Liberalism and neo liberalism
Capitalism is not the cause of all the oppression, but it intersects in different/specific ways with
other oppressions and enhances. Capitalism makes possible a certain range of disempowering
elders and children. Currently living in a world with American heg. This does not mean average
Americans are benefiting from this. Globally the US is the biggest force. Finance capital is
based in the US.
Liberal thinking on political economy
Liberal and Marxian= the social
Marxian- Society is based on class and production. Your location in the economic system
determines your class. Politics is determined also by class and this structure. The state is a
social institution that is produced out of the class based society. The state is the reflection of this
economic relation(class-> production) hege links together elements of various classes with the
institutions of state in a more or less complete way. Courts, police legeslation etc reflect the
protection of this relationship between class and production (capitalism).
Liberals- basic unit of society is not class, but the INDIVIDUAL. Individuals freely enter
associations and they natural seek benefits from these associations. In the process of seeking
these benefits, individuals form stable patterns of relations between one another and they
establish institutions to protect these relations. These institutions include the economy.
Economy is not part of the state/politics. 2 separate spheres. Free choice of the individuals in it.
You don’t have to own land to vote in elections. People are treated “equal”. Recognize class as
simply an indication of income or wealth, it is not a political identity. Recognize that throughout
history there has been stable economic growth and how it coincides with 1 dominant nation.
Theory of hegemonic stability- times where a single state is dominant which simply means its
richer and more powerful than others, so it can be termed hegemonic
A rich and powerful state has an interest in that system being stable. Because eit has this
interest, the hegemonic state is willing to carry the cost to maintain stability. Since the end of
ww2, the US has been the world hegemonic power. It has maintained this position by being
willing to support this system. The US after ww2 set to build a new international
system(because Europe was demolished). In europe this system revolved around the divided
Germany. Emergence of nato and warsaw pact(which is over, ussr and its allies)COLD WAR.
Determined by a meeting by the US, USSR and England. Agreed upon by the leaders. UN
forms. Global economy formed agreed on in Britain. IMF(international monitary fund) and world bank formed. Considered international financial institution. Bretton-woods system(city where this
Features of the system- imf was build to stabilize the international economy. Global forum that