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Article summary:
1. The article discusses the spread of liberal economic ideas and policies throughout the world over the past three decades, and how this has affected millions of people.
2. The article hypothesizes that this clustering of policy choices may be due to processes of policy diffusion, which can be caused by either altered payoffs or new information.
3. The article examines three foreign economic policy areas (current account liberalization, capital account liberalization, and exchange rate unification) and suggests two broad classes of diffusion mechanisms: altered material payoffs and altered reputational payoffs.
Article analysis:
The article is generally reliable in its discussion of the spread of liberal economic ideas and policies throughout the world over the past three decades, as well as its hypothesis that this clustering may be due to processes of policy diffusion. The article provides evidence for its claims, such as statistics on transitions to unified exchange rates in 1967 versus 1996, as well as maps demonstrating regional differences in these policies in 1995.
The article does not appear to have any major biases or one-sided reporting; it acknowledges alternative explanations for clustered policy making such as responding to commonly experienced phenomena or preferences among liberal democracies. It also presents both sides equally when discussing altered material payoffs versus altered reputational payoffs.
However, there are some potential issues with the trustworthiness and reliability of the article. For example, it does not provide any evidence for its claim that governments act strategically in order to attract economic activity to their jurisdiction with the ultimate aim of boosting aggregate growth; this should be supported by data or research from other sources if possible. Additionally, while it mentions a “neoliberal ideational consensus” without providing much detail about what this entails; more information about this would help readers better understand how it affects policy decisions.
In conclusion, overall the article is generally reliable but could benefit from additional evidence or explanation in certain areas for greater clarity and understanding.