The 2008 financial crisis has fueled criticisms of Anglo-American capitalism.
The term "Anglo-American capitalism" describes the capitalist economic system that prevailed in the years after World War II. The term describes the dominance of the United States and Great Britain in shaping this system.
History
In 1944, before World War II ended, delegates from more than 40 nations met in Bretton Woods, New Hampshire, in preparation to rebuild the international economic system. The United States and Britain emerged as the leaders of this meeting. The International Monetary Fund was one of the institutions created at the Bretton Woods meeting.
Features
Anglo-American capitalism emphasizes free enterprise and private ownership of land and capital over government planning and nationalized industry. Philosophically, it distrusts government in favor of the market in economic affairs and opposes the welfare state that emerged in the wake of the Great Depression.
Famous Ties
In the 1980s, U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher personified Anglo-American capitalism, as they sought to limit government intervention in the economies of their respective nations.
Criticism
The term "Anglo-American" capitalism is not always used in a complimentary sense. Wonhyuk Kim of the Korea Development Institute criticized this model of capitalism as one that failed to deliver broad, sustained economic growth.
Considerations
The New York Times in 2009 questioned whether economic woes resulting from the global financial crisis of 2007 and 2008 could endanger the Anglo-American model of capitalism.
