The International Political Economy the International Monetary Fund

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To comprehend the ultimate benefits of the historic gift Free Trade we need to analyze the word “Globalization”. Globalization of the economy depends on the role of human migration, international trade, movement of capital, and integration of financial markets. The International Monetary Fund notes the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions, free international capital flows, and more rapid and widespread diffusion of technology. Thus, globalization refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres. Globalization is an umbrella term and is perhaps best understood as a unitary process inclusive of many sub-processes that are increasingly binding people and the biosphere more tightly into one global system. Neoliberalism refers to an intellectual and political movement that espouses economic liberalism as a means of promoting economic development and securing political liberty. The movement is sometimes described as an effort to revert to the economic policies of 19th-century classical liberalism. Imperial evidence suggests that it is historically-specific emergence of economic influence among economic scholars and policy-makers during the 1970s through 1990s. In many respects, the term is used to denote a group of neoclassical-influenced economic theories, libertarian political philosophies, and political rhetoric that portrayed government control over the economy as inefficient, corrupt or otherwise undesirable.

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