In the early 1980s neoliberalism came to dominate the UK and US in terms of economic policy making. When Margaret Thatcher and Ronald Raegan came into power they believed that the solution to world debt was “free market and sound money” (Kiely, 2005). This theory involved very little involvement of the government, leading to less public spending and increased taxes. In the UK, this targeted the welfare state as benefit systems were tested and unemployment increased. First World countries, in particular the US, became large financial powers however many argue that neoliberalism resulted in the wealthy becoming increasingly wealthy while the poor remained in inescapable debt. At this point it was inevitable that neoliberalism would cause global
