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). …
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During the 1930s, the philosophy was used to strike a balance between the capitalists and the socialist. Neo-liberalism as an ideology is the term used to denote a social value of reducing the state functions to the society (Gamble, 2001). Capitalism was the theory that advocated for capital accumulation while socialism advocated for the pooling of resources as a society in order to improve the well-being of individuals in the society. Neo-liberalism emerged to merge the two concepts by deregulating the market for goods and hence letting the forces of demand and supply to determine the market prices. Another essential proposition of neo-liberalism is that it deregulated the private sector and increases the roles it plays in the society (Hall, 2011). The rationale behind this thinking is that most social functions, if left to be performed by the government, will be inefficiently executed and the policies will not be as effective as when provided by the players in the private sector. Neo-liberalism was proposed by Milton Friedman and rose to object the economic theories that existed then and were used to guide policy formulation in the 20th century (Gray, 1996). In the UK, this ideology has largely been embraced by the Conservative and the Liberal-Democratic parties. Since they formed this ideological coalition, they have boldly advanced the idea with nearly all the policies formulated of late based on this thinking. Some of the main theories that influenced policy formulation before UK leadership embraced neo-liberalism include Keynesianism, Crony capitalism, libertarianism and neo-classical price theory. Keynesianism was an economic theory that stated that in the short run aggregate demand is the one that affects economic output (Bochel, 2011). It also suggested that during that short run, especially when the economy is in recession, the private sector decisions may be detrimental to the macroeconomics outcomes. This theory suggested policy responses, in terms of monetary and fiscal policies by the central government order to control the economy. With this view in mind, the governments of the time tasked themselves with being the sole providers of the social services and consequently, the formulators of the social policies. However, many countries have now embraced neo-liberalism in their policy formulation and service provision (Jordan, 2010). Since neo-liberalism advocates for decentralizing of services through privatization, majority of the social policies are now formulated by the private sector in the UK (Blackwater, 2012). While the reason behind privatization is plausible, overdoing it threatens the very fabric of the society. For instance, social amenities like libraries, parks, community centers and sport facilities are being privatized so that they can be managed effectively by the private sector. It is a great idea, but some social services have to be provided by the central government because it is rational (Fredman and Doughney, 2013). Just recently there was a proposal in the national assembly to privatize even the prison system. The education secretary, concerning the policies affecting the youths and other education policies, directed that these policies be formulated at the local government level (Hall, 2013). The youth are an integral part of the society and require special attention from the government. The youth are the carriers of dreams for the future; if they fail to reach their potential, then the country too may not (Steen, 2012). This prospect was clearly illustrated in 2011 during the summer riots that spread among the youths like an inferno. It not only showed how the youths were dissatisfied with the policies that affected them but also the high level of unemployment in the
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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. Neo-liberalism can be defined as a conjecture of political economics, which holds that the ultimate wellbeing of people can only be improved through liberating their individual entrepreneurial skills.
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.
It focuses on free-market methods, fewer limitations on business operations, and property rights. In foreign policy, neoliberalism gives special treatment tot the opening of foreign markets by political means, by means of economic pressure, diplomacy, and/or military intervention.
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
According to the report the study of social policy is concerned with an understanding of social problems such as unemployment and old age, determination of the collective response to these social conditions and the analysis of administrative practices such as social security, community care and housing management.
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
The theory of international relations entails a course of varied lines of thought explaining the context and processes in which international systems work. The course of each of the theories is evidently backed with evidence accordingly. In this evaluation, the desertion evaluates the theories of classical realism, neoliberalism and constructivism.
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