He advocated, "No restrictions on manufacturing, no barriers to commerce, no tariffs "(Smith 2008 p112), stating; "free trade was the best way for a nation's economy to develop " (Smith 114). This type of ideology was referred to as a liberal one, due to the fact that there wasn't any type of control. This would be referred to as neoliberalism. This type of individualism inspired free enterprise and free competition, which in reality came to mean "free market ", meaning huge profit gains for some. In essences, liberating a free enterprise or private enterprise from any bonds/association imposed by the government no matter how much social damage this causes would later be the outcome, eventually leading to a niche within the system where the rich getting richer and the poor get poorer. Moreover this also allowed a greater range of "international trade and investment " as in NAFTA, "No more price controls, would lead to total freedom of movement for capital, goods and services " (Smith 200). Further more, for everyone to believe that a Neo-liberal system was beneficial, people were told that, an unregulated market is the best way to increase economic growth, which will ultimately benefit everyone. Although the idea of everybody benefiting was greatly publicized, I personally believe a neo liberal system was made to benefit the hegemonic economic powers. .
As far as development is concerned, many different development models and theories have molded and formed its history in the last century or so. Neo- liberalism has played a major impact on development and in fact has been adopted academically and throughout development practices. The main focus behind neoliberalism is to amplify economic growth, stop any type of state intervention with the economy and establish a free market. Over the last few decades, neo- liberalism as a development approach has been applied in many countries around the world and has been supported by major international financial institutions such as the international monetary fund (IMF) and the World Bank.
