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For the school of international relations, see Neoliberalism in international relations. In the study of International relations, neoliberalism refers to a school of thought which believes that nation-states are or at least should be concerned first and foremost
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Neoliberalism is a political movement that espouses economic liberalism as a means of promoting economic development and securing political liberty. Liberalism is a broad array of related ideas and theories of Government that consider individual Liberty to be the most important political goal Politics Politics is the process by which groups of people make decisions Modern liberalism in the United States, also referred to as American liberalism, is a political ideology that seeks to use the power of the state to effect change upon society Classical liberalism (also known as traditional liberalism, Laissez-faire liberalism, Market liberalism or in much of the world Conservative liberalism is a variant of Liberalism, combining liberal values and policies with conservative stances or more simply representing the right-wing National liberalism is a variant of liberalism combining Nationalism with some liberal policies especially regarding Economic liberalism Economic liberalism is the Economic component of Classical liberalism. Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Ordoliberalism (also called German neoliberalism) is a school of Liberalism emphasizing the need for the state to ensure that the Free market produces results Paleoliberalism is a term that has at least a few distinct meanings all relating to Liberalism. Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or Cultural liberalism is a liberal view of society that stresses the freedom of individuals from cultural norms This is a partial list of individual contributions to liberal political theory on a worldwide scale Political freedom is the absence of interference with the sovereignty of an individual by the use of coercion or aggression Individual rights refer to the Rights of Individuals in contrast with Group rights. Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” The term "liberal" in "liberal democracy" does not imply that the government of such a democracy must follow the political ideology of Liberal neutrality is the idea that the liberal state should not promote any particular 'conception of the good' The concept of negative liberty refers to freedom from interference by other people ||-||} Positive liberty refers to the opportunity and ability to act to fulfill one's own potential as opposed to Negative liberty, which refers to freedom from Liberty, the freedom to act or believe without being stopped by unnecessary force A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where A mixed economy is an Economic system that incorporates aspects of more than one economic system The open society is a concept originally developed by philosopher Henri Bergson. Popular sovereignty or the sovereignty of the people is the belief that the legitimacy of the State is created by the will or consent of its people, who A right is a legal or moral Entitlement or Permission. Rights are of vital importance in theories of Justice and deontological ethics This is a partial list of individual contributions to liberal political theory on a worldwide scale John Locke (29 August 1632 – 28 October 1704 was an English Philosopher. John Stuart Mill (20 May 1806 &ndash 8 May 1873 British Philosopher, political economist, civil servant and Member of Parliament, was an influential Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. John Rawls ( February 21, 1921  &ndash November 24, 2002) was an American Philosopher, a Professor of This article gives information on liberalism in diverse countries around the world A general overview and comprehensive discussion of this topic may be found in the article Liberalism. Liberalism in the United States is a broad political and philosophical mindset favoring individual Liberty, and opposing restrictions on liberty whether they come from Liberal International is a Political international for liberal parties. The International Federation of Liberal Youth ( IFLRY) is an international liberal youth organization The European Liberal Democrat and Reform Party (founded in 1993 is a liberal party, mainly active in the European Union, composed of 55 national parties from across The Alliance of Liberals and Democrats for Europe ( French: Alliance des Démocrates et des Libéraux pour l'Europe) is an alliance between two European political parties European Liberal Youth (LYMEC - Liberal and Radical Youth Movement of the European Community is an international organisation of Liberal youth movements - mostly the youth The Council of Asian Liberals and Democrats is a regional organization of liberal and democratic political parties in Asia The Africa Liberal Network (ALN is an organization composed of 16 political parties from 14 African nations and is an associated organisation of Liberal The Liberal Network for Latin America ( Red Liberal de América Latina RELIAL) is an international network founded in 2003 with the official launch taking place in Costa Rica Social movements are a type of group action. They are large informal groupings of Individuals and/or Organizations focused on specific Economic liberalism is the Economic component of Classical liberalism. Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants Liberty, the freedom to act or believe without being stopped by unnecessary force The movement is sometimes described as an effort to revert to the economic policies of the 18th and 19th centuries classical liberalism. Classical liberalism (also known as traditional liberalism, Laissez-faire liberalism, Market liberalism or in much of the world [1] Strictly in the context of English-language usage the term is a syllabic abbreviation of "neoclassical liberalism", since in other languages "liberalism", minus any modifier such as "social" (as in social liberalism), has more or less retained its classical meaning. For the HTML tag see HTML element. An abbreviation (from Latin brevis "short" Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or

This term should not be confused with new liberalism. Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or

Contents

Overview

Neoliberalism refers to a historically-specific reemergence of economic liberalism's influence among economic scholars and policy-makers during the 1970s and through at least the late-1990s, and possibly into the present (its continuity is a matter of dispute). Economic liberalism is the Economic component of Classical liberalism.

In many respects, the term is used to denote a group of neoclassical-influenced economic theories and libertarian political philosophies which believe that government control over the economy is inefficient, corrupt or otherwise undesirable. Neoclassical economics is a term variously used for approaches to Economics focusing on the determination of prices outputs and income distributions in markets Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the For the government of parliamentary systems see Executive (government. Neoliberalism is not a unified economic theory or political philosophy — it is a label denoting an apparent shift in social-scientific and political sentiments that manifested themselves in theories and political platforms supporting a reform of largely centralized postwar economic institutions in favor of decentralized ones. Few supporters of neoliberal policies use the word itself.

