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A Discussion On Rearism, Constructivism, Liberalism

Using realism, liberalism, and constructivism explain the 2008 world financial crisis and the ongoing debt crisis in Europe using one of the three theoretical frameworks.

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(1) What do you think; which one would explain the 2008 world financial crisis in Europe? Let's begin with a definition of terms from Dictionary.com; and Stanford's Philosophy Encyclopedia is also linked for further research:

• Realism:

1. interest in or concern for the actual or real, as distinguished from the abstract, speculative, etc.
2. the tendency to view or represent things as they really are.

Reference: http://dictionary.reference.com/browse/realism
Stanford Philosophy Encyclopedia: http://plato.stanford.edu/entries/realism/

• Liberalism:
1. the quality or state of being liberal, as in behavior or attitude.
2. a political or social philosophy advocating the freedom of the individual, parliamentary systems of government, nonviolent modification of political, social, or economic institutions to assure unrestricted development in all spheres of human endeavor, and governmental guarantees of individual rights ...