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Liberal Approach to Understanding Economic Relations

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1.0 The Liberal Approach to Understanding Economic Relations

In the field of economics, a Liberal approach relates itself to the various classes of economics. They are the classical economics, neoclassical economics, the Australian School of Economics, and the Chicago School of Economics. Liberal approach seeks to analyze the role of financial institutions like the International Monetary Fund, and the World Bank in the world of economics. The approach examines the economic relations with the three views, such as; 1.1 Realistic View Most scholars often prefer the use of game theory in order to give an explanation that relates the final outcomes with a result from the negotiations. The simplest being the issue of the discussions that entails two characters in it. Liberal in the early 21st century was the nationalist approach. The earliest school of thought during this time is the mercantilism. 1.2 Marxist View It analyzes the international meetings of the G-20 nations that took place in London in the year 2009. This creates a wider understanding of the many other various kinds of approaches. These may have negligible similarity with the view that Marx presents in the lecture room. However, it stresses the strong belief in the public power. The labels of approaches that this view put into its consideration are the feminists, and the radicals. They include the structuralisms, the

critical, low developments, and the systems of the world. It is, therefore, very clear that Marx mostly links his approach with the heterodox economics (Schieder and Spindler 56).

2.0 How Liberal Approach Would Deal With Problems of Hunger and Development

2.1 Hunger Currently, there are very many people who need assistance in almost all aspects; food, shelter, and clothing. Most of these individuals toil daily in order to meet their immediate needs. Liberal view, therefore, puts it that, for a civilized society, they would not watch the people suffer, but would come and support the poverty ridden. They argue that problems are in a continuous cycle; therefore, society needs to help each other whenever a problem arises. 2.2 Development According the liberals, the primary function of any government is to provide basic needs to its citizens. The government should also be able to deal with the issue of poverty effectively while respecting peoples rights and civil liberties. Such government must also provide adequate security and hold the self-esteem of the citizens so that each of them has the same opportunity of succeeding in life (Spero and Hart 25).. Liberal societies believe that isolated people should not struggle with life. They believe in living together in unity. Therefore, the issue of neglecting their problems falls into the category of the narrow minded way of leading life. Liberals also believe that in a situation where society is unable to sustain them, the government has a responsibility to provide for them (Schieder and Spindler 89). They believe that there is no way people should starve, forego medical services , or have absence of shelter while the country has enough wealth to sustain her citizens.

3.0 Realistic View as Critical Approach One of the critical approaches to solving the hunger and food problems is based on a practical theory whereby no one can know whether they will take place or not. Theories are facts that no one has the know-how of their chances coming into reality. Therefore, a realistic approach proves to be very critical in solving hunger and food deprivation. 4.0 Marxist View as Most Convincing Approach The approach stresses on the firm belief in the public power of people that will enable them to achieve their set goals. Therefore, with such strong beliefs and powerful influence of people, they can do anything they want (Spero and Hart 45). If it is regarding food, they may invest in agriculture, and then reap the benefits from the products after harvesting.

Works Cited

Schieder, Siegfried, and Manuela Spindler. Theories Of International Relations. Hoboken: Taylor and Francis, 2014. Print.

Spero, Joan Edelman, and Jeffrey A Hart. The Politics Of International Economic

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