Advantages Of Economic Liberalism

1) The Many Faces Of Liberalism: The Contrast Between Keynesian and Neo-Liberal Thought And Its Relation To Classical Liberalism

Liberalism forms just one of many streams of both present and classic political and economic thought. Through the emergence of different dominant paradigms, the international system has gone through vacillating approaches to political economy. As such, the conception of liberalism itself has gone through massive changes from its original conception – and most particularly – between the 1930s and 1980s.

Classic liberalism as seen by French philosophers, known as the Physiocrats, believed that the role of the state should not interfere with the market – going so far as to say that intervention would almost always harm society (Balaam and Dillman, 2011, p. 30). This view was supported by founding scholars of Neo-Classical economics, like Adam Smith, who believed strongly in

Firstly, Economic Nationalism recognises the Modern State as the primary actor in International Relations. This is important because, despite fears that globalisation is replacing the need for a state system, international claim over resources, territory, people and law are all defined by the role of the state.

It is also important to understand how political framework shapes both domestic and international economy. Economic Nationalism shows how economic development can be stimulated, guided, and protected by State intervention.

States also, according to the view of the Economic Nationalist, are responsible for building frameworks that allow economic activity in the international system – an important idea leading to trade agreements, blocs, and international institutions which promote trade and economic growth (and