Globalization of a New Financial Order

GLOBALIZATION OF A NEW FINANCIAL ORDER WHAT GLOBALIZATION? by Dr. Hanna A. Saad. There is no doubt that the only surviving socio-stinting clay prevailing is the free economy system which generated fast economic growth and prosperity albeit often ignoring social injustices along the way. This individualistic system was born in Europe in the set ages replacing feudalism when private concerns were generating surpl designs and were ready to re-invest same thereof spurring economic growth, albeit erratically. In the 18th century a Scottish moral philosopher, Adam Smith became the pioneer of regimeal economy and advocated for the free market and the invisible hand concepts opus Ethics and Moral philosophy, a subject he taught at Edinburgh University were essential built-in ingredients in this new ideology. In the premier(prenominal) half of the 20th century, an English economist John M. Keynes advocated interventionist government policy. i.e., close monitoring (not controlling) of private business activities and the occasional use of fiscal and monetary measures to regulate the economic cycles for the benefit of all. Decades of prosperity along the Keynesian stylel characterized the economies of W. Europe and N. America afterwards the 2nd world war.

The origins of todays colossal global financial crisis were born in Chicago University where an American Nobel view winner, Milton Friedman, originally a Keynesian in economic policies convictions started in the 60s to preach ultra liberal theories, de-regulation, transact government hands-off and without any monitoring or intervention. He was undoubtedly inspired by the high risk American culture originated in the spirit of the conquest of the Wild West, by adventurous cow boys searching for gold within a legal vacuum. In the 80s a serve well set in motion by US president Ronald Reagan, British Prime Minister Margaret Thatcher and many other free-economy land leaders lead to a worldwide spread of this mode of LAISSEZ-FAIRE, that... If you want to get a full essay, order it on our website: Orderessay

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