PO101 Lecture Notes - Lecture 10: Brian Mulroney, Economic Liberalism, Neoliberalism
Document Summary
National control of fiscal (taxation) and monetary (e. g. interest rates) policies. High taxation on wealthy individuals and profitable corporations. Neo-liberalism: an ideology based on ideas of classical liberal economists on laissez- faire capitalism: adam smith (1723-1790, david ricardo (1772-1823) Ideology: a set of partial truths which cover up or mask hidden interests. Ideology of neo-liberalism conceals hidden interests of business elites by making it appear to be neutral economic system that benefits everyone, everywhere. Calls for a new global economic order based on freer markets, precipitated by: Relative decline of us economy and floating currency rates pegged to the us dollar. American economy still growing, but not growing as quickly as before. Smaller role for governments, and larger role for markets to even out economic disparities. Assumption that private industry can better manage than bureaucratic governments privatization of national ( crown ) corporations e. g. air canada; canada post; petrocanada; british airways, etc.
