Neo-liberalism and Economic Globalization: Definitions and Key Aspects

This article defines and explains Neo-liberalism and Economic Globalization, using the works of Richard Peet, David Harvey, and Manfred B. Steger. It explores the market-oriented policies of Neo-liberalism, including deregulation and privatization, and the multi-dimensional phenomenon of Economic Globalization, which involves economic, political, ideological, technological, environmental, and cultural factors. The article also discusses the impact of these concepts on the global economy and their role in contributing to Gross Domestic Product and National Income of a country.

Task 1 & 2

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................2
Part 1................................................................................................................................................2
Define Neo-liberalism Use at least one of Richard Peet or David Harvey in your answer. . .2
Part 2................................................................................................................................................3
Define economic globalization using Steger..........................................................................3
CONCLUSION................................................................................................................................5
References:.......................................................................................................................................6

INTRODUCTION
Economic globalization refers to the growing reliability of global economics as a
result of the increasing scale of transverse delimitation business of units . It reflects the
continuing discussion and mutual integration of market frontiers and is irreversible fast
growing importance of details in each kinds of productive actions (Hall, and Werbner,
2020.). The improvement of science and technologies has greatly reduced the value of
conveyance and connection creating economic globalisation affirmation. On the other hand,
Neo-liberalism is a major approach in which there is a tough competition in the marketplace as
market players are set free to compete with each other.
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MAIN BODY
Part 1
Define Neo-liberalism Use at least one of Richard Peet or David Harvey in your answer
Neo-liberalism is considered as key approach and theory in which there are policies
which are market oriented. In the concept of Neo liberalism, there is pricing controls which
enables to cope with contemporary business environment. In Neo-liberalism the deregulation of
capital markets and also there is lowering of trade barriers. In this approach, there is reducing
performed through austerity and privatization (Economic globalisation and its dimensions,
2022). In the Neo-liberalism, there is a major influence on whole economy which leads to
creating development based practices (Whyte, 2019). In the Neo-liberalism, the practice of free
market competition to develop free play of market forces. All major companies in the
international and national marketplace focus on development of Neo-liberalism in order to gain
competitive advantage. In the economy where there is free play of market forces ensures
development of whole country. In the developed countries like United States and United
Kingdom the practice of Neo-liberalism is prominent which helps in growth and expansion. In
this concept, there is a stiff competition between companies and lead to create a tough
competition. The demand and supply is also at an optimum level in the economy in concept of
Neo-liberalism (Bacevic, 2019). The neo-liberalism is considered as key philosophical view in
which there is also a major type of competition as characteristic of human relations. This concept
also brings freedom of trade and capital in the economy which is a major aspect.
According to David Harvey, Noe-liberalism is a theory of the political economic
practices which propose that the human well being can excellent best be advanced by the
liberating individual entrepreneurial skills and freedom within institutional framework featured
by free trade and free market and a strong private property rights. term which is used to defined
20th century resurgence of the 19th century ideas and thoughts associated with the free market
capitalism. NEO liberal state should favor a strong individual property rights, laws and
institution of the freely functioning free trade (Arfken, 2018). In the Neo-liberalism, there is a
major change in the structure of economy which play an important role in increasing the welfare
of whole society. The act of Neo-liberalism also states that, in the recent times there is an urgent
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need of settlement of economic factors. This is also one of the major role of an economy in
developed or developing countries to focus on practice of Neo-liberalism to ensure marketplace
success. This is also one of the key role of an economy to take into consideration all practices
and elements of Neo-liberalism to ensure market success.
Part 2
Define economic globalization using Steger
Manfred B. Steger describe the economic globalization as the expansion and increase in
the social relations along with the awareness across the world time and world space. In simple
words, it can be said as the multi dimensional phenomenon which involve economic, politics,
ideology, technology, environment and culture. The term globalization refer to speed up of the
movement and exchange ( of goods, humans being, services, technology, capital and many more)
all over the planet. Main effects of the globalization is that it increase an interaction between
different population and regions around across the world. In globalization, there is
interdependence and interconnections of countries and people (Smith, Burke, and Ward, 2020) It
is understood to involve two intern related components: opening of international borders in order
to increase fast flow of goods and services, people, fiance and many more and second is changes
in the institution and polices at the national and international level which facilitates and promote
such flows (Economic globalization and its dimensions, 2022). This definition have been
presented by the Manfred B. Steger. In simple words, it can be defined as the increase in shared
and conviction under which all the people are being governed through their own rule of law and
consent. The globalization is considered as key factor which has enabled expansion of companies
in the international marketplace. All major companies in the international and national
marketplace focus on development of key approach related to trade with the help and support of
globalization. The act of globalization helps a company to perform international operations. The
main bodies like World Trade Organization and United Nations helps in controlling trade related
to operations. It is major responsibility of a business to focus using information and technology
to facilitate overall development of the economy.
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Economic globalization is defined as the process of improving interdependence of global
economies as an outcome of the improving scale of cross bordered trade of goods and services
(Cohen, 2018). It also include the exchange or flow of international capital and broad and fast
extended of technologies (Ifeakachukwu, 2020). The concept of globalisation investigates the
ideologies underlying globalisation which endow it with values and meanings. Economic
globalisation is considered as key practice which helps in contributing to Gross Domestic
Product and National Income of a country. Also this concept plays a key role in overall growth
of whole economy which is a major point. The promotion of economic policies and plans should
be developed by a company by taking into consideration major approach of the company. The
economic globalisation is considered as key approach which is beneficial for overall
development of country and also provide employment opportunities.
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CONCLUSION
It is concluded from above report that Globalization of the fiscal sector has get over the
most quickly processing and most authoritative aspect of economical process. Planetary
management came into serve the inevitably of world-wide trade and assets activities.
Nevertheless, along with the alteration of economic globalisation, it has get along more and more
self-reliant. They have been using these benefit to upgrade and influence the alteration of
economic process.
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References:
Books and Journals
Hall, S. and Werbner, P., 2020. Cosmopolitanism, Globalisation and Diaspora 1.
In Anthropology and the new cosmopolitanism (pp. 345-360). Routledge.
Smith, C., Burke, H. and Ward, G.K., 2020. Globalisation and indigenous peoples: threat or
empowerment?. In Indigenous cultures in an interconnected world (pp. xviii-24).
Routledge.
Ifeakachukwu, N.P., 2020. Globalisation, economic growth and income inequality in
Nigeria. Indian Journal of Human Development, 14(2), pp.202-212.
Cohen, R., 2018. Diasporas, the nation-state, and globalisation. In Global history and
migrations (pp. 117-143). Routledge.
Hajisoteriou, C. and Angelides, P., 2020. Efficiency versus social justice? Teachers’ roles in the
epoch of globalisation. Education, Citizenship and Social Justice, 15(3), pp.274-289.
Whyte, J., 2019. The morals of the market: Human rights and the rise of neoliberalism. Verso
Books.
Bacevic, J., 2019. Knowing neoliberalism. Social Epistemology, 33(4), pp.380-392.
Arfken, M., 2018. From resisting neoliberalism to neoliberalizing resistance. Theory &
Psychology, 28(5), pp.684-693.
Online
Neo-liberalism and its aspects, 2022[Online]Available
through:<https://www.britannica.com/topic/neoliberalism>
Economic globalisation and its dimensions, 2022[Online]Available
through:<https://www.sciencedirect.com/topics/economics-econometrics-and-finance/economic-
globalization>
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