NeoClassic

The fall of communism symbolized the triumph of capitalism and free market over protectionist economics. Resultantly, the world has experienced the concepts of free trade and free government pushed as the most effective means of combating and alleviating poverty, disease, and various plights suffered in greatest numbers in the least developed parts of the world. In terms of economic prosperity, the United Nations classifies the world into two categories: the developed world, which includes the industrialized countries of Western Europe, the United States, Japan, Canada etc. The rest, where four fifths of the world’s population resides, is known as the developing world. Neoclassical economics has become so institutionalized and embedded into our way of thinking that countries are defined as being either a ‘Least Developed Country’ (LDC) or a ‘Developed Country’ before it is viewed in terms of culture, components of its economy, or its existing political institutions. Among the loudest cheerleaders of the globalized system of capitalism are the neoclassical economists. In neoclassical economics,
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