A Brief Summary of the Liberal Approach to International Political Economy

Today, in classrooms across the country, Liberal economic theory is being taught to students eager (or not so eager) to soak it in like so much "mother's milk." The language of the Liberal approach has been infused into various elements of American life - everything from the educational marketplace, to U.S. foreign policy (by way of economic sanctions, or loans). With so many minds focused on, and operating according to the same principles, one must stop to wonder whether those adherents of Liberal doctrines really understand the history behind and application of their own theory. In today's world of Liberal buzz-words like, "globalization" and "free trade" it is the task of the observer as well as the adherent to cut through the jargon and arrive at the root of the discussion - Liberal economic theory and its role in the international political economy of the 21st century. The following will present a brief outline of the history behind today's Liberalism, Liberalism's view of the role it should play in international political economy (IPE), as well as a critical evaluation of the policies enacted by its current practitioners.…