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1 Cards in this Set

  • Front
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What is neoliberalism?
- rooted in the classic liberal ideals of Adam Smith and David Ricardo
-both viewed market as a self-regulating mechanism
- goal: an equillibrium of supply and demand and securing the most efficient allocation of resources.
- these british philosphers considered any constrain on free competition with the natural workings of the market
-leading to social decline, political corruption, and the creation of unresponsive state bureaucracies (state officials)
- they support the elimination of tariffs on imports and other barriers to trade and capital flows between countries