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Response to HiPointDem (Original post)

Thu Jul 12, 2012, 09:56 AM

3. Neoliberalism is toxic

Neoliberalism's economic roots begin with the re-establishment of international monetary stability with the Bretton Woods Agreement, which fixed currencies to the US Dollar and the US Dollar to gold. As an ideological movement, it became increasingly prevalent based on the work of Robert Mundell and Arthur Flemming. The Mont Pelerin Society, founded at about the same time by thinkers such as Friedrich Hayek, Milton Friedman, and Michael Polanyi spawned free-market think tanks and advocacy groups in the UK and the US during the 1960s and 1970s. They drew upon the theories of the Austrian School of economics and monetarism. Neoliberalism argued that protectionism and government programs produced economic inefficiencies, and that developing nations should open their markets to the outside, and focus on exporting. Also emphasized was the liquidation of state-owned corporations, and the reduction in rules designed to hinder business. Neoliberal ideas found expression in a series of trade talks to form the General Agreement on Tariffs and Trade as well as regional free trade agreements such as the European Union and the North American Free Trade Agreement. These agreements went beyond textbook "free trade" to encourage the free movement of capital funds and direct private investment and to limit national restriction of business privileges.


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Arrow 4 replies Author Time Post
HiPointDem Jul 2012 OP
xchrom Jul 2012 #1
Arctic Dave Jul 2012 #2
LineNew Reply Neoliberalism is toxic
Mosaic Jul 2012 #3
HiPointDem Jul 2012 #4
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