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Neoliberalism

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The Liberalism series,
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Neoliberalism is a label for economic liberalism. To meet Wikipedias quality standards, this article or section may require cleanup. ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... For other uses, see Politics (disambiguation). ... Modern liberalism in the United States is a form of liberalism that began in the United States in the last years of the 19th century and the early years of the 20th century. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... This article or section does not cite any references or sources. ... Cultural liberalism is a form of liberalism which stresses the freedom of the individual from what Lord Acton called the tyrany of the majority, the right of the non-conformist to march to a different drummer. ... The liberal theory of economics is the theory of economics in classical liberalism developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy. ... This article is about the political philosophy based on private property rights. ... This article is about political philosophy of Ordoliberalism. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ... Contributions to liberal theory is a partial list of individual contributions on a worldwide scale. ... For other uses, see Freedom. ... Individual rights represent the moral rights of individuals in society prior to government. ... For articles with similar names and topics, see Individual (disambiguation). ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Liberal democracy is a form of government. ... Liberal neutrality is the idea that the liberal state should not promote any particular conception of the good. This idea formed a cornerstone of John Rawls work and has been developed by many other liberal thinkers e. ... The philosophical concept of negative liberty refers to an individuals liberty from being subjected to the authority of others. ... Positive liberty refers to the opportunity and ability to act to fulfill ones own potential, as opposed to negative liberty, which refers to freedom from restraint. ... For other uses, see Liberty (disambiguation). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... For other uses, see Capitalism (disambiguation). ... A mixed economy is an economic system that incorporates aspects of more than one economic system. ... An open society is a concept originally developed by philosopher Henri Bergson. ... Popular sovereignty or the sovereignty of the people is the belief that the legitimacy of the state is created by the will or consent of its people, who are the source of all political power. ... For the direction right, see left and right or starboard. ... Contributions to liberal theory is a partial list of individual contributions on a worldwide scale. ... For other persons named John Locke, see John Locke (disambiguation). ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... John Rawls (February 21, 1921 – November 24, 2002) was an American philosopher, a professor of political philosophy at Harvard University and author of A Theory of Justice (1971), Political Liberalism, Justice as Fairness: A Restatement, and The Law of Peoples. ... This article discusses liberalism as a major political current in specific regions and countries. ... In the entry Liberalism one can find a comprehensive discussion on liberalism. ... This article discusses the history and development of various notions of liberalism in the United States. ... Liberal International is a political international for international liberal parties. ... The International Federation of Liberal Youth (IFLRY) is an international liberal youth organization. ... The European Liberal Democrat and Reform Party (founded in 1993) is a liberal party, mainly active in the European Union, composed of 49 national liberal and centrist parties from across Europe. ... ALDE logo The Alliance of Liberals and Democrats for Europe (French: Alliance des Démocrates et des Libéraux pour lEurope) is a Group in the European Parliament. ... European Liberal Youth (LYMEC - Liberal and Radical Youth Movement of the European Community) is an international organisation of Liberal youth movements - mostly the youth wings of members of the European Liberal, Democrat and Reform Party. ... The Council of Asian Liberals and Democrats is a regional organization of liberal and democratic political parties in Asia. ... The Africa Liberal Network is composed of 16 parties in Africa, from 14 different countries, and is an associated organisation of Liberal International, the political family to which Liberal Democratic parties belong. ... The Liberal Network for Latin America (Red Liberal de América Latina, RELIAL) is an international network founded in 2003 with the official launch taking place in Costa Rica November 2004. ... The liberal theory of economics is the theory of economics in classical liberalism developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy. ...


This term should not be confused with new liberalism. Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ...

Contents

Overview

Neoliberalism refers to a historically-specific reemergence of economic liberalism's influence among economic scholars and policy-makers during the 1970s and through at least the late-1990s, and possibly into the present (its continuity is a matter of dispute). The liberal theory of economics is the theory of economics in classical liberalism developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy. ...


In many respects, the term is used to denote a group of neoclassical-influenced economic theories and libertarian political philosophies which believe that government control over the economy is inefficient, corrupt or otherwise undesirable. Neoliberalism is not a unified economic theory or political philosophy — it is a label denoting an apparent shift in social-scientific and political sentiments that manifested themselves in theories and political platforms supporting a reform of largely centralized postwar economic institutions in favor of decentralized ones. Few supporters of neoliberal policies use the word itself. Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... This article is about the political philosophy based on private property rights. ...


Neoliberal arguments gained a great deal of support after the Stagflation Crisis of the 1970s, the Developing World Debt Crisis of the 1980s (which primarily affected Latin America but was felt elsewhere[1]), and the Soviet Collapse of the early-1990s. Stagflation, a portmanteau of the words stagnation and inflation, is a term in general use within modern macroeconomics used to describe a period of out-of-control price inflation combined with slow-to-no output growth, rising unemployment, and eventually recession. ... The Latin American debt crisis refers to a period in the early 1980s (and for some countries starting in the 1970s) where countries in the region reached a point where their foreign debt exceeded their earning power and they were not able to repay it. ... The Soviet Unions collapse into independent nations began in earnest in 1985. ...


Policy Implications

Broadly speaking, neoliberalism seeks to transfer control of the economy from state to the private sector.[2] The definitive statement of the concrete policies advocated by neoliberalism is often taken to be John Williamson's[3] "Washington Consensus", a list of policy proposals that appeared to have gained consensus approval among the Washington-based international economic organizations (like the IMF and World Bank). Williamson's list included ten points: The Washington Consensus is a phrase initially coined in 1989 by John Williamson to describe a set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington, D.C-based institutions such as the International Monetary Fund (IMF), World... The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization entrusted with overseeing the global financial system by monitoring foreign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. ... The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...

Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... Public finance (government finance) is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity, usually government. ... Invest redirects here. ... Tax reform is the process of changing the way taxes are collected or managed by the government. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... This article is about economics. ... Origins People Theories Ideas Movements Topics Related Philosophy Portal Politics Portal        Privatization is the incidence or process of transferring ownership of business from the public sector (government) to the private sector (business). ... A state-owned enterprise (SOE) is an enterprise, often a corporation, owned by a government. ... Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ... In financial economics, a financial institution acts as an agent that provides financial services for its clients or members. ... This page deals with property as ownership rights. ...

History

Earlier systems

Arguments that stress the economic benefits of unfettered markets, in line with neoliberalism, first began to appear with Adam Smith's (1776) Wealth of Nations and David Hume's writings on commerce. These writings were directed against the Mercantilist ideas that had been dominant during the previous centuries, and served to guide the policies of governments throughout much of the 19th century. A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... For other persons named Adam Smith, see Adam Smith (disambiguation). ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ... For other persons named David Hume, see David Hume (disambiguation). ... A painting of a French seaport from 1638, at the height of mercantilism. ...


