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Lecture 6

Lecture 6

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Political Science
R Rice

POLC99 Lecture 6 February 8 Neoliberalism + The New Politics of Protest The Neoliberal Counter-Revolution Neoliberalism: An economic theory that emphasizes the market, the private sector, and trade as the engines of growth and development. It referred to as a counter-revolution because it attacks the previous inward state-led model. It too a revolution to put a state- led model into place, and neoliberalism challenges that model. Policies Challenged by Neoliberalism: The over-extension of the public sector in favour of privatization. The over-emphasis on investment in physical capital such as infrastructure in favour of trade and exports. The use of protectionism in favour of free market principles Significance: these were the very policies that made the North that way it is today. Neoliberalism is challenging all thee models and turning them upside down. Economic objective is to halt inflation and restore growth. Most scholars hailed neoliberalism for bringing down inflation. However, how well it has reactivated the economies of the Global South is debatable. Economist will analyze the data and see improvement in GPD per capita, but critics say its not enough in the face of income inequalities. Selected indicators: Latin America 19952007 1995 2000 2005 2007 GDP 0.4 4.0 4.9 5.8 Per capita income $3,792 $4,072 $4,834 $6,425 % of people in poverty 45.7% 42.5% 41.7% 34.1% Geni Coefficient 0.532 - - 0.515 (inequality) Critics would argue that the level of inequality is so severe that it undermines all the economic indicators. Six pillars of exclusion under neoliberalism: 1. Lack of access to labour markets. Those who dot have formal work experience or connections are shut out of the labour market. 1
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