International-Political Economy Nowadays (Nofia FITRI)

8/3/2019 International-Political Economy Nowadays (Nofia FITRI)

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I N T E R N A T I O N A L P O L I T I C A L E C O N O M Y

(PHENOMENA AND ITS NEW ORDERS)

Nofia Fitri

(INDONESIA)

I. From Smith to Stiglitz: Between Pacesetter and Pacemaker

Scholars had been stated that the International Political Economy (IPE) phenomena were

emerged when the global politics constellation changing after the World War II, they

called this the new era of modern economic. After the Great Depression of 1930, The

Bretton Woods System established (1944). During those times many countries used the

concepts of Welfare State by Keynes as his published influential work, The General

Theory of Employment: Interest and Money. Thereafter the dynamic of IPE was started,

while it continue, the IPE studies was closer to it shape. As it had been marked as the

international financial structure found the agreement, fixed exchange rate simultaneously

with the established of IMF and World Bank as the world financial institutions.

The deficit of balance of payment among US and Europe brought The Bretton

Woods System into its end. Papp stated that the collapse of the Gold Standard and the

breakup of the Bretton Woods system (1970s) showed that the established of IPE was

began with a world new system, then known widely as interdependent.i Within this

conditions, as being explained by Papp, United States (US) found out there are emerging

many countries with a new-economic power (with abundant of oil especially), and the

performed of economic growth on amount of countries. During those times (1930-1080)

also one of the important within the beginning of IPE studies, Marxian scholars who

sought the economic development problems of developing countries presented the Import

Substitution (IS) for the solution, known as Structuralists. This policy had been implied

by some countries in Latin America and East Asia.


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Simultaneously with the failures of IS, at the beginning of 1970s following the

breakup of The Bretton Woods System and as the effect of oil embargo by some of the

Middle East countries as their respond to against the US within the Yum Kippur War, the

principles of neo-Liberalism and Free Trade were appeared. Started with the very

controversial book of Robert Nozick Anarchy, State and Utopia in US as the basic steps

ofReaganomics together with the Keith Joseph in United Kingdom, who became the

architect of Thatcherism, the idea of new liberalism was being adopted inspired by the

basic philosophy of Locke, Smith, and Mill about freedom rhetoric. Developed by

Chicago School, Friedman through the Capitalism and Freedom sought to establish an

argument about the interconnectedness of economic and political freedom, thus the new

era of neo-liberalism begun.

The principle of Neo-liberalism and Free trade implied by many countries included

developing countries, which brought the emerging of Newly Industrializing

Countries/NICs and became more potential for the advanced countries market (Big

Emerging Markets/BEMs). But otherwise, the developing countries also have an

opportunity to expand their economic, reach the global market. Finally the WTO

established to erode protectionism policy while in the other hand; international trade

arrangements being kind of options for some countries for express themselves within the

free trade.

During those times, there is extremely right that within all of the process many

scholars have been contributed, started with built the concepts up to bidding the ways for

made them real. When scholars quoted some arguments from their former, we have called

them, the the pacemaker (or we could call them) and the subject who had been quoted

by them, we have called the pacesetter (or we could call them). The classifications

between them not exactly permanent, because they could be move one to another.


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Adam Smith published his pathbreaking book the Wealth of Nations in 1776. In

this time also, as a scholarly discipline, economic was begun, which had been marked as

the beginning era of classical theory (Samuelson, 1999). While it was continuing with the

emerged of amount of names: Ricardo, J.B. Say, Malthus, up to Mill, Marshall, and Marx

with his socialism theory, economic field getting closer with politics and the new era of

neo-classical was started. At the time when Fisher, Keynes, Prebisch, Hayek, up to

Friedman and Samuelson launched their theories as their responds to the condition of

world economic, the era of neo-classical economy being marked with more the modern

mainstream of the relation between economic and politics thoughts. Names like List,

Hamilton, Cohen, Frieden, Lake, Stiglitz, Spero, Bhagwati up to Krugman have been

known recently as the activators of political-economics debates.

It would be need many pages to explore all of the concepts by all those scholars. As

the connection between them, my emphasizes in this paper is to give an abstract that

within the IPE, the emerging of scholars with their each political thoughts keep going on

innovation, one critique for one theories, one argument for many theories, many

arguments and many critiques for one theory, and else. Some of them had drafted the

ideas, concepts and in the other hand, some of them created the ways to reach the purposes

and again with a dynamic cycle of economic-political thoughts. Thus we can see, the IPE

phenomenon has been build by the pacemaker and pacesetter. In one hand, there someone

who build a very sophisticated thoughts, and in the other hand, someone expands them.

