Critically evaluate the liberal perspective on development

Liberalism is the leading economic theory in the world today. The core concepts, such as supply and demand, free trade, and laissez-faire government, were formulated in the late 18 century. Today, liberal market prescriptions have become the main economic policies of most governments and IGOs. Liberal economists advocate economic growth strategies. They agree that economic expansion produces higher incomes, which in turn  generate more demand for products, greater growth, and more jobs. This pattern of mutually reinforcing supply and demand produces an upward growth spiral which enables an economy to break out of the cycle of underdevelopment. Economic growth
from this view is best achieved with a minimum of government intervention and a maximum of  people willing to invest their capital. ( The response to the oil-induced recession of the 1970s was the ______ ________ ____ ___ ___.
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