Economic policy can be defined as the plans of action adopted by an individual or social group using the minimum of time or resources necessary for the effectiveness. In this paper, I have picked the Obama’s economic policy. In this policy I will tackle it extends, it history and the problem it faces (Campagna, 1987, p. 13).
In late November, 2008, when President Barack Obama won the America elections, a group of economist met in New York. They did try to analyze the ongoing economic crisis in America which was to reach the financial and macroeconomic policies that the group should advise the president of the state. The organization under support of SCEPA, PERI, and the University of Massachusetts. This policy stated various perspective upon which macro-economic and financial reforms could be reached. This policy looked to solve the massive slowdown global economy due to the economic crisis (Hough, 1982, p.53).
However, the policy suggested that the loss of human progress and serious threats of the global instability could be reached. This implies that the financial markets could be extended to meet the economic stabilizers and institution. This could be done by un-stagnating the real wages, creating equality, improving the security of the member state citizens.
In conclusion, the policy was to look forward to the long term solution of the global economic crisis. Nevertheless, these could be attributed by the fact that the nations are undergoing increase in technology. This ensured that there was swift coordination action among the member states. However, it had the problem of eradicated the free market and neoliberal policies, this was because US was working to improve the economy while the rest nations we at pose to these. Till present, the policy is still acted upon, but as soon as the there is a good collaboration in member nations these can be easily be achieved. Therefore, It calls for embedded management of the world economy beyond the local perspective (Herbst, 1992, p. 45).