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Neo-Liberalism and Libertarianism.docx

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Social Development Studies
SDS 131R
Theresa Romkey

Neo-Liberalism and Liberalism Rise of Neo-Liberalism:  Golden age of capitalism (reformed liberalism policies) started to decline after the 1960s  Middle class was created by the state with the building of infrastructure, schools and welfare systems  Breton Woods in 1944 created a more valuable money exchange system  Value of each country’s currency pegged to the U.S. dollar  Gold Standard: can’t print more money than gold you have on reserve  After 1970’s we lose faith in Keynesian welfare state  U.S. unpegs and abandons the gold-based system Three Major Developments  Internationalization of trade and finance: NAFTA taking down trade barriers  Increasing power of transnational corporations: bigger corporations result in a lack of protectionist policies (not real competition)  Increasing role of IMF, WB and WTO: started with the best of intentions now turned neo-liberal Neo-Liberalism  Limits government intervention in economy (small state with a specific role  night watchman state  Free markets, no limitations for business (market will balance itself out)  Privatise public enterprises because business is better at business than the government  Taxes cut for the rich by reducing public spending on social programs  Difference between classical and neo is that classical has to do with reason, humanity, justice (freedom in every sense) and neo wants freedom seen on economic eyes  Hegemony: if you think you can move up in society you’ll accept inequality  Focus on negative liberty, not all freedom is good  Rights over utility  Mer
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