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The Comparison of Neoliberalism, Centrist Strategy and Marxist Theory - Essay Example

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The Comparison of Neoliberalism, Centrist Strategy, and Marxist Theory 1.0 Introduction J.S. Mill (qtd. in Marshall) defined economics as a social science that delves into the nature of wealth and laws of distribution and production. Theories in economics include Neoliberalism, Centrist Strategy, and Marxist Theory (2)…
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The Comparison of Neoliberalism, Centrist Strategy and Marxist Theory
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Download file to see previous pages Lastly, Marxist theory highlights the role of government intervention to foster equality among individuals (Sarmah 35). This paper aims to provide a contrast among theories in economics, which include Neoliberalism, Centrist strategy, and Marxist theory. It also explores the impact of these theories into the relationship between business and employees. 2.0 Neoliberalism Neoliberalism considers individuals as autonomous actors whose interest and welfare are best served when they become free from government intervention. Passas defined Neoliberalism as a political and economic school of thought in the relationship between the state and the citizens, commerce, and world trade (16). Free market serves as a platform to foster individual autonomy and facilitate favorable economic outcomes (Marginson, as qtd. in Western et al. 401). Neoliberalism revolves around the logic that there is a need for an unrestrained, unregulated, and free market. Market should be created in instances when it doesn’t exist to facilitate interaction among individuals. The state mainly functions to maintain the money system or the institutional framework. Neoliberalism supports the premise that the market is capable of taking care of itself and intervention of the state is unnecessary (Erickson et al. 264). ...
401). It manifests strong coordination in different aspects of locality. 2.1 The Impact of Neoliberalism in the Relationship between Business and Employees Quiggin reiterated that neoliberal reform plays a role in the growth of inequality worldwide. Increase in competition for imported services and goods is accompanied by policies that increase competition faced by many employees (241). The increase in competitive tendering and outsourcing has reduced the perceived job security of employees, even those who are employed in the public sector and profitable organisations. This employment insecurity has increased due to elimination of regulations on the power and ability of employers to fire or hire employees at will (Quiggin 241). Neoliberal reform led to inequality in the labor market in two ways. First, it favored highly-skilled employees as it eliminated regulations that protect the rights and interest of the low-skilled employees. Second, the increase in salary of highly-skilled employees and reduced salary of the low-skilled employees lead to inequality. The weakening of unions has affected low-skilled employees but benefited the companies. Neoliberalism allows companies to outsource jobs to countries that have low minimum wage (Quiggin 241). 3.0 Centrist Strategy Centrist strategy is caught in between the democratic and right-wing approaches. It adheres to the commitment of democratic economics to industry policy. Centrist strategy asserts the need to provide motivation for workers and maintain commitment of the highly-skilled workers. Meanwhile, it also supports the need of profit and saving for productivity and investment growth (Bowles, Gordon, and Weisskopf 211). In contrast to Neoliberalism, Centrist strategy asserts the importance of mixed ...Download file to see next pagesRead More
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