Podcast
Questions and Answers
What is a key principle of neoliberal economics?
What is a key principle of neoliberal economics?
How does neoliberal economics impact a state's sovereignty?
How does neoliberal economics impact a state's sovereignty?
Which organization is NOT mentioned as influencing government austerity through global cooperation?
Which organization is NOT mentioned as influencing government austerity through global cooperation?
When did the concept of neoliberal economics begin?
When did the concept of neoliberal economics begin?
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What does neoliberal economics require from states in the global market?
What does neoliberal economics require from states in the global market?
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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.
