Liberalism (economic) is an economic system that promotes free markets, open competition, private ownership of business, minimal government regulation or intervention, and unrestricted international commerce. This ideology emerged in the 17th-18th centuries as an alternative to mercantilism. An example of a state using this system would be England during its industrial revolution when it encouraged foreign investment and deregulated the economy.

Marxism is an economic theory that advocates for collective ownership over production instead of private ownership and control over production from capitalists or landowners. It believes that labor should retain all profits generated from their labor rather than having them appropriated by factory owners or landlords. An example of a state using Marxism is North Korea where all means of production are owned jointly by workers under one party rule with centralized distribution based on need rather than profitability or market forces.

Part II: Free trade has been widely viewed as beneficial due to its ability to facilitate global exchange between states leading to increased efficiency as well as improved welfare for both producers and consumers alike through reduced prices for finished goods/services due to increased competition between companies worldwide; however it can also lead to negative consequences such as job loss due to outsourcing overseas along with lower wages paid domestic workforce resulting from foreign cheap labor influx into the country’s markets (Clemens & Williamson). Governments have engaged in protectionist measures like tariffs or quotas in attempts safeguard domestic industry from foreign competition; however these policies can often end up hurting consumers because they tend raise prices on imported goods/services thereby eliminating consumer choice (“International Trade”). The TED talk video argued that Global Trade Deals were really about removing policy barriers allowing corporations greater opportunities abroad at cost of public interest since neo liberal policies favor big businesses more so than workers (“Trade vs National Development Goals”). While I agree with some aspects such as reducing barrier restrictions preventing multinationals firms investing capital abroad do increase local incomes; I believe there should be less emphasis placed on deregulation rules since it increases inequality among citizens within their respective economies not only domestically but internationally too (“Globalization-Economic Implications”).