CONCEPTUAL FRAMEWORK ANALYSIS Liberalism in itself is vast, comprised of a range of sub-theories, each rooted in beliefs of individual liberties and freedoms. This analysis delves into one particular sub-theory of liberalism, that of economic liberalism. It begins by conceptualising the theory itself and addresses how economic liberalism ensures security, who it protects from, and what it protects. Then an evaluation of the strengths of this theory is conducted and explores the plethora of benefits of trade relations between Japan and South Korea in the 1950s. Then, the essay progresses onto a study of their current relationship to explore the weaknesses of economic liberalism. Although the economic interdependence between the two nations has proved to be "mutually beneficial" (Braddon 2012) in creating relations with a then hostile South Korea (Korea), a contemporary examination will reveal the deteriorating nature of their relationship (Vahabi 2012). The essay will therefore conclude that while economic interdependence deters conflict in the short term, it is ineffective in facilitating peace and national security in the long-term. Economic liberalism essentially refers to the theory that economic interdependence between nations fosters strong and peaceful political relations (Braddon 2012; Dale 2015), thereby, disincentivising conflict - the occurrence of "strategic destructive interaction" (Braddon 2012)- between actors. Interdependent nations are reluctant to go to war due to the high blood and financial costs of conflict that could sever economic relations and jeopardise prospective opportunities with the opposing states. The theory of economic liberalism elucidates this notion that "economic exchange and conflict" (Braddon 2012) are fundamentally alike. Where nations would ordinarily resort to conflict as a means of acquiring territory or resources for economic growth, economic liberalism provides an alternative. Trade and foreign investment offer a much more peaceful avenue for the expansion of a nation's economy than conflicts such as war. Consequentially, in furthering the interdependency between nations, trade and foreign investment render conflict unnecessary and thus ensure the security of economically interdependent states from each other. Diplomatic relations between Japan and Korea, forged in 1965, reveal the strengths of economic liberalism in enabling the development of peaceful interactions between nation states. Despite deeply rooted animosity between Japan and Korea, the nations were able to normalise conditions, with the former providing funding to facilitate industrialisation as well as increases in investment, loans and trade in Korea via the Normalisation Treaty (Braddon 2012; Alamaro 2002). Japan also furthered its support by sub-contracting labour-intensive undertakings to the younger nation (Alamaro 2002). Thus, Japan created jobs in Korea, ultimately reducing the nation's unemployment rate, whilst simultaneously reaping the benefits of its cheap labour. This in itself proves the vast benefits of Economic liberalism for nation states, as it improves not only their appearance in the
international community but also their own economy. In fact, the Korean economy thrived during this time of interdependency, growing at an average rate of 9% annually (Ick-Lew and Hyug-Baeg 2020). Japan too, benefitted greatly in its "division of labour and markets" (Alamaro 2002; Ick-Lew and Hyug-Baeg 2020) arrangement with