster 1: Cluster 2:
(a) Keynesianism (a) Comparative advantage(s)
(b) Bretton Woods monetary regime (b) Codetermination (2 forms)
(c) Globalization (c) Sectoral associations/bargaining
(d) Capital flight (d) Patient capital
Part II: Essay (50%)
Write a brief essay answering the following question:
Both the U.S. and U.K. are often classified together as “liberal market economies,” but this shared classification may obscure the exceptional character of the American case. What common features of these two political economies characterize them as “liberal market” systems? What important and exceptional features of the American political economy distinguish it not only from non-liberal “coordinated market economies,” such as Germany, but also from the U.K.? How have the exceptional structural characteristics and historical development of the American political economy led to dramatically widening economic inequality since the early 1970s?
