Economist Friedrich Hayek, who opposed government regulation other infringements on a pure

free market, and the rise of Milton Friedman, who is most known today for discounting the using
of inflationary monetary policies to set economic growth. His theory on how changing prices
relay information that helps people determine their plans is widely regarded as an important
milestone achievement in economics. This theory is what led him to the Nobel Prize. The ideas
of Hayek, and new political and economic policies begin to transform the world.In his book
Commanding Heights, Daniel Yergin called Hayek the “preeminent” economist of the last half of
the twentieth century.

John Maynard Keynes is the elegant Englishman who advocated government intervention to
control the booms and busts of capitalist economies, best known for his contribution economic
theories (Keynesian economics) on the causes of prolonged unemployment.Keynes advocated
for increased government expenditures and lower taxes to stimulate demand and pull the global
economy out of the depression.

Margaret Thatcher was a British stateswoman who is often called “Iron Lady” due to her
uncompromising politics and leadership style. Thatcher's leadership style was strong, decisive
and sometimes so uncompromising that it would undermine her objectives. Thatcher made a
major contribution to economic policies, especially with her emphasis on enhancing
competitiveness and the flexibility of labour and product markets. The focus on the deregulation
of these markets underpins much of the work carried out by the Organisation for Economic Co-
operation and Development and other international organizations today.

Ronald Wilson Reagan began implementing sweeping new political and economic initiatives. His
supply-side economic policies, dubbed "Reaganomics", advocated tax rate reduction to spur
economic growth, economic deregulation, and reduction in government spending. Reagan
enacted cuts in domestic discretionary spending, cut taxes, and increased military spending,
which contributed to increased federal outlays overall, even after adjustment for inflation.

Globalization is a complex process by which the world is becoming a highly interconnected world
through economic, social,and political.Economic refers to the interconnectedness of economies
through trade and the exchange of resources.Political is the intensification and expansion of
political interrelations around the globe. Aspects of political globalization include the modern-
nation state system and its changing place in today’s world, the role of global governance, and
the direction of our global political systems. While the social is refers to the sharing of ideas and
information between and through different countries. Lastly, Ethnic globalization it promotes the
spreading of culture and values, which can result in positive social change. It can also result in
social tensions.

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Economist Friedrich Hayek, who opposed government regulation other infringements on

a pure free market, and the rise of Milton Friedman, who is most known today for
discounting the using of inflationary monetary policies to set economic growth. His
theory on how changing prices relay information that helps people determine their plans
is widely regarded as an important milestone achievement in economics. This theory is
what led him to the Nobel Prize. The ideas of Hayek, and new political and economic
policies begin to transform the world.In his book Commanding Heights, Daniel Yergin
called Hayek the “preeminent” economist of the last half of the twentieth century.

John Maynard Keynes is the elegant Englishman who advocated government

intervention to control the booms and busts of capitalist economies, best known for his
contribution economic theories (Keynesian economics) on the causes of prolonged
unemployment.Keynes advocated for increased government expenditures and lower taxes
to stimulate demand and pull the global economy out of the depression.

Margaret Thatcher was a British stateswoman who is often called “Iron Lady” due to her
uncompromising politics and leadership style. Thatcher's leadership style was strong,
decisive and sometimes so uncompromising that it would undermine her objectives.
Thatcher made a major contribution to economic policies, especially with her emphasis
on enhancing competitiveness and the flexibility of labour and product markets. The
focus on the deregulation of these markets underpins much of the work carried out by the
Organisation for Economic Co-operation and Development and other international
organizations today.

Ronald Wilson Reagan began implementing sweeping new political and economic
initiatives. His supply-side economic policies, dubbed "Reaganomics", advocated tax rate
reduction to spur economic growth, economic deregulation, and reduction in government
spending. Reagan enacted cuts in domestic discretionary spending, cut taxes, and
increased military spending, which contributed to increased federal outlays overall, even
after adjustment for inflation.

The difference between Social, Political, Economic and Ethnic Globalization

Globalization is a complex process by which the world is becoming a highly
interconnected world through economic, social,and political.Economic refers to the
interconnectedness of economies through trade and the exchange of resources.Political is
the intensification and expansion of political interrelations around the globe. Aspects of
political globalization include the modern-nation state system and its changing place in
today’s world, the role of global governance, and the direction of our global political
systems. While the social is refers to the sharing of ideas and information between and
through different countries. Lastly, Ethnic globalization it promotes the spreading of
culture and values, which can result in positive social change. It can also result in social
tensions.