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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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
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Consequences of Neoliberalism.
Neoliberalism refers to a market-driven approach to the policy making process for running economy and society (Campbell and Pedersen, 2001, p3). The approach basically stems from the neoclassical theories of economics focusing upon the efficient role of the private enterprises, trade liberalization and establishment of open markets.
Classical liberalism is another concept of the political thought that involves focusing on the freedom that an individual needs to receive more importantly than the powers of the concerned state to which the individual belongs to. The current study focuses on a comparative learning on the concepts of classical realism and classical liberalism as well as has an understanding on the influences that these concepts have on the world and its politics internationally.
Youth and Social Policy: Neo-liberalism Name: Course: Professor: Institution: City and State: Date: Neo-liberalism Neo-liberalism is an economic concept that emerged in the 1930s. It is a philosophy that has grown in popularity in the recent past and its application has also spread (Leighton, 2011).
Neorealism national security and defence is important for the growth and development of the economy.3 While Liberalism, Marxism (and Gramscianism) and Neorealism have common grounds such as the importance of a ruling body to maintain internal and external peace and order, they also differ in other aspects such as what factors control economic growth and core beliefs of each theory.
This is directly connected with libertarian political philosophies. Although not a unified theory or practice it has its roots in the economic problems like debt crisis of developing countries, collapse of Soviet Union and economic power that holds sway over most of the political theories.
Today, neo liberalism has dominated the foreign policies of the world and changed the diplomatic relationships between countries. Due to its compulsion, countries have altered their external and internal courses both to an unrecognisable extent.
It is not possible to say that neo liberalism has brought only good harvest.
Though this has created inequality where some countries in the Western advance countries are the reapers of the gains emanating from globalization while Third world countries still lavish in their state of penury and underdevelopment.
The world is becoming more and more interdependent and while globalization has both its supporters and detractors, it is here to stay. What explains the global power of neo-liberalism over the last thirty years? Seeking to explore
In this case, private businesses and industries are deemed as commendable since they are very efficient, and are thus, the best way of solving problems (Steger and Roy, 13).
According to Philoguy, this is
alism objective of introducing liberalization to bring about gradual increase of wealth and freedom among nations, however, classic liberalism explains that instead of realization of wealth and freedom, liberalization resulted to constant fight proposals that threatened the
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