Exam 2: Laissez-Faire: the Economic Liberal Perspective

This supporter of globalization argues that if a country wants to benefit from globalization, it must put on a "golden straightjacket," i.e., the country must adopt economic liberal policies and accept some limits on state sovereignty.

In the liberal view today, a hegemon is

Which of the following statements about the views of President Reagan and Prime Minister Thatcher is incorrect?

Adam Smith favored "laissez-faire" policies, where individuals, guided by the "invisible hand," would produce social benefits. The invisible hand stands for

David Ricardo favored free international markets. Which of the following ideas about free, open markets is not associated with Ricardo?

Heterodox economic liberals recommend all of these policies except

Which of the following best states Smith's ideas related to moral sentiments?

Explain several key arguments of John Maynard Keynes.

Who admitted before a U.S. congressional committee in 2008 that his assumptions about financial markets and banks were flawed?

John Stuart Mill and John Maynard Keynes thought that government could and should play a positive role in correcting problems in the market. Discuss the specific types of "market failures" that Mill and Keynes perceived and the types of government actions they advocated. What kinds of policy recommendations do you think Mill and Keynes would favor today? Explain.

How do liberals such as David Ricardo view international trade? Why do they hold this opinion? Explain how the Corn Laws debate in nineteenth-century Britain illustrates the conflict between mercantilist and economic liberal views of international trade.

Compared to neoliberals, heterodox economical liberals are less likely to believe in

Adam Smith and John Maynard Keynes are both liberals, in the broad sense in which this term is used in IPE. Explain what views Smith and Keynes share regarding the market, the state, human nature, and power. How do they differ?

John Stuart Mill is most noted for changing liberalism to reflect

Ordoliberals would agree with each of the following statement except which one?

In what ways does ordoliberalism differ from neoliberalism?

Explain the key assumptions and assertions of classical liberalism.

Economic liberal values and policies have been relatively more popular in the United States than in other developed countries. Why?

Embedded liberalism can be summed up in which of the following statements?

Which of the following is not one of the main elements of capitalism listed by the authors?