Neoliberalism Power Point Report

ne·o·lib·er·al·ism
A liberal who de-emphasizes traditional liberal doctrines in

order to seek progress by more pragmatic methods.
A modified form of liberalism tending to favor free-market
capitalism.
"social and political issues surrounding neoliberalism"
Neo-liberalism is a set of economic policies that have
become widespread during the last 25 years or so.
Although the word is rarely heard in the United States,
you can clearly see the effects of neo-liberalism here as
the rich grow richer and the poor grow poorer.. Around
the world, neo-liberalism has been imposed by powerful
financial institutions like the International Monetary
Fund (IMF), the World Bank and the Inter- American
Development Bank the capitalist crisis over the last 25
years, with its shrinking profit rates, inspired the
corporate elite to revive economic liberalism. That's what
makes it 'neo' or new.
History
• Neoliberalism is the intensification of the influence and dominance of capital; it is
the elevation of capitalism, as a mode of production, into an ethic, a set of political
imperatives, and a cultural logic. It is also a project: a project to strengthen, restore,
or, in some cases, constitute anew the power of economic elites. Capital is not simply
money, property, or one economic variable among others. Rather, capital is the
organizing principle of modern society. It should be recalled that, in his Grundrisse,
Marx explicitly argued that capital is a process that puts into motion all of the other
dimensions of modern economic, political, social, and cultural life. It creates the
wage system, influences values, goals, and the ethics of individuals, transforms our
relation to nature, to ourselves, and to our community, and constantly seeks to mold
state imperatives until they are in harmony with its own. Neoliberalism is therefore
not a new turn in the history of capitalism. It is more simply, and more perniciously,
its intensification, and its resurgence after decades of opposition
from the Keynesian welfare state and from experiments with social
democratic and welfare state politics.
• Neoliberalism is therefore not a new turn in the history of capitalism. It is
more simply, and more perniciously, its intensification, and its resurgence
after decades of opposition from the Keynesian welfare state and from
experiments with social democratic and welfare state politics.
Neoliberalism, as Harvey tells us, quoting Paul Treanor in the process,
‘values market exchange as “an ethic in itself, capable of acting as a guide
to all human action, and substituting for all previously held ethical
beliefs,” it emphasises the significance of contractual relations in the
marketplace. It holds that the social good will be maximised by
maximising the reach and frequency of market transactions, and it seeks
to bring all human action into the domain of the market.’ (p. 3)
- A Brief History of Neoliberalism by David Harvey, Oxford University Press, 2005, 256.
pp.
Michael J. Thompson
Origin
• An early use of the term in English was in 1898 by the French economist
Charles Gide to describe the economic beliefs of the Italian economist
Maffeo Pantaleoni, with the term "néo-libéralisme" previously existing
in French, and the term was later used by others including the classical
liberal economist Milton Friedman in his 1951 essay "Neo-Liberalism
and its Prospects. In 1938 at the Colloque Walter Lippmann, the term
"neoliberalism" was proposed, among other terms, and ultimately
chosen to be used to describe a certain set of economic beliefs. The
colloquium defined the concept of neoliberalism as involving "the
priority of the price mechanism, free enterprise, the system of
competition, and a strong and impartial state".
• To be "neoliberal" meant advocating a modern economic policy with
state intervention. Neoliberal state interventionism brought a clash with
the opposing laissez-faire camp of classical liberals, like Ludwig von
Mises. Most scholars in the 1950s and 1960s understood neoliberalism
as referring to the social market economy and its principal economic
theorists such as Eucken, Röpke, Rüstow and Müller-Armack. Although
Hayek had intellectual ties to the German neoliberals, his name was
only occasionally mentioned in conjunction with neoliberalism during
this period due to his more pro-free market stance.
• During the military rule under Augusto Pinochet (1973–1990) in Chile,
opposition scholars took up the expression to describe the economic
reforms implemented there and its proponents (the "Chicago
Boys"). Once this new meaning was established among Spanish-
speaking scholars, it diffused into the English-language study of political
economy. According to one study of 148 scholarly articles, neoliberalism
is almost never defined but used in several senses to describe ideology,
economic theory, development theory, or economic reform policy. It
has largely become a term of condemnation employed by critics and
suggests a market fundamentalism closer to the laissez-faire principles
of the paleoliberals than to the ideas of those who originally attended
the colloquium.
• This leaves some controversy as to the precise meaning of the term and
its usefulness as a descriptor in the social sciences, especially as the
number of different kinds of market economies have proliferated in
recent years.
• Another center-left movement from modern American liberalism that
used the term "neoliberalism" to describe its ideology formed in the
United States in the 1970s. According to political commentator David
Brooks, prominent neoliberal politicians included Al Gore and Bill
Clinton of the Democratic Party of the United States. The neoliberals
coalesced around two magazines, The New Republic and the
Washington Monthly. The "godfather" of this version of neoliberalism
was the journalist Charles Peters, who in 1983 published "A Neoliberal's
Manifesto".
Principles
• "...contrary to classical liberal • ...for purposes of public
doctrine, [the neoliberal] vision of the understanding and sloganeering,
good society will triumph only if it market society must be treated as a
becomes reconciled to the fact that 'natural' and inexorable state of
the conditions for its existence must humankind...
be constructed and will not come • A primary ambition of the neoliberal
about 'naturally' in the absence of project is to redefine the shape and
concerted political effort and functions of the state, not to destroy
organization... it...
• ...'the market' is posited to be an • ...Neoliberals treat... politics as if it
information processor more powerful were a market and promoting an
than any human brain, but essentialy economic theory of democracy...
patterned on brain/computational
metaphors... The market always
surpasses the state's ability to
process information...
Summary (in philosophy)
• Neo-liberalism is a set of economic policies that have become
widespread during the last 25 years or so. Although the word
is rarely heard in the United States, you can clearly see the
effects of neo-liberalism here as the rich grow richer and the
poor grow poorer....Around the world, neo-liberalism has been
imposed by powerful financial institutions like the
International Monetary Fund (IMF), the World Bank and the
Inter- American Development Bank....the capitalist crisis over
the last 25 years, with its shrinking profit rates, inspired the
corporate elite to revive economic liberalism. That's what
makes it 'neo' or new.

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ne·o·lib·er·al·ism

A liberal who de-emphasizes traditional liberal doctrines in

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