Neoliberal arguments gained a great deal of support after the Stagflation Crisis of the 1970s, the Developing World Debt Crisis of the 1980s (which primarily affected Latin America but was felt elsewhere[2]), and the Soviet Collapse of the early-1990s. Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time The Latin American debt crisis was a Financial crisis that occurred in the early 1980s (and for some countries starting in the 1970s often known as the "lost decade" The Soviet Union 's collapse into independent nations began early in 1985

Policy Implications

Broadly speaking, neoliberalism seeks to transfer control of the economy from state to the private sector. [3] The definitive statement of the concrete policies advocated by neoliberalism is often taken to be John Williamson's[4] "Washington Consensus", a list of policy proposals that appeared to have gained consensus approval among the Washington-based international economic organizations (like the IMF and World Bank). The term Washington Consensus was initially coined in 1989 by John Williamson to describe a set of ten specific economic policy prescriptions that he considered to constitute The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e Williamson's list included ten points:

History

Before Neoliberalism

Arguments that stress the economic benefits of unfettered markets, in line with neoliberalism, first began to appear with Adam Smith's (1776) Wealth of Nations and David Hume's writings on commerce. A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy These writings were directed against the Mercantilist ideas that had been dominant during the previous centuries, and served to guide the policies of governments throughout much of the 19th century. Mercantilism is the idea that a colony should export more goods than it imports and that a colony should sell at higher prices and buy at lower prices

Nevertheless, statist ideas slowly began to regain a following amongst the intellectuals that had rejected them during the early Enlightenment. Statism (or Etatism) is a very loose and often Derogatory term that is used to describe Specific instances of state intervention in personal social State interventionism increased towards the end of the 19th century; in the United States the Progressive Era saw an accelerated movement to re-institutionalize government controls over the economy. The Progressive Era in the United States was a period of reform which lasted from the 1890s to the 1920s

With an intellectual and political foundation in place, the onset of the Great Depression and the rapid industrialization of the Soviet Union led to increased support for government economic control as a means of securing rapid industrialization. The Union of Soviet Socialist Republics (USSR was a constitutionally Socialist state that existed in Eurasia from 1922 to 1991 is a process of social and economic change whereby a human group is transformed from a Pre-industrial society into an industrial one [5] By the end of World War II, many countries decided to expand their governments dramatically. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including [6]

Across much of the world, the work of John Maynard Keynes, which sought to formulate the means by which governments could stabilize and fine-tune free markets, became a highly-influential ideology. John Maynard Keynes 1st Baron Keynes CB (ˈkeɪnz "cains" (5 June 1883 &ndash 21 April 1946 was a British Economist whose ideas An ideology is a set of beliefs aims and Ideas especially in politics Within the developing world, several developments – among them decolonization, a desire for national independence and the destruction of the pre-war global economy[7], and the view that countries could not effectively industrialize under free market systems (e. Decolonization refers to the undoing of Colonialism, the establishment of governance or authority through the creation of settlements by another country or jurisdiction g. , the Prebisch-Singer hypothesis) – encouraged economic policies that were influenced by communist, socialist and import substitution precepts. The Singer-Prebisch thesis (often referred to as the Prebisch-Singer thesis or sometimes the Prebisch-Singer hypothesis is the observation that the Terms of trade Communism is a Socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless Society based Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution Import Substitution Industrialization (also called ISI) is a Trade and economic Policy based on the premise that a Country should

An Economic Golden Age

The period of government interventionism in the 1950s and 1960s was characterized by exceptional economic prosperity, as economic growth was generally high, inflation was contained[8], and economic distribution was comparatively equalized[9]. Economic growth is the increase in the amount of the goods and services produced by an economy over time In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time Distribution of wealth is a comparison of the Wealth of various members or groups in a Society, and is one aspect of the Economy and Social structure This era is known as les Trente Glorieuses ("The Glorious Thirty [years]") or "Golden Age", a reference to many countries having experienced particularly high levels of prosperity between (roughly) WWII and 1973. Les Trente Glorieuses ("The Glorious Thirty" refers to the thirty years from 1945-1975 following the end of the Second World War in 1945 in World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including Year 1973 ( MCMLXXIII) was a Common year starting on Monday (link will display full calendar of the 1973 Gregorian calendar.

The System Collapses

By the late-1960s, however, the statist systems that had been instituted during the 1930s showed strains. Some of these strains can be located in the international financial system. The global financial system ( GFS) is a Financial system consisting of institutions and regulations that act on the international level as opposed to those [10][11], and culminated in the dissolution of the Bretton Woods system, which some argue had set the stage for the Stagflation crisis that would, to some extent, discredit Keynesianism in the English-speaking world. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist In addition, some argue that the postwar economic system was premised on a society that excluded women and minorities from economic opportunities, and the political and economic integration given to these groups strained the postwar system. [12]

The Chicago School

The policies that would be enacted by those like Pinochet, Thatcher and Reagan would in part rest on the intellectual victories of Chicago School theorists under the leadership of Milton Friedman. Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual.

