Q.1 What are the main assumptions and concepts associated with liberalism? Main assumptions and concepts associated with mercantilism? What are main characteristics of components of the Bretton Woods system? Liberalism mainly associates with freedom of choice and action for all rational actors in all spheres of activity. Economically, liberalism has traditionally stood for a free market with minimum Government intervention or interference, minimum barriers to entry and exit of markets, and protection of free and open competition. Mercantilism was traditionally the opposite end of the spectrum from liberalism and was opposed to liberalism influenced economics. It stood for heavy ...
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