Markets usually operate well, but government intervention and strong international institutions can help individual governments overcome market failures.

Question

BlackTom AI · Accepted Answer

The question states: Markets usually operate well, but government intervention and strong international institutions can help individual governments overcome market failures.

Since the provided answer is Institutionalist liberalism, we can align this statement with that theoretical perspective.

Option analysis cannot proceed fully because no list of alternative options is provided to compare and contrast. Nevertheless, we can unpack why institutionalist liberalism fits the given claim.

- What is institutionalist liberalism? This approach emphasizes the role of institutions—both domestic and international—in shaping state behavior and policy outcomes. It argues that international institutions reduce the costs of cooperation, provide information, set expectations, and create rules that help states address collective action problems and market failures. In other words, government intervention and robust international institutions can improve overall welfare by coordinating policies, mitigating externalities, and facilitating credible commitments across countries.

- Why this aligns with the statement: The claim highlights that despite generally functioning markets, intervention and strong international institutions can assist governments in overcoming market failures. Institutional liberalism explicitly centers on how institutions enable cooperation and policy effectiveness beyond pure market mechanisms, matching the described idea.

What this reasoning implies about other potential options (in a typical set):
- An option emphasizing pure laissez-faire or minimal government intervention would be inconsistent with the assertion that intervention and institutions help overcome market failures.
- A strictly realist or market-internalist view that minimizes the importance of international institutions would likewise conflict with the claim.
- An option that suggests institutions have no impact on market failures would be incorrect given the emphasis on institutional frameworks in institutional liberalism.

In sum, the statement coherent with institutionalist liberalism recognizes the beneficial role of both governmental actions and international institutions in addressing market deficiencies, which is why the given answer aligns with that theoretical lens.

AS.470.605.51.SP25 M04: Quiz

Markets usually operate well, but government intervention and strong international institutions can help individual governments overcome market failures.

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