Neo Liberalism And Neoliberalism

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Neoliberalism is a theory of political economic practices that advocates for the maximization of entrepreneurial freedoms within an institutional framework characterised by private property, individual liberty, unencumbered markets, and free trade. The market, based on freedom of choice and respect for private property and individual rights, and underpinned by competition among producers and consumers alike, is seen as the ideal and optimal vehicle for the realization of human ends. This policy model of economics and social sciences believes in transferring control of the private sector from the public sector. Neo liberalism derives its basic principles from neoclassical economics and advocates that the role of the state is to create and preserve…show more content…
It may also mean the government outsourcing of services or functions to private firms, e.g. revenue collection, law enforcement, and prison management. The neoliberal project features the corporatization, commodification, and privatization of previously public assets. It aims at the accumulation of capital from domains that were previously thought to be off-limits. The process of privatization amounts to the transfer of assets from the public and popular realms to the private and class-privileged…show more content…
e) Promotion of a neoliberal paradigm of globalisation: World economic integration based on ‘free’ trade; no capital controls; International Monetary Fund (IMF), World Bank (WB), World Trade organisation (WTO) as international policy brokers. As neoliberalism rose in 1970s in various forms around the world as a system of governance, in some cases the results were very different than what neoliberalism intends them to be. The countries were neoliberalism failed saw a devastating effect on the poor sections of the society. Thus many argued that this was the very intent of neoliberalism while others defended its

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