SOCIOLOGY. 3. 3. : SOCIOLOGY. SOCIOLOGY.

Running head: SOCIOLOGY
SOCIOLOGY
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SOCIOLOGY
Introduction
Neoliberalism is now a common yet problematic term for the current generation. The word has
been used since the 1980s to symbolize and explain many issues or to criticize a variety of things
in many areas of the social sciences and humanities, but also in public debate. Supported by
rising economic growth in industrial countries, the neo-liberal movement spreads (Vachon,
Wallace and Hyde 2016). It was also enhanced by the financial crises of the 1970s, which
revealed that firstly, the state, as well as governments, could have weak economic life regulators
and secondly, that a permanently state-run economy could not ensure economic development.
But according to the current data, it can be stated that the concept of neoliberalism involves
political success followed with the financial failure in reality. The thesis statement of the essay
argues with the possibility of whether neoliberalism is responsible for the majority of the global
challenges in the current decade.
Discussion
Neo-liberalism is indeed a political philosophy regardless of market principles including
empowerment of citizens, competition, consumerism, liberalization of capitalism, productivity,
privatization as well as profit maximization. Neoliberalism is indeed the prevailing philosophy
that coordinates, justifies and extends capitalist globalization (Sandıkcı et al. 2016). It stresses
market growth through Keynesian state intervention throughout the developing world as well as
through profitable development initiatives in the less developed world and structural reform
programme. The use of neoliberal concepts all over the world has environmental consequences
and repercussions for the people who live there.

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SOCIOLOGY
The neoliberal agenda appeared to crowd out any alternative political and economic policy
strategy systematically. On the level of politics, advocating neoliberalism reached tyrannical
rates with individual governments and regarded a threat to neoliberalism as a resistance to a
national life-style and, therefore, to preserve it (Rotarou and Sakellariou 2017). It was used as a
pretext for conducting regime change movements in some nations. In particular, the value chain
uses fairly efficient regulations and rewards to ensure that the neoliberal agenda is achieved and
promoted.
Neo-liberalism, however, has had a negative effect on vast numbers of people, especially in the
non-formal sectors of the developing world, due to job losses, environmental degradation,
increased poverty and alienation of nationalities and communities, while the net social gains
have been flimsy and still remain very open to debate. Nevertheless, it is clear that individual
financial institutions and corporations and some developed countries have greatly benefited
(Labonté and Stuckler 2016). Financial deregulation is the most visible privatization regression
of neoliberalism. Critical parts of neoliberal economic policy have expanded poverty and are at
risk of spectacular worldwide economic growth. According to Stockhammer (2016), while trade
liberalization helped to alleviate people out of debt in the developed world and increased some
privatization, the other aspects of the policy platform have been severely misrepresented.
The economic, political and social impacts of neo-liberalism have been widely studied, in
particular in the context of the structural adjustment programs introduced in African, Latin
American and former the Soviet Union, the crisis-stricken countries in the 1980s and 1990s.
Neoliberal policies have again been discussed with the recent economic crisis (Bal and Dóci
2018).