Distinguish between political and economic liberalism.(class 10)
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Politics studies power relations and their relationship to achieving desired ends. Philosophy rigorously assesses and studies a set of beliefs and their applicability to reality. Economics studies the distribution of resources so that the material wants of a society are satisfied; enhance societal well-being.
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What is the difference between economic liberalism and political liberalism in the context of international relations?
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7 Answers

Sagnik Guha, BA Political Science & Economics, University of Calcutta (2018)
Answered May 28, 2017
It’s very simple to understand. I’ll list out the basic features of each below.
Economic liberalism: This is basically committed to the principles of free trade, a world without trade barriers, where money and capital flows freely among nations. It is characterized by reducing tariff barriers and in opening markets to the global economic network. Economic liberalism is intrinsically related to Capitalism.
In the context of Intl. Relations, the major actors of economic liberalism are the World Trade Organization (WTO), the International Monetary Fund (IMF) and the World Bank. These institutions encourage and propagate free and increased trade across the world. They give out developmental loans to developing countries in exchange for them ‘liberalizing’ i.e. opening their markets.
However, a dark side of economic liberalism is perceived as it benefiting only the western developed countries and actually exploiting the resources and labor of developing and underdeveloped countries.
Political liberalism: Now we have to be careful with this one, because political liberalism can mean somewhat different things depending on whether you mean at the national or international level. Since you mentioned its in the context of IR, I’ll stick to the explanation as liberalism as one of the major theories of IR. At the national level, liberalism opposes conservatism, but at the international level, liberalism opposes the theory of Realism.
Realism (in a nutshell) basically says that all countries mistrust each other and are hungry for power and that only countries are important on the world stage, and no other actor has much of a bearing on world events. Liberalism counters all of this and says that nations are capable of cooperation rather than competing. They strongly posit a pluralistic world where nations are definitely very important actors but they’re not the only actors on the world stage and that international organizations like the UN, non-governmental organizations like MNCs, NGOs and terrorist or drug networks are important actors on the world stage as well.
This was just a very brief outline of what these two fields stand for. There has been extensive research and academic writing on these topics. I would suggest you read up on scholars like Adam Smith (for classical economic liberalism) and Immanuel Kant (for classical political liberalism).
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