Liberalism and Mercantilism - 1287 Words

Liberalism and Mercantilism International political economy is an important subdiscipline of international relation. It has three main ideologies, Liberalism, Mercantilism and Marxism. In this essay there will be three parts, first part is to demonstrate what the Liberalism and Mercantilism are on the perspective of international political economy and then the second part is to compare and contrast these two ideologies of political economy. At last, give a conclusion to the Liberalism and Mercantilism. Liberalism The liberal perspective on political economy is embodied in the discipline of the Western economics (Gilpin, 1987). It emphasizes the individual interests, the freedom and the maximization of economic benefit. Economic†¦show more content†¦Liberalism thinks accumulation of military power and other powers reduces the economic efficiency. Peace is more effective than war. The following table coming from Frederic shows the specific difference between Liberalism and Mercantilism (1999). | Mercantilism | Liberalism | The essence of relation between economy and politics | Politics decides economic policy | Complete separation | The essence of international political economy | Struggle for power | Cooperation | The role of the international system | Small to not exist | Promote Cooperation | The conflict level in international political economy | High | Low to not exist | The essence of market | Incomplete | Complete | Resource allocation | Less to not exist | Less to not exist | The role of the state | Maximize | Minimize to not exist | Ownership | National or state control | Individual | Economic behavior motivation | National expansion | Personal profit | Economic power | Nation | Individual | Conclusion Even through the most of viewpoints of Liberalism and Mercantilism are different, these two ideologies of political economy have the value of existence respectively and are worth to research. In addition, Liberalism and Mercantilism have their own advantage and disadvantage. When begin to research them, people should have a critique view to accept their viewpoints. In summary, Liberalism andShow MoreRelatedLiberalism, Mercantilism, Structuralism And Constructivism1422 Words   |  6 PagesWhen approaching political economics, there are a variety of places and perspectives one may begin from, the most common of which being identifiable as Liberalism, Mercantilism, Structuralism and Constructivism. Each of these political ideologies represent the culmination of works from many famous theorists and intellectuals, all of which help us to better understand how certain economies have the possibility of functioning in different situations. Focuses range from the power of the individual toR ead MoreA Contemporary Analysis : Immigration And The Three Theoretical Paradigms1749 Words   |  7 PagesA Contemporary Analysis: Immigration and the Three Theoretical Paradigms Chris Ek Salisbury University Abstract The three theoretical paradigms of liberalism, mercantilism, and Marxism all create different analyses of certain contemporary issues. Leaders in society today use the paradigms to help create opinions over economics, immigration, and other key subjects that world leaders are constantly debating. Although, the knowledge of the basic foundations of each theory is extremely importantRead More An Analysis of The Dominate Perspectives of International Political Economy1532 Words   |  7 Pages In the world of international political economy, three dominant perspectives have emerged over time. The differences and similarities between the realist/mercantilist, liberalism, and historical structuralism perspectives are significant. In this essay, I will compare and contrast these dominant perspectives. First, I will give a historical account of how each perspective originated. Then I will outline the actors involved in each perspective, explore those actors’ interests, and outline w hich ofRead MoreCapitalism, Liberalism And Marxism Leninism1486 Words   |  6 Pagesof time or paved the way for economic revolutions are Mercantilism, Liberalism and Marxism-Leninism. Each of these economic theories have great strengths in their own rights but are of course not without great limitations. While there is no such thing as an inherently perfect economic and political system it is quite obvious that some come closer to the mark than others. Mercantilism has been nicknamed the economics of absolution. Mercantilism is the theory that a countries power depends mainly onRead MoreThe Effects Of Global Economic Crisis On The Great Depression Of The 1930 S876 Words   |  4 Pagessituations. The previous four decades were really pushed into eras of neo-liberalism and cutting down on regulations by letting the market regulate prices. Furthermore, the situation highlighted the importance of domestic markets, effective resource management, and risk assessment. 2) Define the 3 global economic traditions (liberalism, Marxism, Mercantilism)? How each of them helps us better understand world politics? Firstly, liberalism is a tradition in which liberty is placed above all else, and governmentRead MoreWhat Is International Political Economy?1524 Words   |  7 Pageseffort to maximize economic benefit, and the use of the gold standard, which provided a central form of currency with which to facilitate trade. 1 - Mercantilism and Liberalism in a cage match. According to you, which one wins? Mercantilism is an economic system, which emerged in Europe in the 15th to 18th centuries. The central concern of mercantilism is the notion of security to the state. It was believed that national security can be insured through the accumulation wealth and therefore generatesRead MoreMercantilism, Physiocrats Economic Liberal1185 Words   |  5 PagesThere were three systems that were proposed practiced in colonial America, mercantilism, physiocrats economic liberal. Mercantilism is a national a â€Å"unified monetary system and coinage, a national system of weighs and measure, elimination of internal tolls on roads and rivers, and a national system of taxes and tariffs†. It was brought about by a need to expand and to promote national economic growth. One of the first systematic economic theories with laws for both foreign and domestic tradeRead MoreLiberalism’s Impact on the American Revolution1193 Words   |  5 Pageswas power-hungry. The colonists soon became aware of the fact that they were not being accurately represented. From then on, the people within the colonies knew that independence from Great Britain was necessary in order to thrive as a nation. The liberalism philosophy had the greatest impact on America’s decision to gain freedom from the mother country because it convinced individuals that the people should be able to pursue their own self-interests. Similarly, it made the colonists realize that GreatRead MoreThe Views And Components Of Classical Liberalism1227 Words   |  5 PagesThe views and components of classical liberalism are evident in every aspect of the socioeconomic status and practices of the United States. The extent to which varies considerably depending on which facet of the government one considers, but the underlying principles on which the legislative and economic values base themselves on directly conforms with classical liberalism. Although liberalism is a relatively new ideology, most industrial ized countries identify with the it’s policies and agendaRead MoreA Critical Analysis Of Adam Smiths The Wealth Of Nations1372 Words   |  6 PagesA Critical Analysis of Adam Smith’s The Wealth of Nations The classic statement of economic liberalism, the policy of laissez-faire, was written during a ten-year period by Adam Smith, a Scottish professor of moral philosophy. The book’s ideas were useful in encouraging the rise of new business enterprise in Europe, but the ideas could not have taken hold so readily had it not been for the scope of Smith’s work and the effectiveness of his style. As a philosopher, Smith was interested