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My question is 'Which of the major theories (in International Political Economy) do you favour most Compare it with one o - Essay Example

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Liberalism in International Political Economy compared with Marxism and Realism Introduction Liberalism as a theory in International Political Economy (IPE) is related to classical economics, wherein power is put on merchants, markets and privatised enterprises while the governmental influence on economic growth is reduced.1It differs from Marxism because it is also capitalism, which Marxism (and Gramscianism) opposes due to capitalism creating differences and gaps between the upper-class bourgeoisie and the proletariat working-class.2 Liberalism also differs from Neorealism because it emphasises the importance of markets and commerce in the growth and development of the economy, whereas for …
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My essay question is Which of the major theories (in International Political Economy) do you favour most Compare it with one o
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Download file to see previous pages 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 behaviours and market competitions are controlled by the “invisible hand”, believing that merchants or individuals are reliable 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. ...
This in turn will increase the likelihood that people will start thinking similarly, making it easier to govern them.6 Also, there will be no inequality because everyone is experiencing similar circumstances, and unless there are problems in the ruling body itself, under Marxism there will be peace, equality, emancipation and justice because people share the same ideas and beliefs like in Liberalism.7 Liberalism and Marxism may share some similarities such as the importance of equality, but these two theories differ in other aspects. For example the core belief of Liberalism is that markets wield power over economic growth but does not increase the gaps between various social and economic classes because of morality. However this is contested by Marxism ideas, saying that while everyone may acquire benefit from participating in trade and commerce, the equality of gains will not be absolute among all parties. Because of this there can be unequal distribution of wealth, with merchants gaining more wealth over members of the market or the consumers as the result of differing relative gains for the merchants and the consumers.8More often than not if there is unequal distribution of commodities there is also an unequal distribution of wealth, and vice-versa. Also, Liberalism is highly-idealistic in terms of giving importance to morality, and the fact that the margin between the rich and the poor are not decreased this means that Liberalism does not function as it is supposed to because not all participants in commerce regularly engage in fair trade and fair markets.9 In contrast Marxism ideologies such as equality among people and of ...Download file to see next pagesRead More
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