HUMA 1770 Final: HUMA 1770 EXTENSIVE EXAM NOTES
26 May 2013
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Document Summary
With collapse of communist block at the end of 1980s, helped foster political opposition of state intervention. Removal, reduction, minimization of barriers caused by national policies to global trade and finance: associated with adam smith, margaret thatcher, ronald reagan. Rooted in classical liberal ideals of adam smith and david ricardo. Viewed market as a self-regulating mechanism toward equilibrium of supply and demand. Any constraint on free competition would interfere with the natural efficiency of market mechanisms: lead to social stagnation, political corruption, creation of unresponsive state bureaucracies. Advocated elimination of tariffs on imports and other barriers to trade and capital flows between nations. Free market economies constitute the most civilized form of human competition: the fittest naturally rise to the top. Neoliberal economic order received legitimation with 1989-91 communism in the soviet union and e europe. After collapse: economic globalization internationalization of trade/finance, increasing power of transnational: enhanced role of international economic institutions like imf, world bank, wto.
