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GS 3000 & 3050 - Neoliberalism & Globalization of Economics
Transcript of GS 3000 & 3050 - Neoliberalism & Globalization of Economics
At the end of WWII, a meeting was held in a small New England town of Bretton Woods in order to establish an international economic system
The major economic powers of the global north got together and agreed to expand international trade and agreed on binding economic rules to participate in these economic activities
From this meeting, 3 influential international organizations were created: The International Monetary Fund, the Intl Bank for Reconstruction and Development (Now the World Bank), and the General Agreement on Tariffs and Trade (Now the World Trade Organization)
While the Bretton Woods system involved some level of state intervention, in the 1970s the Bretton Woods system was abandoned for Laissez Faire economic policies, also known as neo-liberal economics.
Neo-liberalism is the economic idea that the market is best when left to regulate itself, as opposed to govt regulation, which would tend toward equilibrium of supply and demand in the most efficient manner.
government interference will lead to corruption and stagnation, according to Neo-liberal theory
1. Privatization of public enterprises
2.Deregulation of the economy
3. Liberalization of trade and industry
4. Massive tax cuts
5. Strict Control on organized labor
6. The reduction of public expenditures, particularly social spending
7. The down sizing of government
8. The expansion of intl markets
9. The removal of controls on global financial flows
Neo-liberal economics were
pushed heavily by Ronald Reagan
and Margaret Thatcher and given
more credibility after the fall of
the Soviet Union in 89-91.
Free trade proponents assure the public that the elimination or reduction of existing trade barriers among nations will enhance consumer choice, increase global wealth, secure peaceful international relations, and spread new technologies across the world
Yet, most studies show that the gap between rich and poor countries is actually widening at a fast pace. Thus critics have said that the elimination of social control mechanisms has resulted in a lowering of global standards, environmental destruction, and growing indebtedness of the Global south to the north.
These organizations were created to regulate
the international economic system and to ensure that all states participated in the same set of rules.
Neo-liberalism - Associated with demands for market integration and uniformity, and policies of deregulation and liberalization
-The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.
- The removal or reduction of restrictions or barriers on the free exchange of goods between nations. This includes the removal or reduction of both tariff (duties and surcharges) and non-tariff obstacles (like licensing rules, quotas and other requirements). The easing or eradication of these restrictions is often referred to as promoting "free trade."
Protectionism is the economic policy of restraining trade between states (countries) through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations.
1 -Offshoring & Outsourcing
2- Polarization of the workforce