Answer to Question 1
Commercial liberalism proceeds from the idea that humans are naturally inclined to
cooperate. Thus, progress through mutually beneficial exchanges is possible, both to
increase prosperity and to enlarge individual liberty under the law. In commercial
liberalism, economic activity can contribute to global welfare, and the major
problems of capitalism (boom-and-bust cycles, trade wars, poverty, and income
inequalities) can be managed. Mercantilism is essentially an economic extension of
realist thinking. Unlike liberals, who focus on the rationality of the marketplace,
mutual gains, and a minimal role for the state, mercantilists see the need for power
politics as a determinant of economics and posit that the government has an
important role to play in ensuring the state's economic wellbeing
Answer to Question 2
Despite the myriad difficulties the global economy has faced, trade is nonetheless
expanding, and liberalization efforts continue. During this time, the dispute resolution
mechanism of the WTO played a key role in preventing a major resurgence in
protectionism. At the same time, the key role of the WTO connotes that international
governance of global trade is necessary. Given the size of the WTO, it may be the
case that alternate governance structuresregional, plurilateral, or bilateral may
be more viable vehicles for advancing trade liberalization.
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