The term neoliberalism is used to describe a This article is part of the series on Politics Politics Political philosophy Systems: aristocracy, autocracy, democracy, despotism, monarchy, oligarchy, plutocracy, theocracy and tyranny. Political philosophy is the study of the fundamental questions about the state, government, politics, property, law and the enforcement of a legal code by authority: what they... political-economic philosophy that had major implications for government policies beginning in the Millennia: 1st millennium - 2nd millennium - 3rd millennium Centuries: 19th century - 20th century - 21st century Decades: 1920s 1930s 1940s 1950s 1960s - 1970s - 1980s 1990s 2000s 2010s 2020s Years: 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Contents // 1 Events and trends 1.1 Computers, technology 1.2 Science 1... 1970s – and increasingly prominent since 1980 is a leap year starting on Tuesday. Years: 1977 1978 1979 - 1980 - 1981 1982 1983 Decades: 1950s 1960s 1970s - 1980s - 1990s 2000s 2010s Centuries: 19th century - 20th century - 21st century 1980 in topic: Arts Architecture - Art - Film - Literature - Music Science and technology Aviation - Rail transport - Science - Television Other topics... 1980 – that de-emphasizes or rejects positive government intervention in the economy, focusing instead on achieving progress and even Social justice, sometimes called civil justice, is a concept largely based on various social contract theories. Most variations on the concept hold that as governments are instituted among populations for the benefit of members of those populations, those governments which fail to see to the welfare of their citizens are... social justice by encouraging A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... free-market methods and less restricted operations of business and "development". Its supporters argue that the net gains for all under Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. Free trade is the absence of artificial (government-imposed) barriers to trade among individuals and firms in different nations. International trade is often constricted by different national taxes, other fees... free trade and Capitalism generally refers to in philosophy and politics, a social system based on the principle of individual rights, including property rights. in economics, a combination of economic practices that became institutionalized in Europe between the 16th and 19th centuries, especially involving the right of individuals and groups of individuals acting... capitalism will outweigh the costs in all, or almost all, cases.

It can be contrasted with Economic nationalism is a term used to describe policies which are guided by the idea of protecting domestic consumption, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It is in opposition to Globalization in many... economic nationalism, For other uses, see Fair trade (disambiguation). The fair trade movement promotes international agreements to enforce price supports for commodities, particularly those exported from poor countries to the industrialised West. Proponents of fair trade criticise free trade for facilitating imbalances in trading relationships which permit the wealthy to exploit the... fair trade and Anti-capitalism is any and all opposition to capitalism. Since anti-capitalism covers a very wide collection of ideologies (some of which oppose each other more than they oppose capitalism), common objections to capitalism have been collected here, while specific objections are in the articles on specific ideologies. Many different... anti-capitalism, three different alternatives to neoliberalism.

The term "neoliberalism" has also been used in a theological sense as a drive to deliberately modify the beliefs and practices of the This article is about the Christian buildings of worship. For other uses of the word, see Church (disambiguation). The Memorial Church at Stanford University. A church building is a building used in Christian worship. See also altar, altar rails, confessional, dome, nave, pew, pulpit, sanctuary, lych gate. Contents // 1 Etymology... church (especially Evangelical has several distinct meanings: In its original sense, it means belonging or related to the Gospel (Greek: euangelion - good news) of the New Testament. In the United States, it usually refers to adherents of Evangelicalism. In Europe, especially in the German speaking countries, Evangelical (evangelisch) is a general designation... evangelical) to conform to cultural Postmodernism (sometimes abbreviated pomo) is a term applied to a wide-ranging set of developments in critical theory, philosophy, architecture, art, literature, and culture, which are generally characterized as either emerging from, in reaction to, or superseding, modernism. In architecture, art, music and literature, postmodernism is a name for many... post-modernism. This entry concerns only political-economic neoliberalism.

