Anglo-Saxon capitalism

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The Anglo-Saxon model and the Anglo-Saxon capitalism (so called because it is practiced in English-speaking countries such as Britain, the United States, Canada, New Zealand, Australia and Ireland) is a capitalist model , which in the 1970s based on the business school Chicago emerged is. However, its origins go back to the 18th century and the findings of the British economist Adam Smith .

This model is characterized by low levels of regulation and taxation and a public sector that provides fewer services. It can also mean strong private property rights, contract enforcement and general business facilitation, and low trade barriers .

Disagreement about the term

Proponents of the term "Anglo-Saxon economy" argue that the economies of these countries are currently so closely related in their liberal and free market orientation that they could be viewed as part of a particular macroeconomic model. However, those who disagree with the use of the term claim that the economies of these countries are as different from one another as are those of the "welfare capitalist" economies of northern and continental Europe .

The Anglo-Saxon model of capitalism is usually juxtaposed with the continental model of capitalism, so-called Rhine capitalism, the social market economy or the German model, as well as northern European models of capitalism in the Nordic countries, the so-called Nordic model . The main difference between these Anglo-Saxon economies is the range of collective bargaining rights and corporatist politics.

The differences between Anglo-Saxon economies are evident in taxation and the welfare state . The UK has a significantly higher level of taxation than the US In addition, the UK spends far more than the US on the welfare state as a percentage of GDP , and it also spends more than Spain, Portugal or the Netherlands. However, these expenditures are still well below those of France or Germany.

In northern continental Europe, most countries use mixed economy models called " Rhenish Capitalism " (a current term used particularly for the macroeconomics of Germany, France, Belgium and the Netherlands), or its close relative, the Nordic or " Swedish model" "(which refers to the macroeconomics of Denmark, Iceland, Norway, Sweden and Finland).

The debate among economists as to which economic model is better revolves around perspectives such as poverty , job insecurity, social services and inequality . Generally speaking, proponents of Anglo-Saxon capitalism argue that liberalized economies generate more wealth, while defenders of continental models counter that they generate less inequality and lower marginal poverty. The UK's decision to leave the European Union and Donald Trump's inauguration as the 45th President of the United States have challenged the continued dominance of the Anglo-Saxon model in its current form.

See also

literature

Web links

Individual evidence

  1. ^ Mitchell: Mitchell groups all the preceding countries under a heading "Anglo-Saxon model or liberalist-individualistic model". 2006, p. 116 .
  2. ^ Sapir: Globalization and the Reform of European Social Models . 2006, p. 375 .
  3. ^ Eberhard Richter, Ruth Fuchs: Rhine Capitalism, Anglo-Saxon Capitalism and Redistribution . Indymedia UK, 4th July 2008.
  4. ^ Dale: Japan Is Transforming Its Economy . 1999.
  5. ^ Reinhoudt: Showtime for Sarkozy . 2007.
  6. ^ Eberhard Richter, Ruth Fuchs: Rhine Capitalism, Anglo-Saxon Capitalism and Redistribution . 2003.
  7. ↑ Schifferes: Blow to EU economic reform hopes . 2005.
  8. ^ Ian Buruma: The End of the Anglo-American Order. November 29, 2016, accessed October 26, 2017 .
  9. ↑ Dr. Robin Niblett: The Demise of Anglo-American Economic Leadership. January 11, 2017. Retrieved October 26, 2017 .
  10. ↑ Andrew McAskill, Anjulie Davis: London banks' Brexit battle heads to Europe. January 11, 2017, accessed October 26, 2017 .
  11. ↑ Nick Bryant: The end of the Anglo-American order? BBC News, June 9, 2017, accessed October 26, 2017 .