INTL 1101 Lecture Notes - Lecture 8: Neoliberalism, Financialization, Monetarism

• School: Northeastern University
• Department: International Affairs
• Course: INTL 1101
• Professor: Cury Tohma

Document Summary

Human well-being can be best advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets, and free trade. State must create and preserve an institutional framework appropriate to such practices. Markets are necessary if they don"t exist, must be created by the state. Most states have a adopted a neoliberalist theory. Neoliberalism has become hegemonic as a mode of discourse. Neoliberalism values market exchange as "an ethnic in itself, capable of acting as a guide to all human action, and substituting for all previously held ethical beliefs" Emphasizes the significance of contractual relations in the market place. Holds that the social good will be maximized by maximizing the reach and frequency of market transactions. Most states have partially moved to neoliberalism. Competition for best economic development began after the 1970s. General progress of neoliberalization has been driven by mechanisms of uneven geographical developments.