The international financial markets experienced tremendous change during the 1980s as there was significant growth in the variety, volume, and the extent of international transactions across various aspects of the financial services industry. Along with the upsurge in the extent of cross-border activities, new means of understanding the world economy came about as the ‘national’ or the Keynesian model was no longer widely accepted. This view was grounded on the need for governments to implement national level macroeconomic policies and the significance attributed to an international system of financial management that facilitated this. An anti-Keynesian view referred to as ‘global neoclassicism’ was thus adopted and this view draws attention to how regulation and macroeconomic policies were found to be futile. This chapter introduces financial liberalization as an alternative while also looking at some national Keynesian and global neoclassical models.
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