Neoliberalism in China: The Two-Faced Economy - Essay Example

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Name Subject Professor Date Neoliberalism in China: The Two-Faced Economy Neoliberal ideology brought significant changes to world’s strongest nations. China, which has the world’s most numbers of people, became one of the nations that eventually embraced the neoliberal rule…
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Neoliberalism in China: The Two-Faced Economy
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"Neoliberalism in China: The Two-Faced Economy"

Download file to see previous pages This will include the distance of how far neoliberalism made China travel the great wall of economic stability and how the society benefited. In addition, the impacts of neoliberalism in different aspects of the living in terms of trade, education, health and labor are also included. Neoliberalism has awakened dragon China. It is a nation that can be considered as a powerful dragon that has might for stability but with fierce claws for suppression. To better understand the context of neoliberalism, it is important to go under the varying definitions neoliberalism from different writings and publications. Harvey in the first part of the book ‘A brief history of neoliberalism,’ defined the concept as a theory of political economic practice that proposes that human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets, and free trade. Deregulation, privatization and withdrawal of the state from many areas of social provision can be the words to best describe neoliberalism in this sense (Harvey 2). To Cros (As cited by Thorsen and Lei 9), neoliberalism is the political ideology which resulted from a few efforts at reinvigorating classical liberalism in the period immediately before and during World War II. Contemporary definition of neoliberalism says Neoliberalism is a loosely demarcated set of political beliefs which most prominently and prototypically include the conviction that the only legitimate purpose of the state is to safeguard individual, especially commercial, liberty, as well as strong private property rights (Thorsen and Lei 14). These varying definitions impose power and stability intended for the common good of man through financial freedom for the stability of the nation. During the earlier part of the book Harvey vaguely discussed some of the points of having neoliberalism type of government. One of the key points is the government’s role to create and preserve an institutional framework needed for the practice of such type of government. Another point is to secure private property rights and to guarantee the proper functioning of markets the state must set up military, defense, police, and legal structures and functions. Also, if in case markets do not exist then, they must be created by action of the state. In order to facilitate order within the realms of neoliberalism, state interventions in markets must be kept to a bare minimum because according to theory the state cannot possibly possess enough information to second-guess market signals and because powerful interest groups will inevitably distort and bias state interventions for their own benefit (Harvey 2). This point of the systems seems to be its own anti-graft and corruption watch by putting the cycle of trade out of the hands of the public servant—an intention that seems to be far different from what was expected. According to theory, the neoliberal state should favor strong individual private property rights, the rule of law, and the institutions of freely functioning markets and free trade. These institutional arrangements are considered essential to guarantee individual freedoms. Under the neoliberal rule the sanctity of contracts and the individual right to freedom of action, expression, and choice must be protected. The state must therefore use its ...Download file to see next pagesRead More
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