Term
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Definition
- competition leads to cooperation;
- nations are best off when the role of the state is minimized, foundation for political-economic objectives associated with globalization.
- Laissez-faire.
- Smith-Ricardo
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Term
| orthodox economic liberal (OELs) |
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Definition
| strict adherence to economic liberal ideology, free/open markets should determine socio-political outcomes |
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Term
| heterodox interventionist liberals (HILs) |
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Definition
| supportive of more than minimal state interference in the economy. |
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Term
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Definition
| elief that there is a positive role for government in domestic and international affairs |
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Term
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Definition
| state manipulation that rewards powerful businesses; high prices and high profits |
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Term
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Definition
- “invisible hand” created by human choices that serve the best interests of society.
- Innate desire of humans.
- Wealth of Nations
- Orthodox/Classical Liberalism
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Term
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Definition
| expanded Smith's ideology globally; free-trade |
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Term
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Definition
| everyone playing the game benefits |
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Term
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Definition
| One person wins, everyone else loses |
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Term
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Definition
strong international markets subject to social and political restraints and regulations reflecting domestic priorites
Keynesian view popularized 1930-70 state involvement in market economy |
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Term
| hegemonic stability theory |
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Definition
| international markets work best when a single states accepts the costs associated with keeping them open |
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Term
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Definition
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Term
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Definition
| Cannot be denied to one person and benefit everyone at the same time. EX: light house |
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Term
neoliberalism
(Orthodox Liberalism) |
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Definition
- Inspired by Adam Smith and David Ricardo.
- Emphasizes market deregulation, privitization, minimal government, and open international markets.
- Economic rather than political (classical liberalism)
- 1970 Hayek
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Term
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Definition
| Supply-side economics--lower taxes increase the money supply. Deregulation of banking, energy, investment, and trade markets. Privitization. |
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Term
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Definition
| Savings hurt economy rather than help it. |
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