COMM 289 Lecture Notes - Lecture 25: Investopedia, Neoliberalism, The New Jim Crow
29 Oct 2018
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Comm 289 Lecture 25
The Rise of Neoliberalism
• Neoliberalism
o “Liberal” in the US has a different meaning than in the rest of the world
▪ In the US
You favor state intervention in the economy
▪ Rest of the World
Means supporting free-market policies and limiting government
regulation
Not state intervention
o Quote 1 (Kotz)
▪ Forget the American version of liberal
▪ Think about it in the rest of the world
▪ Neoliberalism is the form that capitalism has taken in the last 30 years
o From 1945 the era of “regulated capitalism”
▪ Corporate power was balanced off by state power
▪ Keynesian economic policy
The government is very involved in the economy
Makes major investments in jobs and economics
o Quote 2 (Kotz)
▪ Shift from regulated capitalism to unregulated capitalism which is what
neoliberalism is
▪ Transfers control of the economic functioning of the society from the
public to private forces
▪ UNDERSTAND THE BASIC SHIFT THAT HAS TAKEN PLACE
o Quote 3 (Investopedia)
▪ Neoliberalism frees up corporations from any kind of regulation by
democratic institutions, such as government
▪ Broad, global movements
Not limited to one society
o Quote 4 (Margaret Thatcher)
▪ No such thing as society
Just individuals (men and women) and families
The best way to move society forward is to work in our own best
interest
But this is not how it works
o Quote 5 (Harvey)
▪ Neoliberalism has become a hegemonic mode of discourse
Has effects on ways of thought and common economic practices to
the point that it has become common sense in how we move
through the world
Spread through the economy to the society as a whole
Document Summary
The rise of neoliberalism: neoliberalism, liberal in the us has a different meaning than in the rest of the world. You favor state intervention in the economy: rest of the world. Means supporting free-market policies and limiting government regulation. The government is very involved in the economy. Not limited to one society: quote 4 (margaret thatcher, no such thing as society. Just individuals (men and women) and families. The best way to move society forward is to work in our own best interest. But this is not how it works: quote 5 (harvey, neoliberalism has become a hegemonic mode of discourse. Has effects on ways of thought and common economic practices to the point that it has become common sense in how we move through the world. If you keep workers insecure, they will not ask for more. Top 10% income is pulling away from the rest: hourly wages.
