History of the

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History of the concept While the term fundamentalism is a relatively new market (using the word “fundamentalism” itself is recent), the concept of economic liberalism is not. Images were taken in the eighteenth century in the work of Adam Smith and Jean-Baptiste Say . It was only in the twentieth century when the relative sophistication found in Smith’s work would be reformulated by economists such as Friedrich Hayek, Joseph Schumpeter to Milton Friedman (from different economic schools), resulting in a recipe for a market economy: business and deregulated trade, limited state intervention and allow entrepreneurship to generate prosperity for all who participate in the economy.Under the influence of Friedman and the Chicago Boys (Chilean economists trained at the University of Chicago) in the Miracle of Chile during the Pinochet regime in the early 1970s, models were adapted by similiares Prime Minister Margaret Thatcher in the United Kingdom (Thatcherism and President Ronald Reagan in the United States (Reaganomics in the early 1980s decade. At the end of the decade of 1980s, the financial INTITUCIONES Bretton Woods based on Washington DC(International Monetary Fund and World Bank) and the Department of Treasury of the United States joined the Washington Consensus, a set of policy prescriptions for countries with economic crisis, which included measures such as elimination of state subsidies, redirecting spending developing social infrastructure and tax abatements. or, as Stiglitz summarized, promoted the proselytizing of a universal set of policy recommendations, “stabilize, liberalize and privatize” (Stiglitz, 1998:21-22).

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