The Genealogy And Origin Of Neoliberal Globalization

Neoliberalism according to Ritzer is the, “Liberal commitment to individual liberty, a belief in the free market, and opposition to state intervention” (37). Neoliberalism emerged in the 1930s and it is based on the ideas of classical economics (Ritzer, 37). Neoliberalism is harmful to human rights and does not improve the lives of others. On the universal declaration of human rights we can see thirty rights that humans are all entitled to (“The Universal Declaration of Human Rights”). Human rights under articles twenty-two, twenty-three, and twenty-five are all rights that neoliberalism violates.

One interesting feature of Neoliberalism is the Prisoner’s Dilemma. In this two-players game “it is assumed that the only concern of each individual player is to maximize their own advantage, with no concern for the well-being of the other player” (Dunne et all. p.356). States are self-interested actors. Each player make a choice without knowing what the other will do. That is why each player is acting to avoid the worst outcome that could result from the other player’s action. There is no best strategy in the Prisoner’s Dilemma because the strategy that works best depends on what strategy the other player is using. There is uncertainty, states can never be sure about the intentions of other states. This dilemma fashion illustrates

Neo-liberalism is associated with economic liberalism whose campaign support provides economic liberations, free trade and open markets, privatization, deregulation and promoting the role of private institutions present in new society. Classic liberalism criticizes the neo-liberalism objective of introducing liberalization to bring about gradual increase of wealth and freedom among nations, however, classic liberalism explains that instead of realization of wealth and freedom, liberalization resulted to constant fight proposals that threatened the progress of achieving wealth and freedom among nations. Neo-liberalism aimed to prevent and control monopoly situations such that if there are no bodies

(http://www3.ul.ie) like liberalism before, neo liberalism proposes free markets, this encourages privatisation and deregulation of international trade and commerce. Neo-liberalism believes in the freedom of the individual and that they are responsible for their own welfare, George & Wilding (1865) explain that society should be politicised through a set of maxims, the key being that the individual would be better at performing and undertakings that the state would have previously performed, as a result placing responsibility on the individual for their own welfare. (http://www3.ul.ie/). Neo liberalists believe that state owned companies are not efficient, they push for the market to be moved from a public sector to a more private one where all individuals will benefit and the economy will develop economically. (Lundqvist, 2001, pp.

Overall in this era there was social insecurity from de-socialized wage labor, and increasing inequality. The source of social insecurity was neoliberalism. Neoliberal government became the dominant ideology within this time frame. What is neoliberal government? It is the belief in the free market, which is the economic deregulation that stresses how important it is for the economy

Neoliberalism can be best defined as a policy model that embodies free market competition. It focuses on deregulation of private activity, and production primarily for export and fiscal austerity in order to protect secure investment (Hershberg and Rosen

“…an ensemble of economic and social policies, forms of governance, and discourses and ideologies that promote individual self-interest, unrestricted flows of capital, deep reductions in the cost of labour, and sharp retrenchment of the public sphere. Neoliberals champion privatization of social goods and withdrawal of government from provision for social welfare on the premise that competitive markets are more effective and efficient.” (Thinnes, 2017)

To comprehensively understand the neoliberal institutional approach to world politics, it is also necessary to understand its opposing theory of neorealism. While the two schools of thought disagree on the implications of political structure, both scholarships share similar epistemology and asks largely the same questions which is why Keohane and Martin(1999:3) refer to neoliberal institutionalism as “the half sibling of neorealism”; making it insufficient to discuss one without comparing it to the other. Therefore I have framed much of my definition of neoliberal institutionalism in the context of the ‘neo-neo’ debate.

According to Wilson, Neoliberalism presents itself as an organic tradition, but her book argues against such an idea. Neoliberalism is not ground-breaking, but it rather adopted previous ideas of freedom. Our society remains ingrained in the principle of competition as a fuel of capitalism which has created spaces of "self-enclosed individualism." All popular schools of thought ascribe to the support of competition as Wilson references the Democratic and Republican alignments. Her description assigns four phases to the acceptance of neoliberalism, eventually leading to a fight to privatize all sects of life, diminishing the line between public and private.

Neo-liberalism is the economic belief that free market forces achieved by minimising government limitations on business provide the lone route towards economic growth shifting control from the public sector into the

Often time people think of neoliberalism as a philosophy that links to the US since it is the most dominant economy power that is proud of its freedom to trade. However, Peck, Jamie (2014) described the word neoliberalism

Neoliberalism is a new form of economic policy. It is a very contemporary concept, having become more relevant in the last half of the century. As defined by Jean Hardisty in the article From the New Right to Neoliberalism, “Neoliberalism is the economic, social, and political analysis that best describes the startlingly unequal distribution of wealth and power in the U.S. today.” In other words, everything that is wrong with our government today is a product or effect of Neo-Liberalism. Because of Neoliberalism, the people who are rich and in power remain and in power and actually continually get richer while the unfortunately, the poor stay poor and have little to no way to climb the ladder of equality.

Likewise, it failed to outline concrete goals for the future and, as neoliberals were quick to point, espoused perilous utopian sentiments. By contrast, the neoliberal position had the advantage of modeling itself on the successes of Western free market economies. For this reason, it promoted itself as aspiring towards concrete and realistic goals. Furthermore, neoliberals enjoyed a rhetorical advantage over the proponents of the third way approach since the former relied on a binary thinking that pitted the new vision of market reform against the old vision of failed socialist planning. On the contrary, those on the Left who continued to espouse egalitarian and collectivist ideas appeared to be compromised by their association with the marred legacy of the old socialist system (Bohle and Neunhöffer

Neoliberalism dominated much of the world in the 1980’s and 90’s, with the philosophy that markets are self-regulating so do not require state monitoring (Cypher and Dietz, 1997). Margaret Thatcher, and Ronald Reagan led the way in the global north, promoting deregulation and privatisation of state enterprises (Gregory et al. 2009). Thatcher famously stated, ‘there is no alternative’, immediately dismissing any policies in opposition to neoliberalism (Munck, 2003). However, the neoliberal way of thinking was objected in the 1990’s, particularly in Venezuela where neoliberal policies under Carlos Andrés Pérez’s presidency, entailing widespread privatisation and deregulation (Ellner 2008, pp.92) resulted in looting killing 227 people and injuring

Critically compare the neorealist and neo-Marxist approaches to globalization. Which approach is most useful in your view?