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In reply to the discussion: Liberalism in Europe 'facing its biggest fight' against the far-right and 'the politics of fear' [View all]rogerashton
(3,920 posts)20. You previously wrote:
The nationalists in France want France to compete with Germany, not cooperate with it. ...
The 'invisible hand' applied to the actions of countries would be "by pursuing its own interest each country promotes that of the greater society more effectually than when it really tries to enhance the greater good intentionally."
The 'invisible hand' applied to the actions of countries would be "by pursuing its own interest each country promotes that of the greater society more effectually than when it really tries to enhance the greater good intentionally."
And the mercantilist policies you describe are the policies a country would use to pursue its own interest.
Now, it is true that European Liberals favor free trade, which allows individuals in Germany and France to compete with one another, and they expect that competition among individuals to promote the interest of the greater (international) society.
My point was that the invisible hand cannot be "applied to the actions of countries" without doing serious violence to the ideas of Smith and the European liberals.
To be fair, the ambiguity is inherent in the word "competition." When Mr. Putin has his business rivals put in prison on trumped-up charges of tax evasion, he eliminates a competitor -- that is a very aggressive form of competition. But that is not, I gather, what you mean. In that your terminology agrees with modern economic theory, which uses the term competition in a much narrower sense. I prefer to call that narrow concept "competitive offering" as opposed to competitive threats, competitive violence, etc. By the way, free trade is considered a "cooperative solution" in the terms of game theory -- treating the determination of trade policy as a game among nations each pursuing its own interest. Mercantilism is considered the "noncooperative solution." That's pretty standard in the professional literature on the economics of trade, I believe.
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Liberalism in Europe 'facing its biggest fight' against the far-right and 'the politics of fear' [View all]
pampango
Mar 2015
OP
I suppose the collective memory of the evil of fascism is dying with that generation passing away.
pampango
Mar 2015
#2
The liberals are "misguided" but not the far-right? The latter simply reflects "reasonable fear"?
pampango
Mar 2015
#7
OK, I'm trying to find your Tower Hamlets segregated swimming pool story
muriel_volestrangler
Mar 2015
#21
And that is what we need to address. These things are fearful but FDRs words ring even truer today
jwirr
Mar 2015
#26
Most liberals in Europe do believe in markets though they have tempered that with strong safety
pampango
Mar 2015
#8
"I don't think you will find that any European liberals are pro-union." Really?
pampango
Mar 2015
#13
Mercantilism is not 'competition among nations'. It is economic policy to benefit one country over
pampango
Mar 2015
#19
That certainly proves that nazis din't believe in the 'free market'. Nationalism and militarism
pampango
Mar 2015
#15
Yes, as I said, they are not socialists, and neither is the US Democratic party
muriel_volestrangler
Mar 2015
#29
The EU exists only to further neoliberalism and capital run amok so I hope it busts.
TheKentuckian
Mar 2015
#12
Let's hope that the income equality and overall prosperity in Europe does not go bust
pampango
Mar 2015
#16
The whole agenda of the EU is to undo income equality, strip away those protections,
TheKentuckian
Mar 2015
#22
If that were true, Europe would not have the world's best income equality and would have lost
pampango
Mar 2015
#25
No, I meant what I said not what you want to jump off on. Why do you just put words in people's
TheKentuckian
Mar 2015
#27