Pinochet's Chile

An often-cited early implementation of neoliberal policies followed in the Chilean president Augusto Pinochet's coup d'état. Chile, officially the Republic of Chile ( Spanish:) is a country in South America occupying a long and narrow Coastal strip wedged between the President is a Title leaders of Organizations companies, Trade unions universities, and countries. Augusto José Ramón Pinochet Ugarte (November The Chilean coup d'état of 1973 is a landmark in the History of Chile and the Russo-American Cold War. Pinochet's coup took place in the context of a US-sponsored economic crisis under the democratically elected government of Socialist Salvador Allende. The Socialist Party of Chile (Spanish Partido Socialista de Chile or PS is part of the ruling Coalition of Parties for Democracy coalition Salvador Isabelino Allende Gossens (June 26 1908 – September 11 1973 was President of Chile from November 1970 until his death during the coup d'état of After Allende won, Henry Kissinger told CIA director Richard Helms it would be necessary to "make the [Chilean] economy scream" which he proceeded to do by paying truck drivers to strike so that food could not reach many parts of the country[13] After Pinochet seized power, the so-called Chicago Boys, members of the Pontifical Catholic University of Chile who had strong ties to Chicago School economists, began closely advising the dictator in the implementation of a number of neoliberal reforms. Henry Alfred Kissinger (born Heinz Alfred Kissinger on May 27, 1923) is a German -born American bureaucrat diplomat and 1973 The Chicago Boys (c 1970s were a group of about 25 young Chilean economists who trained at the University of Chicago under Milton Friedman The Pontifical Catholic University of Chile (UC formerly PUC (Pontificia Universidad Católica de Chile is one of Chile 's oldest universities and one of the most prestigious [14]. Detractors of Pinochet's regime have argued that the human costs in the form of torture and disappearances were instrumental in the implementation of neoliberal policies[15].

Thatcher's Britain

Margaret Thatcher was Britain's Conservative Prime Minister between 1979 and 1990. Margaret Hilda Thatcher Baroness Thatcher LG, OM, PC, FRS (born 13 October 1925 The Conservative Party (officially the Conservative and Unionist Party) is a Political party in the United Kingdom. The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the political leader of the United Kingdom Thatcher was elected to the Prime Minister's office while the British economy stagnated. She, along with fellow Conservative Keith Joseph, sought to resolve these problems through the dismantling of Britain's elaborate government economic controls, taking a tough stance against Britain's unions following the so-called Winter of Discontent of 1978-1979, and by the prioritization of inflation control. Keith Sinjohn Joseph Baron Joseph, CH, PC ( 17 January 1918 &ndash 10 December 1994) was a British Barrister The "Winter of Discontent" is a term used to describe the British Winter of 1978 &ndash 1979, during which there were widespread

Reagan's America

The Administration of Ronald Reagan governed from 1981 to 1989, and made a range of decisions that served to liberalize the American economy. The United States Presidency of Ronald Reagan, also known as the Reagan Administration, was a Republican administration headed by In 1981, he fired over 11,345 striking air traffic control workers and banned them from future civil service, resulting in the de-certification of the Air Traffic Controllers union later that year. Template talkInfobox Union for usage --> The Professional Air Traffic Controllers Organization or PATCO was These firings heralded a period of long decline for American unions, which served as a strong political counterweight to business and other interests that traditionally support liberalization. He is also credited with policies that cut taxes for those perceived as wealthy (which was said to help the economy via trickle-down effects). " Trickle-down economics " and " trickle-down theory," is the economic-political argument that the increases in the earnings of the rich are good for the poor He is also often credited with having deregulated much of the American economy, though the 'deregulation' movement preceded his Administration, and continued after it. Deregulation, a term which gained widespread currency in the period 1970-2000 can be seen as a process by which governments remove reduce or simplify Restrictions on Business

These policies are often described as Reaganomics, and are often associated with supply-side economics (the notion that policies should appeal to producers, in order to lower prices, and therefore make products more affordable, rather than consumers, in order to cultivate economic prosperity). Reaganomics (a portmanteau of "Reagan" and "economics" refers to the Economic policies promoted by United States President Ronald Supply-side economics is an arguably heterodox school of Macroeconomic thought that argues that economic growth can be most effectively created using incentives for

The Reagan administration presided over the greatest rise in economic inequality in twentieth century American history[16] and oversaw an enormous increase in US Debt, but his supporters credit him with overseeing a recovery from the Stagflation crisis of the 1970s and America's victory in the Cold War. Economic inequality refers to disparities in the distribution of Economic Assets and Income. The United States total public debt, commonly called the national debt, or U Stagflation is an economic situation in which Inflation and Economic stagnation occur simultaneously and remain unchecked for a period of time Cold War is the state of conflict tension and competition that existed between the United States and the Soviet Union (USSR and their respective allies from the

Canada

In Canada, these policies are often associated with Paul Martin, Jean Chrétien, Brian Mulroney, Gary Doer, Mike Harris and Gordon Campbell. Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page Paul Edgar Philippe Martin. PC, MP (also known as Paul Martin Jr Joseph Jacques Jean Chrétien, (generally known as Jean Chrétien) (born January 11, 1934) is a Canadian politician who was the twentieth Prime Martin Brian Mulroney PC CC GOQ (predominantly known as Brian Mulroney) (born March 20, 1939) was the eighteenth Gary Albert Doer MLA (born March 31, 1948) is a Politician in Manitoba, Canada. Michael Deane Harris (born January 23, 1945, in Toronto Ontario) was the twenty-second Premier of Ontario from June 26, Gordon Campbell may refer to Gordon Campbell Baron Campbell of Croy, Scottish Conservative and Unionist politician Secretary of State for Scotland 1970–1974

Australia

In Australia, these policies were originally associated with the Hawke/Keating governments led by Prime Minister Bob Hawke and his Treasurer and later also PM Paul Keating from 1983 to 1996. Robert James Lee (Bob Hawke, AC (born 9 December 1929 was the 23rd Prime Minister of Australia and longest serving Australian Labor Party Prime Minister Paul John Keating (born 18 January 1944 was the 24th Prime Minister of Australia, from 1991 to 1996

