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Liberalism Labor theory of value (Marx)Goal is freedom; state is vehicle to Surplus value: labour act adds value to a
safeguard the freedom of individuals product (take apple example), in a real
Classical liberalism: negative freedom market things trade in proportion to the
Modern liberalism: positive freedom labour necessary to produce them
Conservatism Enterprise capitalism (USA)
tradition, pragmatism, human imperfection; Profit- driven, high productivity and labour
the new right: reacting against apparent flexibility, week trade unions (could be
failure of Keynesian social democracy and obstacle to profit maximization);
concern about social breakdown Disadvantages: material inequalities, social
fragmentation, vulnerability
Socialism Social capitalism (Germany)
System of exploitation and oppression, Market competition in combo with social
politics is organized enforcer of this system, cohesion and solidarity; long term
culture and idea as legitimator of this investments
system; tension in state leads to change
Post- colonialism State capitalism (China)
Tradition of political thought based on Disadvantage: inflexibility and
legacy of colonialism; structural and unresponsiveness, tendency for
institutional racism individualism and entrepreneurialism are
stifled by values like duty and hierarchy
Populism Keynesianism/ John Maynard Keynes
Characterized by the claim to support the Laissez faire will result in instability and
common people in the face of "corrupt" unemployment, government has to manage
economic or political elites. through tax and spending policies
left wing: socio-economic concerns
(inequality, job insecurity…)
Right wing: sociocultural concerns
(immigration, corruption, crime)
Ideology New liberalism/ Hayek or Friedman
A coherent set of ideas which provide a Based on market fundamentalism (absolute
basis for organized political action faith), free market
State (according Montevideo Convention) Political globalization
A defined territory; A permanent Evident in growing importance if
population; An effective government; international organization; International:
Capacity to enter into relations with other allows states to take action without risking
states national sovereignty; Supranational: over
and beyond the authority of states
Nation Financialization
Group of people who regard themselves as Reconstruction of the finances of
natural political community businesses, public bodies and individual
Ethnic nation – based on blood citizens to allow them to borrow money
Civic nation- open to everybody and so raise their spending
Nation state Washington consensus
Sovereign political association within which Privatize, stabilize, liberalize
citizenship and nationality overlap, one
nation within a single state
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