Neo-Liberal Flashcards
1
Q
What are the 4 principle of the free market (neo-liberal world)?
A
1) competition
2) deregulation
3) privatisation
4) free trade
2
Q
Quote on capitalism (neo-liberal world)
A
‘Democracy is the worst form of government, except all the others that have been tried’
3
Q
What does free market capitalism do according to neo-liberal theory? (Neo-liberal world)
A
Drives up standards, creates choice, multiplier effect and improves profit
4
Q
What is the invisible hand? (Neo-liberal world)
A
If society uses completely unregulated capitalism, poor countries will be aided in the long term
5
Q
What is the infant industry argument? (Neo-liberal world)
A
Finding a happy medium between over-caring for the LEDC’s and placing them in an environment of competition where they will defiantly fail