New Zealand

In New Zealand, these policy changes are often attributed to Roger Douglas the minister of Finance in the Fourth Labour Government, and are commonly referred to as Rogernomics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island Sir Roger Owen Douglas (born 5 December 1937) a New Zealand politician formerly served as a senior Cabinet minister The term Rogernomics, a Portmanteau of "Roger" and "economics" was created by analogy with Reaganomics to describe the economic policies Roger Douglas was, and still is a controversial figure in New Zealand politics. He planned to create a 15% flat tax in New Zealand, and to privatise schools, roads and hospitals, which was moderated by the Labour cabinet at the time,[17] although the resultant reforms were still generally considered radical in a global context. After Douglas left the Labour party, he went on to co-found ACT in 1993, which regards itself as the new liberal party of New Zealand. He also recently grabbed headlines by claiming that every other party in New Zealand was 'socialist'. [18]

Global Spread

Chronic economic crisis throughout the 1980s, and the collapse of the Communist bloc at the end of the 1980s, helped foster political opposition to state interventionism, and in favor of free market reform policies. During the Cold War, the term Communist Bloc (or Soviet Bloc) was used to refer to the Soviet Union and countries it either controlled or that were

Reach and Effects

Neoliberal movements ultimately changed the world's economies in many ways, but some analysts argue that the extent to which the world has liberalized may often be overstated. Some of the past thirty years' changes are clear and unambiguous, like[19]:

Other changes are not so apparent, and are debated in the literature[21]:

Criticisms


Anglo-American

"The standard neoliberal policy package includes cutting back on taxes and government social spending; eliminating tariffs and other barriers to free trade; reducing regulations of labor markets, financial markets, and the environment; and focusing macroeconomic policies on controlling inflation rather than stimulating the growth of jobs," reports economist Robert Pollin (2003). Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions [24] Arising out of a rejection of the class compromises embedded in previous liberal political-economic policies, including Keynesian and Active Labour Market Policies (ALMPs), neoliberal theory, institutions, policies, and practices are not regarded as politically neutral by their opponents. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Active labour market policies ( ALMPs) are government programmes that intervene in the Labour market to help the unemployed find work Their criticisms of neoliberalism are often historical materialist, bringing inequality into sharper focus. Historical materialism is the methodological approach to the study of society economics and history which was first articulated by Karl Marx ( 1818 - 1883 In Mathematics, an inequality is a statement about the relative size or order of two objects or about whether they are the same or not (See also equality

Economists remind us that free markets are theoretically efficient, not that they are considered fair by all people,[25] and this distinction is a foundation of the critique of neoliberalism. A fair is a gathering of people to display or trade produce or other goods to parade or display animals and often to enjoy associated Carnival or Funfair entertainment Opponents critique neoliberalism's effects on wages, working class institutions, inequality, social mobility, working class well-being, health, the environment, and democracy. Working class is a term used in academic Sociology and in ordinary conversation to describe depending on context and speaker those employed in specific fields or types In Mathematics, an inequality is a statement about the relative size or order of two objects or about whether they are the same or not (See also equality See also Economic mobility Social mobility is the degree to which in a given society an individual's family's or group's social status

Notable opponents to neoliberalism in theory or practice include economists Joseph Stiglitz, Amartya Sen, and Robert Pollin,[26] linguist Noam Chomsky,[27] geographer David Harvey,[28], sociologist Patrick Hunout, and the anti-globalization movement in general, including groups such as ATTAC. Joseph Eugene Stiglitz (born February 9, 1943) is an American Economist and a professor at Columbia University. Amartya Kumar Sen CH (Hon (অমর্ত্য কুমার সেন Ômorto Kumar Shen) (born 3 November 1933) is an Indian Robert Pollin is an American economist and activist He is a professor of economics at the University of Massachusetts-Amherst and founding co-director of its Political Avram Noam Chomsky (noʊm ˈtʃɑmski born December 7 1928 is an American linguist, Philosopher, cognitive scientist, Political David Harvey (born 1935 is the Distinguished Professor of Anthropology at the Graduate Center of the City University of New York (CUNY " Anti-globalization " is a term that encompasses a number of related ideas Attac1jpg|thumb|200px|An ATTAC Banner in front of the Kölner Dom, Germany, 2004]]%attac aus stand Critics of neoliberalism and its inequality-enhancing policies argue that not only is neoliberalism's critique of socialism (as unfreedom) wrong, but neoliberalism cannot deliver the liberty that is supposed to be one of its strong points. [29] Daniel Brook's "The Trap" (2007), Robert Frank's "Falling Behind" (2007), Robert Chernomas and Ian Hudson's "Social Murder" (2007), and Richard G. Wilkinson's "The Impact of Inequality" (2005) catalogue why high inequality spurred by neoliberal policies produces profound political, social, economic, political, health, and environmental constraints and problems. The economists and policy analysts at the Canadian Centre for Policy Alternatives (CCPA) offer inequality-reducing social democratic policy alternatives to neoliberal policies. The Canadian Centre for Policy Alternatives is a progressive policy research institute in Canada. Social democracy is a Political ideology of the left and centre-left In addition, a significant opposition to neoliberalism has grown in Latin America, a region that has been a target of neoliberal policies. Prominent Latin American opponents include the Zapatista Army of National Liberation rebellion, and the governments of Venezuela, Bolivia and Cuba. The Zapatista Army of National Liberation ( Ejército Zapatista de Liberación Nacional, EZLN) is an armed Revolutionary group based in Chiapas Venezuela (ˌvɛnəˈzweɪlə) officially the Bolivarian Republic of Venezuela (Spanish República Bolivariana de Venezuela) is a country on the The Republic of Bolivia (República de Bolivia) named after Simón Bolívar, is a Landlocked country in central South America. The Republic of Cuba (ˈkjuːbə or) consists of the island of Cuba (the largest and second-most populous island of the Greater Antilles) Isla de la

