A/ We discussed liberalism, mercantilism/nationalism, Marxism, and Christian social thoughts which are theoretical schools of IPE. Explain the evolution of the GATT or international monetary regimes for each theoretical school by identifying:1. For each theoretical school, who are the most important actors and what are the interests/preferences/goals of the actors? In the discipline of International Political Economy, there are four main schools of thought that often conflict with each other. While liberalism identifies individuals or private businesses as the most important actors and the maximization of individual wealth as the main concern, mercantilism identifies states as the main actors in the economy and has as its main objective the maximization of state power through 'self-sufficiency. On the other hand, Marxism rejects the views of both liberalism and mercantilism. Marxism identifies the capitalist class as the most important actors aiming to maximize class interests. Christian social thought rejects the views of liberalism, mercantilism and Marxism. Christian social thought focuses on religious institutions as the most important actors while identifying the promotion of the common good as the main economic objectives. Liberalism views actors as independent, atomistic, and individualistic entities. It is assumed that actors have interests and pursue them rationally. Furthermore, in liberalism, actors are assumed to be equal with equal opportunities. It is assumed that resources are limited. These assumptions about market actors lay the foundation for the actors' behaviors in the market. In liberalism, property rights are essential. Liberalism identifies individuals as the most important actors in economic activity... at the heart of the paper... more than property rights. In the argument of Christian social thought, the workers and the capitalist have mutual rights and duties. Christians maintain that fair wages and fair prices are the center of economics. Therefore, the objectives of the actors are not to maximize benefits but to promote the common good of society. He also condemns the lust for power in mercantilist theory. Christian social thought rejects the idea that the market can adapt itself because it is a less than perfect human institution. Since the role of the state is to promote the common good, it is important for the state to intervene in the market. However, the most important player in the economy is the church because the church provides moral guidance to individuals who are active members of the market. Therefore, the most important boundaries in the market are those established by the church.