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1) What are the main characteristics of the liberal economic theory? Is the world economy running...

1) What are the main characteristics of the liberal economic theory? Is the world economy running in parallel with this theory today, discuss, (by also taking into account its critics)?

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Answer #1

Economic liberal tbeory is characterised by following :

  • Opposition to government intervention
  • Presence of free markets
  • Decisions made by individual against collective institutions
  • Strong support for market economy and private property
  • Opposes protectionism anf open markets.

In reality in todays tikes we dont witness economic liberalism as decisions are majorly made by government and institutions led by government which promote protectionism for creating jobs amd employment.

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