Anglo-Saxon model

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The Anglo-Saxon model (so called because it is practiced in Anglosphere countries such as the United Kingdom, the United States, Canada, New Zealand, Australia[1] and Ireland[2]) is a regulated market-based economic model that emerged in the 1970s based on the Chicago school of economics, spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan (dubbed Reaganomics), and reinforced in the United Kingdom by then Prime Minister Margaret Thatcher (dubbed Thatcherism). However, its origins are said to date to the 18th century in the United Kingdom and the ideas of the classical economist Adam Smith.[according to whom?]

Characteristics of this model include low levels of regulation and taxation, with the public sector providing minimal services. It also means strong private property rights, contract enforcement, and overall ease of doing business as well as low barriers to free trade.[3]

  1. ^ Mitchell 2006, p.116. Mitchell groups all the preceding countries under a heading "Anglo-Saxon model or liberalist-individualistic model".
  2. ^ Sapir 2006, p.375
  3. ^ Dore, Ronald (2000). Stock Market Capitalism: Welfare Capitalism: Japan and Germany Versus the Anglo-Saxons. Oxford University Press.