This website uses cookies to ensure you have the best experience. Learn more

The Devastating Effects Of Neoliberal Policies

1498 words - 6 pages

Neoliberalism, also called free market economy, is a set of economic policies that became widespread in the last 25 years. The concept neoliberalism, have been imposed by financial institutions that fall under the Bretton Woods such as the International Monetary Fund (IMF), World Trade Organization (WTO) and World Bank (Martinez & Garcia, 1996). One of the famous economists published a book called “The Wealth of Nations” in which he said in it that free trade is the best way to develop nations economies (Martinez & Garcia, 1996). He and other economists also encouraged the removal of government intervention in economic matters, no restrictions on manufacturing, removing borders and barriers between nations, and no taxes (Martinez & Garcia, 1996). The main goal of the economic globalization was to reduce poverty and inequality in the poorest regions. However, the effects of the neoliberal policies on people all over the world has been devastating (MIT, 2000).

Economic Growth
The neoliberal policies have benefited some people in generating great wealth for them, but controversially, the policies have failed to benefit the people who live in extreme poverty and those people are the most in need for financial support (Makwana, 2006). In the last 2 to 3 decades, the wealth disparity between nations as well as within nations has increased. Currently, one out of every 5 children in the United States is in a state of poverty, continual hunger, insecurity and lack of health care (MIT, 2000). This situation is becoming even more desperate. Between 1960 and 1980, the developing countries’ economic growth was 3.2 percent. Then it dropped significantly to 0.7 percent between 1980 and 2000, and this is the period when neoliberalism was dominating the economic globalization. At the same time, China did not follow the neoliberal economic policies, and its annual economic growth grew to over 8 percent (Makwana, 2006).
Moreover, the government economists used the annual economic growth to measure the progress in the developing countries. While we know the economic growth has benefits, the evidences show that those benefits did not trickle the 986 million people living in extreme poverty who represent 18% of the world population (Makwana, 2006). Therefore, both of the benefits of economic growth and the poverty levels have proved to be impossible because of the insufficient statistical measurement applied (Makwana, 2006). The economic growth is perfect for the corporations because it helped them in increasing their profits, productions, economic activities and political influence (Makwana, 2006). However, this has caused the inequality to grow more across the globe and the inability of the poor people to afford the high market prices.
Free Trade
Neoliberalism applies political forces to the advantage of the powerful and wealth at the expense of other nations. The North American Free Trade Agreement (NAFTA) is an example of free market that...

Find Another Essay On The Devastating Effects of Neoliberal Policies

The application of Bourdieu’s Theory to Neoliberal Principles and Practices

1294 words - 6 pages to impose the legitimacy of their domination either through their own symbolic production (discourse, writings, etc) or through the intermediary of conservative ideologists who serve the interests of the dominant fractions”. These dominant fractions are neoliberal conservative think tanks planted in the western modern world organizations for policy making such as IMF, WTO and the World Bank. They impose neoliberal beliefs and practices upon

Devastating Effects of Obsessive Compulsive Disorder on Individuals

2098 words - 9 pages psychologist diagnoses you with Obsessive Compulsive Disorder (OCD). Eventually the treatment you receive will help you realize the silliness of your anxiety, and the affect your disorder has had upon your family. OCD can have a devastating effect on an individual and his or her acquaintances. Not only is the sufferer affected by the symptoms, but the family is as well. However, OCD does not have to take over the sufferer and his or her

Discuss the effects of protectionist policies on the global economy

1233 words - 5 pages high income countries. However, industries such as textile, clothing and motor vehicles have a great deal of protection to lower the quantity of imports into the country.The methods of protection allow domestic economies to decrease the amount of imports coming in resulting in less trade in the global economy. Through bilateral and multilateral agreements, trading blocs and international organisations, an expansion in trade and reduced protection can occur. All of these forms have various effects on both the domestic global economy. The protectionist policies have positive and negative impacts on the global economy.Leading Edge Preliminary Economics - Tim Dixon

The Devastating Battle of Wounded Knee

806 words - 3 pages denied. Wounded Knee was a crucial event in the growing hostility between the Sioux Indians and the United States government. The repercussions of Wounded Knee are motionless and are reflected in the twenty-first century. This has brought long term and short term social, cultural effects on the Lakota Sioux Nation. The Dawes Act and the 1952 Termination Policy could in no circumstances even be related or compared to the horrendous and catastrophic

The Devastating Power of Western Colonialism

2153 words - 9 pages . During the nineteenth century, a significant gap started to emerge between the dominant Western powers an the rest of the world (Marks). The effects of this gap, built in large part on circumstance and chance can still be seen to this day. The long term impacts of western colonialism extend far beyond the boundaries of the newly industrialized societies, helping build the foundation for western peri-industrial imperialist culture. The causes for