Critics of neoliberalism view neoliberalism as both an economic and political project aimed at reconfiguring class relations in societies. Many core countries' middle class and labor aristocracy families have become constrained by the cascading costs of conspicuous consumption goods and services, finding themselves losing radical amounts of time once free for personal development, recreation, family, community, and citizenship. In World Systems Theory, the core countries are the Industrialized capitalist countries on which Periphery countries and Semi-periphery " Labor aristocracy " (or " aristocracy of labor " has three meanings as a term with Marxist theoretical underpinnings as a specific type of trade Moreover, workers have been so heavily disciplined by capital and the capitalist state that, as Alan Greenspan said, they are "traumatized" and unable to politically moderate capitalist aggression. Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of [30] Daniel Brook's "The Trap: Selling Out to Stay Afloat in Winner-Take-All America" (2007) describes the anti-democratic effect of decreased middle class welfare. [31] The massive U. S. military-industrial complex adds an extra layer of repression to working class "traumatization," according to David Harvey (2005), making resistance and inequality-reducing policy innovation seem unfeasible to most workers. A "traumatized" working class allows the capitalist class absolute reign, which Harvey claims – citing the economic crises of 1873 and the 1920s – to be disastrous for economies around the globe, states, and working class people; though, he points out, on average capitalists were not negatively impacted by these crises. [32]

Critics of neoliberalism sometimes refer to it as the "American Model," which they find promotes low wages and high inequality. [33] According to the economists Howell and Diallo (2007), neoliberal policies have contributed to a U. S. economy in which 30% of workers earn "low wages" (less than two-thirds the median wage for full-time workers), and 35% of the labor force is "underemployed"; only 40% of the working age population in the U. S. is considered adequately employed. The Center for Economic Policy Research's (CEPR) Dean Baker (2006) has shown that the driving force behind rising inequality in the United States has been a series of deliberate, neoliberal policy choices including anti-inflationary bias, anti-unionism, and profiteering in the health industry. [34] However, countries have applied neoliberal policies at varying levels of intensity; for example, the OECD has calculated that only 6% of Swedish workers are beset with low wages. [35] John Schmitt and Ben Zipperer (2006) of the CEPR have analyzed the effects of intensive Anglo-American neoliberal policies in comparison to continental European neoliberalism, concluding "The U. S. economic and social model is associated with substantial levels of social exclusion, including high levels of income inequality, high relative and absolute poverty rates, poor and unequal educational outcomes, poor health outcomes, and high rates of crime and incarceration. At the same time, the available evidence provides little support for the view that U. S. -style labor-market flexibility dramatically improves labor-market outcomes. Despite popular prejudices to the contrary, the U. S. economy consistently affords a lower level of economic mobility" than all the continental European countries for which data is available. [36]

Critics of neoliberalism examine the political foundations of the neoliberal project as well as its economic foundations. One of the most famous moments in neoliberal political history occurred when then-U. S. President Ronald Reagan's advisers had him deregulate the thrift industry. The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S&L crisis) was the failure of 747 Savings and loan associations (S&Ls in the This was promoted with the claim that a gigantic bonanza of growth and investment was sure to follow. Reagan signed the deregulation bill in 1982, saying, "All in all, I think we've hit the jackpot. " Columnist Joe Conason has argued that "The best reckoning of the costs of his benign intentions is a trillion dollars. " [37] While Reagan and the United Kingdom's Margaret Thatcher laid the groundwork for working class demobilization, through eliminating collective assets by discounted sales to the private sector, enacting policies to diminish labor unions, and promoting militarization, other politicians have steadily continued the neoliberal tradition. A collective is a group of people who share or are motivated by at least one common issue or interest or work together on a specific project(s to achieve a common objective In Economics, the private sector is that part of the economy which is both run for private Profit and is not controlled by the State. Militarization, or militarisation, is the process by which a Society organizes itself for Military conflict and Violence.

According to Pollin (2003), neoliberalism under the U. S. Bill Clinton administration – steered by Alan Greenspan and Robert Rubin – was the temporary and unstable policy inducement of economic growth via government-supported financial and housing market speculation, featuring low unemployment, but also low inflation. The United States Presidency of Bill Clinton, also known as the Clinton Administration, was the executive branch of the Federal Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of Robert Edward Rubin (born August 29, 1938) is Director and Senior Counselor of Citigroup. Speculation, in a financial context is making an investment that increases the overall risk in a portfolio This unusual coincidence was made possible by the disorganization and dispossession of the American working class. Working class is a term used in academic Sociology and in ordinary conversation to describe depending on context and speaker those employed in specific fields or types [38] Santa Cruz history of consciousness professor Angela Davis has argued and Princeton sociologist Bruce Western has shown that the astonishingly high rate of incarceration in the U. Angela Yvonne Davis (born January 26, 1944 in Birmingham Alabama) is an American Political activist and University Incarceration is the detention of a person in Jail or Prison. S. (1 out of every 37 American adults is in the prison system), heavily promoted by the Clinton administration, is the neoliberal U. S. policy tool for keeping unemployment statistics low, and stimulating economic growth through maintaining a contemporary slave population within the U. S. and promoting prison construction and militarized policing. [39] The Clinton Administration also embraced neoliberalism by pursuing international trade agreements that would benefit the corporate sector globally (normalization of trade with China for example). Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES Domestically, Clinton fostered such neoliberal reforms as the corporate takeover of health care in the form of the HMO, the end of welfare protections, and the implementation of Workfare. "HMO" redirects here For other uses see HMO (disambiguation. Workfare is an alternative model to conventional Social welfare systems [40]