Nevertheless, statist ideas slowly began to regain a following amongst the intellectuals that had rejected them during the early Enlightenment. State interventionism increased towards the end of the 19th century; in the United States the Progressive Era saw an accelerated movement to re-institutionalize government controls over the economy. Statism (or Etatism) is a term that is used to describe: Specific instances of state intervention in personal, social or economic matters. ... In the United States, the Progressive Era was a period of reform which lasted from the 1890s to the 1920s. ...


With an intellectual and political foundation in place, the onset of the Great Depression and the rapid industrialization of the Soviet Union led to increased support for government economic control as a means of securing rapid industrialization.[4] For other uses, see The Great Depression (disambiguation). ... Industrialisation (or industrialization) or an industrial revolution (in general, with lowercase letters) is a process of social and economic change whereby a human society is transformed from a pre-industrial to an industrial state . ...


Embedded liberalism

The term embedded liberalism refers to the economic system which dominated worldwide from the end of World War II to the 1970s. David Harvey[5] argues that at the end of World War II, the primary objective was to develop an economic plan that would not lead to a repeat of the Great Depression during the 1930s. Harvey notes that under this new system free trade was regulated "under a system of fixed exchange ratesanchored by the US dollar's convertibility into gold at a fixed price. Fixed exchange rates were incompatible with free flows of capital."[6] Harvey argues that embedded liberalism led to the surge of economic prosperity which came to define the 1950s and 1960s. The term embedded liberalism is credited to John G. Ruggie, an American political scientist. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... The 1970s decade refers to the years from 1970 to 1979; it is commonly called The Seventies. ... David Harvey, 1990s David Harvey (b. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... For other uses, see The Great Depression (disambiguation). ... The 1930s were described as an abrupt shift to more radical and conservative lifestyles, as countries were struggling to find a solution to the Great Depression, also known as the [[. In East Asia, the rise of militarism occurred. ... The 1950s decade refers to the years of 1950 to 1959 inclusive. ... The 1960s decade refers to the years from the beginning of 1960 to the end of 1969. ...


Across much of the world, the work of John Maynard Keynes, which sought to formulate the means by which governments could stabilize and fine-tune free markets, became a highly-influential ideology. Within the developing world, several developments – among them decolonization, a desire for national independence and the destruction of the pre-war global economy[7], and the view that countries could not effectively industrialize under free market systems (e.g., the Prebisch-Singer hypothesis) – encouraged economic policies that were influenced by communist, socialist and import substitution precepts. Keynes redirects here. ... An ideology is an organized collection of ideas. ... Colonialism in 1945 Decolonization refers to the undoing of colonialism, the establishment of governance or authority through the creation of settlements by another country or jurisdiction. ... According to the Singer-Prebisch thesis, advanced by economists Raul Prebisch and Hans Singer, the terms of trade between primary products and manufactured goods tends to deteriorate over time. ... This article is about communism as a form of society and as a political movement. ... Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ... Import substitution industrialization (also called ISI) is a trade and economic policy based on the premise that a developing country should attempt to substitute products which it imports, mostly finished goods, with locally produced substitutes. ...


The period of government interventionism in the 1950s and 1960s was characterized by exceptional economic prosperity, as economic growth was generally high, inflation was contained[8], and economic distribution was comparatively equalized[9]. This era is known as les Trente Glorieuses ("The Glorious Thirty [years]") or "Golden Age", a reference to many countries having experienced particularly high levels of prosperity between (roughly) WWII and 1973. World GDP/capita changed very little for most of human history before the industrial revolution. ... Differences in national income equality around the world as measured by the national Gini coefficient. ... The Trente Glorieuses (Thirty Glorious Years) were the years between 1945 (end of the Second World War) and 1974 (following the 1973 energy crisis) as seen from a French perspective. ... German soldiers at the Battle of Stalingrad World War II was the most extensive and costly armed conflict in the history of the world, involving the great majority of the worlds nations, being fought simultaneously in several major theatres, and costing tens of millions of lives. ... For the song by James Blunt, see 1973 (song). ...


Collapse of embedded liberalism

David Harvey notes that the system of embedded liberalism began to crack beginning towards the end of the 1960s. [10] The 1970s were defined by an increased accumulation of capital, unemployment, inflation (or stagflation as it was dubbed), and a variety of fiscal crises.[10] He notes that "the embedded liberalism that had delivered high rates of growth to at least the advanced capitalist countries after 1945 was clearly exhausted and no loner working."[10] A number of theories concerning new systems began to develop, which led to extensive debate between those who advocated "social democracy and central planning on the one hand" and those "concerned with liberating corporate and business power and re-establishing market freedoms on the other.[11] Harvey notes that by 1980, the latter group had emerged as the leader, advocating and creating a global economic system that would become known as neoliberalism.[11] David Harvey, 1990s David Harvey (b. ... The term embedded liberalism is credited to John G. Ruggie, an American political scientist. ... The 1960s decade refers to the years from the beginning of 1960 to the end of 1969. ... The 1970s decade refers to the years from 1970 to 1979; it is commonly called The Seventies. ... Stagflation, a portmanteau of the words stagnation and inflation, is a term in general use within modern macroeconomics used to describe a period of out-of-control price inflation combined with slow-to-no output growth, rising unemployment, and eventually recession. ... Year 1980 (MCMLXXX) was a leap year starting on Tuesday (link displays the 1980 Gregorian calendar). ...


Some argue that the strains which occurred were located in the international financial system.[12][13], and culminated in the dissolution of the Bretton Woods system, which some argue had set the stage for the Stagflation crisis that would, to some extent, discredit Keynesianism in the English-speaking world. In addition, some argue that the postwar economic system was premised on a society that excluded women and minorities from economic opportunities, and the political and economic integration given to these groups strained the postwar system.[14] The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. ... Wikipedia does not have an article with this exact name. ... Stagflation, a portmanteau of the words stagnation and inflation, is a term in general use within modern macroeconomics used to describe a period of out-of-control price inflation combined with slow-to-no output growth, rising unemployment, and eventually recession. ... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ...


Beginning of Neoliberalism

The Chicago School

The policies that would be enacted by those like Pinochet, Thatcher and Reagan would in part rest on the intellectual victories of Chicago School theorists under the leadership of Milton Friedman. The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ...


