What policies did Reagan implement during his time as President, that reflected an Economic Liberals belief system?To put it more clearly, what Reagan policies were directed towards liberalizing...
What policies did Reagan implement during his time as President, that reflected an Economic Liberals belief system?To put it more clearly, what Reagan policies were directed towards liberalizing free trade internationally?
One policy that Reagan championed in his time in office was his support of supply side economics. Reagan favored a lower tax rate on individuals. He was able to argue that reducing the tax burden on individuals would allow them to use that money and reinvest it back into the national economy. This is a economic liberal belief in its reduction of external intrusion. The reduction and minimizing of taxation is a classically liberal position that Reagan advanced. At the same time, one can see how this liberal position is steeped in enabling individual freedom. The ability for individuals to determine issues of wealth and discretion are classically liberal elements. This helped to establish an understanding of less government and less taxation could provide sound economic policy throughout the world. Under Margaret Thatcher, the same principles enabled England to witness a resurgence from economic challenges, similar to what America experienced under Reagan. Reagan's emphasis on a classically liberal approach to taxation was credited as part of the reason for American resurgence internationally.
Another liberal approach that Reagan employed was the deregulation of commerce. Reagan empowered individual interests in business, moving them away from a national government presence. The realm of federal control was lessened as individuals felt empowered to advance business agendas without as much external oversight. Reagan embraced another classically liberal position in suggesting that self- interest is maximized when there is a lack of centralized control. In creating a realm where businesses were able to operate largely free of external control, greater expansion into foreign markets became evident. It is in this where one can see how Reagan's economically liberal helped to provide an intense accumulation of wealth.