plan of action for the postwar capitalist world economy in order to create a favorable international trading environment (Spero and Hart 2010). Bretton Wood, as it came to be known, created International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, which later became World Bank (George 1999). To provide a structure for the rapidly expanding international trade system, Bretton Wood bloc came out with the General Agreement on Tariffs and Trade (GATT), which provided a forum, and a legal regime, within which countries were encouraged to negotiate and reach agreement to remove or lower tariff on any bilateral or multilateral trade (Jackson 1969). All were contrived for the purpose of making international trade as stable and free as possible, as configured in liberalism dominant ideology. Liberalism dates back 200 years ago, as one of the main engines of development for the Industrial Revolution (Robbins 1999). Adam Smith, in 1776, published his book, The Wealth of Nations. He is seen and regarded as the father of modern free market capitalism and his influential book, suggested that for maximum efficiency, all forms of barriers and government interventions in economic matters, should be eliminated and there should be no restrictions or tariffs on manufacturing and trade, otherwise, there will be no visible development. He emphasized the role of the free market and individual freedom in economic progress. Individual, unrestrained by the state, uses his inventive talent to benefit all. Therefore, he prescribed only three (3) functions for the state to perform: (1) defense of national sovereignty, (2) the protection of citizens’ right against violation by one another, and (3) the provision of public or collective goods (Martinez & Garcia 1997). These are the argument of the Neoliberal school of thoughts. Neoliberalism as an intellectual shadow of liberalism, without doubt, is inherently about making trade between nations easier (Onimode 2004). It is about freer movement of goods, resources and enterprises in a bid to always find cheaper resources, to maximize profits and efficiency (Petras and Veltmeyer 2004). In order to actualize this, theorists of neoliberalism say it requires the removal of various controls considered as barriers to free trade, such as: Tariffs, regulations, certain standards, laws, legislation and regulatory measures, restrictions on capital flows and investment (Soros 1998). It claimed to lead to global freedom, prosperity and economic growth through liberalization and privatization” “deregulation,
plan of action for the postwar capitalist world economy in order to create a favorable international trading environment (Spero and Hart 2010). Bretton Wood, as it came to be known, created International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, which later became World Bank (George 1999). To provide a structure for the rapidly expanding international trade system, Bretton Wood bloc came out with the General Agreement on Tariffs and Trade (GATT), which provided a forum, and a legal regime, within which countries were encouraged to negotiate and reach agreement to remove or lower tariff on any bilateral or multilateral trade (Jackson 1969). All were contrived for the purpose of making international trade as stable and free as possible, as configured in liberalism dominant ideology. Liberalism dates back 200 years ago, as one of the main engines of development for the Industrial Revolution (Robbins 1999). Adam Smith, in 1776, published his book, The Wealth of Nations. He is seen and regarded as the father of modern free market capitalism and his influential book, suggested that for maximum efficiency, all forms of barriers and government interventions in economic matters, should be eliminated and there should be no restrictions or tariffs on manufacturing and trade, otherwise, there will be no visible development. He emphasized the role of the free market and individual freedom in economic progress. Individual, unrestrained by the state, uses his inventive talent to benefit all. Therefore, he prescribed only three (3) functions for the state to perform: (1) defense of national sovereignty, (2) the protection of citizens’ right against violation by one another, and (3) the provision of public or collective goods (Martinez & Garcia 1997). These are the argument of the Neoliberal school of thoughts. Neoliberalism as an intellectual shadow of liberalism, without doubt, is inherently about making trade between nations easier (Onimode 2004). It is about freer movement of goods, resources and enterprises in a bid to always find cheaper resources, to maximize profits and efficiency (Petras and Veltmeyer 2004). In order to actualize this, theorists of neoliberalism say it requires the removal of various controls considered as barriers to free trade, such as: Tariffs, regulations, certain standards, laws, legislation and regulatory measures, restrictions on capital flows and investment (Soros 1998). It claimed to lead to global freedom, prosperity and economic growth through “deregulation, liberalization and privatization”
Nigeria_and_globalization_main_original.docx