Liberalization Policies of the 1990 Essay Example | Topics and Well Written Essays - 1000 words

Liberalization Policies of the 1990 - Essay Example These include almost all sectors that contribute to the growth of the economy of any country. It was thus a big issue at hand since US was still claiming the title of being a super power, which meant that for that to be confirmed to be true in the international arena, then it was inevitable for the US to do something to boost the economic growth. This culminated to the establishment of the liberalization policies that brought an economic boom on the US that has persisted even today. The American government concentrated much on establishing free trade that enhanced flow of goods and services produced hence increasing production process for the entire world. Rather than focusing on tariff reduction, the US policies were based on organization for economic cooperation development (OECD) in order to create transparency in 1990s by accepting to outlaw the action of bribing foreign government officials to gain trade advantage over other nations. In addition, the US urges international commu nities to deregulate their firms and industries and take measures to ensure that existing regulations are transparent and do not bias against foreign firms and companies, and are in line with international policies. To keep the train moving, liberalization simply means an economic idea of loosening the rules and regulations that govern international trade with an aim of attracting more revenue to the US to enhance the economic status that had been adversely affected by the Second World War. During world war, US economy was deeply damaged and infringed in that it was mandated to rescue European nations that were falling. This led to the principled idea of harnessing of the human capital and the development of technology especially through higher education, which was viewed as a future investment strategy (Adler 45). It is good to note that it is at this point in time that the government enforced economic machineries, which were meant to counter check the growth of the economy. In thi s attempt to bring a rapid change of growth, five policies were developed and enhanced in different sectors. One of these policies was the restructuring of the yearly budget of the federal government