Question

Write a short essay (300-400 words) discussing the liberal economic ideology,

the historical and contemporary significance of this ideology, and the criticisms

of both economic nationalists and analysts/policy-makers on the left. Why do

many developing country governments tend to practice some form of economic

nationalism rather than allowing market forces to direct capital in the most

efficient manner to the most productive uses?

Answer 1

Liberal economic ideology states government should look after individual's freedom, but not abusing the power of the state itself. The task of the government is to remove diseases, poverty, discrimination,etc. Economic liberalism is the individual freedom to own a property or asset.

Economic liberalism was found when arguments were rising against mercantilism and feudalism.

Economic liberalism does not want the total interference of government activities but a little interference to make sure the economy is being regulated.