Pinochet's Chile

An often-cited early implementation of neoliberal policies followed in the Chilean president Augusto Pinochet's coup d'état. Pinochet's coup took place in the context of an economic crisis under the democratically elected government of Socialist Salvador Allende. After Allende won, Richard Nixon told CIA director Richard Helms it would be necessary to "make the [Chilean] economy scream".[15] After Pinochet seized power, the so-called Chicago Boys, members of the Pontifical Catholic University of Chile who had strong ties to Chicago School economists, began closely advising him in the implementation of a number of neoliberal reforms. [16]. For other uses, see President (disambiguation). ... Augusto José Ramón Pinochet Ugarte[1] (November 25, 1915 – December 10, 2006) was President of Chile from 1974 to 1990, and was the President of the military junta from 1973 to 1981. ... Prisoners outside the La Moneda Palace after their surrender during the coup (1973). ... The Socialist Party of Chile (Spanish: Partido Socialista de Chile or PS) is a political party in Chile, and part of the ruling Coalition of Parties for Democracy coalition. ... Salvador Isabelino Allende Gossens[1] (June 26, 1908 – September 11, 1973) was President of Chile from November 1970 until his death during the coup détat of September 11, 1973. ... Nixon redirects here. ... The Chicago Boys (c. ... PUC from Cerro Santa Lucía Inside PUC San Joaquin Campus Pontificia Universidad Católica de Chile (PUC) (Pontifical Catholic University of Chile) is one of Chiles oldest universities and one of the most prestigious institutions in Latin America along with The University of Chile . ... The Chicago school of economics is a school of thought favoring free-market economics practiced at and disseminated from the University of Chicago in the middle of the 20th century. ...


Thatcher's Britain

Margaret Thatcher was Britain's Conservative Prime Minister between 1979 and 1990. Thatcher was elected to the Prime Minister's office while the British economy stagnated. She, along with fellow Conservative Keith Joseph, sought to resolve these problems through the dismantling of Britain's elaborate government economic controls, taking a tough stance against Britain's unions following the so-called Winter of Discontent of 1978-1979, and by the prioritization of inflation control. Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC, FRS (née Roberts; born 13 October 1925) served as British Prime Minister from 1979 to 1990 and leader of the Conservative Party from 1975 until 1990, being the first and only woman to hold either post. ... The Conservative Party, officially though less commonly known as the Conservative and Unionist Party, is a political party in the United Kingdom. ... The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is, in practice, the political leader of the United Kingdom. ... Keith Sinjohn Joseph, Baron Joseph, Bt, CH , PC (17 January 1918–10 December 1994) was a British barrister, politician, and Conservative Cabinet Minister under three different Ministries. ... The Winter of Discontent is a nickname given to the British winter of 1978–79, during which there were widespread strikes by Trade unions demanding larger pay rises for their members. ...


Reagan's America

The Administration of Ronald Reagan governed from 1981 to 1989, and made a range of decisions that served to liberalize the American economy. In 1981, he fired over 11,345 striking air traffic control workers and banned them from future civil service, resulting in the de-certification of the Air Traffic Controllers union later that year. These firings heralded a period of long decline for American unions, which served as a strong political counterweight to business and other interests that traditionally support liberalization. He is also credited with policies that cut taxes for the wealthy (which was said to help the economy via trickle-down effects). He is also often credited with having deregulated much of the American economy, though the 'deregulation' movement preceded his Administration, and continued after it. The United States Presidency of Ronald Reagan, also known as the Reagan Administration, lasted from 1981 until 1989 and was conservative, steadfastly anti-communist, employed a foreign policy of “peace through strength,” and favored tax cuts and smaller government. ... The Professional Air Traffic Controllers Organization or PATCO was a labor union that once represented air traffic controllers in the United States in matters relating to wages, hours, and other terms and conditions of employment. ... Trickle-down economics and trickle-down theory, in political rhetoric, are characterizations by opponents of the policy of lowering taxes on high incomes and business activity. ... Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ...


These policies are often described as Reaganomics, and are often associated with supply-side economics (the notion that policies should appeal to producers, in order to lower prices, and therefore make products more affordable, rather than consumers, in order to cultivate economic prosperity). Ronald Reagan, the US president from which Reaganomics derives its name Reaganomics (a blend of Reagan and economics, coined by radio broadcaster Paul Harvey) is a term that has been used to both describe and decry free market advocacy economic policies of U.S. President Ronald Reagan, who served from... Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ...


The Reagan administration presided over the greatest rise in economic inequality in twentieth century American history[17] and oversaw an enormous increase in US Debt, but his supporters credit him with overseeing a recovery from the Stagflation crisis of the 1970s and America's victory in the Cold War. Differences in national income equality around the world as measured by the national Gini coefficient. ... US Debt from 1940 on. ... Stagflation, a portmanteau of the words stagnation and inflation, is a term in general use within modern macroeconomics used to describe a period of out-of-control price inflation combined with slow-to-no output growth, rising unemployment, and eventually recession. ... For other uses, see Cold War (disambiguation). ...


Canada

In Canada, these policies are often associated with Paul Martin, Jean Chrétien, Brian Mulroney, Mike Harris and Gordon Campbell. For other uses, see Paul Martin (disambiguation). ... Joseph Jacques Jean Chrétien, usually known as Jean Chrétien, PC, QC, BA, BCL, LLD (h. ... Martin Brian Mulroney PC CC GOQ (predominantly known as Brian Mulroney) (born March 20, 1939), was the eighteenth Prime Minister of Canada from September 17, 1984, to June 25, 1993 and was leader of the Progressive Conservative Party of Canada from 1983 to 1993. ... Michael Deane Harris (born January 23, 1945, in Toronto, Ontario) was the twenty-second Premier of Ontario from June 26, 1995 to April 15, 2002. ... Gordon Muir Campbell, BA, MBA, MLA (born January 12, 1948) is the 34th Premier of British Columbia. ...


Australia

In Australia, these policies were originally associated with the Hawke/Keating governments led by Prime Minister Bob Hawke and his Treasurer and later also PM Paul Keating from 1983 to 1996. Robert James Lee (Bob) Hawke, AC (born 9 December 1929) was the 23rd Prime Minister of Australia after previously being an Australian trade union leader. ... For other persons named Paul Keating, see Paul Keating (disambiguation). ...


New Zealand

In New Zealand, these policy changes are often attributed to Roger Douglas the minister of Finance in the Fourth Labour Government, and are commonly referred to as Rogernomics. Roger Douglas was, and still is a controversial figure in New Zealand politics. He planned to create a 15% flat tax in New Zealand, and to privatise schools, roads and hospitals, which was moderated by the Labour cabinet at the time,[18] although the resultant reforms were still generally considered radical in a global context. After Douglas left the Labour party, he went on to co-found ACT in 1993, which regards itself as the new liberal party of New Zealand. He also recently grabbed headlines by claiming that every other party in New Zealand was 'socialist'.[19] Sir Roger Douglas is a former New Zealand politician and senior Cabinet minister, best known for his leading role in the radical economic restructuring undertaken by the New Zealand Labour Party government in the 1980s. ... The term Rogernomics, a portmanteau of Roger and economics, was created by analogy with Reaganomics to describe the economic policies followed by New Zealand Finance Minister Roger Douglas from his appointment in 1984. ...


