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Neo-Liberalism Lecture

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Social Science
SOSC 1430
Soren Frederiksen

Neo Liberalism New development thinking since 1980s It is a new economic doctrine  has its own set of policies Ideology  Provides a view of society Inspired by … -late 70s and 1980s….Ronald Regan and Margaret Thatcher - also by Milton Friedman -Chilean experiment was the first to try his ideas… Chile: -1970 democratically elected a socialist president…tried overcoming underdevelopment and Policies: 500 enterprizes nationalized -tried regulating multinationals….such as what they could do with locally made profits etc -Land reform was implemented…transferred land from large landowners to landless peasants -Number of measures to make education and universal care available to all -Was an economic model that tried to redistributed to try sufficing the needy and tried to redfine the relationship with internationals…also gave the govt a more powerful role in the country’s economies…. -Program that didn’t have the support of the elite or multinationals or USA -.- In 1973…military overthrew the govt to stop the reforms…CIA supported this…led to deaths of 30000 people. Shortly after in 1975….they hired US economists known as “Chicago boys” to take charge of the economy…immediately they started to implement the first neoliberal structural reforms…this meant -Reprivatizing everything. -Allowed foreign companies to come back into the country. -Private exploitation of nature was allowed -Guaranteed right of MNCs to repriate profits -Deregulated foreign investment and free trade… -Flood of foreign goods were brought in -Cut back social servies…. Outcome: -Established a unregulated economy in which the role of the state was reduced significantly -Can be argued that the purpose of all of this was trying to establish completely “free market capitalism” Origins of Neo…… Liberalism During the time of Rise of Europe in industrial revolution -These days…many of its ideas are known as “neo conservatism” when compared to “neo liberalism” Liberalism -European philosophy of political and social philosophy -Ideology was that of the rising bourgoise… It stressed -Individual freedom to live their lives with as less govt regulation was possible Understandable when you think of the monarchy they were breaking free from -Market freedom -Minimal role of the state “best state is not too big or involved…limits itself to protect the rights and freedoms of individuals” So economic liberalism stressed freedoms to: -own property -right to engage in market transactions -no govt regulations Free-Market Capitalism First half of 20 century -liberalism was in crisis…showed some limits. -Political and economic instability -Great depression -labor conflicts -russian/Mexican revolutions -World wars…. Led to emergence of a new way of thinking of individual…economy and role of the state -Starting point was the new deal…. -Proved that unregulated markets do not work. -leads to periodic crashes -favor the powerful -lead to concentration of wealth -Keynesian economics were introduced -Governments must step in to regulate economic activity -must guarantee full employment -Economic growth -welfare of citizens Response to Depression One -In crisis…govts must increase govt spending -generate jobs -put money in people’s pockets -revitalize economy Two  invest in social welfare -education, health-care, pensions, social wage(how much you make + value of all your social services)… Welfare state -State has a major responsibility for welfare provision via s
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