As well, many students and academicians can learn the IPE literatures from the easy

stages up to the most difficult stages. History is the absolute guru who has been teaches us

how to know about everything and how to get some lessons form those all, just to be more

erudite, -and aware-. As the genuine, we had born by history, so did with the IPE scholars.

They built their concepts; what is the good system for world today, what should be the


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right ways to reach its purposes, finally they past the process. The IPE Phenomena also

changed (for the modern economic), start with the liberalism, continue with the very tight

protectionism, there is such a kind of light evolution when neo-liberalism appear, but then

when the heavy crisis again rushing the economic global, governments talked about their

role players.

In this time I just want to say, that IPE keep on stable with its phenomenon trough

the dynamic changing within the world constellation. One day when the crisis again hit it,

we would say, we should learn from the history and again there would be emerge the

new-protectionism system, the new neo-liberalism system, the new the Bretton Woods

System, and other new things. Thats why IPE being moving by the pacemaker and the

pacesetter, one day the pacemaker would be a pacesetter when he/she builds the new

things and bidding him/her ways. Therefore, there would be come new-Smith, new-

Ricardo, new-Keynes, new-Friedman, new-Hayek, new-Prebisch, new-Stiglitz, and new-

other scholars who would pass the process of metamorphosis between pacemaker and

pacesetter.

II. The Traditional School of IPE (Mercantilism, Marxism, and Liberalism)

Every explanation about the study on IPE normally starts from the three Traditional

School: Mercantilism, Marxism, and Liberalism. Within this paper before some points that

Ive been listed as IPE trends, firstly I give just a briefly explanation of IPE traditional

School.

Mercantilists believed that wealth and power were closely associated with the

possession of so-called precious metals, governments organized their international trading

structure for the purpose of maintaining a favorable balance of trade to accumulate these

metals. There were controls on exchange markets and the international movement of

precious metals, along with regulation of individuals and general commercial transactions


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through tariffs, quotas, and prohibitions of some transactions which government also gave

subsidies to export and import substitution industries and sometimes engaged in

production or trade.

Marxism which originated with the writings of Karl Marx saw that capitalism and the

market creating extremes of wealth for capitalist and poverty for workers. While the entire

populace may have been better off than before, the capitalist were clearly expanding their

wealth more rapidly than everyone else. Marxism rejected the assertion that exchange

between individuals necessarily maximizes the welfare of the whole society.

The ideas of liberalism as the economic principle appears after Smith introduced his

Laissez faire (Leave me alone). As a philosopher, Smith had been influenced by Cicero,

Hobbes, Bacon and Locke, but at the time that he was in writing his Wealth of Nations, he

should be missed that Locke had been separated the power of government became three:

executive, legislative, and federative to bounding the government authority. Need to be

underlying that Smiths ideas had been affected by his experiences, while he was live in

the mercantilism era, which states had a very strong authority.

As a responded toward mercantilists, the liberal argument emphasizes how both the

market and politics are environments in which all parties can benefit by entering into

voluntary exchanges with others. If there are no impediments to trade among individuals,

Liberals reason, everyone can be made as well as possible, given the existing stocks of

goods and services. All participants in the market, in other words, will be at their highest

possible level of utility. So therefore the reason that the economics role of governments

should be quite limited, because many forms of government intervention in the economy,

according to liberalist argument, intentionally or unintentionally in the superiority of the

market and thereby prevent potentially rewarding trades from occurring.


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Thus those arguments by the liberalist scholars that giving priority to the welfare of

individual, which according to them, the social welfare will be higher when people are free

to make their own decisions about how to use the resources they posses.

III. Issues of IPE Trends

Neo-liberalism and Libertarian Anarchist

By the contribution of Chicago School, the neo-liberalism appeared. As the neo-liberalism

emerging, Thatcher and Reagan success brought them countries went outside from the

crisis.ii These two leaders were success brought their countries to become a successful

industrialized country, which then have, again a problem of economic crisis in 2007, and

Gordon launched a very strange statement, British man for British job. In this time,

Reagan also, most probably, from the deep of dark ground, his brow is wrinkled, when he

hears Obamas yell-yell, American Buy.

