Compare and contrast economic liberalism with economic nationalism. Which policy does the United States follow currently, and which has it pursued in the past? What policies stem from each of these theories of international political economy?
What will be an ideal response?
Answers should describe economic liberalism (or capitalism) as a free-market, invisible hand, and opening-market approach to trade. Economic nationalism (or mercantilism) should be described as the opposite, in which trade is linked to state involvement and vice versa. Answers could discuss the pattern in which the United States promotes economic liberalism in rhetoric and through certain policies but also exhibits traits of nationalism through tariffs and government-MNC relations.
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