Global Spread

Chronic economic crisis throughout the 1980s, and the collapse of the Communist bloc at the end of the 1980s, helped foster political opposition to state interventionism, and in favor of free market reform policies. During the Cold War, the Eastern Bloc (or Soviet Bloc) comprised the following Central and Eastern European countries: Bulgaria, Romania, Hungary, East Germany, Poland, Albania (until the early 1960s, see below), the Soviet Union, and Czechoslovakia. ...


Reach and Effects

Neoliberal movements ultimately changed the world's economies in many ways, but some analysts argue that the extent to which the world has liberalized may often be overstated. Some of the past thirty years' changes are clear and unambiguous, like[20]:

  • Growth in international trade and cross-border capital flows
  • Elimination of trade barriers
  • Cutbacks in defense spending, although it is unclear whether these reductions are associated with neoliberalism or the peace dividend that was supposed to accrue at the end of the Cold War
  • Cutbacks in public sector employment
  • The privatization of previously public-owned enterprises
  • The transfer of the share of countries' economic wealth to the top economic percentiles of the population.[21]

Other changes are not so apparent, and are debated in the literature[22]: The peace dividend is a political slogan popularized by US President George H.W. Bush and UK Prime Minister Margaret Thatcher in the early 1990s, purporting to describe the economic benefit of a decrease in defense spending. ... For other uses, see Cold War (disambiguation). ... Origins People Theories Ideas Movements Topics Related Philosophy Portal Politics Portal        Privatization is the incidence or process of transferring ownership of business from the public sector (government) to the private sector (business). ...

  • Reduction in the size of governments. Governments do not appear to have shrunk wholesale. With the exception of exceptionally high-spending governments, government expenditures (as a percentage of GDP) appears to have stayed the same since 1980. Most of the cuts to government spending appear to have been a temporary phenomenon that took place during the 1990s.
  • Social welfare spending. Many governments have generally spent more on health, education, social security, welfare and/or housing. However, populations have increased and populations have aged in affluent countries. As well, some of these services (such as health care and education in the U.S.) are also very inefficiently organized.

Criticisms

  • Anti-sovereignty -- globalization and liberalization is often argued[weasel words] to have subverted nation's ability for self-determination[citation needed]
  • Exploitation -- critics of neoliberal policies consider capitalistic economics to be exploitive
  • Environmental costs - More transportation, more industrial production occurs in unregulated markets
  • Increase in corporate power -- some anti-corporate organizations believe neoliberalism, in difference to liberalism, changes economic and government policies to increase the power of corporations and large business and a shift to benefit the upper classes over the lower classes.[23]

Anglo-American

"The standard neoliberal policy package includes cutting back on taxes and government social spending; eliminating tariffs and other barriers to free trade; reducing regulations of labor markets, financial markets, and the environment; and focusing macroeconomic policies on controlling inflation rather than stimulating the growth of jobs," reports economist Robert Pollin (2003).[24] Arising out of a rejection of the class compromises embedded in previous liberal political-economic policies, including Keynesian and Active Labour Market Policies (ALMPs), neoliberal theory, institutions, policies, and practices are not regarded as politically neutral by their opponents. Their criticisms of neoliberalism are often historical materialist, bringing inequality into sharper focus. Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Look up liberal on Wiktionary, the free dictionary Liberal may refer to: Politics: Liberalism American liberalism, a political trend in the USA Political progressivism, a political ideology that is for change, often associated with liberal movements Liberty, the condition of being free from control or restrictions Liberal Party, members of... Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Active labour market policies (ALMPs) are government programmes that intervene in the labour market to help the unemployed find work. ... This article is about inequalities in mathematics. ...


Economists remind us that free markets are theoretically efficient, not that they are considered fair by all people,[25] and this distinction is a foundation of the critique of neoliberalism. Opponents critique neoliberalism's alledged effects on wages, working class institutions, inequality, social mobility, working class well-being, health, the environment, and democracy. Efficient can relate to: Efficiency (and related topics; see link), the technical term often related to energy usage. ... For other uses, see Fair (disambiguation). ... The term working class is used to denote a social class. ... This article is about inequalities in mathematics. ... Social mobility is the degree to which, in a given society, an individuals social status can change throughout the course of their life (known as intragenerational mobility), or the degree to which that individuals offspring and subsequent generations move up and down the class system (intergenerational mobility). ...


Notable opponents to neoliberalism in theory or practice include economists Joseph Stiglitz, Amartya Sen, and Robert Pollin,[26] linguist Noam Chomsky,[27] geographer David Harvey,[28], sociologist Patrick Hunout, and the anti-globalization movement in general, including groups such as ATTAC. Critics of neoliberalism and its inequality-enhancing policies argue that not only is neoliberalism's critique of socialism (as unfreedom) wrong, but neoliberalism cannot deliver the liberty that is supposed to be one of its strong points.[29] Daniel Brook's "The Trap" (2007), Robert Frank's "Falling Behind" (2007), Robert Chernomas and Ian Hudson's "Social Murder" (2007), and Richard G. Wilkinson's "The Impact of Inequality" (2005) claims high inequality is spurred by neoliberal policies and produces profound political, social, economic, political, health, and environmental constraints and problems. The economists and policy analysts at the Canadian Centre for Policy Alternatives (CCPA) offer inequality-reducing social democratic policy alternatives to neoliberal policies. In addition, a significant opposition to neoliberalism has grown in Latin America, a region that has been seen only limited implementation of neoliberal policies. Prominent Latin American opponents include the Zapatista Army of National Liberation rebellion, and the governments of Venezuela, Bolivia and Cuba. Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of Nobel Prize for economics ( 2001). ... Amartya Kumar Sen CH (Hon) (Bengali: Ômorto Kumar Shen) (born 3 November 1933), is an Indian economist, philosopher, and a winner of the Bank of Sweden Prize in Economic Sciences (Nobel Prize for Economics) in 1998, for his contributions to welfare economics for his work on famine, human development theory... Robert Pollin is an American economist and activist. ... Avram Noam Chomsky (born December 7, 1928) is an American linguist, philosopher, political activist, author and lecturer. ... David Harvey, 1990s David Harvey (b. ... Anti-WEF grafiti in Lausanne. ... Association for the Taxation of Financial Transactions for the Aid of Citizens (ATTAC - Association pour la Taxation des Transactions pour lAide aux Citoyens) is an activist organization for the establishment of a tax on exchange transactions. ... The Canadian Centre for Policy Alternatives is Canadas leading left-wing think tank. ... Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ... The flag of the EZLN. The Zapatista Army of National Liberation (Ejército Zapatista de Liberación Nacional, EZLN) is an armed revolutionary group based in Chiapas, one of the poorest states of Mexico. ...


