WGS367H1 Lecture Notes - Lecture 1: International Inequality, Neoliberalism, Structural Adjustment
21 Dec 2015
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Document Summary
Neoliberalism is a government system used to reduce social spending & emphasizes individual responsibility rather than systemic inequities. Current globalization processes are an example of the corporate neo-liberal agenda, with globalization as the condition, and neoliberalism as the political product that changes distribution of wealth across the world through structural adjustment programs. We opened barriers to trade and the idea is that everyone will benefit when we can trade at a global level. Describes a market-driven approach to economic and social policy. Uses the language of markets, efficiency, consumer choice, and individual autonomy. Stresses the efficiency of private enterprise and liberalized trade. Neoliberal ideology embodies an outdated, selfish model of economy. It has been formulated by the old imperial powers and adopted by economically dominant nations. Being hugely profitable to corporations and the wealthy elite, neoliberal polices are propagated through the imf, world bank and wto. Neoliberalism favours the free-market as the most efficient method of global resource allocation.
