The Genealogy And Origin Of Neoliberal Globalization

1493 Words6 Pages
The genealogy or origin of neoliberal globalization began in the second half of the 20th century. Neoliberalism came into existence as form of government in many countries around the world. Neoliberalism is essentially a reassertion of class power where the rich become richer and with the removal of bureaucratic and state hurdles one is able to facilitate and strengthen the deregulation of capitalism. To the individual, neoliberalism implies that rationality, individuality, and self-interest guide all actions. It’s viewed as a global social science capable of explaining human behavior since all behavior is in fact thought to be directed by logical, individualistic, and selfish goals.
The foundational roots of neoliberalism were planted by a political economy theory which advocated for markets to be completely liberated from any type of governmental interference. These markets would be free from competition and free enterprise was promoted which would allow for economies to grow. Neoliberal ideas have drastically changed how states operate for starters by promoting a market-based economy that values competition and efficiency. Neoliberalism has also directly led to the economic rationalization of the state, the restructuring of state sectors, and the dismantling of the welfare state. However, there were in fact many consequences of these changes. For example, the U.S. and U.K. have seen consequences in the form of abolishment of subsidies and tariffs, the corporatization
Get Access