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Main Points:
1. Protection of the state, at the expense of other states
2. Promotes exports, limits imports
3. Generating trade surpluses generates wealth and power -
See Adam Smith
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Main points of Liberalism, according to Adam Smith:
1. Invisible Hand of the Market
2. Laissez-faire
3. Competition
4. Private Property -
Economic liberals are generally happy during this period.
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Social progress in the capitalist state.
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Karl Marx & Friedrich Engels
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Individual logic leads to collective illogic. The state should play a role in managing the domestic and international market (see Bretton Woods).
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Lenin seizes power of Russia and starts to implement Marx's theories.
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Main Points:
1. Government should manage the economy
2. Reduce negative effects of the boom-bust cycle
3. Save money in good times, social spending in bad times -
- July 1-22 1944
- Created the World Bank, IMF, GATT (later WTO)
- Based on Keynesian economic theory
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Popular in socialist 3rd world countries.
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Main Points:
1. Out with Keynes
2. Promotion of free trade
3. Neoconservatives Thatcher, Mulroney, & Reagan in power.