Critics of neoliberalism view neoliberalism as both an economic and political project aimed at reconfiguring class relations in societies. They allege that many core countries' middle class and labor aristocracy families have become constrained by the cascading costs of conspicuous consumption goods and services, finding themselves losing radical amounts of time once free for personal development, recreation, family, community, and citizenship. Moreover, they claim workers have been so heavily disciplined by capital and the capitalist state that, as Alan Greenspan said, they are "traumatized" and unable to politically moderate capitalist aggression. [30] Daniel Brook's "The Trap: Selling Out to Stay Afloat in Winner-Take-All America" (2007) describes the anti-democratic effect of decreased middle class welfare.[31] The massive U.S. military-industrial complex adds an extra layer of repression to working class "traumatization," according to David Harvey (2005), making resistance and inequality-reducing policy innovation seem unfeasible to most workers. A "traumatized" working class allows the capitalist class absolute reign, which Harvey claims – citing the economic crises of 1873 and the 1920s – to be disastrous for economies around the globe, states, and working class people; though, he points out, on average capitalists were not negatively impacted by these crises.[32] In World Systems Theory, the core countries are the industrialised capitalist countries on which periphery and semi-periphery countries depend. ... Labor aristocracy (or aristocracy of labor) has two meanings: as a term with Marxist theoretical underpinnings, and as a specific type of trade unionism. ... Squalltoonix (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ...


Critics of neoliberalism sometimes refer to it as the "American Model," which they claim promotes low wages and high inequality.[33] According to the economists Howell and Diallo (2007), neoliberal policies have contributed to a U.S. economy in which 30% of workers earn "low wages" (less than two-thirds the median wage for full-time workers), and 35% of the labor force is "underemployed"; only 40% of the working age population in the U.S. is considered adequately employed. The Center for Economic Policy Research's (CEPR) Dean Baker (2006) has shown that the driving force behind rising inequality in the United States has been a series of deliberate, neoliberal policy choices including anti-inflationary bias, anti-unionism, and profiteering in the health industry.[34] However, countries have applied neoliberal policies at varying levels of intensity; for example, the OECD has calculated that only 6% of Swedish workers are beset with wages it considers low.[35] John Schmitt and Ben Zipperer (2006) of the CEPR have analyzed the effects of intensive Anglo-American neoliberal policies in comparison to continental European neoliberalism, concluding "The U.S. economic and social model is associated with substantial levels of social exclusion, including high levels of income inequality, high relative and absolute poverty rates, poor and unequal educational outcomes, poor health outcomes, and high rates of crime and incarceration. At the same time, the available evidence provides little support for the view that U.S.-style labor-market flexibility dramatically improves labor-market outcomes. Despite popular prejudices to the contrary, the U.S. economy consistently affords a lower level of economic mobility" than all the continental European countries for which data is available.[36]


Critics of neoliberalism examine the political foundations of the neoliberal project as well as its economic foundations. One of the most famous moments in neoliberal political history occurred when then-U.S. President Ronald Reagan's advisers had him deregulate the thrift industry. This was promoted with the claim that a gigantic bonanza of growth and investment was sure to follow. Reagan signed the deregulation bill in 1982, saying, "All in all, I think we've hit the jackpot." Columnist Joe Conason has argued that "The best reckoning of the costs of his benign intentions is a trillion dollars." [37] While Reagan and the United Kingdom's Margaret Thatcher laid the groundwork for working class demobilization, through eliminating collective assets by discounted sales to the private sector, enacting policies to diminish labor unions, and promoting militarization, other politicians have steadily continued the neoliberal tradition. The Savings and Loan crisis of the 1980s was a wave of savings and loan association failures in the United States in which over 1,000 savings and loan institutions failed in the largest and costliest venture in public misfeasance, malfeasance and larceny of all time. ... The Garn-St Germain Depository Institutions Act of 1982 was a law passed by the U.S. Congress in 1982 that deregulated the Savings and Loan industry. ... Collective can also refer to the collective pitch flight control in helicopters A collective is a group of people who share or are motivated by at least one common issue or interest, or work together on a specific project(s) to achieve a common objective. ... The private sector of a nations economy consists of all that is outside the state. ... Militarism (military+-ism) is an ideology which claims that the military is the foundation of a societys security, and thereby claims to be its most important aspect. ...


According to Pollin (2003), neoliberalism under the U.S. Bill Clinton administration – steered by Alan Greenspan and Robert Rubin – was the temporary and unstable policy inducement of economic growth via government-supported financial and housing market speculation, featuring low unemployment, but also low inflation. This unusual coincidence was made possible by the disorganization and dispossession of the American working class.[38] Santa Cruz history of consciousness professor Angela Davis has argued and Princeton sociologist Bruce Western has shown that the astonishingly high rate of incarceration in the U.S. (1 out of every 37 American adults is in the prison system), heavily promoted by the Clinton administration, is the neoliberal U.S. policy tool for keeping unemployment statistics low, and stimulating economic growth through maintaining a contemporary slave population within the U.S. and promoting prison construction and militarized policing.[39] The Clinton Administration also embraced neoliberalism by pursuing international trade agreements that would benefit the corporate sector globally (normalization of trade with China for example). Domestically, Clinton fostered such neoliberal reforms as the corporate takeover of health care in the form of the HMO, the end of welfare protections, and the implementation of Workfare.[40] President Clintons Cabinet, circa 1993 The Presidency of Bill Clinton, also known as the Clinton Administration, was the executive branch of the federal government of the United States from 1993 to 2001 while Bill Clinton served as President of the United States. ... Squalltoonix (born March 6, 1926 in New York City) is an American economist and was Chairman of the Board of Governors of the Federal Reserve of the United States from 1987 to 2006. ... Robert Edward Rubin (born August 29, 1938) is the Chairman of Citigroup. ... Speculation involves the buying, holding, and selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest. ... The term working class is used to denote a social class. ... Angela Yvonne Davis (born January 26, 1944 in Birmingham, Alabama) is an American socialist organizer, professor who was associated with the Black Panther Party (BPP) and the Student Nonviolent Coordinating Committee (SNCC). ... The examples and perspective in this article or section may not represent a worldwide view. ... This article does not cite any references or sources. ... Workfare is an alternative model to conventional Social Welfare systems. ...


Harvey (2005) claims that neoliberalism is a global capitalist class power restoration project. Neoliberalism, he explains, is a theory of political-economic practices that dedicates the state to championing private property rights, free markets, and free trade, while deregulating business and privatizing collective assets. Ideologically, neoliberals promote entrepreneurialism as the normative source of human happiness. Harvey also considers neoliberalization a form of capitalist "creative destruction," a Schumpeterian concept.[41] This indicates that while neoliberalism is a critical concept with a critique of capitalist class relations, it is not strictly a Marxist concept; the Marxist term for neoliberalism is "primitive accumulation." For other uses, see Capitalism (disambiguation). ... This page deals with property as ownership rights. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Deregulation is the process by which governments remove restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ... Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ... An ideology is a collection of ideas. ... The attitudes, mindset and skills of an enterpreneur Related: Enterpreneurship entrepreneurial education Junior Enterprise ... Creative destruction, introduced in 1942 by the economist Joseph Schumpeter, describes the process of transformation that accompanies radical innovation. ... See primitive accumulation of capital ...


