The increasing internationalisation of economic activity has, as demonstrated in Chapter 2, occupied a central role in the development of a distinctive Third Way economics. The adoption of the hyper-globalist position, namely that globalisation is a real phenomenon and one which effectively undermines traditional forms of social democratic programme, leads Third Way supporters to accept such changes in the external economic environment rather than oppose them. Indeed, Third Way policy tends to promote internationalisation through privatisation and liberalisation of regulatory controls over trade and capital movements, and thereby contribute towards the further acceleration of globalisation.
KeywordsMonetary Policy Monetary Union Social Democrat Single Currency International Financial Market
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