SDS131R Lecture 3: Neo-Liberalism and Libertarianism

• School: University of Waterloo
• Department: Social Development Studies
• Course: SDS131R
• Professor: Theresa Romkey

Document Summary

1970s = start to see problems with the keynesian welfare state two oil crises in 1970s. High inflation, low economic growth, high unemployment, rising public debt. Elect in reagan (in power 1981-1989) and thatcher (in power 1979-1990) both pushed for: free markets, limited government, reduced taxes, less governmental regulation, decreasing power of unions, privatization of governmental agencies. Also the 1989-1991 collapse of communism in the soviet union and eastern europe. Three most significant developments in new neo-liberal era. Internationalization of trade and finance countries interconnected in terms of economy by trade. Increasing power of the transnational corporation some corporations = bigger than countries, also influence their policies have too much power, have to be regulated (reformed lib. ) Enhanced role of economic institutions like the imf, wb and the wto. Wb = world bank, institutions = shouldn"t side with the corp. Refers to political-economic philosophy that de-emphasizes/limits gov"t intervention in the. Focuses on free-market methods and fewer restrictions on business operations.