Harvey (2000) claims that neoliberalism has become hegemonic world-wide, sometimes by coercion. Neoliberalism has had the support of large debt restructuring organizations such as the World Bank and the International Monetary Fund (IMF), which were encouraged to promote neoliberalism in order to revitalize capital accumulation. Opponents of neoliberalism argue that neoliberalism is the implementation of global capitalism through government/military interventionism to protect the interests of multinational corporations. Hegemony is the dominance of one group over other groups, with or without the threat of force, to the extent that, for instance, the dominant party can dictate the terms of trade to its advantage; or more broadly, that cultural perspectives become skewed to favor the dominant group. ... For other uses, see Coercion (disambiguation). ... Economic interventionism is a term used to describe activity undertaken by a central government to affect a countrys economy in an attempt to increase economic growth and/or standards of living. ... A multinational corporation (MNC) or transnational corporation (TNC) is one that spans multiple nations; these corporations are often very large. ...


European and Latin American

Neo-liberalism and globalization are considered to be related to one another. While generally theorists understand neoliberalism as the contemporary version of capitalist expansionism, linked to shifting global power and restoring profit rates, some theorists argue that the terms "globalization" and "neoliberalism" must be rigorously separated and that culture should be the primary lens through which the concepts are understood. “Free markets and global free trade are not new, and this use of the word (neoliberalism) ignores developments in the advanced economies…Neoliberalism is not just economics: it is a social and moral philosophy, in some aspects qualitatively different from liberalism.”[42]


One Euro-Latin American tradition critical of neoliberalism contributes a perspective focusing on how neoliberalism becomes embedded in habitus, as where German author Paul Treanor argues that the ideas brought about from neo-liberalism (and neo-liberalism itself) are more of a philosophy and should not be perceived as just an “economic structure.” For example, a neo-liberal would perceive the world in a “term of market metaphors” and when members of a society commonly refer to countries as companies, that civilization would then be deemed neo-liberal instead of a liberal culture. Yet Treanor also recognizes continuity between historical liberal and neoliberal cultures. “(W)hen this is a view of nation states, it is as much a form of neo-nationalism as neo-liberalism. It also looks back to the pre-liberal economic theory- mercantilism-which saw the countries of Europe as competing units. The mercantilists treated those kingdoms as large-scale versions of a private household, rather than as firms. Nevertheless, their view of world trade as a competition between nation-sized units would be acceptable to modern neo-liberals.”[43] Look up Habitus in Wiktionary, the free dictionary. ...


Two of Treanor's collaborators, Elizabeth Martinez and Arnoldo García, find that neo-liberalism is a collection of economic policies that has spread its ideals from country to country over the last 25 years. They claim it is clear to see that neo-liberalism treats its poorest citizens badly allowing for the rich to get richer and the poor to get poorer. Highlighting ideology, Martinez and Garcia explain the difference between neoliberalism and liberalism with reference to liberalism's association with class compromising ideology. “"Liberalism" can refer to political, economic, or even religious ideas. In the U.S. political liberalism has been a strategy to prevent social conflict. It is presented to poor and working people as progressive compared to conservative or Right-wing.”[44] However, as Frances Fox Piven and Richard Cloward (1997) [45] show, the liberal social contract was broken by the elite political movement that included neoliberalism in the U.S.


Cuba has played a role in supporting an anti-neoliberal agenda. General Secretary Pedro Ross informed the members of the International meeting of Workers and Unions against Neo-Liberalism and Globalization conference, “The international workers' movement is in a condition to pass to the offensive and take up its responsibility to defend the rights of the working class, the poorest, and the most marginalized by neo-liberalism.”[46] The meeting called for an 8 page document in regards to how to "fix the situation" in Cuba, and the last days of the conference were dedicated to discussing the proposed actions that were to take place. Cuban National Assembly President Ricardo Alarcon said that Cuba survives because it embodies something that for its enemies is "too intricate" to acknowledge. He lifted the spirits of the members of the conference, declaring, “We are waging a battle on behalf of all the people of the world…Please have no doubts that this small country will be capable of continued resistance.”[47]


Reviews such as “Cuba in the Age of Neo-liberalism,” by Raul Fernandez (reviewing Antonio Carmona Baez’s “State Resistance to Globalization in Cuba”) show how Cuba has become a much stronger economy and society because of its socialist resistance to neoliberal reform. Fernandez explains the ways in which the leaders of Cuba were successful in refusing to agree to the coercion of neo-liberal globalization, and how they were able to preserve the economic independence and self-determination of Cuba. His review discusses the progression of the Cuban economy in the years after the dissolution of the Soviet bloc and the demise of Cuba’s dependence on the economies of Eastern Europe. Through his book, Baez “emphasizes the home-grown character of the (socialist) movement (in Cuba), and contrasts it with the experience of Eastern Europe...”[48] After the fall of the Berlin Wall, neoliberal pundits predicted the termination of Castro and his socialist government. However, the impression that Cuba left on the world after surviving extreme economic and geopolitical pressures, including the United State’s economic blockade of Cuba, was both “surprising and remarkable.” The socialist sustainability policies that the Cuban government put into place throughout the 1990s are the reason why Cuba survived the neo-liberal ambush where other societies did not.


Arguments Favoring Neoliberalism

  • Free markets are important to securing political freedom (e.g., Hayek, Friedman)
  • Many developing countries' governments had mismanaged or exploited their economic dominance during over the mid-century
  • Many government attempts to micro-manage their economies using things like tariffs, public investment, etc. were often misdirected, poorly timed, poorly implemented and bore undesirable, unanticipated consequences. Many scholars doubt[weasel words] that a government is capable of managing a social system as huge as a national economy
  • Market liberalization is supposed to spur investment, technology transfer, innovation and a responsiveness to consumer demand
  • Government-owned enterprises and public entitlements were losing a lot of money, and helping bankrupt governments
  • During the 1970s, state-controlled economies proved unresponsive to economic shocks, and much of the world endured a sustained, high-inflation recession until markets were liberalized (though proponents still note that liberalization itself is only one of several factors in the recent return to prosperity -- other factors include technological developments and the end of the Cold War.)

