Exploring the Concepts of Neoliberalism and Power

Exploring the Concepts of Neoliberalism and Power
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Question 1: Neoliberalism
Neoliberalism is a buzzword, frequently misunderstood and misapplied without a nuanced understanding of its ramifications. This essay seeks to explore, in light of existing literature, the meaning and implications of neoliberalism. This approach is necessary for developing a common understanding of the concept and informing discussions regarding the relevance of neoliberalism in solving problems that persistently plague the contemporary society. Opinions vary over the definition and effects of neoliberalism on Latin American and U.S. citizens, but the thrust of literature points to its adverse effects.
Neoliberalism is an economic model with as many definitions as those who have attempted to define it. Portes and Hoffman (2003) view neoliberalism as an old practice serving as a reminder of an epoch when Latin American countries were active players in the global economy. During this era, participation anchored on each nation’s “differential advantages as producers of primary goods while importing manufacturers and technology from the industrialized world” (p. 41). From this description, it is apparent that neoliberalism is not entirely a new concept, and it is purely driven by the dissimilar distribution of resources that translate into goods for exchange in the market. However, as comprehensive as Portes and Hoffman’s definition may seem, it has not been universally acknowledged.
Other scholars’ attempts to define neoliberalism confirm that the terminology applies differently to different people and scholars. Acknowledging the lack of consensus among scholars regarding various tenets of neoliberalism, Dávila (2012) informs that this concept is marked by “a range of policies and a worldview that promotes state deregulation and the privatization of services while fostering individualism, entrepreneurship, market logic, and free-market approaches in the guise of better and more efficient government” (p. 5). Put differently, the author views neoliberalism as a means towards privatization, and it is achievable through market-driven reorganization of the economy.
Recent studies have also demonstrated a tendency to conceptualize neoliberalism regarding what characterizes it. In his publication, Collins explains that the model is characterized both by limited state control, which favors the market, as well as “complex realignments in its structures and means of funding citizens’ initiatives put in place around attempts to monetize novel areas of social life” (2015, p. 367). This definition builds on an earlier observation that neoliberalism is an ideology, not an objectively apparent assortment of processes, which readies the existential ground for commodification (Collins, 2008).
Neoliberalism affects society differently. Dávila (2012) explored both positive and negative effects of neoliberalism. The researcher noted that this model coincided with protection for government services that enhance security and business viability in New York. On the other hand, in Latin America, neoliberalism fueled ethnic politics and promoted the political involvement of mi...