The central figure of neo-liberalism was Milton Friedman. He was the one standing

man as a forefront of Chicago school. One of the very famous statements of Friedman can

be show through this cited:

There is, as it were, an invisible hand in politics that operates in precisely the

opposite direction of Adam Smiths invisible hand. Individuals who intend only to

promote the general interestare led by the invisible political hand to promote a

special interestthat they had no intention to promote (Friedman and Friedman

1980, 281).

Need to be mention in here, beside of Friedman, one of the liberal classical theorists,

Hayek had influenced for the developed concepts of neo-liberalism. He was the pioneer of

capitalism principles which he started his economic thought as a critique to Keynes. His

greatest influence was on the conservative movement in the UK and US which many of his

view work became the dominant influence over the Reagan revolution in the United States


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and the Thatcher administration in Great Britain. There is also many achademician called

that between Friedman and Hayek is head to head.

As Hayek and Friedman concerned with the individual freedom principle, by the end

of the twentieth century, many libertarians, guided by the work of Murray Rothbard in For

a New Liberty (1973) which he (directly defense of orderly anarchy) viewed orderly

anarchy as a desirable and potentially achievable state of affairs andsome would

arguethe only state of affairs consistent with a libertarian philosophy. One strand of the

libertarian anarchist argument is the claim that everything the government does, the

market can do better, and therefore the government should be eliminated completely. A

second strand is the proposition that government is unethical because of its use of force.

Finally he illustrated how the private sector can undertake more effectively all government

activities, including national defense (Holcombe, 2004).

Finally I found out that in one generalization Liberty thoughts of Friedman and

Hayek were moved into the idea of anarchy by libertarians fundamentalist. That the

Government is unnecessary but inevitable came from most of the libertarian anarchists, so

there would be any tendency of anarchy condition (as a political ideology). I remember

the philosophy of anarchism ideology which had been written by Rudolf Rocker,

Anarchism Syndicalism (Rocker, 1996) about the anarchy community without

government. This book extremely shapes my vision about the freedom of human as

himself. In the other hand, among some music community, they like to talk about Punk

energy as a self-rebellion against the authority of government (as one of the expression of

Anarchy ideas). But this is not the place to explore the concepts of anarchy as an ideology.

Therefore, the only my attention is, however, as much as we pursue the liberty, the

consequences of absolute liberty was society without conscious to aware each others. As

the era of Fascisms showed that authoritarian of Nazi emerging, was because the freedom


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of society had brought the society to be chaotic. We can get one lesson that the Liberty-

or freedom- should be given for the society as what it deserve for them.

Free Trade Debates and New-Protectionism

One of the debates between Trade Liberalization (Free Trade) and protectionism policy

(Autarky) is moving among the government role. But with the historical perspectives, can

we find out how significance is the governments role in advanced countries and backward

countries with their intervention to trade. This answer would explain why the debate of

free trade and protectionism has emerging the concepts of new-protectionism.

As protectionism policy is closely aligned with anti-globalization and contrast with

the Free Trade, where governments barriers to trade are keep to a minimum, in short, this

policy is protect business and workers within a country by restricting or regulating trade

with foreign nations. Protectionism policies are including tariff, import quotas,

administrative barriers, anti-dumping legislation, direct subsidies, export subsidies, and

exchange rate manipulation. But because of the movement of this worlds economic can

not be predictable, in the other side, protectionism can be implemented as an explicit-

policy. And also sometimes this policy is can be the right choice for states for save their

economics problems.

For this review, I just want to emphasize that in one condition, states or the policy

maker inside may dont have any choices, they must adopt protectionist as their economic

policy. Learning from the history, when United State of America took this policy by raised

tariff to allow nascent Northern manufactures to compete with their more efficient British

competitors. This policy was to help protect infant industries at those times, and no matter

what the economic interest by one group, state just tried also to help protect newly founded

infant industries.


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So we can conclude that even protectionism opposite with liberalism and Free Trade,

in the other hand closely aligned with anti-globalization, ISI, or as historically was

associated with the mercantilism, because the important roles of Government, theres

would always possible in one case, one country which is it has been try to liberalize its

market, would be adopt this policy to protect its domestic market, or to solve their

economic problems. But need to be underlying this opinion doesnt mean that

protectionism is a solution for the economics problems. However, protectionism can not

develop the economic of one country, because there is always available the scarce factors

in it, so the interaction of countries within trade is something necessary.

