Liberalism, Mercantilism, and Political Economy

A brief introduction to liberalism, mercantilism, and the rise of the contemporary global political economy.

[washing.machine]

As a student of IR, I find this video really great. Thanks for sharing it. I hope you expand the playlist, adding more topics that come under IPE.

[saadbinshariq]

You are so cool, man. Hats off to you.

[MikeGilroyMusic]

This is great Noah. Simple and understandable. Thank you.

[shagufafarook]

Thank you so much Sir..You are a great teachers..Blessed to have received knowledge from you

[hussainashraf]

Father of modern economic theory was ibn khaldun not adam smith.:)

[ismailali]

It is very helpful video, , thanks very much.

[sousehun]

Thank you very much for doing this series! What would you say the best theoretical approach to discuss about the repercussions of 2008 Global Financial Crisis?

[luckyea]

Economic liberalism is an ideology that is an integral part of conservative social thought about minimal government intervention in the economy of a nation and about complete freedom for individuals in the economy.

In history, countries had the highest rates of GDP growth and living standards in those times when the state intervened in the economy, supported domestic producers, subsidized them and provided them with preferential loans. Examples, Russia (period 1929-1955), China, South Korea.

Data for countries around the world whose economies grew at double-digit (almost double-digit) rates for more than 20 years in the 20th century are given below:

1. 13.8% - Russia - average annual growth for 22 years (1929–1955).
2. 11.5% - Taiwan - average annual growth for 27 years (1947-1973).
3. 10.4% - China - average annual growth for 25 years (1983-2007).
4. 10.2% - South Korea - average annual growth for 23 years (1966–1988).
5. 9.7% - Japan - average annual growth for 23 years (1948-1970).
6. 9.2% - Singapore - average annual growth for 24 years (1966-1989).

Thus, in the twentieth century, the world's largest national economic growth for more than 20 years was achieved in Russia in 1929–1955 (minus four war years). During this period, real wages grew 4 times, citizens’ deposits in savings banks grew 5 times, and the economy grew 14 times.

And:
- First place in the world in terms of the share of mechanical engineering in the total volume of industrial production.
- Complete technical and economic independence of the state has been ensured.
- First place in the world in terms of agricultural mechanization.
- First place in Europe and second in the world in terms of absolute industry size.
- First place in Europe and second in the world in terms of labor productivity in industry.
- The latest industries and advanced technologies: nuclear, space, rocketry, aircraft manufacturing, instrument making, radio engineering, electronics, electrical engineering and others.

And sanctions did not prevent such economic growth in Russia.