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Popular and state mandated huge wage increase resulted to inflation compounded by unchecked inflation in the 1980s. These economic policies also resulted in huge foreign debts amounting to three fourths of its national output. It worsened when the state forced the peso to be equal to the dollar. The country bottomed out and defaulted on its debt in 2001 causing its President Adolfo Rodriguez to resign. Various economic policies were then adopted to resuscitate the economy from debt restructuring to expansionary monetary and fiscal policies to checking inflation. To check inflation government held back exports. In 2012, Argentina restricted its import and adopted a tighten foreign currency control.
Brazil’s economic policy on the other hand adopted an inward-oriented economy that boosted its global competitiveness. It adopted policies of sustainability and economic liberalization that further boosted its national competitiveness. It maintained a controlled inflationary rate, adopted a floating exchange rate and disciplined fiscal spending that further boosted its economy.
Hall, Patrick and Hall, John. Argentina’s Economic Policy: Failing to Learn from History. Web. April 21, 2014
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Consequences of Neoliberalism.
Neoliberalism refers to a market-driven approach to the policy making process for running economy and society (Campbell and Pedersen, 2001, p3). The approach basically stems from the neoclassical theories of economics focusing upon the efficient role of the private enterprises, trade liberalization and establishment of open markets.
Relationship between Neoliberalism, Austrian school of economics and Chicago school of economics.
Historically, different economic theorists have diversified opinions. Each prominent viewpoint is always provisional with time difference. After the Second World War, economic theories turned out to be more complicated, systematically applying more technical subjects and mathematical techniques.
57). The exercise of human rights and its enforcement is enshrined in the national and international laws. They are then mobilized by several social actors and form highly political matters. An interesting aspect of these laws with regard to most countries is the fact that the rights of the citizens as usually selectively applied or are enforced depending on the entire range of the political urgency of maintaining power.
Fundamentally, economic liberalism advocates for a conscious agenda of pursuing self interest in a market whilst within the same context makes provision for the maximization of societal and individual welfare.
Fundamentally, through the efficient allocation of economic resources a society's welfare is enhanced.
European Monetary Union thought to be a dream came into existence in 1999. The Euro was introduced as an accounting unit and electronic currency in January 1999, and has been circulating in Germany, Austria, Spain, Belgium, France, Greece, Finland, Italy, Ireland, Portugal, the Netherlands and Luxembourg.
The American Indian culture is grounded on neoliberalism and globalization principles.
Second, the Indian Americans have to cope with their dual identity. Within the American society, they consider themselves
In addition, a salient need to analyse the social ties that define urban neighbourhoods is evident. Notably, the types of ties that thrive in urban neighbourhoods differ from those exhibited in the rural settings. The
For capitalists, the culture encourages the accumulation of profit; for laborers, it encourages the accumulation of wages; for consumers, it encourages the accumulation of good.” It should be noted that this culture has
Liberalism is a broad aspect; it touches aspects of politics, economics, as well as religion (Shah, 2010). The US had even embraced political liberalism in its quest to prevent social conflict. Neo refers to a new kind of liberalism. It