Interventionalist Liberalism Argumentative Analysis

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21st century is a significant time frame for the entertainment industries in the South Korea. During the 1990s, South Korea was under pressure to liberalise their market, particularly the media industry (Shim, 2008). Eventually, the economic globalisation facilitated the blooming of its entertainment industry (Shim, 2008) by exporting their popular cultural to the world, which known as the Korean wave (Ravina, 2009). Entertainment industry is an important industry in South Korea, together with other industries, such as cultural and tourism industry, further generate the national income. In 2011, this industry is estimated to have directly contributed 7,549 billion Won (0.7%) of the South Korean GDP (Oxford Economics, 2012). The Korean wave …show more content…
The fundamental principle of liberalism, such as freedom to live and own properties is still applicable in the interventionalist liberal theory in IPE. Thus, the basic unit of analysis of this theory is individual, which individual that matters. The most distinct feature of interventionalist liberalism and classical liberalism is the degree of government intervention. Liberals promote free market with minimal government control, but the interventionalist liberals argue that the intervention of the government is needed to supplement the market. Interventionalist liberals also believe that the relationship of the state and market is harmonious, which they complementing each other through cooperation. Free trade is the ultimate goal for all branches of liberals to achieve the peace and stable …show more content…
For example, the value added of the Korean music sector has increased at an annual average rate of 23 percent over the period 2005-2011 (Messerlin & Shin, 2013). The growth rate of the export of Korean music is even more remarkable, which is on an average of 36.4 percent per year for the period 2005-2011, with skyrocketing figures for the most recent years- more than 100 percent for the years 2008-2011 (Messerlin & Shin, 2013). This direct implication is expected in both the theory of interventionalist liberalism and neo-mercantalism. The liberals believe the free market could bring more good than harm to the state, for example the generating of revenue to the state. Mercantalists, on the contrary believe only on certain sector liberalisation, for instance the case of Korean wave, which the market is more favourable for export but not import. The export of the Korean entertainment industry is good towards the choice of

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