During the Cold World, IR scholars prioritized security issues (namely; wars) in their research agendas due to the uncertainties and insecurities that the bipolar world structure created. The dissolution of the USSR, the end of Cold War, and the emergence of a unipolar world system in the early nineties were considered as an opportunity to shift for a more peaceful international system.
Please discuss whether or not if the end of the Cold War marked the beginning of a more peaceful era in International Relations. In other words, do you think today’s international system is more peaceful compared to the system during the Cold War?
Sample Solution
policy to solve the recession. The fall of Keynesianism also credited to the fact that many economists did not take into account the probability of stagflation (Blinder, 2013). Historical data pointed out that high unemployment rates were related with low inflation rates and vice versa, as shown in the Phillips curve (Khan Academy, 2017). The theory was that a high demand for goods increased prices, which in turn stimulated companies to employ more people. Likewise, high employment rates augmented demand. During the 1970s stagflation, it became obvious that the link between inflation rates and employment levels was sometimes unstable. As a result, macroeconomists were unconvinced about Keynesianism, eventually steering to the end of the impact of Keynesian theories in economic strategies. Monetarist economists, such as Edmund Phelps and Milton Friedman clarified a shift in the Phillips curve: they maintained that when companies and workers anticipated high inflation, there was a shifting up of the Phillips curve, suggesting that high inflation can occur at any rate of unemployment (Khan Academy, 2017). Unambiguously, they argued that if inflation remained high for many years, workers and companies would begin emphasizing its consequences during wage negotiations, causing in a quick increase of earnings and firmsâ prices, which further quickened inflation. This enlightenment was an extreme case of criticism of Keynesianism, and Keynesians progressively agreed the explanation. This reduced Keynesianism spread and influence on economic policies. To conclude, it is evident that the spread and impact of Keynesianism was largely accelerated by the unmatched economic success and constancy in the post-war period from 1945 until 1973. The basis of Keynesianism was government intervention using active monetary and fiscal actions to normalize aggregate volatility in market economies. Its collapse could have accredited to the 1970s stagflation depicted by an instantaneous increase in both unemployment and inflation rates. Critics maintain that stagflation was an unavoidable heritage of demand management policies associated with Keynesian economy. The critical fall of Keynesianism was noticed by the end of the neoclassical synthesis c>
policy to solve the recession. The fall of Keynesianism also credited to the fact that many economists did not take into account the probability of stagflation (Blinder, 2013). Historical data pointed out that high unemployment rates were related with low inflation rates and vice versa, as shown in the Phillips curve (Khan Academy, 2017). The theory was that a high demand for goods increased prices, which in turn stimulated companies to employ more people. Likewise, high employment rates augmented demand. During the 1970s stagflation, it became obvious that the link between inflation rates and employment levels was sometimes unstable. As a result, macroeconomists were unconvinced about Keynesianism, eventually steering to the end of the impact of Keynesian theories in economic strategies. Monetarist economists, such as Edmund Phelps and Milton Friedman clarified a shift in the Phillips curve: they maintained that when companies and workers anticipated high inflation, there was a shifting up of the Phillips curve, suggesting that high inflation can occur at any rate of unemployment (Khan Academy, 2017). Unambiguously, they argued that if inflation remained high for many years, workers and companies would begin emphasizing its consequences during wage negotiations, causing in a quick increase of earnings and firmsâ prices, which further quickened inflation. This enlightenment was an extreme case of criticism of Keynesianism, and Keynesians progressively agreed the explanation. This reduced Keynesianism spread and influence on economic policies. To conclude, it is evident that the spread and impact of Keynesianism was largely accelerated by the unmatched economic success and constancy in the post-war period from 1945 until 1973. The basis of Keynesianism was government intervention using active monetary and fiscal actions to normalize aggregate volatility in market economies. Its collapse could have accredited to the 1970s stagflation depicted by an instantaneous increase in both unemployment and inflation rates. Critics maintain that stagflation was an unavoidable heritage of demand management policies associated with Keynesian economy. The critical fall of Keynesianism was noticed by the end of the neoclassical synthesis c>
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