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In the middle of the 20st century the theory neoliberalism was implemented with the Bretton Woods institutions.

Neoliberalism applies the theories and tools of liberal IR theory, especially multilateral agreements, to establish order in the international market. One of the assumptions of neoliberals is that populations are potentially politically volatile, thus states' policies regarding trade and foreign investment are changable (especially in democracies). If investors are risk-adverse then political uncertainty taxes international business.

The conclusion is that international trade and investment - indeed the development of a global marketplace - requires multilateral agreements to bind the hands of states and impose order.

From Wikipedia, the free encyclopedia, Neoliberalism: "In its dominant international use, neoliberalism refers to a political-economic philosophy that de-emphasizes or rejects government intervention in the domestic economy. It focuses on free-market methods, fewer restrictions on business operations, and property rights. In foreign policy, neoliberalism favors the opening of foreign markets by political means, using economic pressure, diplomacy, and/or military intervention. [...] It promotes reducing the role of national governments to a minimum. Neoliberalism favors privatization over direct government intervention and production (such as Keynesianism), and measures success in overall economic gain. To improve corporate efficiency, it strives to reject or mitigate labor policies such as minimum wage, and collective bargaining rights. According to its critics, it opposes socialism, protectionism and environmentalism."

Also of interest: Neoliberalism in international relations

In contradistinction, see Social Liberalism. (I'm big on the phrase "humane governance". bdt);

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