Abstract
This chapter focuses on the writings of David Ricardo, John Maynard Keynes and Friedrich von Hayek - economists whose contributions to the economic policy debate have been outstanding in real-world economics. Firstly, we present the proposal of David Ricardo, who addresses, in the 19th century, that international free trade could be beneficial for all countries. Then, we present Hayek’s theoretical contribution to economic policy reinforced the free market fundamentalism over government interventions. Finally, we include Robert Mundell’s contribution to the study of macroeconomic policy challenges in open economies which clearly predicted the outcomes of the transformations in exchange rate regimes and global financial regulation after the 1970s.
Keywords: Free trade, Free market fundamentalism, Open economies.
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