Differences between Economic Liberalism and Economic Development

What is Economic Liberalism?

Economic Liberalism refers to an approach to International Political Economy, IPE, based on free market principles and open international trade and monetary systems. Founded in part on the belief that the role of the state should be minimized because of the inefficiency that may result as well as the fear of states abusing their power (W. Raymond Duncar, Barbaran Jancar-Webster, and Bob Switky, 2001),

For the economic development, it refers to the use of land, labor, and capital to produce higher standards of living, typically measured by increases in gross national product (GNP) and more equitable distribution of national income (W. Raymond Duncar, Barbaran Jancar-Webster, and Bob Switky, 2001).