Four Girls and a Guy

Welcome to our blog for our University College World Politics class!!!

Monday, November 06, 2006

What is Weath?

Friday’s class discussion was very interesting when it came to the definition of wealth. And I must say that I don’t really agree with Darcy and Emily when they said that they are wealthy because of their friends and family. The reason I say this is because they can’t be bartered with. The amount of money can be exchanged, items can be exchanged, military can be used to continue your existence in this competitive world. Now don’t get me wrong I think that family and friends are the most valuable things in the world however you need basic necessities to live such as food, water and shelter and you can not trade your friends in for a bottle of water. So I guess my definition of wealth is how well one can satisfy their basic necessities and what is valuable are the items or people that make life worth living.

The question that PTJ posed at the end of class was in what ways would Realists and Liberalists explain the need for economic regimes such as the IMF and World Trade Organization?

First one could ask what would wealth be defined as to a realist and then to a liberalist? To a realist wealth would be anything that protected the state survival such as the size of one’s military. Wealth to a Liberal would be the ability to negotiate and to gain allies. With this I think first it will be easier to explain why Liberalists would think there is need for economic regimes. It can be used as a mediator to maintain the economic system of the world by helping the economic system of one country. The thought of countries coming together to discuss ways to help other countries with their money is the essence of Liberalism.

If one would take a Realist perspective, economic regimes are there to help keep the survival of the state. Since a country can rely on these regimes backing up the survival of the state a realist would definitely agree that economic regimes should exist. Plus the relations that are gained within these groups help create alliances which also increase the survival of the state.

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