Historic stages of the financial liberalization process and theoretical approaches to its assessment
Subject The article addresses the financial liberalization process and its main historic stages. During the 20th century, financial liberalization in a varying degree was observed in many different countries; however, sometimes its results were far from being unambiguous. Objectives The main purpose of the article is to define advantages and disadvantages of financial liberalization in different periods of time. Methods The retrospective analysis of financial liberalization development based on consideration of major stages of the international financial system’s evolution served as a methodological basis of the study. Results We analyzed and described all international monetary systems that existed in different periods of time. The article presents the views of both the followers and opponents of the financial liberalization, critical comments made by post-Keynesian economists and their suggestions on reforming the international financial system. Conclusions and Relevance The findings enable to conclude on the ambiguous impact of liberalization on the economy and to identify its significant disadvantages.