  In this paper we investigate the role of Parodi's relation in the
well-posedness and stability of the general Ericksen-Leslie system modeling
nematic liquid crystal flows. First, we give a formal physical derivation of
the Ericksen-Leslie system through an appropriate energy variational approach
under Parodi's relation, in which we can distinguish the
conservative/dissipative parts of the induced elastic stress. Next, we prove
global well-posedness and long-time behavior of the Ericksen-Leslie system
under the assumption that the viscosity $\mu_4$ is sufficiently large. Finally,
under Parodi's relation, we show the global well-posedness and Lyapunov
stability for the Ericksen-Leslie system near local energy minimizers. The
connection between Parodi's relation and linear stability of the
Ericksen-Leslie system is also discussed.