State-centric Neoliberalism

The state-centric approach to neoliberalism is not critical, but it concurs with the critical approach that neoliberal ideas are really just laissez-faire liberal prescriptions that overthrew Keynesianism. State-centric theorists hold that neoliberalism is "the attempt to reduce the role of the state in the market through tax cuts, decreases in social spending, deregulation, and privatization."[49] However, the state-centric approach argues that state actors were the political entrepreneurs who formulated neoliberalism – rather than, as critics of neoliberalism would claim, capitalist political organizations, and economists and economic departments, think tanks, and politicians all supported by class-conscious capitalists. State-centric theorists argue that neoliberalism spread because it fit the voters' preferences best; they disagree in this with the critical approach, which maintains that neoliberal framing and policies were propagated by well-heeled, highly organized political machines that insisted to the public, "There is no alternative". State-centric sociologist Monica Prasad (2006) further argues that neoliberalism became dominant where the (federal) tax structure was progressive, where industrial policy was "adversarial" to business, and where welfare was associated with the poor. She asserts this was the case in the U.S. and U.K., relative to France and Germany. However, in France and Germany, taxation by the national government was regressive, industrial policy favored business, and the welfare state was widely recognized to benefit the middle class; consequently neoliberalism was not as favored by either business or the middle classes in these two countries as it was in the U.S. and the U.K. in particular. Prasad's analysis suggests that neoliberalism has been a corrective to policies that favored the working class over capitalist interests, and it was championed by autonomous state actors. However, most political sociologists would agree that only strained methodological choices would allow U.S. policy especially to be portrayed as favoring the working class over capitalist interests, even in the New Deal; state autonomy theses are generally very vulnerable to more class-sensitive historical research, especially in the case of the U.S.; and methodological choices, such as the omission of social democratic countries from her analysis, contribute heavily to Prasad's conclusions.


Comparison to Other Ideologies

Neoliberalism and social liberalism are both alternative forms of liberalism but with different purposes. Social liberalism is defined by individual and social liberty, whereas neoliberalism is based on individual and economic liberty. Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ...


Many "neoliberals" have been defined as neoconservatives and vice versa. But they are poles apart. The founder of American neoconservatism, Irving Kristol explained that Neoconservatives are not libertarian in any sense, "Neo-cons do not feel that kind of alarm or anxiety about the growth of the State"[50]. In fact the Bush administration has increased federal spending more than Lyndon Johnson did. Another main difference is in foreign policy, classical liberals such as Milton Friedman and the Cato Institute opposed the war in Iraq and believe in non-interventionism while the neo-cons believe that they can use the State power to reach their goals. Neoconservatism describes several distinct political ideologies which are considered new forms of conservatism. ...


The term libertarian has also been used to define neoliberals. But there are key differences between the two groups. Libertarians believe in reducing government to the roles delineated by the Federalists in the U.S. Constitution (defense, courts, protection of property, enforcement of contracts, and individual rights). Though they often work to eliminate government programs that designed to redistribute income, neoliberals do not seek to drastically reduce government, as government is a key institution in maintaining the conditions for wealth accumulation. Neoliberals may seek to invest in healthcare and education, if these benefit the regional capital accumulation strategy, or they may seek to invest heavily in incarceration, policing, and defense industry to maximize capital accumulation. There is also a difference on social issues. Libertarians are generally very liberal on social issues, since they all support an expansive view of individual liberties. Neoliberalism is more neutral on issues of social liberalism. See also Libertarianism and Libertarian Party Libertarian,is a term for person who has made a conscious and principled commitment, evidenced by a statement or Pledge, to forswear violating others rights and usually living in voluntary communities: thus in law no longer subject to government supervision. ... This article needs to be cleaned up to conform to a higher standard of quality. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ...


See also

For other uses, see Capitalism (disambiguation). ... Communitarianism, as a group of related but distinct philosophies, began in the late 20th century, opposing in its opinion exalted forms of individualism while advocating phenomena such as civil society. ... The liberal theory of economics is the theory of economics in classical liberalism developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Economic globalization has had an impact on the worldwide integration of different cultures. ... In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. ... Liberism (derived from the Italian term liberismo) is a term for the political ideology of laissez-faire capitalism first used in English by the Italian-American political scientist Giovanni Sartori. ... This article is about the political philosophy based on private property rights. ... Market fundamentalism (or free-market fundamentalism) is a conviction that free markets are generally beneficial. ... This article is about neoconservatism in the United States, for neoconservatism in other regions, see Neoconservatism (disambiguation). ... Neosocialism (also hyphenated as neo-socialism) is a term used to describe any one of a wide variety of left-wing political movements that are considered socialist and have developed recently. ... This article is about political philosophy of Ordoliberalism. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... Origins People Theories Ideas Movements Topics Related Philosophy Portal Politics Portal        Privatization is the incidence or process of transferring ownership of business from the public sector (government) to the private sector (business). ...

References

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  • Harvey, David. A Brief History of Neoliberalism. Oxford: Oxford University Press, 2005.

David Harvey, 1990s David Harvey (b. ...