The Effects of Stalin's Economic and Social Policies

2989 words - 12 pages The Effects of Stalin's Economic and Social Policies One of Russia's most prominent political leaders of all time, was a man named Joseph Dzhugashvili. A man, who at one time was being trained to become a priest, and would one day become a major revolutionary in the history of the USSR. The name that Stalin went by was not his given name, but one meaning "man of steel," that he made up. Stalin's rule is one of history's

The horrific effects of trench warfare during WWI can be attributed to the clash of outdated military tactics and devastating modern weaponry

2349 words - 9 pages OutlineThesis Statement: The horrific effects of trench warfare during WWI can be attributed to the clash of outdated military tactics and devastating modern weaponry.I. IntroductionII. What is trench warfareIII. What was effected by trench warfarea. what was gainedb. what was lost1. lives2. land3. resources4. communicationIV. When trench warfare was used successfullya. American Civil Warb. Russo-Japanese WarV. Military tactics of trench

What Drives Someone to Complete the Devastating Acts of Terrorism?

2862 words - 11 pages Since the darkest day, September 11, 2001, the citizens of The United States of America are on alert and are weary of acts of terrorism. One can turn on the television and can easily find an act of terrorism. Most recent acts are the Boston bombings or the bombings in Volgograd, and most recently the two bombings in Sochi. What drives someone to complete the devastating acts of terrorism? How can on predict, based off of antisocial behaviors

The Effects of the Communists’ Policies Towards Women on the Communists’ Rise to Power in China

2308 words - 9 pages This investigation will cover women’s participation in the Long March, the People’s Republic of China Constitution in 1949, Mao’s policies for foot binding, the 1950 Marriage Law, and women’s increased participation in society. I will analyze journal articles and books from Western and Asian authors to evaluate various historians’ views on Communists’ policies towards women and the effects they had on Communists’ rise to power. Kellee Tsai’s

What were the economic effects of Nazi policies towards Jews and towards women?

717 words - 3 pages There were many Nazi policies that effected Jews and women. In this essay I will look closely at the economical effects it had on them.Women were encouraged to have a lot more children. There were even medals if you had a certain amount of children. Four was bronze, six silver and eight gold. Holders of the award were given an honoured place at Nazi meetings. The Nazis believed that women and men had different roles in life. A man was either a

The Devastating Effects of Garbage In Our Environment

1594 words - 6 pages Earth is the only planet of its kind. Its unique environment provides us with air and water that are vital for life. It is important that we better protect our environment to secure life for future generations. My essay first will analyze two essays, Heather Roger's, Gone Tomorrow: Hidden Life of Garbage, and Lars Eighner On Dumpster Diving. Both authors pose interesting arguments warranting solutions to our excessive waste. This essay supports

Similar Essays

The Devastating Effects Of Overpopulation Essay

2065 words - 8 pages The Devastating Effects of Overpopulation   Imagine living in a world where darkness reigns continually due to a dense cover of toxic air pollution which blocks most sunlight.  Starvation and death from the lack of energy resources is widespread and the people who have not perished yet live packed together, in overcrowded communities surrounded by waste and filth.  This grotesque picture of future life on earth may seem far-fetched but

Devastating Effects Of Deforestation Of The Amazon

515 words - 2 pages bad effects on endangered animals such as the harpy eagle who live and depend on the Amazon. For every acre of rain forest there are about 20 to 100 different species of plants and animals living there ( Salas 13). The cutting down of trees destroys their habitat forcing them to move or die. When they die the forest's ecosystem becomes unbalanced which has a domino effect on other animals and plants (Warburton 27). The Amazon's loss of wild life

The Devastating Effects Of Global Warming

2665 words - 11 pages levels. But in just the last one hundred or so years, since the beginning of the industrial revolution, the levels of greenhouse gases, in particular carbon dioxide, have gone through the roof. Global warming can, and will, if not stopped, have devastating effects on our planet; possibilities include rising temperatures, droughts, mass extinctions and much more. Humans are having a strong, negative, impact on the environment. The “greenhouse

The Keynesian And Neoliberal View Of Unemployment

2588 words - 10 pages on four policy prescription; full employment; a social safety net; increased labor rights; and investment policies were to be left to private enterprises. Keynesianism’s subsequent inability to deal with the unexpected inflation caused by two international oil crises and during the period of the Vietnam War led to the rise of the Neoliberal ideology of balanced budgets, absence of trade barriers, decreased government spending and increased