Harvey (2005) sums up neoliberalism as a global capitalist class power restoration project. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Neoliberalism, he explains, is a theory of political-economic practices that dedicates the state to championing private property rights, free markets, and free trade, while deregulating business and privatizing collective assets. Property is any physical or virtual entity that is owned by an individual A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions Deregulation, a term which gained widespread currency in the period 1970-2000 can be seen as a process by which governments remove reduce or simplify Restrictions on Business Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business Ideologically, neoliberals promote entrepreneurialism as the normative source of human happiness. An ideology is a set of beliefs aims and Ideas especially in politics An entrepreneur is a person who has possession over a company enterprise, or Venture, and assumes significant accountability for the inherent risks and the outcome Harvey also considers neoliberalization a form of capitalist "creative destruction," a Schumpeterian concept. The notion of creative destruction is found in the writings of Mikhail Bakunin, Friedrich Nietzsche and in Werner Sombart 's Krieg und Kapitalismus [41] This indicates that while neoliberalism is a critical concept with a critique of capitalist class relations, it is not strictly a Marxist concept; the Marxist term for neoliberalism is "primitive accumulation. Primitive Accumulation of capital is a concept introduced by Karl Marx in part 8 of the first volume of Das Kapital (in German ursprüngliche Akkumulation "

Harvey (2000) observes that neoliberalism has become hegemonic world-wide, sometimes by coercion. Hegemony (hɨˈdʒɛməni (Amer /hɨˈɡɛməni/ (Brit (ἡγεμονία hēgemonía) is a concept that has been used to describe and explain the dominance of one social Coercion (co-er-shion is the practice of compelling a person or manipulating them to behave in an involuntary way (whether through action or inaction by use of threats Neoliberalism has had the support of large debt restructuring organizations such as the World Bank and the International Monetary Fund (IMF), which were encouraged to promote neoliberalism in order to revitalize capital accumulation. Opponents of neoliberalism argue that neoliberalism is the implementation of global capitalism through government/military interventionism to protect the interests of multinational corporations. Economic interventionism, is a common term used to describe any activity beyond the basic regulation of fraud and enforcement of contracts undertaken by a government in an effort to affect Multinational corporation ( MNC) or transnational corporation ( TNC) is a Corporation or enterprise that manages Production or delivers Even neoliberal proponent Thomas Friedman has argued approvingly, “The hidden hand of the market will never work without a hidden fist. "[42] In its commitment to belligerent capitalism, neoliberalism is linked to neoconservatism. Neoconservatism (or Neocon is a Right-wing political philosophy that emerged in the United States from the rejection of the Social liberalism, Moral relativism

European and Latin American

Neo-liberalism and globalization are considered to be related to one another. While generally theorists understand neoliberalism as the contemporary version of capitalist expansionism, linked to shifting global power and restoring profit rates, some theorists argue that the terms "globalization" and "neoliberalism" must be rigorously separated and that culture should be the primary lens through which the concepts are understood. “Free markets and global free trade are not new, and this use of the word (neoliberalism) ignores developments in the advanced economies…Neoliberalism is not just economics: it is a social and moral philosophy, in some aspects qualitatively different from liberalism. ”[43]

One Euro-Latin American tradition critical of neoliberalism contributes a perspective focusing on how neoliberalism becomes embedded in habitus, as where German author Paul Treanor argues that the ideas brought about from neo-liberalism (and neo-liberalism itself) are more of a philosophy and should not be perceived as just an “economic structure”. Habitus is spelled the same as and has meanings derived from the Latin word habitus, also defined at Wiktionary For example, a neo-liberal would perceive the world in a “term of market metaphors” and when members of a society commonly refer to countries as companies, that civilization would then be deemed neo-liberal instead of a liberal culture. Yet Treanor also recognizes continuity between historical liberal and neoliberal cultures. “(W)hen this is a view of nation states, it is as much a form of neo-nationalism as neo-liberalism. It also looks back to the pre-liberal economic theory- mercantilism-which saw the countries of Europe as competing units. The mercantilists treated those kingdoms as large-scale versions of a private household, rather than as firms. Nevertheless, their view of world trade as a competition between nation-sized units would be acceptable to modern neo-liberals. ”[44]

Two of Treanor's collaborators, Elizabeth Martinez and Arnoldo García, find that neo-liberalism is a collection of economic policies that has spread its ideals from country to country over the last 25 years. They argue it is clear to see that neo-liberalism treats its poorest citizens badly allowing for the rich to get richer and the poor to get poorer. Highlighting ideology, Martinez and Garcia explain the difference between neoliberalism and liberalism with reference to liberalism's association with class compromising ideology. “"Liberalism" can refer to political, economic, or even religious ideas. In the U. S. political liberalism has been a strategy to prevent social conflict. It is presented to poor and working people as progressive compared to conservative or Right-wing. ”[45] However, as Frances Fox Piven and Richard Cloward (1997) [46] show, the liberal social contract was broken by the elite political movement that included neoliberalism in the U. S.

