10.18 - International Political Economy Liberalism and its...

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10/18/07 International Political Economy: Liberalism and its Discontents Liberalism -liberalism in this sense means “classical liberalism” -emphasis on “liberty”: hands-off government, free-market society -The Classical Liberal Vision -assumes spontaneous rise of markets according to human needs -humans are economic animals, instinctive structure of economy -market system is justified because it maximizes economic growth -improves human welfare -all about interaction of economically focused small interest groups -widely shared rules and modes of settling conflict -well established property rights -system of laws -modest role of the State -“small, responsive, divided” -small: does not pursue own interests, provide public goods -responsive: does not operate autonomously -merely exists to regulate the system, not influence it -divided: keeps it small and in check -system is harmonious and dynamic -all countries benefit from unfettered exchange -increased distribution of labor, specialization -leads to interdependence -1 st step towards world peace -markets are constantly changing and growing Two Political Challenges to Economic Liberalism *These do not challenge the coherent logic of Liberalism as a coherent theory,
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