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Liberalism, Capitalism and Broken Promises

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With international conflict rife, imperialism alive and well and global and domestic inequalities broadening, where are the benefits that the international liberal order promised?

As part of my masters, I am reading through an interesting textbook named Theories of International Relations (Burchill, 2013). Soon, I’ll have a lecture speaking about liberalism within the realm of international relations (IR). The textbook mentions liberal thought concerning the achievement of peace through processes of democracy and free trade, supposedly, through these mechanisms, humankind can reach a place of ‘perpetual peace’, as suggested by Kant.

Capitalism supposedly has the power to distribute scarce resources to citizens, while liberalist free trade should break down artificial barriers between nations, uniting them towards a common goal of sharing commodities and mitigating tensions by bringing states into the free trade ‘community’. With this, in theory, should bring universal and democratic peace, bought about by the presence of shared interest.

Liberal capitalism has had a long time to prove its worth, with the ideology being adopted by the majority of the west, and often imposed on countries in the global south through coercive trade deals, political interference and the establishment of dependant economies. Evidence of the positives of liberal capitalism, in my opinion are yet to be seen. In fact, the evidence points towards a global and local environment entirely contrary to the claims of liberal capitalism.

The international institutions, constructed to mitigate against the anarchic system we live under become increasingly fragile and powerless. The guarantee of global community and peace seems further and further away. The pledge that liberalism will result in the spread of resources, resulting in the ultimate equalisation is unrealised.

Despite all of this, the global liberal order seems to still be supported by the majority of the elite and by voters alike. Because with the outlined claims comes the promise that one day, with some persistence, patience and hard work, you too could reap the rewards of capitalism just like the few in society do.


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