Notes

  1. ^ see Sachs, Jeffrey (ed.) (1989) Developing Country Debt and the World Economy (Cambridge, MA: National Bureau of Economic Research)
  2. ^ Cohen, Joseph Nathan (2007) "The Impact of Neoliberalism, Political Institutions and Financial Autonomy on Economic Development, 1980–2003" Dissertation, Department of Sociology, Princeton University. Defended June 2007
  3. ^ Williamson, John (1990) "What Washington Means by Policy Reform" in John Williamson, ed. Latin American Adjustment: How Much Has Happened? (Washington, DC: Institute for International Economics
  4. ^ Hobsbawm, Eric (1994) Age of Extremes (Vintage)
  5. ^ Harvey, David. A Brief History of Neoliberalism, (Oxford: Oxford University Press, 2005).
  6. ^ Harvey, David. A Brief History of Neoliberalism, p.10.
  7. ^ Sachs, Jeffrey and Andrew Warner (1995) "Economic Reforms and the Process of Global Integration" Brookings Papers on Economic Activity: 1–118
  8. ^ Fischer, Stanley, Ratna Sahay and Carlos A. Veigh (2002) "Modern Hyper- and High Inflations" Journal of Economic Literature: 837–880.
  9. ^ For example, see Piketty, Thomas and Emmanuel Saez (2003) "Income Inequality in the United States" Quarterly Journal of Economics, 118(1):1-38
  10. ^ a b c Harvey, David. A Brief History of Neoliberalism, p.12.
  11. ^ a b Harvey, David. A Brief History of Neoliberalism, p.13.
  12. ^ Helleiner, Eric (1994) States and the Resurgence of Global Finance: From Bretton Woods to the 1990s (Ithaca: Cornell University Press)
  13. ^ Block, Fred (1977) The Origins of International Economic Disorder: A Study of U.S. International Monetary Policy from WWII to the Present (Berkeley: University of California Press)
  14. ^ Piore, Michael J. and Charles F. Sabel (1984) The Second Industrial Divide: Possibilities for Prosperity (New York: Basic)
  15. ^ http://www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB193/index.htm
  16. ^ Yergin, Daniel and Joseph Stanislav (2002) The Commending Heights: The Battle for Control of the World Economy (New York: Free Press)
  17. ^ see Piketty, Thomas and Emmanuel Saez (2003) "Income Inequality in the United States" Quarterly Journal of Economics, 118(1):1-38
  18. ^ Lange, David. My Life.(2005) Viking. Auckland.
  19. ^ Douglas, Roger. 'Hard Right? No, they're hard left.' New Zealand Herald. March 24, 2008.
  20. ^ Cohen, Joseph Nathan and Miguel Centeno (2006) "Neoliberalism and Patterns of Economic Performance" Annals of the American Academy of Political and Social Science, 606(1): 32-67
  21. ^ Rapley, John. 2004. Globalization and Inequality: Neoliberalism's Downward Spiral. Boulder: Lynne Rienner.
  22. ^ Cohen, Joseph Nathan and Miguel Centeno (2006) "Neoliberalism and Patterns of Economic Performance" Annals of the American Academy of Political and Social Science, 606(1): 32-67
  23. ^ Yes! Magazine - Fall 2007 issue - page 4, editor's comments. Yes! Magazine is a "pro-sustainability" magazine.
  24. ^ Pollin, Robert. 2003. Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity. New York: Verso: 196.
  25. ^ Blount-Lyon, Sally. 2002. “Grand Illusion: Contrary to Popular Belief, Free Markets Never Were Fair.” SternBusiness, Fall/Winter. http://www.stern.nyu.edu/Sternbusiness/fall_winter_2002/grandillusions.html.
  26. ^ Pollin, Robert. 2003. Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity. New York: Verso.
  27. ^ Profit Over People: Neoliberalism and Global Order. Seven Stories Press. November, 1998. ISBN 1888363827
  28. ^ Harvey, David. 2005. A Brief History of Neoliberalism. Oxford: Oxford University Press.
  29. ^ Luke Martell, 'Rescuing the Middle Ground: Neoliberalism and Associational Socialism', Economy and Society, 22, 1, February 1993
  30. ^ Pollin, Robert. 2003. Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity. New York: Verso: 53.
  31. ^ Brooks, Daniel. 2007. The Trap: Selling Out to Stay Afloat in Winner-Take-All America. New York: Times Books.
  32. ^ Harvey, David. 2005. A Brief History of Neoliberalism. Oxford: Oxford University Press: 153
  33. ^ Howell, David R. and Mamadou Diallo. 2007. "Charting U.S. Economic Performance with Alternative Labor Market Indicators: The Importance of Accounting for Job Quality." SCEPA Working Paper 2007-6.
  34. ^ Baker, Dean. 2006. "Increasing Inequality in the United States." Post-autistic Economics Review 40.
  35. ^ OECD. 2007. “OECD Employment Outlook. Statistical Annex.” http://www.oecd.org/dataoecd/29/27/38749309.pdf.
  36. ^ Schmitt, John and Ben Zipperer. 2006. "Is the U.S. a Good Model for Reducing Social exclusion in Europe?" Post-autistic Economics Review 40.
  37. ^ Conason, Joe. 2004. "Reagan without Sentimentality." Salon.com, June 8. http://dir.salon.com/story/opinion/conason/2004/06/08/reagan/index.html.
  38. ^ Pollin, Robert. 2003. Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity. New York: Verso.
  39. ^ Western, Bruce. 2006. Punishment and Inequality in America. New York: Russell Sage Foundation.
  40. ^ Kenneth J. Saltman (2005). The Edison Schools: Corporate Schooling and the Assault on Public Education. Routledge, 184-185. 
  41. ^ Harvey, David. 2005. A Brief History of Neoliberalism. Oxford: Oxford University Press: 2-3.
  42. ^ Treanor, Paul. Liberalism, Market, Ethics. December 1, 2007. http://web.inter.nl.net/users/Paul.Treanor/neoliberalism.html
  43. ^ Treanor, Paul. Liberalism, Market, Ethics. December 1, 2007. http://web.inter.nl.net/users/Paul.Treanor/neoliberalism.html
  44. ^ Martinez, Elizabeth and Garcia, Arnoldo. “What is Neo-liberalism?” Global Exchange. February 26th, 2000. http://www.globalexchange.org/campaigns/econ101/neoliberalDefined.html
  45. ^ Fox-Piven, F. and R. Cloward. 1997. "The Breaking of the American Social Compact." New York: The New Press.
  46. ^ Ross, Pedro. "A fighting program for the world's workers”. Labor conference in Cuba. August 6th, 1997. http://www.workers.org/ww/1997/cubalabor.html
  47. ^ Alarcon, Ricardo. "A fighting program for the world's workers.” Labor conference in Cuba. August 6th, 1997. http://www.workers.org/ww/1997/cubalabor.html
  48. ^ Fernandez, Raul. Cuba in the Age of Neoliberalism. December 1, 2007.http://www.ncsu.edu/project/acontracorriente/fall_05/Fernandez.pdf
  49. ^ Prasad, Monica. 2006. The Politics of Free Markets: The Rise of Neoliberal economic Policies in Britain, France, Germany, & The United States. Chicago: University of Chicago Press. *Note the publisher is one of the foundational neoliberal incubator institutions.
  50. ^ Irving< Kristol, Reflections of Neoconservative (New York Basic Books, 1983, p. 77; Irving Kristol "The Neoconservative Persuasion," Weekly Standard, August 25, 2003)

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Online Lectures

  • The Neoliberal City, David Harvey at the University Channel


  Results from FactBites:
 
Blank Pages - Neoliberalism (1377 words)
Neoliberalism, like 'postmodernism' and 'globalization', is a contemporary term that is used regularly in regards to economics, politics, culture and society.
Within neoliberalism competitive markets are being valued as the primary solution to economic hardships and this market structure is finding its way into educational policy, art and culture as much as it is into economic and political policy.
Neoliberal structure parallels, or perhaps creates, the need to purchase material objects in order to achieve an adequate state of happiness, promoted through and by the visual culture around us, and supported by popular culture and media representation.
Neoliberalism - Wikipedia, the free encyclopedia (3677 words)
The term "neoliberalism" is used to describe a variety of movements away from state control or protection of the economy and toward corporate control of the market, particularly beginning in the 1970s.
Neoliberalism is not a version of the new liberalism of John Dewey, Woodrow Wilson, John Maynard Keynes, Franklin D. Roosevelt, or the British Liberal Democrats, which advocated limited intervention in the economy as a tool to benefit people.
Neoliberalism argued that protectionism and government programs produced economic inefficiencies, and that developing nations should open their markets to the outside, and focus on exporting.
  More results at FactBites »

 
 

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