Anglo-Saxon economy
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Anglo-Saxon economy or Anglo-Saxon capitalism (so called because it is largely practiced in English speaking countries such as Australia, the United Kingdom, Canada, and the United States) is a capitalist macroeconomic model in which levels of regulation and taxes are low, and the quality of state services and social indicators are weak. In addition, Anglo-Saxon economies generally are more 'liberal' and free-market oriented than other capitalist economies in the world.
Countries in mainland Europe (such as France, Italy and Germany) possess a macroeconomic model called continental capitalism. The debate amongst economists as to which economic model is better, circles around perspectives involving poverty, job insecurity, social services, and inequality.
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Disagreement over meaning
The term Anglo-Saxon to denote the English-speaking world originated from continental Europe, where the peculiarities of the Anglo-saxon world have fascinated many. The term refers to a particular culture in which capitalism and protestantism (or in the case of the UK, some form of Anglicanism) are the main elements leading to a particular socio-economic culture as it was described by Max Weber in his classic work The Protestant Ethic and the Spirit of Capitalism.
More narrowly, "Anglo-Saxon" either refers to the language spoken in the area which would become England, or the people of these areas, after the arrival of Germanic tribes, primarily Angles and Saxons, in the 5th century. The expression became associated with an economic idea as it is used regularly in Europe, often to exemplify the economically "liberal" and socially "conservative" approach of the English-speaking societies of the UK and the US, in contrast to Europe's continental economy.
There is still a question among Anglo-Saxons as to whether or not there really is such a thing as an "Anglo-Saxon" economy. The UK has much higher levels of taxation than the US and spends far more on the welfare state as a percentage of GDP. For example the UK spends 21.8% of GDP on welfare and state-funded healthcare, significantly lower than France or Germany, but still higher than Spain, Portugal, or the Netherlands, all in mainland Europe, and far higher than the USA's 14.8%.
Considering these nuances, the term "Anglo-Saxon" has become a universally shared and understood concept in the media. Journalists from Latin-America, the Middle East, Russia, Europe, and Asia largely agree on what it denotes and use it frequently in texts that deal with the comparison of cultures and socio-economic models.
References
- United Nations Development Programme: Human Development Indicators
- IMF World Economic Outlook database
- CIA World Factbook
See also
Categories
Articles lacking sources from December 2006 | All articles lacking sources | Economies