Ways Critics And Defender Of Neoliberalism Differ In Their Assessment (Essay Sample)
Intensive English class assignment:
While proponents of neoliberalism claim that free markets help people in both the global North and South, critics argue that neoliberalism exploits women and men, producers and consumers, the poor and middle class. Analyze in what ways critics and defenders of neoliberalism differ in their assessments of today’s global political economy and its outcomes. What is your position in this regard? Use a wide range of readings as well as section/plenary discussions and materials to support your arguments.
1. You are not allowed to use any other resources except the reading papers that I have uploaded for you.
2. You must use at least 5 readings from my uploads as the example or analysis. But I have uploaded all the readings to give you a choice of preference.
3. Answer all the questions from the assignment request.
Neoliberalism and free markets
Neoliberals advocates for privilege market forces over state interference in economic activities. Like the classical liberals in the 19th century, neoliberalism shares a strong notion of concentrated and collective power; they view the state as the epitome of power (Chang 13). Even though proponents of neoliberalism supports free markets because it promotes economic growth, free market opponents believe that neoliberalism exploits women, men, producers, consumer and both the poor and middle-class citizens. It is far to state that free market benefits everyone.
Ways critics and defender of neoliberalism differ in their assessment
Ideally, when the economic expands, wealth increases, therefore the poor in general are expected to be better off with the growing economy. This scenario was witnessed under the Soviet Union in 1980; poor workers were better off economically than in 1920 (Rodrik 22). Economic experts argue that economic growth does not necessary improve lives of the poor; what matters is the difference between classes and periods.
According to Milton Freidman, free markets have been the motivation behind mass migration witnessed in the United States. Fear and poverty have driven people from Atlantic to the US commonly referred to as the land of opportunity. At the beginning of 19th century, the US government did not impose licenses or red tape in business (Friedman 10). Immigrants were attracted by free markets, and most of them thrived on it. The need for free markets has driven people to migrate to bigger cities like New York making it the center of the garment industry. Ironically free market has broken every rule in the book (Friedman 5).
The true nature of a free market is seen in Countries like Hong Kong, Hong Kong is among few countries with limited natural resources but only thrive on one great harbor. Natural resources have never prevented Hong Kong from growing economically; instead, ships from every nation pass through the harbor because of Hong Kong promotes free trade with no tariffs on import and exports. The power of free markets has transformed one barren rock into a thriving success in Hong Kong (Chang 16).
Proponents of the free market believe that free markets give people choices to determine what they want and free markets will always have opportunities to be seized. Individuals can invest in any industry, trade with anyone and also buy cheaper goods. For instance, Hong Kong is an innovative country; it's a tourist center, paradise for shoppers and one of the renowned business centers in the east (Friedman 8). In Hong Kong, the ordinary individuals have benefited from the free market efforts. Hong Kong's neighbors China, people are not free in all their aspects .people cannot express themselves freely or move freely. Chinese's are willing to sacrifice their lives to attain freedom enjoy by the people in Hong Kong. (Friedman 17).
The basic principle underlying free markets is the magic of price system, the impersonal operation of price system pulls people to work together to cooperate and make products available for a trifling sum. Free markets are essential because it promotes productivity, efficiency and foster harmony and peace (Friedman 18).
Global political economy and its outcome
Human and political freedom cannot exist without economic freedom, this is witnessed in places like Hong Kong, and Hong Kong adopted appalling economic practices forcing people to migrate to America to experience real freedom poverty (Rodrik 29). I believe that poverty exists to some degree in each and every country there is not a perfect system that can easily elimi...
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