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At some point, economics advocated for the abolition of government intervention in economic matters and there were no restrictions whatsoever on economic matters. This paved way for free trade and competition allowing capitalists to maximize profits, as they desired.
In the US, this type of liberalism prevailed through the 1800s and the early 1900s. US experienced a capitalist crisis much later on that was coupled with shrinking profits rates. This motivated the elite economists to revive economic liberalism hence neoliberalism, which has been met with criticism. In the United States, it has been said to destroy welfare programs, cutting back social problems as well as attacking the rights of laborers (Shah, 2010). The supporters and those benefiting from neoliberalism are a minority, compared to the world’s population and for the majority; it has brought suffering and denied protection of children, youth women as well as the globe itself. The minority who are benefiting from this new liberalism fail to realize that they are contributing to the undermining of the rights and privileges of the majority.
Free trade leads to social damages since no restrictions will mean reduced wages following de-unionizing of workers and eliminating their rights. Supporters of this will claim that it will lead to increased growth. They fail to realize that it will not benefit everyone bit will oppress the majority.
Expenses for infrastructure and social amenities such as hospitals and schools as well maintenance costs of infrastructure of road is minimised in the name of reducing government role. This is done but benefits received by the government such as subsidies and taxes are not minimised.
Privatization of state owned enterprises and services such as banks, key industries, social amenities and electricity as well as fresh water supply. This will of course lead to concentrating the wealth only for the minority and the major populace
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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.
The American Indian youth culture is a blend of American and Indian cultures. American culture is a concoction of local and international cultures. Under neoliberalism, the American Indians must implement economic theories to survive. Under globalization, the American Indians must tow the line tactfully in the globalized environment to survive.
57). The exercise of human rights and its enforcement is enshrined in the national and international laws. They are then mobilized by several social actors and form highly political matters. An interesting aspect of these laws with regard to most countries is the fact that the rights of the citizens as usually selectively applied or are enforced depending on the entire range of the political urgency of maintaining power.
World Economy: Neoliberalism. News around the globe always contains the headlines regarding the world economy and the presence of a crisis. Economic downturns, turmoil and collapse have been reported throughout history. As the world changes, economy also changes.
Two subjects that have risen as a result of this transformation have been globalization and neoliberalism. It is safe to say that globalization and neoliberalism are codependent and one would not exist without the other.1 Both have led to an increased involvement of the societies in the world with one another and as a result led to a number of changes that can be said to have brought the world together.
This is a ubiquitous reality that we are immersed. Nothing is permanent in this world except the changing atmosphere of thoughts and realities.
Neoliberalism's birth can be traced out from the 18th century economic liberalism. We understand liberalism as a concept that banners democracy.
Fundamentally, economic liberalism advocates for a conscious agenda of pursuing self interest in a market whilst within the same context makes provision for the maximization of societal and individual welfare.
Fundamentally, through the efficient allocation of economic resources a society's welfare is enhanced.
The American Indian culture is grounded on neoliberalism and globalization principles.
Second, the Indian Americans have to cope with their dual identity. Within the American society, they consider themselves