Since the advent of the end of the Cold War, it is experienced that the ideas of the neo-liberalists has widely taken place. Hence, the contemporary states economy have imbibed the culture of free trade, free economy entry and exist of labour and the opening of their state economy to the international market for active competition. This scenario of the international order, with the aid of modern improvement in the world technological base, has resulted in the expansion and the consolidation of globalization. The stand of socialism has given way to capitalist society, where the rule of price is a cogent force that determines the market situation. Hence, governments through the policy of privatization and commercialization , deregulation of their states economies have given up several state corporations to the private individuals and private bodies; thus, bringing to the fore front the phasing out of the socialist and communist doctrines.
The enshrinement of the neo lib al doctrines in the world order would not have gain its immense success if international organizations such as UN, World Bank, IMF, WTO , have not backed up and imbibe the culture and ideas of free trade and the globalization of the world economy.
This write- up tends to discuss the ways in which Neo- liberalism has influenced the world order.
IDEAS OF THE NEO- LIBRALS
The neo-liberals based their ideas on the neo- classical economists’ doctrines, which is an extension of the classical economists’ ideology.
The neoclassical economists contend that slow or negative growth results from poor resource allocation from non market prices and excessive Third World state intervention. ...Show more