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POL 208 Liberalism Short Paper - Wayne Petrozzi

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MKT 100
Wayne Petrozzi

Liberal Perspective on International Political Economy Shirel Kats Krafman Ryerson University Wayne Petrozzi POL 208 February 10 2014 Liberal Perspective on International Political Economy 2 Liberal Perspective on International Political Economy The evolution of economic trends and government systems has revealed three major frameworks of state behaviour and international politics: realism, Marxism and liberalism, all of which emphasize the different levels of control and government interference. Focusing on the liberal interaction between economics and politics, independence and freedom becomes the major asset of players in the market. Where political structure and government control is viewed as an impediment, this “laissez faire” ideology is one of a unique set of underlying beliefs and norms that eventually result in reduced conflict. Liberalism’s embodiment of equality, liberty and growth may also have subtle differences in definition, nonetheless, classical and modern liberalism have both contributed to what is presently seen as the perfect mix for a harmonized society on both a microeconomic and macroeconomic level. Liberalism is the only perspective in favour of embracing the natural characteristics of a human. For a start, the modern liberal perspective centralizes the individual; liberalism functions on the concept that individuals are the motivation behind regulations and civilization. Additionally, every individual in a competitive market is viewed as rational and egotistic. Individuals aspire to satisfy their needs and wants and as a result drawn to profit and success. This encouragement of personal gain is what augments production and economic activity. The consequential chain of efficient trade, producer freedom and healthy competition facilitates economic activity and “utility maximization [which] implies that the individual will choose the option that makes him or her least worse off” (Frieden & Lake, 1987). The value of goods and services will Liberal Perspective on International Political Economy 3 solely be determined by the choices of individuals, provided that there are no interfering forces. Aliberal economy will naturally accept these values. The state’s economic prosperity is the direct result of favourable production and economic activity. The principles of liberalism argue the role of the government and how interference or unnatural involvement can impede, manipulate or restrict the market. It has been discussed that the primary source of conflict is the inability to interact or communicate and the absence of willingness to cooperatively engage limits players in a world where every productive state can “be made as well off as possible” (Frieden & Lake, 1987). State interference can have a major affect on internation
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