Liberal Economic Internationalism and Developing Countries of the Global South: Critique from International Law & International Relations Contexts

The subject of liberal economic international (LEI) discourse has incited a debate within the academic-circles with implication on policy. The debate appears largely to centre on two divergent viewpoints; while on one hand, scholars from developed global-north, summarily argue that LEI agenda will help to reduce the resource gap in the LDCs, by improving the trade imbalance and encouraging a net capital inflow, eradicate poverty and improve economic-development of underdeveloped states. On the other hand, scholars from developing countries, summarily posit that LEI movement is a dilemma of development in the global-south created by the Westerners, MNCs, and IFIs which pretends the development of the global-south, but really is a way to penetrate the states and economies of developing countries in order to influence, control, and restrict their decision-making and development policies to favour them. This paper examines LEI from international law and international relations contexts. It uses theoretical, interdisciplinary, and critical-analytical approach, with empirical evidence from developing countries. It argues that LEI is in principle a good international development agenda that would have benefited the developing poor nations if it has been conscientiously implemented, but as it has not, it failed and continues to fail the developing countries.