The liberal approach can perhaps be best summarized by the writings of Adam Smith (17231790), a famous English economist. Smith argues that the key to national wealth, and therefore national power, is economic growth. The key to economic growth is free trade, the free flow of goods, services and investment across borders. Hence, political leaders should allow trade among nations to expand and keep government intervention in that trade down to a minimum. This means that imports and exports should flourish with as little restriction as possible (Smith, 2003).

As also undertsood from the information given the arguments in the option III and in the option IV are the arguments of economic liberalism approach and can be evaluated as the ones which do not not conflict with the arguments of economic nationalism by the one who advocates economic nationalism, so the correct answer is D.

The ones in the option I “Free trade only benefits the wealthiest, most advanced nations.” and in the option II “The simple formula is that industrial power equals national power and national power equals independence.” are the arguments of economic nationalism.