Discuss the rise and spread of neo-classical economics.
What will be an ideal response?
In the early 20th century Ludwig von Mises and Freidrich Hayek argued that only actors in the market, consumers and producers, had enough information to influence prices, wages, and the production of goods and services. Later in the 20th century Milton Friedman furthered the neoclassical argument that government spending does not actually improve aggregate demand. In the 1970s and the 1980s the Washington Consensus emerged as a leading economic model for economic development. The Washington Consensus argument was that state-led policies had failed and LDCs needed to reform themselves with a focus on privatization, fiscal restructuring, regulatory reform, foreign trade and investment flows. Many LDCs followed these prescriptions through the 1990s.
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Which of the following argue that the formation of so many influential interest groups has made it increasingly difficult to accomplish major policy change in Washington?
a. Elitists b. Federalists c. hyperpluralists d. labor unions
Which one of these is NOT a development of interest group?
a) Economic Developments b) Financial Policy c) Government Policy d) Social Circumstances
In addition to Mongolia, which country had the only other communist government prior to the end of World War II?
a. China b. the Soviet Union c. North Korea d. Cuba e. North Vietnam
According to Elazar’s framework, states with a(n) __________________ political culture tend to support an expanded role for government to promote the general welfare.
a. moralistic b. individualistic c. traditionalistic d. iconoclastic