A strong economic and military power are critical to the formation of such a liberal global market economy. According to the hegemonic theory, the absence of a dominant economic and military power can make it difficult to enforce liberal rules. Thus, the international markets cannot operate without the existence of a liberal dominant power. Chances of a global market economy falling are high when there is no integration of such a hegemon. In addition, the risk of deteriorating economic relations into self-interested, nationalistic and protectionist competition can be profound. The debate presents that the dominant power manipulates a global market in attempts to foster a world economy grounded in a free trade. The free trade benefits all the nations that participate in such a global market. For instance, the US military in Western Europe helped in neutralizing Soviet threat.
Marxism initiated a debate regarding the development and underdevelopment in nations that are still developing. The Marxists reacted to the economic liberal concept. Thus, this debate begins from a liberal perspective of problems related to development. It is apparent from this debate that asking of pertinent questions regarding development was never possible before 1950s. In some cases, individuals could ask questions that concerned the colonial development since a number of developing nations had European states controlling them. Development of colonies was not strictly a global concern, but an imperial issue. The beginning of decolonization by 1950s marked the introduction of agendum on researching about development on a global scale. Such developments led to new states including Africa and Asia becoming part of the UN and was able to raise their concerns regarding development. Mainstream perspective appears to be a dominant discourse that defines all, which appertains to development.
Economic liberals raised several debates on varied issues. In this ...
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