Another trend has been the accompanying attempts to deregulate and privatize formerly state-owned enterprises and de-fund social services resulting in private capital accumulation and profit by the dispossession of public wealth (Harvey, 2005). – Real Progressives. Creative Commons Attribution-NonCommercial 4.0 International License. The Decline of Public Schooling in California and the United States. Scottish journalist and blogger based in Dublin. Neoliberalism is a collection of economic policies that have emerged in the last 2-3 decades and which favor economic liberalization, open markets, free trade, deregulation, removal of license and quota system, and so on. Change ), You are commenting using your Google account. Coming from Engineering cum Human Resource Development background, has over 10 years experience in content developmet and management. We make sure we comply with all the European rulings and that we inform our readers and authors. Key Takeaways: Neoliberalism Neoliberalism is a model of free market capitalism that favors greatly reduced government spending, deregulation, globalization, free … This is a system that encourages profit motive and entrepreneurship. One such example is that capitalism is ‘freedom’ – that is, the freedom to sell one’s labor power to any employer, or to set up your own business by either having capital of your own or borrowing it from a lender such as a bank or individual investors. Keywords: crises, Kondratieff waves, late capitalism, accumulation, financial capital. Does this matter? The success of this latter economic doxa in recent decades has resulted in the near universality of the hybrid neoliberal state; the evolution of statist thinking where the arrogation of power and the accumulation of wealth have become synonymous with good government. Left unchecked, the further expansion of Neoliberalism can only result in the creation of a world not in the least worth living in. However, the term ‘neoliberalism’ is not widely known amongst the general public, and is not mentioned with any regularity in mainstream media, at least in the U.S. (Chun, 2017). This freedom also extends to the employer, who has the liberty as it were to fire or let go of any employee at a moment’s notice, and often without any legal ramification in doing so. ), Neoliberalism: A critical reader (pp. Introduction: What are economic representations and what’s at stake? However, the term ‘neoliberalism’ is not widely known amongst the general public, and is not mentioned with any regularity in mainstream media, at least in the U.S. (Chun, 2017). ( Log Out /  • Neoliberalism comprises the latest developments in capitalism. There is also a concept of Neoliberalism that refers to the emergence of ideas and thoughts in the economic world in the last 25 years or so. Watkins, S. (2010). A brief history of neoliberalism.New York: Oxford University Press. Any conception and portrayal of the economy, or what Ruccio (2008) has termed “economic representations,” shape and influence “how we understand...the consequences of those representations in terms of reproducing or strengthening the existing economic and social institutions and of imagining and generating new ones” (p. 7). Neoliberalism is an politico-economic means of social control. To some degree people should be socially and economically free to pursue their own interests, even their commercial and financial interests. Fill in your details below or click an icon to log in: You are commenting using your account. It is a system where rule of law is supreme, and the market is not governed by the state. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Why Did It Happen? Harvey, D. (2005). Sorry, your blog cannot share posts by email. The Long Time of Capital. It was put to me recently during a lecture, after posing a question in which I used the word ‘Neoliberalism,’  that the term “is problematic because it is nothing more than a synonym for Capitalism and therefore only confuses the issue.” It goes without saying that I didn’t agree. I argue that by employing the term capitalism in its stead, it calls attention to the economic system that has been in place now for several centuries, rather than its specific phase or manifestation, be it a Keynesian state-managed capitalism in alleviating gross economic inequalities by increasing social welfare, or a neoliberal state-managed capitalism in privatizing the public domain.