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Political and Cultural Consequences of Neo-Liberalism - Essay Example

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Political and Cultural Consequences of Neo-Liberalism.
The word neo-liberalism can be rooted from globalisation. The term neo-liberalism could also imply fundamentalism, and these two terms are in most cases interchangeably used…
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Political and Cultural Consequences of Neo-Liberalism
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Download file to see previous pages This theory suggests that individual entrepreneurial freedom can be achieved inside an institutional framework that is distinguished by strong private property rights, free markets, and free trade. Neo-liberalism, as a theory, requires that the role of the state should be to create and protect the already developed institutional framework. The state, therefore, should set up all the necessary mechanisms such as the military, defence, police, and legal structures to secure such institutions. When this is done, the state would have guaranteed property rights and proper functioning markets. Furthermore, the law of neo-liberalism states that if markets are nonexistent, then the government must create them (Harvey, 2005:1). The state is not supposed to go beyond creation of markets and necessary institutions. This means that the state should not interfere with the markets once created. It should keep a minimal role because according to this theory, the government does not have sufficient knowledge on market undertakings. Moreover, some people in the market may influence state policy for their own gains. Deregulation of market functioning, privatisation of companies, and removal of the government interference have been the strongest terms of neo-liberalism in the world today (Foucault, 2008:2). A neoliberal government is thus committed to instituting and favouring strong individual property rights, effective rule of law for all its citizens, and freely enabled trade. According to the theory, these are the fundamental institutional structures regarded indispensable to guarantee freedom of the market. The market then requires a legal structure that is liberally bargained in terms of contractual efforts among the market players. These contractual obligations between individuals, would lead to the protection of individual rights to freedom of operation, right to expression, and choice. According to the theory of liberalism, therefore, the state has to use its monopoly power to supervise and oversee the markets at all costs. On the other hand, while the state ensures individual rights in the marketplace, each person is held accountable and liable for their own wellbeing. The principle of neo-liberalism in many countries has extended into economical, political and social-cultural spheres (Leys, 2001:14). Having neo-liberalism defined in the above discussion, this paper seeks to unveil the political and cultural consequences of neo-liberalism. First, this paper puts the political consequences of neo-liberalism into perspective. Therefore, the political consequences of the theory of liberalism as destroying the global democracy, governance, and security of individuals take centre stage. The political neoliberals have distorted the fundamental pillars of global social organisation. Political neo-liberalism is the interaction between the state organs and individuals to influence choices. It is a form of social structure, which moulds the behaviours and actions of individuals. Neo-liberalism as a subset of globalisation has led to neoliberal politics that have caused massive deprivation among the poor in many regions around the world. Moreover, neo-liberalism policies qualify as both positive and negative depending of the degree of application (Leys, 2001:14). Neo-liberalism in most parts of the world has led to the formation of strong fiscal policies. Many governments have had to practice strict criteria in the effort to limit budget deficiencies and debts. Through this practice, most of the states have given priorities to public expenditure. Such that, far from subsidies and other ...Download file to see next pagesRead More
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