Need to be underlying, according to one of the famous modern economist, Jagdish

Bhagwati, he said that developed countries effort in imposing their own-labor or

environmental standards as protectionism. Also the impositions of restrictive certification

procedures on imports like intellectual property, copy-right, patent restriction. So if the

critiques about protectionism have been gone out to developing countries, it wasnt true,

and must be corrected. Nowadays, every country can adopt and implement protectionism

policy as their own-styles according to their economic interests, this is what would we call

new-protectionism.

States Role and Keynesian

At the time when this world collapse by the economic Great Depression of 1930, the

British economist who became one of the very influential economists in the world

nowadays, John Maynard Keynes presented his General Theory. Within the General

Theory Keynes suggested: neoclassical economists were wrong to think that an economy

would always return to full employment automatically. He argued that an economy could

get stuck at an equilibrium characterized by underutilized production capacity and high


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employment, and governments need to accept persistent high employment, instead

government could use macroeconomic policy, and those are monetary policy and fiscal,

to restore the economy to full employment.

Keynes argument can be explain by this view: by spending when others would not

or by increasing the money supply to induce other spend, the government could increase

demand in the economy. Thus talked about the states role, Keynes General Economy

Theory therefore represented substantial challenge to the prevailing wisdom about the

role governments could and should play in managing the domestic economy. As Keynes

saw that the market economy as potentially unstable and economic system needed a

stabilizer, and in his vision, government could perform this stabilizing function by using

macroeconomic policy to manage aggregate demand, he sees that in all instances,

monetary and exchange rate politics are driven by competition between groups pressuring

by the government to use these policies in ways that advancer their economic interest.

Then we could see that Keynes point of view, states by the government role useful

within the market failure. As the effect of the global economic crisis of 2007, Keynesian

perspectives, again, has been using to rescue the world economy, as what Obama and

Brown started.

Structuralists-Marxian and Dependency Theory

As the critiques of Liberalism, structuralists had made some lists to against free trade and

as the result some countries had success with their protectionism policies and ISI,

otherwise some countries had failed. Structuralists critiques were logic, if we use the

perspective of history. As Prebisch stated that the domestic market couldnt be expected to

bring about the necessary shift of resources. Thats why structuralists were skeptical about

the market because they believed that developing world economies were flexible.


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Structuralists argument was international trade provided few benefits to developing

countries. Because developing countries were skeptical that trade could contribute to

economic development, one of their principal objectives was to reform the trade system in

ways that would transfer income from core countries to the periphery as compensation for

the losses resulting from their deteriorating terms of trade.

Dependency theory had been use by Marxian scholars to explain the relation

between developing countries and developed countries. As I have mentioned before, this

theory is to against the interdependency which has been use by some of libertarian

scholars. While many research had found out that some backward countries have been

depend of advanced countries, but also in the other hand, we can not close our eyes from

the evidence that backward countries have get so much progress by their trade relation

with advanced countries. As long as I can see, the tendency of between dependency and

interdependency is at the condition which one country could get beneficial from the other

country, but in the other condition that country would never being independent and this

condition became obstacles for developing countries to reach their economic development.

This condition clearly showed within the explanation of the flows of economic surplus

from the third world. Finally as far, they had seen that the trade between developing

countries and developed countries as a new shape of imperialism and political-economic

hegemony by developed countries.

III. IPE New Orders

Through the New Politic Orderof Noam Chomsky, most of students in the political

science and international relation have got some new-perspectives by someone who has a

high-desire of the better world politic for the future. Ive been started also this paper with

my perspective based of the evidence and some of the opinions by scholars, for only one


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purpose: which make this world fairly. Better as a word has a general meaning which

next would be any progress than now, but the question, better for whom? Within the IPE

literatures, perhaps, better is only for developed countries, or better only for one

continental, or better only for some institutions. But, fairly has a meaning that at the

future would be equal, no matter for developed countries or for developing countries. The

equal doesnt mean that same equation within the economic statistic each other, but equal

on the ways of institutional treatment, be equal on rights within the market, and be equal

in opportunity within the process of economic development.

As I can separate the list of the current IPE issues, there are started from the issue which

Oil as the IPE new order, according to many scholar arguments and would be in close by

the controversial of globalization.

1.Oil Countries: Sense of War

Why did the Iraq War become very famous at the beginning of 21 century, and how could

Bush have got many critiques from his opposites, even from his endorsers. Was it right

that US purpose within the Iraq Aggression is for Oil?

