Liberalism in international political economy

by | Nov 6, 2021 | Homework Help

Write an article on liberalism in international political economy compared with marxism and realism Paper must be at least 3250 words. Liberalism and Marxism (and Gramscianism) In the theory of Liberalism, Adam Smith is one of its well-known proponents. His ideas on liberal capitalism focus more on how behaviors and market competitions are controlled by the “invisible hand”, believing that merchants or individuals are relying on their own in contributing greatly to economic improvement without the need for the intervention of the government.4Also, the collective individual initiatives are just as important as the contribution of each individual, because morality done on a personal level and through the perspective of others is important in order to maintain order and peace under liberalism.5 In essence, under the theory of Liberalism, there is an assumption of having similar thoughts and ideas among people, which makes it easier to assess whether an individual’s actions will benefit others or not.

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