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Theories of International Relations: Realism, Liberalism and Marxism for...

on July 19, 2020

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What is Mercantilism?

Mercantilism Mercantilism, sometimes called ‘economic nationalism, was a prevalent economic doctrine in the Europe more specifically in the Western Europe around 1500 to 1800. This view postulates that economics should be subordinated to politics as market emerges within a social context shaped by the state power. The strategy of mercantilism emphasized the state regulation of the economy and international trade by increasing exports and keeping imports low. They believed that state’s power, wealth and prestige could be achieved through favorable trade surplus. It was a time of Gold Standard so countries were paid with the gold. More Gold was a sign of prestige so, states with more precious metals were considered more powerful and wealthy. Economic wealth, according to mercantilism, could be transformed into military might later on. Mercantilists imposed tariffs, duties and subsidies on imports to support their nascent domestic industries. They demanded governments to make protection

Neo-Realism or Structural Realism and its Types.

Structural Realism/Neo-Realism The Structural Realism was coined by the Kenneth Waltz in his 1979 book ‘ The Theory of International Politics’ . Unlike classical realists who argue that laws of politics have roots in human nature, structural realists put forward their assumptions on the premise that the nature of international system is defined by anarchy and the distribution of capabilities among actors. At domestic level, they believe, states have hierarchy of power. However, international system is anarchic because it has no higher authority or central government to govern state behavior. In this anarchic order, states have to ensure their own survival because there is lack of trust among states and they are never certain of other nation’s future intentions. This security dilemma drives states to maximize their relative power. Furthermore, it stimulates states to develop military build-up and pursue the policies of foreign interventionism and hegemony. States have common needs b

IR Theories: Liberalism in International Relations in Urdu/Hindi for CS...

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Theories of International Relations: Realism, Liberalism and Marxism for...

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