Take Home Midterm 1 summary.

Take Home Midterm 1
Introduction
The invincible hand is a metaphor used to refer to the unnoticed factors that move the free market economy. This approach suggests that the best interest of society are achieved through freedom of production and private self-interests (McDonald). The constant interplay of distinct forces on market demand and supply leads to the natural flow of prices and trade movement. The invincible hand analogy holds that the market will attain equilibrium devoid of government and other forces interference that leads to unusual configurations (McDonald). The metaphor refines acute ideas that intentional exchange in a free market produces involuntary and extensive benefits and that these benefits are superior to those of a controlled, deliberate economy.
According to MacDonald’s, liberal economic institutions promote peace, and they have historically significantly contributed to upholding peace than democracy (McDonald). His primary suggestion is that public property increases the chances of military war among all forms of government. He illustrates the invincible hand of peace. Every free trade generates indicators about which products and services are valuable and how challenging they are to access in the market.
These indications, captured in the price system, instantly force competing distributors, manufacturers, and consumers separately to pursue their self-interests to satisfy the desires and needs of others, thus promoting peace (McDonald). The bargaining theory of war has shown that, under certain conditions, a dispute will lead to war if, among other factors, there is a lack of credibility of commitments to peace. If nations at war could somehow improve their credibility, they could avert war (McDonald). McDonald’s argues that administrations whose incomes are relatively reliant on domestic taxation may have more credibility than those more reliant on revenues from the public ownership of property.
States with significant portions of their economies owned by the state are less dependent on raising taxes to wage war and thus may be less constrained by their publics from waging it. If all foreign policy decision-makers are aware of this commitment, nations with smaller public sectors should be more credible than the commitments of those with larger ones (McDonald). In this way, capitalist countries are better at avoiding militarized war because, with trade, the cost of war is higher than its gains. Thus, violence is avoided not because of mutual interests but because it is not profitable and accessible markets make this fact clear.
Based on the readings and resources, I suggest that the linkage between international trade, democracy, and peace tends to be weaker than past occurrences (McDonald 5). Thus, I argue that the pursuit of profits by private owners in these markets reduces the threat of conflict among nations (McDonald 15). These domestic institutions, such as competitive market organizations and private properties, actively support peace. Illustrations have indicated that Commercial Liberalism has over the past  been stronger amid democratic nations.
I suggest that such suggestions imply that modern-day American external rule should be geared toward monetary liberalization compared to democratic governance (McDonald 16). Liberal worldwide relations theory suggests that institutional connection among a régime and its populace plays a significant role in creating a nation’s foreign rule (McDonald 16). When free trade among countries surpasses internal governance, states adopt reduced barriers to entry into the competitive market; hence pursuing reduced national interests creating cooperation among countries (McDonald 17). For instance, conflicts between Oregon and Venezuela amid the nineteenth century were regulated by economic interests, competitive in the global market, which pushed the reduction of disputes among the two nations preventing war (McDonald 19).

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