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[...] OPEC states suddenly found themselves awash with excess cash worth more than $450 billion. The only problem was that they didn't know what to do with all that money. Because there was nowhere to invest it internally, Saudi Arabia and other OPEC nations decided to circulate or 'recycle' the mo…

In short, the fight against poverty and underdevelopment during this period was understood as a political battle. It sought to challenge the prevailing distribution of power and resources around the world.

[...] Nixon was engaged in expansionary monetary policy--in other words, he was effectively printing money. On top of this, government spending on the Vietnam War at the time was spiralling out of control. As international markets worried that the US would not be able to make good on its debts, the…

[...] It is 'neo' in the sense that it revived classical market liberalism from the death it had suffered after the Great Depression, but it also added a few new elements. The notion that market freedom is tantamount to individual liberty was a new and distinctive feature of the ideology--and becam…

[...] The democratic state should regulate the market and harness its powers towards desired social ends, securing economic stability and improving living standards. The market should be made to serve society, not the other way round. This new system relied on a class compromise between capital and…