International Political Economy Essay Example | Topics and Well Written Essays - 750 words

International Political Economy - Essay Example Gates must remain the exception, and openness the rule† made the article liberal in its orientation of what economic outlook should nations adopt. In the process of arguing that liberal capitalism is still the best form of capitalism and economic system, the article also discussed the various economic models that were used by other countries. The article has acknowledged the weakness and flaw of globalisation beginning at the 1930s until more recently during the financial crisis. But unlike in the 1930s where there was a clear and coherent ideological and economic alternatives such as fascism and Marxism, none can be found in recent anti-globalisation protesters China is cited as an example but the Chinese model did not present an alternative economic model to liberal capitalism. It may be ruled by the Communist Party but its economic model cannot be classified as Marxist. Marxist economic model involves the ownership of the state of all modes of production from land, labour, capital to technology where private ownership is prohibited. It does resemble to Marxist’s close kin which is fascism where the owners of the modes of production are required to use their properties in the national interest and the products that will be produced are dictated by one autocratic party (Richman, 2008). There may be just one party that rules in China but it is still not enough to qualify it as a fascist nor a Marxist government and economic system. It can be more aptly classified as nationalist economy where private ownership and foreign capital is allowed for as long as it is beneficial to the government. China, Russia and the world have already learned that state planning and state ownership of the modes of production does not work. The need of the people is just too complex and too vast for any state to determine and respond that we saw the inevitable collapse of the former Soviet Russia. So is the isolationist nature of Communism as