AMS 207 Lecture 6: AMS 207 Notes 3-1

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11 May 2017
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Neoliberalism
What is neoliberalism?
- Fundamental changes to the economic system that took over in the 1970s and 1980s under
Reagan and Thatcher
- Spurred on by free market economists who believed that prosperity would be induce by a
eoal of go’t fo usiess ad eeyday life
- In its essence, neoliberalism is an effort to return to the economic philosophy and practices of
lassial liealis, the guidig Aeia piiples of fee etepise, idiidualis, ad
market capitalism
- Privatization of formerly public enterprises
- Free Trade
- Deregulation of key industries: transport and banking predominantly
- Financialization (an increasing reliance on stock markets, lending, financial transactions, and
speculation etc. and less reliance on production for economic wealth).
- Transnational corporations with wide holdings
- Smaller government
- Celebration of competition
- Full list, Steger, p.42
Globalizing tendencies
- Because its based largely on free trade, free markets and deregulation, neoliberalism is
considered an economic system that reaches into most corners of the developed and
developing world
- Capital is free to seek out the best deal and the highest prices, leading to a system of goods and
information exchange hat links different areas more closely than ever before.
Global Visions: WWII
- As discussed last week, in the aftermath of WWII it became clear that the world needed some
unified, directing establishments to prevent atrocities and encourage stability; the US took the
lead in formulating and facilitation them at Bretton Woods conference.
- These new institutions formed the framework for increased globalization at first in rebuilding
Europe and Japan and then increasingly in bringing developing nations into global rhythms of
production and consumption.
United Nations
- The most complete attempt to provide a truly global framework for international law, trade,
economic development, human rights, under the idea that the world could not take another
global conflict
- US leads security council
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