Brief discussion

The term neoliberalism is not the only one for this movement, many supporters argue that it is simply "liberalism", while critics often label it pejoratively as " Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister during the 1980s. Mrs Thatcher was unusual in late twentieth century British politics in being a highly ideological leader. She once thumped a copy of The Constitution of Liberty, by Friedrich Hayek upon... Thatcherism". Because of close association between this philosophy and Neoclassical economics is the grouping of a number of schools of thought in economics. There is not complete agreement on what is meant by neoclassical economics—in particular, vision, problem domains, and particular concerns vary among neoclassical economists. Neoclassical theories often revolve around utility and profit maximization. Profit maximization... neoclassical economics, and confusion with the overloaded term " In politics, the term liberal refers to: an adherent of the ideology of liberalism or a state or quality of this ideology. (Note: the words liberal or liberalism can have different meanings in different countries and may also vary with the political background of the user. Therefore, the terms have... liberal", some advocate the term "neoclassical philosophy". It is criticized (in different ways) by This page is protected from editing until disputes have been resolved on the discussion page. Protection is not an endorsement of the current version. To see other versions, use the page history. The neutrality of this article is disputed. Please see the relevant discussion on the talk page. For information... socialist, social liberals, Anarchism is a generic term describing various political philosophies and social movements that advocate the elimination of hierarchy and imposed authority. These philosophies use anarchy to mean a society based on voluntary cooperation of free individuals. Philosophical anarchist thought does not advocate chaos or anomie — it intends anarchy to... anarchist, and Conservatism or political conservatism is any of several historically related political philosophies or political ideologies. There are also a number of Conservative political parties in various countries. All of these are primarily (though not necessarily exclusively) identified with the political right. While the intellectual roots of conservatism date back centuries... conservative Politics, parties and elections Politics by country Political party Political parties by country Political parties by name Political parties by ideology Political parties categorized Election Electoral calendar Elections by country Related topics A political party is a political organization subscribing to a certain ideology or formed around very special issues... parties, intellectuals, and economists. Some portray neoliberalism as the imposition of "free markets from the top-down" since it has been promoted by international financial institutions such as the This page is about the International Monetary Fund; IMF can also mean the International Metalworkers Federation, a global union federation. This image may not have information on its source. It may be usable under fair use but this has yet to be verified. It might be public domain or under... IMF and the The International Bank for Reconstruction and Development (IBRD, in The Romance languages, also called Romanic languages, are a subfamily of the Italic languages, specifically the descendants of the Vulgar Latin dialects spoken by the common people evolving in different areas after the break-up of the Roman Empire. Latin itself... World Bank and by centralized state organizations such as the The European Union or EU is a supranational organisation of European countries, which currently has 25 member states. The Union was established under that name by the Treaty on European Union (commonly known as the Maastricht Treaty) in 1992. However, many aspects of the EU existed before that date through... European Union and the For other uses, see United States (disambiguation) and US (disambiguation). The United States of America, also referred to as the United States, U.S.A., U.S., US, America¹, or the States, is a federal republic of fifty states, mostly in central North America. The U.S. has three land... U.S. government. Others identify neoliberalism with neo-corporatism, and political-economic domination by multinational A corporation (usually known in the United Kingdom and Ireland as a company) is a legal entity (distinct from a natural person) that often has similar rights in law to those of a natural person. Civil law systems may refer to corporations as moral persons; they may also go by... corporations.

Though many liberals adhere to neoliberalism, their ideology has a broader content, and other liberals oppose neoliberalism. Neoliberalism is not a version of the This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography New liberalism (also called modern liberalism or social liberalism) is a stance in political economy that argues for extensive... liberalism of John Dewey John Dewey (October 20, 1859 - June 1, 1952) was an American philosopher, psychologist, and educational reformer, whose thought has been greatly influential in the United States and around the world. He is recognized as one of the founders of the philosophical school of Pragmatism (along with Charles Sanders... John Dewey, Woodrow Wilson Order: 28th President Term of Office: Tuesday, March 4, 1913 - Friday, March 4, 1921 Predecessor: William Howard Taft Successor: Warren G. Harding Date of Birth Sunday, December 28, 1856 Place of Birth: Shacketta, Virginia Date of Death: Sunday, February 3, 1924 Place of Death: Washington, D.C. First... Woodrow Wilson, John Maynard Keynes John Maynard Keynes [ˈkeɪns], 1st Baron Keynes of Tilton (June 5, 1883 - April 21, 1946) was an English economist, whose radical ideas had a major impact on modern economic and political thought. He is particularly remembered for advocating interventionist government policy, by which the... John Maynard Keynes, Franklin Delano Roosevelt Order: 32nd President Term of Office: March 4, 1933–April 12, 1945 Predecessor: Herbert Hoover Successor: Harry S. Truman Date of Birth January 30, 1882 Place of Birth: Hyde Park, New York Date of Death: April 12, 1945 Place of Death: Warm Springs, Georgia First Lady... Franklin Roosevelt, or the British Lib Dem logo This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography The Liberal Democrats (Lib Dems) are a social liberal political party based in the United Kingdom... Liberal Democrats, which saw a positive role for government, as part of a capitalist economy, in serving the public interest. Rather, it focuses on the establishment of a stable medium of exchange, and the reduction of localized rules, regulations and barriers to commerce, and the privatization of state-run enterprises. Critics of neoliberalism associate it with Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. In specifically economic contexts, it refers almost exclusively to the effects of trade, particularly trade liberalization or free trade. Between 1910 and 1950, a... globalization, and with the rise of multinational A corporation (usually known in the United Kingdom and Ireland as a company) is a legal entity (distinct from a natural person) that often has similar rights in law to those of a natural person. Civil law systems may refer to corporations as moral persons; they may also go by... corporations, as well as monetary and fiscal austerity at the expense of social programs.