Cuba has played a role in supporting working class and peasant resistance and sustainable alternatives to neoliberal reforms and culture. General Secretary Pedro Ross informed the members of the International meeting of Workers and Unions against Neo-Liberalism and Globalization conference, “The international workers' movement is in a condition to pass to the offensive and take up its responsibility to defend the rights of the working class, the poorest, and the most marginalized by neo-liberalism. ”[47] The meeting called for an 8 page document in regards to how to "fix the situation" in Cuba, and the last days of the conference were dedicated to discussing the proposed actions that were to take place. Cuban National Assembly President Ricardo Alarcon said that Cuba survives because it embodies something that for its enemies is "too intricate" to acknowledge. He lifted the spirits of the members of the conference, declaring, “We are waging a battle on behalf of all the people of the world…Please have no doubts that this small country will be capable of continued resistance. ”[48]

Reviews such as “Cuba in the Age of Neo-liberalism,” by Raul Fernandez (reviewing Antonio Carmona Baez’s “State Resistance to Globalization in Cuba”) show how Cuba has become a much stronger economy and society because of its socialist resistance to neoliberal reform. Fernandez explains the ways in which the leaders of Cuba were successful in refusing to agree to the coercion of neo-liberal globalization, and how they were able to preserve the economic independence and self-determination of Cuba. His review discusses the progression of the Cuban economy in the years after the dissolution of the Soviet bloc and the demise of Cuba’s dependence on the economies of Eastern Europe. Through his book, Baez “emphasizes the home-grown character of the (socialist) movement (in Cuba), and contrasts it with the experience of Eastern Europe. . . ”[49] After the fall of the Berlin Wall, neoliberal pundits predicted the termination of Castro and his socialist government. However, the impression that Cuba left on the world after surviving extreme economic and geopolitical pressures, including the United State’s economic blockade of Cuba, was both “surprising and remarkable. ” The socialist sustainability policies that the Cuban government put into place throughout the 1990s are the reason why Cuba survived the neo-liberal ambush where other societies did not.

Arguments Favoring Neoliberalism

State-centric Neoliberalism

The state-centric approach to neoliberalism is not critical, but it concurs with the critical approach that neoliberal ideas are really just laissez-faire liberal prescriptions that overthrew Keynesianism. State-centric theorists hold that neoliberalism is "the attempt to reduce the role of the state in the market through tax cuts, decreases in social spending, deregulation, and privatization. "[50] However, the state-centric approach argues that state actors were the political entrepreneurs who formulated neoliberalism – rather than, as critics of neoliberalism would claim, capitalist political organizations, and economists and economic departments, think tanks, and politicians all supported by class-conscious capitalists. State-centric theorists argue that neoliberalism spread because it fit the voters' preferences best; they disagree in this with the critical approach, which maintains that neoliberal framing and policies were propagated by well-heeled, highly organized political machines that insisted to the public, "There is no alternative". State-centric sociologist Monica Prasad (2006) further argues that neoliberalism became dominant where the (federal) tax structure was progressive, where industrial policy was "adversarial" to business, and where welfare was associated with the poor. She asserts this was the case in the U. S. and U. K. , relative to France and Germany. However, in France and Germany, taxation by the national government was regressive, industrial policy favored business, and the welfare state was widely recognized to benefit the middle class; consequently neoliberalism was not as favored by either business or the middle classes in these two countries as it was in the U. S. and the U. K. in particular. Prasad's analysis suggests that neoliberalism has been a corrective to policies that favored the working class over capitalist interests, and it was championed by autonomous state actors. However, most political sociologists would agree that only strained methodological choices would allow U. S. policy especially to be portrayed as favoring the working class over capitalist interests, even in the New Deal; state autonomy theses are generally very vulnerable to more class-sensitive historical research, especially in the case of the U. S. ; and methodological choices, such as the omission of social democratic countries from her analysis, contribute heavily to Prasad's conclusions.

Comparison to Other Ideologies

Neoliberalism and social liberalism are both alternative forms of liberalism but with different purposes. Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or Social liberalism is defined by individual and social liberty, whereas neoliberalism is based on economic liberty for those with effective market demand. Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or

Many neoliberals have been defined as neoconservatives and vice versa. Neoconservatism (or Neocon is a Right-wing political philosophy that emerged in the United States from the rejection of the Social liberalism, Moral relativism They are often allies. [51] One of the main differences between the two groups has to do with level of policy dependence on defence and foreign policy. One of the fundamental pillars of neoconservativism is building defence and police budgets and foreign interventions. The other difference is that neoconservatives see neoliberalism as breaking down social order without replacing it.

