Short View: Globalization of Liberal Economics Why the West Triumph? Kim Khorn LONG, MA.

. IRs, 61282, PUC, Cambodia August 14, 2013 The globalization of liberal economic norms is the triumph of the west goes globally after the collapse of Soviet Union in 1991. At least, there are five norms of liberal economics that were flourishing around the world from West to East and From South to North. Firstly, free market it means every body can enter market any where they want to supply or demand their need at their affordable price where the supplier can get the highest price for their product and the demander can get the cheapest price of buying out as they can through the competition of suppliers based on their product quality. Secondly, no trade barrier in the international trade which means a country, especially a member state of WTO (World Trade Organization) can not have restriction policy to subsidize their home product and also can not set up the tariff for the import beyond the international standard or the free trade agreement in their region such as AFTA (ASEAN Free Trade Agreement), European Union Free Trade Agreement, and NAFTA (North Atlantic Free Trade Agreement). Thirdly, free flow of capital which means no any country can ban the one country currency not to across their own national capital market gateway unless they go against the principles of IMF (International Monetary Fund), World Bank. Fourthly, Laissez Faire means the economics policy and the business transition in the market has to build up from the Hayek approach Bottom Up Theory or Invincible Hand versus Keynes topple down approach that allows the players in the market both supplier and demander determine the market price for mutual benefit at the optimal price compromise without the interference from the government. Finally, anti-monopoly that means one company can not monopolize the market on the specific product unless no other player wants to jump in the same market where the other supplier can afford the cheaper price and higher quality for the same item of services and goods. All these principles/ norms of the liberal economic practiced globally, especially in the West. But however, there were movement against the globalization of liberal market since the past until now which is social market

economy that favors State-own enterprise and much more interference in the market from the government. Theres a slogan Do not do what American tell you to do but do what American did. -END-