The term is often used as a pejorative; in this context it means not the economic theory, but the implementation of global capitalism and the power of A multinational corporation (MNC) or transnational corporation (TNC) is one that spans multiple nations; these corporations are often very large. Such companies have offices and/or factories in different countries. They usually have a centralised head office where they coordinate global management. Very large multinationals have budgets that exceed those... multinational corporations, as well as the effects of free trade on wages and social structures.

Brief history

Just as classical liberal philosophy justified and encouraged the "first era of globalization" which came to an end with the shocks of the Download high resolution version (800x769, 100 KB)Soldiers of an Australian 4th Division field artillery brigade on a duckboard track passing through Chateau Wood, near Hooge in the Ypres salient, October 29, 1917. The photograph was taken by James Francis Hurley. The leading soldier is Gunner James Fulton and the... First World War, the collapse of the This article is on the monetary principle. For gold standard in diagnostic testing, see gold standard (test). 1922 U.S. gold certificate The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. When several nations are using such a... Gold Standard, and the The Great Depression was a global economic slump that began in Years: 1927 1928 - 1929 - 1930 1931 1932 Decades: 1890s 1900s 1910s - 1920s - 1930s 1940s 1950s Centuries: 19th century - 20th century - 21st century 1929 in topic: Arts Architecture - Art - Film - Literature - Music Science and technology Aviation - Rail transport - Science - Television... Great Depression, neoliberalism is associated with the contemporary "second era of globalization," the seeds of which were planted after the German soldiers at the Battle of Stalingrad World War II was the most extensive and costly armed conflict in the history of the world, involving the great majority of the worlds nations, being fought simultaneously in several major theatres, and costing tens of millions of lives. The German invasion... Second World War. In between, during the period from 1915 until the 1960s or so, different versions of more statist liberalism and economic nationalism guided the economic and social policies of many nations. In mid-1950s, a book about the theory and practice of neoliberalism, recent German This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as... liberalism and the Bundesrepublik Deutschland (In Detail) National motto: Einigkeit und Recht und Freiheit (German: Unity and Justice and Freedom) Official language German1 Capital Berlin Largest City Berlin Chancellor Gerhard Schröder President Horst Köhler Area - Total - % water Ranked 61st 349,223 km² 2.416% Population - Total (2004) - Density Ranked 13th 82... Federal Republic of Germany was published in the For the historical eastern German provinces, see Historical Eastern Germany East Germany, officially the German Democratic Republic (GDR), German Deutsche Demokratische Republik (DDR), was a Communist Party-led state that existed from 1949 to 1990 in the former Soviet occupation zone of Germany. The GDR was proclaimed in the Soviet... German Democratic Republic.

