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Anglo-Saxon model
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Anglo-Saxon model
The Anglo-Saxon model (so called because it is practiced in Anglosphere countries such as the United Kingdom, the United States, Canada, New Zealand, Australia and Ireland) is a regulated market-based economic model that emerged in the 1970s.
Based on the Chicago school of economics, it was spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan (dubbed Reaganomics), and reinforced in the United Kingdom by then Prime Minister Margaret Thatcher (dubbed Thatcherism). Its origins are said to date to the 18th century in the United Kingdom and the ideas of the classical economist Adam Smith.[according to whom?]
Characteristics of this model include low levels of regulation and taxation, with the public sector providing minimal services. It emphasises strong private property rights, contract enforcement, and overall ease of doing business as well as low barriers to free trade.
Proponents of the term "Anglo-Saxon economy" argue that the economies of these countries currently are so closely related in their liberal and free market orientation that they can be regarded as sharing a specific macroeconomic model. However, those who disagree with the use of the term claim that the economies of these countries differ as much from each other as they do from the so-called "welfare capitalist" economies of northern and continental Europe.
The Anglo-Saxon model of capitalism is usually contrasted with the Continental model of capitalism, known as Rhine capitalism, the social market economy or the German model. It is also contrasted with Northern-European models of capitalism found in the Nordic countries, called the Nordic model. The major difference between these economies from Anglo-Saxon economies is the scope of collective bargaining rights and corporatist policies.
Differences between Anglo-Saxon economies are illustrated by taxation and the welfare state. The United Kingdom has a significantly higher level of taxation than the United States. The United Kingdom spends far more than the United States on the welfare state as a percentage of GDP and spends more than Spain, Portugal, or the Netherlands. This spending figure is still considerably lower than that of France or Germany.
In northern continental Europe, most countries use mixed economy models, called Rhine capitalism, a current term used especially for the macroeconomics of Germany, France, Belgium and the Netherlands, or its close relative the Nordic model, which refers to the macroeconomics of Denmark, Iceland, Norway, Sweden and Finland.
The debate amongst economists as to which economic model is better, circles around perspectives involving poverty, job insecurity, social services and inequality. Generally speaking, advocates of Anglo-Saxon model argue that more liberalized economies produce greater overall prosperity while defenders of continental models counter that they produce lesser inequality and lesser poverty at the lowest margins.
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Anglo-Saxon model
The Anglo-Saxon model (so called because it is practiced in Anglosphere countries such as the United Kingdom, the United States, Canada, New Zealand, Australia and Ireland) is a regulated market-based economic model that emerged in the 1970s.
Based on the Chicago school of economics, it was spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan (dubbed Reaganomics), and reinforced in the United Kingdom by then Prime Minister Margaret Thatcher (dubbed Thatcherism). Its origins are said to date to the 18th century in the United Kingdom and the ideas of the classical economist Adam Smith.[according to whom?]
Characteristics of this model include low levels of regulation and taxation, with the public sector providing minimal services. It emphasises strong private property rights, contract enforcement, and overall ease of doing business as well as low barriers to free trade.
Proponents of the term "Anglo-Saxon economy" argue that the economies of these countries currently are so closely related in their liberal and free market orientation that they can be regarded as sharing a specific macroeconomic model. However, those who disagree with the use of the term claim that the economies of these countries differ as much from each other as they do from the so-called "welfare capitalist" economies of northern and continental Europe.
The Anglo-Saxon model of capitalism is usually contrasted with the Continental model of capitalism, known as Rhine capitalism, the social market economy or the German model. It is also contrasted with Northern-European models of capitalism found in the Nordic countries, called the Nordic model. The major difference between these economies from Anglo-Saxon economies is the scope of collective bargaining rights and corporatist policies.
Differences between Anglo-Saxon economies are illustrated by taxation and the welfare state. The United Kingdom has a significantly higher level of taxation than the United States. The United Kingdom spends far more than the United States on the welfare state as a percentage of GDP and spends more than Spain, Portugal, or the Netherlands. This spending figure is still considerably lower than that of France or Germany.
In northern continental Europe, most countries use mixed economy models, called Rhine capitalism, a current term used especially for the macroeconomics of Germany, France, Belgium and the Netherlands, or its close relative the Nordic model, which refers to the macroeconomics of Denmark, Iceland, Norway, Sweden and Finland.
The debate amongst economists as to which economic model is better, circles around perspectives involving poverty, job insecurity, social services and inequality. Generally speaking, advocates of Anglo-Saxon model argue that more liberalized economies produce greater overall prosperity while defenders of continental models counter that they produce lesser inequality and lesser poverty at the lowest margins.