Liberalism, Mercantilism, Structuralism And Constructivism

When approaching political economics, there are a variety of places and perspectives one may begin from, the most common of which being identifiable as Liberalism, Mercantilism, Structuralism and Constructivism. Each of these political ideologies represent the culmination of works from many famous theorists and intellectuals, all of which help us to better understand how certain economies have the possibility of functioning in different situations. Focuses range from the power of the individual to the power of insuring security and offer up a wealth of potential explanations and predictions for the past and future of most economic models. While each has its individual appeals, by comparing and contrasting them with one another, a better, more thorough proficiency will be gained of all. As it is typically best to start with that which is overall most understood, for my situation, Liberalism will be the first tenet discussed. Liberalism is an ideology that â€Å"holds that nations are best off when the role of the state in the economy is minimized† (542) or in other words, that focuses on the importance of the individual and individual rights. Originating out of the Enlightenment, liberty of the individual and the fear of state power, as produced by the church, work as the acting foundation for the belief. Unlike some of the other beliefs, liberals often find themselves somewhere on a spectrum between two sub-theories; Heterodox Intervention Liberals and Orthodox Liberalism.