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Political Economy.docx

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Wilfrid Laurier University
Global Studies
Bina Mehta

Michael Matthews September 29, 2011 Political Economy  Neoliberalism is the ideology about the way in which the world works (particularly a new world order) premised on capitalism, democracy, and human rights. It is rooted in economics, but came about through politics. Remember: Reagan and Thatcher.  Here are ten facets of neoliberal economy: expand international markets, freer trade, privatization (no longer owned by the state), deregulation (less rules for business to follow, facilitate profit margins), liberalism, tax cuts (If people have less tax to pay them will spend more money), monetarism, restrict organized labour (no unions), reduce social spending (trying to push people to do the spending), less government intervention (Don‟t want the government telling them what to do or setting the guidelines) .  Neo-conservatism: focuses on social policies. They also have different social ideas about hoe families should be and how religion should be practiced. They were very interested in the values system.  The nation State: emerges from the Treaty of Westphalia in 1648 and it is the foundation of our modern political system. The nation state is important because it is about control and power (sovereignty) over land (territory). Here are some key ideas that helps us understand how the Westphalia model worked:  The world consists of sovereign territorial states (no other authority)  Laws are made, settled and enforced by and within the nation state. Nobody else can tell them what to do.  International law is minimal. Not as important as the laws within a state  All states are equal before the law  Difference between states is often settled by force.  State freedom is the priority.  What am I trying to say  Politics and economics are intimately tied to each other in a globalized world. Interconnectedness is double edged. Some things are good about it and others not.  The ideas that came from Neo-liberalism have dominated the “new world order” (globalization) from the 1980‟to today (perhaps at least
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