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Neo-Liberalism History Lecture.docx

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York University
Social Science
SOSC 1430
Eduardo Canel

Lecture jan 18 2011 - its not coincidence that neoliberalism rises as the new economic thinking; happened because it goes hand in hand with globalization. Neoliberalism: - new development thinking since 1980’s - economic doctrine -> set of policies - ideologies ->viosion of society and individual Inspired by… - economist Milton Friedman - ideas first implemented in Chile, mid 1970’s; this is where dependency theory first began chile 1970: - democratically elected socialist president - policies: 500 enterprises nationalized (transferring private economic assets to state ownership); regulation of MNC & foreign investors - land reform program (transferring ownership of land from large land owners to small/landless owners [favour rural poor, make edu/med universally available]) “9/11” 1973: - Military overthrows aliened - 1975: “Chicago boys” take charge of economy - economic restructuing: privatized sate enterprises (500+) - opened natural resources to unregulated private exploitation - guaranteed right of MNC’s to repatriate profits - deregulated foreign investment and freer trade (allowed flow of foreign goods in Chile) - cut back on social services from previous government (health, edu, etc.) - privatized social security outcome: - Unregulated economy - reduced state role - “free market capitalism” Liberalism: - how can this new model emerge? Which models did it borrow ideas from? Why did it emerge? - European political & social philosophy (19 century Europe) - Ideology of rising bourgeoisie - Stresses: - Individual freedom (develop lives with minimal government regulations, autnomy of individual visa vi state) - Translate individal rights into right to participate in market place (as producers and consumers free from government interference); market freedoms - Minimal role of state Riole of state: - protect individual rights and freedoms - economic liberalism stresses freedoms: to own property; to engage in market transactions; free from gov’t interference - Susan George: this is very progressive, this created the basis for capitalism - Liberal systems were hegemonic from 1800’s – 1920’s First half of 20 century: - liberal started to show limits; liberalism in crisis (role of state, economy, role of people etc.) - political and economic instability i.e. Great depression (1929), caused by capitalism - labour conflicts - Russian/Mexican revolutions - 2 world wars - gave rise for new arrangements between state and society; assigning state a new role unregulated markets .…don’t work! (i.e. 2008 USA housing crash/depression) markets favour the powerful, theyre not democratic; so if left unregulated, the markets will increase the concentration of income/power in fewer and fewer hands - governments must regulate economic activity in order prevent crisis/depression - full employment - economic growth policies - polices that gurantee basic welfare of citizens - response to depression: - 1. Increase government spending (invest in public projects -  generate jobs, put money in peoples pockets, revitalize economy - 2. Invest in social welfare, state has responsibility in welfare of citizens - education, health, pensions, social wage (UNIVERSAL) - this constituted what we call social wage, the value of all social services one would receive from the state (i.e. form salary, having to pay for med bills [Canada] our $$$ would be much less]) - welfare state: - state has major responsibility fro welfare provision via services and benefits to meet people’s basic needs for housing, education, healthcare, and income - 3.regulate capital labour relations - social pact. Ensure TU rights, set standards for working conditions, wage policy - 4. This approach also envisage the participation of the state directly involved in owning and managing eco
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