2.Economic Global Crisis of 2007

Started from the Lehman-Brothers, GP Morgan, into Goldman Sach and some others giant

financial companies in United States of America (USA), like mushroom, economic

complicated diseases had addicted to every country at the beginning 0f 2007. This crisis

again remained every actor within the world economic to take a sit together and find the

solutions to rescue this world.

3.The G-20, the BRIC, and the European Union

G-20 had met in London with some agendas which one of the main purposes was to found

out the solutions for economic global crisis of 2007. This economic group is being


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potentially as the IPE new order. In the other had, as Goldman Sach published its

prediction of Brazil, Russia, India, and China (BRIC)s economic growth, the

phenomenon of BRIC emerged, while Krugman then talked about why we should learn

from Europe with the idea of democracy economy.

4.Balance of Economic Power: United States and China

Uncle Sam is in a nightmare, that the dragon enlacing him thigh. This idiom as deeply

has a reason. Why should United States government very busy with the Chinas currency

nowadays?

5.East Asia: Liberalism or NOT?

Some of scholars had been stated that the success of East Asia within the economic reform

and went out from crisis was not merely because of Liberalization. Even in some of

country in Europe and China exactly, the liberalization was not the only their way to reach

the prosperity.

6.International Institutions of Financial Reform

One of the effects by the booming of Stiglitzs book is I have an anxiety, how the reform

of the international financial institutions can be held.

7.FDI and MNC growth: Inflow and Outflow

Within the explanation of countries market expansion, Foreign Direct Investment and

MNC exactly marked as the important variables.

8.United Nations Millennium Development Gold

The very sophisticated dream of the United Nations (of this world by 189 governments

had signed), the Millennium Development Gold contenting by eight purposes, emerging

with its slogan Keep the Promise in 2015.


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9.Environmental Issues

My instructor asked us in our class, do you believe there is any Global Warming? I dont

have any answer in that time, but I believe as soon as possible, humans will kill

themselves. But according to Butler, concerns of environmental issues like global

warming, in recent years have multiplied within increasing role in trade negotiations, for

example ramification.

10. Globalization Evidences

Globalization and Its discontent, this sentence has been using by many of authors as them

book title. This sentence also has been using by many scholar as them discussion theme,

and this sentence also has been using by many social activist for express their refusal.

Globalization has been emerging as the never ending debates within many elements. At

least there are three things which appear as the reasons for many world activists to posting

themselves as the anti-globalization supporter. Exploitation as the first reason, became the

causes of the second reason, structural poverty, and third is interdependency as the climax.

These reasons are my conclusion from many debates of anti-globalization.

V. Closing Statements

So glad to found out that most of the scholars who have been concern with the IPE issues

are philosophers, they built their concepts structurally, some of them were deductive and

had been affected by moral philosophy. But as the result, does it working as well now, do

people still think about that within the political-economic we need morality? This is what

would be my question as my closing statements. Thats why Ive been pointed some of my

views about the IPE today:

1. Since the first time, when the concepts of new modern economic was born, there

was no rule outsides of the developed countries within the process of system


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building and deregulation, which had build the principle of Free Trade. So my

question, who have an interest with those all the regulations and economic

institutions? Whos the subjects, and whos became the objects.

2. I think Stiglitz also realized that the reform of international economic institutions

looks like the way to disperse a gang of wild animals, whos going to start it? If

he thinks about that the concepts that he had written very nice within his book

would be effective, Im afraid, very-very afraid, it would be only a paper tiger

like Democracy Ideas of Plato in many countries which had been in overpower

experienced with their pleonastic governments in the name of democracy.

3. If some of the scholars built their political-economic concepts affected by their

experience in their country, like some opinion emerged that: Keynesian only

suitable in British, because Keynes used his country within his explanations, or

Friedman must be should live in East Asia, then he would see that was not only

liberalism as the way to reach the high stage within the economic development.

So wee need more scholars who make a research by comparative analysis of

cases in several country.

4. In one hand economic views only talked about sense of winner, became loss or

gain (looser or gainer), and consumerism facts has showed that human have been

under the control of their own-self-desire (ego, and sometime absolutely selfish).

Moreover, political views started with the opinion by Plato, that human have an

animal sense (which sometime more dominant). As my suggest, many of IPE

actors today have get back to the era that there is ego and animal sense were

dominant. This is the reason why there are no more concepts about political-

economy with morality, because sometime freedom brings people to be selfish,

remembering that since the first time, Smith economic principle was based on


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the moral philosophy. In the other hand, there is also some scholars who had

been learned the philosophy of moral but they just see human between rate and

grade, automatically this perspective sees that prosperity is about the individual

freedom and living standard. In my opinion prosperity is not only about those all,

but also about humanity and principle of fairness.

