Q.5 Explain the concept of Economic Liberalism and relate its core interests with the concept of Neo-imperialism. 2020
Economic liberalism is a political and economic philosophy that emphasizes free markets, free trade, and limited government intervention in the economy. It promotes the idea that the market should be allowed to function without interference from the state or other actors, and that individuals and businesses should be free to pursue their economic interests without undue regulation or constraint.
Neo-imperialism, on the other hand, refers to the use of economic, political, and cultural power by developed countries to control and exploit developing countries. This can take many forms, including the establishment of economic dependencies, the extraction of resources, and the imposition of political and cultural values.
The core interests of economic liberalism and neo-imperialism are closely related. Economic liberalism emphasizes the pursuit of economic growth, trade, and investment, often at the expense of other social and environmental concerns. This can lead to the exploitation of developing countries, as wealthier nations use their economic power to extract resources and establish economic dependencies.
Similarly, neo-imperialism is often driven by economic interests, as developed countries seek to maintain their economic dominance and control over developing nations. This can involve the establishment of trade agreements that favor developed nations, the use of economic aid and loans to impose conditions on developing countries, and the manipulation of commodity prices and other economic factors to benefit developed nations.
In this sense, economic liberalism and neo-imperialism can be seen as two sides of the same coin. Both prioritize economic interests over other concerns, and both can contribute to the exploitation and domination of developing nations by more powerful actors. However, it is important to note that economic liberalism is not inherently imperialistic, and that it is possible to promote free markets and trade while also promoting social justice and environmental sustainability.
