Global Economics and Neoliberal Capitalism
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Questions and Answers

What is a key principle of neoliberal economics?

  • Increasing government regulations on corporations
  • Promoting state ownership of services
  • Restriction of capital flow between states
  • Dismantling trade barriers (correct)

How does neoliberal economics impact a state's sovereignty?

  • It limits a state's ability to safeguard its economic interests. (correct)
  • It enhances a state's ability to control its economic policies.
  • It allows a state to fully protect its local industries.
  • It encourages state intervention in international trade.

Which organization is NOT mentioned as influencing government austerity through global cooperation?

  • World Trade Organization (WTO)
  • North American Free Trade Agreement (NAFTA)
  • United Nations (UN) (correct)
  • European Union (EU)

When did the concept of neoliberal economics begin?

<p>1980s (C)</p> Signup and view all the answers

What does neoliberal economics require from states in the global market?

<p>Deregulation and the privatization of services (C)</p> Signup and view all the answers

Study Notes

Global Economics

  • One of the major sources of challenge to state sovereignty comes from the global economy
  • The global economy demands that states conform to the rules of free-market capitalism

Impact of Global Organizations

  • Organizations that cooperate across countries, such as:
    • WTO (World Trade Organization)
    • Regional agreements, including:
      • NAFTA (North American Free Trade Agreement)
      • EU (European Union)
      • ASEAN (Association of Southeast Asian Nations)
  • These organizations promote government austerity

Neoliberal Economics/ Neoliberal Capitalism

Key Characteristics

  • Started in the 1980s
  • Focuses on:
    • Free trade
    • Dismantling trade barriers
  • Ensures governments do not impose:
    • Restrictive regulations on corporate presence
    • Restrictions on the free flow of capital and jobs

Requirements

  • States must cooperate in the global market through:
    • Free flow of capital
    • Privatization of services
    • Fiscal austerity or constraint

Criticisms

  • Neoliberal economics is seen as a threat because it limits a state's ability to:
    • Protect its own economic interests
    • Act as a sovereign state

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Description

This quiz covers the challenges of global economics, the role of free-market capitalism, and the impact of neoliberal economics on governments and international organizations.

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