POL201Y1 Lecture Notes - Washington Consensus, Capital Flight, Classical Liberalism
Document Summary
The difference between left, right liberalism and neo liberalism. Liberalism: is the belief in the importance of individual freedom, which could lead to different political thoughts. Mill and locke and hume: understand liberalism as the limiting of gov"t involvement in individuals lives (classic liberalism) Classic liberals: freedom is a pre-existing conditions, birthright for each individual and securing this means non- interference. Keynes: derivative of smith, advocates monetary actions by the bank and fiscal by the government. After 1980 keynesism is discredited in favour of free market system, until 2008 (global financial crisis). This proves that with different economic cycles there is different liberal views of free market or government intervention. Post 2008: in a place where kenynesism is back (boost exports, limit exports, tax, monetary and fiscal policies) implemented in the last 2 years. Pro-growth legal and regulatory policies (weaker environmental and labour laws)
