In the post-Cold War decades, globalisation developed along a distinctly liberal economic logic. The US-led multilateral trade regime was conceived essentially as a framework under which open markets, comparative advantage, and multilateral trade would lead to prosperity and stability. Production networks extended beyond borders, but this process was driven by cost efficiency and market rationalisation, not strategic government direction.
Tag: Global North
Social Capitalism: A Theoretical Commentary
Can “capitalism survive” and “socialism work” individually? These two hypotheses and discussions travel among economic debates around the world. Austrian Economist Joseph Schumpeter’s work in entrepreneurship and innovation signifies the deviation from traditional or conventional methods of economic activities, particularly in terms of trade and increased quality of life. This article draws attention towards the global thought of social capitalism; and enables enthusiasts in economic affairs and international relations to understand the theoretical overview of this distinctive concept.