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Neoliberalism and Its Limits - 051823 - 075049

Neoliberalism is an economic and political ideology that promotes free market capitalism, deregulation, and privatization while minimizing government intervention. It has been criticized for increasing income inequality and weakening labor rights, yet proponents argue it fosters economic growth. The document outlines the historical context, key figures, and core components of neoliberalism, particularly its impact on cities and globalization.

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Dominic Boco
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181 views14 pages

Neoliberalism and Its Limits - 051823 - 075049

Neoliberalism is an economic and political ideology that promotes free market capitalism, deregulation, and privatization while minimizing government intervention. It has been criticized for increasing income inequality and weakening labor rights, yet proponents argue it fosters economic growth. The document outlines the historical context, key figures, and core components of neoliberalism, particularly its impact on cities and globalization.

Uploaded by

Dominic Boco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Neoliberalism and

its Limits
1. Neoliberalism and the city
2. Components of Neoliberalism
3. Cities and Economic Change
Objectives
At the end of the topic, students will be able to:
• Justify how does Neoliberalism affect globalization
• Understand the Brief history of the Neoliberalism
• Define what is Neoliberalism in the city
https://youtu.be/DLtxUiwY6j8?si=cd1drpTrliy_uVz9
What is Neoliberalism?

Neoliberalism is an economic and political


ideology emphasizing free market capitalism,
deregulation, privatization, and reduced
government intervention in the economy. It
advocates for minimizing state control and
promoting individual initiative, competition,
and entrepreneurship.
The term “Neoliberalism’ gained prominence in the late
20th century, particularly with the rise of globalized
markets and neoliberal reforms.

Critics argued that neoliberalism exacerbates income inequality,


weakens labour rights, and fosters financial instability while
proponents asserts that it fosters economic growth and efficiency.
Neoliberalism and the city
Neoliberalism, a policy model-bridging politics, social studies, and
economics – that seeks to transfer control of economic factors to the
private sector associated with laissez-faire economic liberalism and free
market capitalism.

Laissez-faire the policy that prescribes a minimal


amount of government interference in the economic
issues of individual and society
A Brief History of Neoliberalism

• Harvey traces the intellectual roots of neo-liberal thought to the


Austrian political philosophical Friedrich von Hayek (author of The
Constitution of Liberty)
• David Harvey is distinguished Professor of Anthropology at the City
University of New York, well known for his research and writing on
globalization and social change.
Harvey sees Neoliberalism as a tool
for consolidating capitalist power
and increasing inequality, while
Hayek viewed it as a system
promoting individual freedom and
economic efficiency.
Neoliberalism And The City

• The government of the market must be shielded from democratic


processes and common good ideals and put in the hands of export
economists who are the early ones capable of constructing and
regulating free market environment.
Roland Reagan

• 40th U.S president (1981-1989)


• “in this present crisis government is not the
solution of our problems; government is the
problem’
• ‘Reaganomics”
Deng Xiaoping

• As leader of the Communist party 1978-1992, a


reformer who led China towards a market
economy.
• “to learn knowledge and truth from the West in
order to save China”
Augusto Pinochet

• President of the Government Junta 1973-


1981. President of the Republic of Chile 1974-
1990.
• Killed, interred and tortured thousands of
political opponent
Core Concept of Neoliberalism
• Society should be shaped by the free market as the economy
should be deregulated and should be privatized.
• This theory sees free trade and free market inevitable for the
flourishing of human kind.
• The proponents of neoliberalism believe that the
interference of government in free market system promotes
inefficiency and stagnation.
Components of Neoliberalism
• Deregulation – reduces government control over industries.
• Privatization – transfers ownership of state-owned assets or services to the
private sector.
• Free trade – reduces barriers to international trade, such as tariffs and quotas.
• Austerity – involves reducing government spending and deficits, often
through cuts to public services.
• Tax Cuts – lowering income tax rates for high-income earners.
• Competition – seen as a way to drive innovation, efficiency, and lower prices.
• Free market ideology – underlying belief in the efficiency and effectiveness of
free markets with minimal government intervention.

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