5. Among the student activist we like to say Just leave your instructors, if their

have been failed, beforehand, to teach your nations leaders, and became a new

instructor to remain this world that your nation is depends of its leaders. Then

just leave your classes, if there are only any dumb chairs and tables, while the

activists spheres more sound out about the humanity and prosperity, and build

new classes for educate this world to be more respect of its societys problems.

So the academicians have a very important role to shape the perspectives of their

students. This is a heavy responsibility for education institutions today.

University, especially its instructors should be more active within the role to

build the society with science and humanity, so every contribution for this global

development would be feeling fairly.

Since the very start, I am in believe that the free trade brings beneficial only for countries

in particular. In one condition, most of countries which do not have any strong power and

experiences how to manage their domestic market and local economy would be only

exploited by strong power countries. However, I have found some evidence which had

been explained that free trade as long as it working well, would bring more beneficial for

developing countries, for example FDI which has many advantages for host country:

transfer technology, infrastructure building, local development, etc. But, as what the

critique towards the free trade many disadvantages also as much as possible for host


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countries: exploitation of sources, environmental damage, structural poverty, up to

dependency of backward countries. With a very clearly explanations, my instructor had

done an extra-ordinary teaching process during my IPE classes, that the reason why I

could give more than one hundred opinions to response the IPE phenomenon. But process

is only about how to take and how to give. So as my closing statements, considering that

Ive been took so many ideas from my IPE concern, I wish I could give so many ideas for

my IPE concern.

Finally, as my temporary conclusion, I found out that the most important thing within

the free trade is how much significance the role of government is. I would not reject the

opinion by many libertarians that so much government intervention will only give so much

limitation for the process of free trade. As soon as possible, government can leaves the

market working by itself, and then government will have only a role as a watchdog. But

before the government does that, there is something that government should be done first,

and this is what Ive been called the quality of government intervention.

So what should the government done first? For the answer firstly we have to see the

basic philosophy which had been building and expands the liberalism, that is the idea

about the natural liberty as what Smith had underlined after learned the logic and moral

philosophy. However he should be missed that within the individual as a human, the

rationality always contiguous with the irrationality. This abstract can express what Ive

been thinking about the natural liberty, and perhaps would answer the question above:

There is only one short span of distance between freedom and authoritarian, butthere is also so close between freedoms and chaotic, while individuals never stop to

pursue their liberty.

Thus the answer what the government should do first is: I could not give the answer

in this closing statement, because I will discuss my suggestion first with some of the


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choices people. As my first step, I start to make a communication with some scholars.

Also I have been thinking that our former scholars most probably need more

communications. Remembering that some of them busy with their beyond business, I am

in trying to help them with the effective communications. Then I put my On liberty next

to my Mein Kampf and Anarchy, State and Utopia inside of my cabinet in my room.

The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the

Wealth of Nations close to Das Capital and Manifesto of Communist and the General

of Employment: Interest and Money between the Road to Serfdom and Capitalism and

Freedom. Perhaps the authors would like to talk about the idea of liberty and prosperity

within the political-economy when I am in sleeping. I wish I could help them, because

they were lived in a very different century, then they would help me so. But especially for

one book, I didnt forget to put the Globalization and Its Discontent under of my pillow,

so I could understand deeply what steps that should I do first to make the globalization

working.

References

The Author was graduated from Poliitical Science, University of Nasional, Indonesia. Now she is a GraduateStudent of Department of International Relations, Eastern Mediterranean University, TURKEY. Email:

[email protected]

iFor some scholars, this system is not fully accepted, while they have been thought about that the evidence showed it is not

interdependent, but dependent, knows as dependency theory, which has been build by many scholars from Latin America,based of the theory of Marxian.ii

However, Thatcher was never being poor, Danish extremely rich. Just the remainder, as her principle, you may have to fight a battle more than once in order to win it, otherwise this inverse with the very famous economic principle, gainwithout losses. Maybe when Thatcher started her neo-liberalism and getting some advices from Keith Joseph, she wasfound out that Keynes was died. Perhaps, therefore she hated to stir her administration, and devolved some of thegovernments responsibilities into the market.

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International-Political Economy Nowadays (Nofia FITRI)