Anglo-Saxon economy

The Anglo-Saxon model or Anglo-Saxon capitalism (so called because it is practiced in English-speaking countries such as the United Kingdom, the United States, Canada, New Zealand, Australia and Ireland ) is a capitalist model that emerged in the 1970s, based on the Chicago school of economics. However, its origins date to the 18th century in the United Kingdom under the ideas of the classical economist Adam Smith.

Characteristics of this model include low levels of regulation and taxes, and the public sector providing fewer services. It can also mean strong private property rights, contract enforcement, and overall ease of doing business as well as low barriers to free trade.

Proponents of the term "Anglo-Saxon economy" argue that the economies of these countries currently are so closely related in their liberalist and free market orientation that they can be regarded as sharing a specific macroeconomic model. However, those who disagree with the use of the term claim that the economies of these countries differ as much from each other as they do from the "welfare capitalist" economies of northern and continental Europe.

The Anglo-Saxon model of capitalism is usually contrasted with the Continental model of capitalism, known as Rhine capitalism, the social market economy or the German model, and is also contrasted with Northern-European models of capitalism found in the Nordic countries, called the Nordic model. The major difference between these economies from Anglo-Saxon economies is the scope of collective bargaining rights and corporatist policies.

...
Wikipedia