These are economic strategies that advocate for deregulation, privatization, free trade, and reduced government spending. They emphasize individual responsibility and market-driven solutions to societal problems. An example is the North American Free Trade Agreement (NAFTA), which eliminated tariffs between the United States, Canada, and Mexico, promoting freer trade among the nations.
Understanding these strategies is crucial in AP Human Geography because they have significantly shaped global economic landscapes and spatial organization. The implementation of such strategies can lead to economic growth, increased competition, and lower prices for consumers. However, they can also result in increased income inequality, environmental degradation, and job displacement as industries relocate to areas with lower labor costs. Their historical context lies in the late 20th century, emerging as a response to Keynesian economics and welfare state models.
