The global neoliberal order’s decline has only been exacerbated by the Trump administration’s return, but this disruption just perpetuates trends seen throughout the history of fiscal and monetary policy. History rhymes, but it doesn’t repeat itself. Examining the economic framework created since the Great Depression is necessary to comprehend current geopolitical changes and their implications for Nigeria.Social liberalism and government involvement in economic matters replaced classical liberalism as a result of the Great Depression. The Gold Reserve Act, which eliminated private gold ownership in the United States, moved all gold to the Treasury, and increased its value from about $21 to $35 per ounce, was a more significant outcome of this change than the New Deal initiatives. This produced enormous windfall profits that were used to finance both domestic initiatives and, most importantly, the Exchange Stabilization Fund (ESF).
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