AMS 207 Lecture 6: AMS 207 Notes 3-1

• School: Miami University
• Department: American Studies
• Course: AMS 207
• Professor: Busch Andrew

Document Summary

Fundamental changes to the economic system that took over in the 1970s and 1980s under. Spurred on by free market economists who believed that prosperity would be induce by a (cid:396)e(cid:373)o(cid:448)al of go(cid:448)"t f(cid:396)o(cid:373) (cid:271)usi(cid:374)ess a(cid:374)d e(cid:448)e(cid:396)yday life. In its essence, neoliberalism is an effort to return to the economic philosophy and practices of (cid:862)(cid:272)lassi(cid:272)al li(cid:271)e(cid:396)alis(cid:373),(cid:863) the guidi(cid:374)g a(cid:373)e(cid:396)i(cid:272)a(cid:374) p(cid:396)i(cid:374)(cid:272)iples of f(cid:396)ee e(cid:374)te(cid:396)p(cid:396)ise, i(cid:374)di(cid:448)idualis(cid:373), a(cid:374)d market capitalism. 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). Because it"s 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.