The Sides Of Liberalism And Conservatism

860 Words Oct 20th, 2015 4 Pages
There has been a debate over the past century between economists as to what economic policies are able to develop the most prosperity for developing countries. Some economists believe that larger state influence and oversight over the economy are able to yield better results, while other economists contend that free market economies with little government are able to generate results. In the piece, Commanding Heights, Yergin and Stanislaw state that the two sides to the “Battle of Ideas” are the sides of liberalism and conservatism. However, according to Goldstein and Pevehouse, developing countries have in fact employed a myriad of different economic policies to help spur growth such as import substitution, export led growth and foreign investment. Over the stretch of the twentieth century, there were a multitude of debates between scholars, academics and countries as to what type of economic would generate the most efficient and productive economies. The two sides to this “battle of ideas” as to what system would be able to give developing countries the greatest prosperity were the sides of liberalism and conservatism. In general, liberalism contends that the government should have an active and interventionist policy towards the economy, accompanied with state involvement and responsibility in the economy. The other side to this great debate is known as “conservatism,” especially in the United States. Conservative economic policy argues for the state to have a smaller…
Open Document