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Understanding Neo-Liberalism: Principles, Impact, and Global Perspectives

Neo-liberalism advocates for free trade, reduced government intervention, and deregulation to foster economic growth and efficiency. It emphasizes the importance of capital movement, privatization, and minimal public expenditure on social services. Proponents argue that unregulated markets promote innovation and resource allocation, while critics highlight the growing wealth disparity and argue that free markets perpetuate poverty for billions. This exploration delves into the guiding principles, outcomes, and divergent views surrounding neo-liberal policies, prompting critical reflection on their global implications.

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Understanding Neo-Liberalism: Principles, Impact, and Global Perspectives

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Presentation Transcript

  1. Neo-liberalism

  2. “The Luckiest Nut in the World”

  3. What is Neo-liberalism • Neoliberalism, in theory, is essentially about making trade between nations easier. It is about freer movement of goods, resources and enterprises in a bid to always find cheaper resources, to maximize profits and efficiency.

  4. Requirements • Neoliberalismrequires the removal of various controls deemed as barriers to free trade, such as: • Tariffs • Regulations • Certain standards, laws, legislation and regulatory measures • Restrictions on capital flows and investment

  5. Main Points • The rule of the market — freedom for capital, goods and services, where the market is self-regulating allowing the “trickle down” notion of wealth distribution. It also includes the de-unionizing of labor forces and removals of any impediments to capital mobility, such as regulations. The freedom is from the state, or government. • Reducing public expenditure for social services, such as health and education, by the government • Deregulation, to allow market forces to act as a self-regulating mechanism • Privatization of public enterprise (things from water to even the internet) • Changing perceptions of public and community good to individualism and individual responsibility.

  6. Guiding Principles • Sustained economic growth is the way to human progress • Free markets without government “interference” would be the most efficient and socially optimal allocation of resources • Economic globalization would be beneficial to everyone • Privatization removes inefficiencies of public sector • Governments should mainly function to provide the infrastructure to advance the rule of law with respect to property rights and contracts.

  7. Lori Wallach, Free Trade—The Price Paid

  8. Going Global • Freedom of trade in goods and services • Freer circulation of capital • Freer ability to invest

  9. Outcomes • many innovative products • Growth and development for some have been immense • Some 3 billion people — or half of humanity — live on under 2 dollars a day • 86 percent of the world’s resources are consumed by the world’s wealthiest 20 percent

  10. Endgame: Divergent Views • The underlying assumption then is that the free markets are a good thing. • From a power perspective, “free” trade in reality is seen by many around the world as a continuation of those old policies of plunder.

  11. Have Your Say ? !!!

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