Capitalism

Neoliberalism: A Very Short Introduction

Neoliberalism: A Very Short Introduction

Manfred B. Steger

Language: English

Pages: 168

ISBN: 019956051X

Format: PDF / Kindle (mobi) / ePub


Anchored in the principles of the free-market economics, "neoliberalism" has been associated with such different political leaders as Ronald Reagan, Margaret Thatcher, Bill Clinton, Tony Blair, Augusto Pinochet, and Junichiro Koizumi. In its heyday during the late 1990s, neoliberalism emerged as the world's dominant economic paradigm, stretching from the Anglo-American heartlands of capitalism to the former communist bloc all the way to the developing regions of the global South. Today, however, neoliberalism has been discredited as the global economy, built on its principles, has been shaken to its core by the worst financial calamity since the 1930s. Is neoliberalism doomed or will it regain its former status? Will the new U.S. President Barack Obama embrace or reject the neoliberal agenda of his predecessors in the White House? And how will his decision impact the current global economic order? Is there a viable alternative to neoliberalism? Exploring the origins, core claims, and various forms of neoliberalism, this Very Short Introduction offers a concise and accessible introduction to one of the most debated "isms" of our time.

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the merits of these neoliberal reforms – and certain that the Yeltsin government was the most reliable agent to carry out them out – that he was willing to turn a blind eye to the Russian President’s increasingly authoritarian actions, including the dissolution of Parliament, the suspension of the Constitutional Court, pervasive censorship, and the escalation of the conflict in Chechnya into a full-blown war. As a result of the 1997–8 Asian financial crisis, Russia suffered a sharp decline in its

Since assuming power in 2003, President Hu Jingtao has pressed forward with neoliberal reforms in such critical areas as science and technology, intellectual property rights, and trade policy. At the same time, however, his government has remained committed to a state-managed transition to a market system. For example, the CCP continues to control the prices and supply of water and power. It also subsidizes the inefficient energy sector, which feeds the country’s gigantic manufacturing base.

trillion package to supplement the $5 trillion stimulus to the global economy by individual countries. $750 billion – the lion’s share of the 1.1 trillion – will go to the IMF, the rest to the World Bank and other institutions to restore credit, jobs, and increase lending to vulnerable countries. . More power for leading developing countries such as China and India to determine IMF and World Bank policies. . $200 billion of trade finance over 2009–10 to help reverse the decline in world trade.

development 76 China 86 D–L–P Formula 14, 136 Ghana 110, 114–15 India 94, 96 Japan 81–3 Latin America 98, 100, 103 Thatcher administration 38, 41, 75 United States 34, 57, 75 protectionism 3, 35–6, 77, 79, 106, 111–12, 121 public choice theory 30 public policies 11, 14–15, 21, 30 public–private sector cooperation 77, 79, 94–5, 134 Obama, Barack 1–2, 134 NAFTA (North American Free Trade Agreement) 37–8, 56, 107, 110 National Health Service (NHS) 44–5, 71 nationalism 36, 45, 80, 92, 93, 99

contexts. Worshipped by their followers and detested by the Keynesians, neoliberals succeeded in the early 1980s in setting the world’s economic and political agenda for the next quarter century. As we shall discuss in Chapters 2 and 3, they argued that crippling government regulation, exorbitant public spending, and high tariff barriers to international trade had been responsible for creating conditions that led to high inflation and poor economic growth throughout the industrial countries in the

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