Watch The Two Videos; Links Are In The Discussion Board

Watch The Two Video Link Is In the Discussion Boarda 10 Minute Ted

Watch The Two Video Link Is In the Discussion Boarda 10 Minute Ted

Watch the two video (link is in the Discussion Board): A 10-minute Ted Talk video on Trade: A 4-minute explanation between the IMF and the World Bank: Topic- Economic Globalization versus Economic Nationalism: Part I : What are the competing ideologies of mercantilism, liberalism (economic), and Marxism? Briefly summarize each in your own words and provide an example of a state using each of the three. Part II: If free trade is so good, why is it so controversial? Why do governments engage in protectionism, policy intervention to limit trade? What are Global Trade Deals really about, according to the Ted video? Do you agree or disagree, and why?

Cleaned assignment instructions:

Watch the two videos linked in the discussion board: a 10-minute TED Talk on trade and a 4-minute explanation of the IMF and the World Bank. Address the following questions:

Part I: What are the competing ideologies of mercantilism, liberalism (economic), and Marxism? Summarize each in your own words and provide an example of a state using each ideology.

Part II: If free trade is so beneficial, why is it controversial? Why do governments practice protectionism and intervene in trade policies? According to the TED Talk, what are global trade deals really about? Do you agree or disagree with this perspective, and why?

Paper For Above instruction

Trade, Globalization, and Nationalism: Analyzing Economic Ideologies and Policies

The discourse surrounding the competing economic ideologies of mercantilism, liberalism, and Marxism illuminates differing perspectives on national economic strategies and their implications. These contrasting viewpoints influence how states approach trade policies and align with international organizations such as the IMF and World Bank. Understanding these ideologies and the debate around free trade versus protectionism is essential for grasping the complexities of global economics amid ongoing tensions between economic globalization and nationalism.

Part I: Ideologies of Mercantilism, Liberalism, and Marxism

Mercantilism

Mercantilism is an economic doctrine that emphasizes the accumulation of wealth—particularly gold and silver—through a favorable balance of trade. It advocates for government intervention to maximize exports and minimize imports, with the goal of increasing national wealth and power. Historically, mercantilist policies aimed to create a trade surplus to bolster national strength, often through colonial expansion and tariffs. For example, Britain in the 17th and 18th centuries employed mercantilist strategies by establishing colonies and imposing tariffs to control trade and amass wealth, thereby enhancing its global power.

Liberalism (Economic)

Economic liberalism advocates for free markets, minimal government interference, and the idea that economic efficiency is best achieved when individuals and businesses operate competitively with limited regulation. It emphasizes the importance of open trade and free movement of goods, services, and capital across borders. The core belief is that markets self-regulate and that trade liberalization promotes economic growth. An example of a country following liberal economic principles is Singapore, which has embraced free trade policies to become a global financial hub, encouraging open markets and minimal restrictions on commerce.

Marxism

Marxism presents a critique of capitalism and advocates for a classless society where the means of production are communally owned. It argues that international capitalism leads to exploitation and inequality, with the bourgeoisie oppressing the proletariat. Marxist theory promotes the overthrow of capitalist systems and the establishment of socialist or communist economies through collective ownership and planned economies. Cuba, under its socialist government, exemplifies this ideology by nationalizing industries and emphasizing state control over economic activity, aiming to reduce inequalities and promote worker rights over free-market principles.

Part II: Controversies around Free Trade and Protectionism

While proponents highlight the benefits of free trade—such as increased efficiency, consumer choice, and economic growth—it remains a highly contentious issue. Critics argue that free trade can lead to job losses, wage suppression, and the erosion of domestic industries, especially in sectors vulnerable to international competition. These concerns motivate governments to adopt protectionism—tariffs, quotas, subsidies, and other policies—to shield domestic producers from foreign competition.

According to the TED Talk, global trade deals often serve strategic and political interests rather than purely economic objectives. They are viewed as instruments by powerful nations and corporations to secure economic dominance, access resources, and influence global markets, sometimes at the expense of smaller or less powerful states. The speaker suggests that trade agreements are less about promoting mutual benefit and more about consolidating control over economic resources and geopolitical influence.

Personally, I agree that the narratives around free trade often mask underlying strategic motives. While free trade has the potential to boost economic growth, its benefits are unevenly distributed, and the pursuit of short-term gains can undermine social stability and sovereignty. Policies that favor economic nationalism and safeguarding domestic industries are sometimes necessary to protect vulnerable populations and maintain national security.

Conclusion

The debate over economic ideologies reveals fundamental differences in how nations view prosperity and sovereignty. Mercantilism, liberalism, and Marxism embody contrasting visions of economic organization, each with historical and contemporary examples. The controversy over free trade versus protectionism underscores the tension between global integration and national interests. Understanding these perspectives helps to contextualize current disagreements about trade policies and globalization, highlighting the need for balanced approaches that address economic efficiency while safeguarding social and national priorities.

References

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