This paper is aimed at providing conceptual framework in order to understand world political economy in general along with conducting a comparative analysis focused on fundamental value, substantial and desirable relation between politics (state) and economy(market) in the two paradigms. In highly simplified terms, Liberalism assumes that individuals are the proper unit of analysis, while states are major actors for statism. Furthermore, while liberalism assumes that relations between the actors are essentially harmonious, statism considers them to be conflictual. Finally liberalism assumes that politics and economics exist in separate spheres and believes that markets should be free from political interference. In retrospect, statism maintains that economics should be subordinate to the pursuit of state interests.
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