Concept of Neoliberalism and Democracy

Added on - 28 May 2020

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NeoliberalismStudent Name:Student ID:Unit Name:Unit ID:Date Due:Professor Name:1|P a g e
IntroductionIn 20thcentury there is a resurgence of 19thcentury idea of laissez-faire economic liberalism,which are known as neoliberalism[ CITATION Laz09 \l 1033 ].The concept encompasses economicliberalization aspects as austerity, privatization, free trade, deregulation also decreasinggovernmental spending for uplifting role of private sector’s role within the economy. It is amarket based idea which is a proposed paradigm shift from post war Keynesian consensus. Thescope of this analysis provides the theory’s approach towards human nature, conflict andcooperation across international system. This analysis provides strengths and weaknessesassociated with the theory, with their perspective in international political scenario.AnalysisThe term neoliberalism has been used form 20thcentury but its conceptual meaning was on therise since 1970s and 1980s[ CITATION Cas111 \l 1033 ].The term originated in 1898 used byCharles Gide, a French economist on the beliefs of Maffeo Pantaleoni an Italian economists. Itwas primary used to be regarded as an intervention that opposed laissez-faire. However, mostscholars in 1950s and 1960s regarded the concept as being a social market economy. It had beenwidely used by social science scholars and also by modern critics. It is a social studies policymodel that provides economic factors transfers. This theory regards humans will emerge withcompetitive structure of the market if the government takes certain steps. Some steps whichgovernments can take in such market structures includes limiting subsidies, making tax reforms,expansion of tax bases, reduction I n deficit spending, opening markets to trade and limitingprotectionism. Such types of market often believes in abolishment of fixed rates of exchange,permitting of private property, backing deregulation and privatization of businesses. Therefore, itdoes away with possible barriers and regulations existing within the economy by freeing marketparticipants to do what they can do best. It is a laissez-faire approach towards economicdevelopment[ CITATION Jac16 \l 1033 ]. Within the international systems of trade, there are tradebarriers and regulations allowing for export import policies and restriction on trade of goods.This theory provides a conflict within the international system by doing away with all possibletrade barriers and regulations. There are various trade barriers in the international system, but2|P a g e
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