3 paradigms

1. paradigm of neoclassical economics is a broad theory that focuses on supply and demand as the driving forces behind the production, pricing, and consumption of goods and services.
2. Economic mixed paradigm is a political and economic ideology based on strong support for a market economy and private property in the means of production.
3. Radical economics was based on the economics of Marx. Inequality of incomes and wealth are seen as the sources of disequilibria in market economies.

I have given a description of the 3 paradigms. The 3 are neoclassical, mixed and radical paradigm I need an example for each one based on my topic US-China trade war

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Neoclassical Leave all markets alone let the forces of the marker prevail this will ensure an 'optimal' allocation of global resources, and ensure that the distribution of goods and services is done according to market principles Free Trade in all goods, services, and financial capital Free trade in labour to be consistent with Neoclassical paradigm Free trade in goods Canada/US example: 3 The Auto Pact - 1964 Neoclassical (cont'd) Against all forms of 'protectionism' : Tariffs : Quotas : Trade restrictions Protectionism had its origins in Mercantilism (pre-Capitalism) where the powerful countries restricted imports to only raw materials, and did not allow many finished goods to enter the country. Therefore, the greatest 'yalue added' went to the powerful countries while keeping the poorer countries, poor. NAFTA the real motiyes Really about trade? Mixed Economy There is no such thing as 'free trade' only different degrees of 'freer trade.' 2 Free trade in financial capital 3 Very restricted trade in Labour [Another example of the power of capital and the ca pitalists.] Mixed economy: need for protection of domestic values in workplace safety, consumer protection, environ mental sustainability, etc. Mixed Economy (cont'd) Recognizes the tension between international market forces and greater social issues. With many large transnational corporations being larger than many countries, countries have become less powerful, national border restriction have been lowered to allow for the easier movement of goods and financial capital (not labour), hence the interests of the market have come to dominate national political and social interests. A mixed economy is the only way to defend againstthe self interest of the more powerful againstthe weaker. 'Rational protectionism' e.g., will there be a new 'buy American' approach in the US Radical The impact of the forces of free markets are a threat to capitalism. Finding new was 1:0 make higher prcfits. Eccncimic power at the glcbal level The \"Race to the Bottom' Radical (cont'd) International facts: . Markets are global in finance, production, distribution, marketing, administration. . More economic power in fewer corporate hands - growing faster than government power . Lower costs of production sought - especially wages . Declining regulatory standards - finance, workplace, environment, accountability . Falling rates of profit (leading to need for more power and seeking lower costs globally)