Criticisms of Neoliberal Social Theory

Paper Summary:

This paper defines this theory which has been known and defined as a philosophy or thinking that promotes the continuous production and distribution of goods and services, and is adapted after the concept of Neoclassical economy that the economist Adam Smith had introduced in his book, "The Wealth of Nations". It explains that Neoliberalist theory is characterized by a number of important aspects, which are the following: It promotes a stable currency, free market capitalism, and free trade . The paper then presents various criticism of this theory.

From the Paper:

"Further, neoliberalism advocates not only for deregulation, self-regulation, and free trade, but also to privatization of business enterprise (both private and public) as well as the development of globalization in the nation's economy. Free trade, privatization, and globalization all contribute to economic growth, making neoliberalism an ideal framework not only to developed and wealthy nations, but most especially to developing countries. More importantly, neoliberalism encourages the occurrence of change in the way of "changing perceptions of public and community good to individualism and individual responsibility" (Shah 2001). This is perhaps the essential change that occurs in neoliberalism, aside from the economic growth of market economies. Although neoliberalism is deemed a good concept to implement when it is applied in the economic schema of a nation, but neoliberalism also poses several problems that can result to society, since it changes the society from being a collectivist culture to an individualist one. Although individualism is a good quality in a culture, there are certain cases wherein individualism can be harmful, especially in economic and business competition, which neoliberalism harbors."

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