Because they both seek to greatly diminish state capacity to reduce inequality, the term libertarian has also been used to define neoliberals. Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the But there are key differences between the two groups. Libertarians believe in reducing government to the roles delineated by the Federalists in the U. The term " federalist " describes several political beliefs around the world S. Constitution (defense, courts, protection of property, enforcement of contracts, and individual rights). Though they often work to eliminate government programs that may reduce inequality, neoliberals do not seek to reduce government, as government is a key institution in maintaining the conditions for wealth accumulation. Neoliberals may seek to invest in healthcare and education, if these benefit the regional capital accumulation strategy, or they may seek to invest heavily in incarceration, policing, and defense industry to maximize capital accumulation. There is also a difference on social issues. Libertarians are generally very liberal on social issues, since they all support individual liberties. Neoliberalism is more neutral on issues of social liberalism. Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or

See also

References

  1. ^ Portes, Alejandro (1997) "Neoliberalism and the Sociology of Development: Emerging Trends and Unanticipated Facts" Population and Development Review, 23(2): 229-259
  2. ^ see Sachs, Jeffrey (ed. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Communitarianism, as a group of related but distinct philosophies began in the late 20th century opposing in its opinion exalted forms of Individualism while advocating phenomena Economic liberalism is the Economic component of Classical liberalism. A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Globalization (or globalisation) in its literal sense is the process of transformation of local or regional phenomena into global ones In general liberalization (or liberalisation) refers to a relaxation of previous government restrictions usually in areas of social or economic policy Liberism (derived from the Italian term liberismo) is a term for the political ideology of Laissez-faire Capitalism first used in English Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Market fundamentalism (also known as free market fundamentalism) is an expression used by critics of Laissez-faire capitalism, usually by adherents of Interventionist Neoconservatism (or Neocon is a Right-wing political philosophy that emerged in the United States from the rejection of the Social liberalism, Moral relativism Neosocialism was a political trend represented in France during the 1930s and in Belgium, which included several revisionist tendencies in the SFIO Ordoliberalism (also called German neoliberalism) is a school of Liberalism emphasizing the need for the state to ensure that the Free market produces results Paleoliberalism is a term that has at least a few distinct meanings all relating to Liberalism. Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business ) (1989) Developing Country Debt and the World Economy (Cambridge, MA: National Bureau of Economic Research)
  3. ^ Cohen, Joseph Nathan (2007) "The Impact of Neoliberalism, Political Institutions and Financial Autonomy on Economic Development, 1980–2003" Dissertation, Department of Sociology, Princeton University. Defended June 2007
  4. ^ Williamson, John (1990) "What Washington Means by Policy Reform" in John Williamson, ed. Latin American Adjustment: How Much Has Happened? (Washington, DC: Institute for International Economics
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  15. ^ Klein, Naomi (2007). The Shock Doctrine. Chapter 5. Metropolitan Books. ISBN 0-8050-7983-8.
  16. ^ see Piketty, Thomas and Emmanuel Saez (2003) "Income Inequality in the United States" Quarterly Journal of Economics, 118(1):1-38
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  18. ^ Douglas, Roger. 'Hard Right? No, they're hard left. ' New Zealand Herald. March 24, 2008.
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  22. ^ BalancedPolitics.org - Minimum Wage (Pros & Cons, Arguments For and Against)
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  31. ^ Brooks, Daniel. 2007. The Trap: Selling Out to Stay Afloat in Winner-Take-All America. New York: Times Books.
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  33. ^ Howell, David R. and Mamadou Diallo. 2007. "Charting U. S. Economic Performance with Alternative Labor Market Indicators: The Importance of Accounting for Job Quality. " SCEPA Working Paper 2007-6.
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  36. ^ Schmitt, John and Ben Zipperer. 2006. "Is the U. S. a Good Model for Reducing Social exclusion in Europe?" Post-autistic Economics Review 40.
  37. ^ Conason, Joe. 2004. "Reagan without Sentimentality. " Salon. com, June 8. http://dir.salon.com/story/opinion/conason/2004/06/08/reagan/index.html.
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  39. ^ Western, Bruce. 2006. Punishment and Inequality in America. New York: Russell Sage Foundation.
  40. ^ Kenneth J. Saltman (2005). The Edison Schools: Corporate Schooling and the Assault on Public Education. Routledge, 184-185. Routledge is a publisher of non-fiction academic books and journals  
  41. ^ Harvey, David. 2005. A Brief History of Neoliberalism. Oxford: Oxford University Press: 2-3.
  42. ^ Friedman, Thomas. 2000. The Lexus and the Olive Tree. Anchor Press.
  43. ^ Treanor, Paul. Liberalism, Market, Ethics. December 1, 2007. http://web.inter.nl.net/users/Paul.Treanor/neoliberalism.html
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  45. ^ Martinez, Elizabeth and Garcia, Arnoldo. “What is Neo-liberalism?” Global Exchange. February 26th, 2000. http://www.globalexchange.org/campaigns/econ101/neoliberalDefined.html
  46. ^ Fox-Piven, F. and R. Cloward. 1997. "The Breaking of the American Social Compact. " New York: The New Press.
  47. ^ Ross, Pedro. "A fighting program for the world's workers”. Labor conference in Cuba. August 6th, 1997. http://www.workers.org/ww/1997/cubalabor.html
  48. ^ Alarcon, Ricardo. "A fighting program for the world's workers”. Labor conference in Cuba. August 6th, 1997. http://www.workers.org/ww/1997/cubalabor.html
  49. ^ Fernandez, Raul. Cuba in the Age of Neoliberalism. December 1, 2007. http://www.ncsu.edu/project/acontracorriente/fall_05/Fernandez.pdf
  50. ^ Prasad, Monica. 2006. The Politics of Free Markets: The Rise of Neoliberal economic Policies in Britain, France, Germany, & The United States. Chicago: University of Chicago Press. *Note the publisher is one of the foundational neoliberal incubator institutions.
  51. ^ Piereson, James. 2005. "Investing in the Right Ideas. " The Wall Street Journal. http://www.opinionjournal.com/extra/?id=110006723.

External links

Online Lectures

Dictionary

neoliberalism

-noun

  1. A political movement that espouses economic liberalism as a means of promoting economic development and securing political liberty.
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