Neoliberalism's economic roots begin with the re-establishment of international monetary stability with the The Bretton Woods system of international economic management established the rules for commercial and financial relations among the major industrial states. The Bretton Woods system was the first example of a fully negotiated monetary order in world history intended to govern monetary relations among independent nation-states. Preparing to rebuild... Bretton Woods Agreement, which fixed currencies to the The United States dollar is the official currency of the United States. It is also widely used as a reserve currency outside of the United States. Currently, the issuance of currency is controlled by the Federal Reserve Banking system. The most commonly used symbol for the U.S. dollar is... US Dollar and the US Dollar to gold. As an ideological movement, it became increasingly prevalent based on the work of Robert Alexander Mundell (born October 24, 1932) is a Canadian economist who graduated from the University of British Columbia in Vancouver. He attended MIT and London School of Economics and was top performer in his years there. He went on to win the 1999 Bank of Sweden Prize in Economic... Robert Mundell and Arthur S. Flemming (1905 - 1996) was Secretary of Health, Education & Welfare in the Eisenhower Administration and an important force in the shaping of Social Security policy for more than four decades. Dr. Flemmings government career began in 1939 when President Franklin D. Roosevelt appointed him to the U... Arthur Flemming. The Mont Pelerin Society, founded at about the same time by thinkers such as Friedrich Hayek Friedrich August von Hayek (May 8, 1899 – March 23, 1992) was an economist and social scientist of the Austrian School, noted for his defense of free-market capitalism against a rising tide of socialist thought in the mid-20th century. He also made important contributions to the... Friedrich Hayek, Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known primarily for his work on macroeconomics and for his advocacy of laissez-faire capitalism. In 1976 he was awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his achievements in... Milton Friedman, and Michael Polanyi (March 11, 1891 - February 22, 1976) was a Hungarian/ English polymath whose thought and work extended across physical chemistry, philosophy, theology and economics. Contents // 1 Early life 2 Physical chemistry 3 Philosophy of science 4 Theology 5 Economics 6 Honours 7 See also 8 Bibliography 9 External links... Michael Polanyi spawned free-market This article is about the institution. For other meanings, see Think Tank. A think tank is a group of individuals dedicated to high-level synergistic research on a variety of subjects, usually in military laboratories, corporations, or other institutions. Usually this term refers specifically to organizations which support theorists and... think tanks and advocacy groups in the UK and the US during the Centuries: 19th century - 20th century - 21st century Decades: 1900s 1910s 1920s 1930s 1940s 1950s - 1960s - 1970s 1980s 1990s 2000s 2010s Years: 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 Contents // 1 Events and trends 1.1 Technology 1.2 Science 1.3 War, peace and politics 1.4... 1960s and 1970s. They drew upon the theories of the The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. Its most famous adherents are Friedrich Hayek, Ludwig von... Austrian School of economics and Monetarism is a set of views concerning the determination of national income and monetary economics. It focuses on the supply and demand for money as the primary means by which economic activity is regulated. Monetary theory focuses on money supply and on inflation as an effect of the supply of... monetarism. Neoliberalism argued that Protectionism is the economic policy of promoting favored domestic industries through the use of high tariffs and other regulations to discourage imports. Historical variants of this policy have included mercantilism, a trade policy aimed at maximizing currency reserves by running large trade surpluses; and import substitution, a trade policy in... protectionism and government programs produced economic inefficiencies, and that developing nations should open their markets to the outside, and focus on exporting. Also emphasized was the liquidation of state-owned corporations, and the reduction in rules designed to hinder business. Neoliberal ideas found expression in a series of trade talks to form the For other uses of the initials WTO, see WTO (disambiguation). The World Trade Organization (WTO) is an international organization which oversees a large number of agreements defining the rules of trade between its member states (WTO, 2004a). It was created on 1 January 1995 to replace the General Agreement on... General Agreement on Tariffs and Trade as well as regional free trade agreements such as the The European Union or EU is a supranational organisation of European countries, which currently has 25 member states. The Union was established under that name by the Treaty on European Union (commonly known as the Maastricht Treaty) in 1992. However, many aspects of the EU existed before that date through... European Union and the The North American Free Trade Agreement, known usually as NAFTA, is a comprehensive trade agreement linking Canada, the United States, and Mexico in a free trade sphere. NAFTA went into effect on January 1, 1994. The NAFTA initialing ceremony in October 1992. NAFTA called for immediately eliminating duties on half... North American Free Trade Agreement. These agreements went beyond textbook "free trade" to encourage the free movement of capital funds and direct private investment and to limit national restriction of business privileges.

The slow and quantitative development of neoliberalism after World War II became more rapid in the 1970s, and not always by peaceful means. One of the often-touted neoliberal success stories is General Augusto José Ramón Pinochet Ugarte1 (born November 25 is the 329th (in leap years the 330th) day of the year in the Gregorian calendar. There are 36 days remaining. November Su Mo Tu We Th Fr Sa   1 2 3 4 5 6 7 8... General Augusto Pinochet's Chile – which began with the violent ousting of the democratically-elected government of Salvador Allende Became President: November 4, 1970 Predecessor: Eduardo Frei Montalva Date of Birth: July 26, 1908 Date of Death: September 11, 1973 Place of Birth: Valparaiso, Chile Dr. Salvador Allende Gossens1 (July 26, 1908 - September 11, 1973) was president of Chile from 1970 until 1973, when he was overthrown... Salvador Allende in Chile. The Allende government had pursued radical Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. During the early and mid-20th century, social democrats were in favor... social democratic policies, and has been labeled " This page is protected from editing until disputes have been resolved on the discussion page. Protection is not an endorsement of the current version. To see other versions, use the page history. The neutrality of this article is disputed. Please see the relevant discussion on the talk page. For information... socialist" or " This article is part of the Communism series. Schools of Communism Marxism Leninism Trotskyism Stalinism Maoism Left communism Council communism Anarcho-Communism Eurocommunism Juche Communist states Afghanistan (1978-1992) Albania (1945-1991) Angola (1975-1991) Benin (1975-1990) Bulgaria (1946-1989) Burma (1974-1988) Cambodia (1975-1991) Congo (1969-1991... Marxist". "Free market" policies, including privatization of state assets, were imposed by " The Chicago Boys (c. 1970s) were a group of about 25 Chilean economists working under the Augusto Pinochet administration. Most of the Chicago Boys received their basic economic education from the School of Economy in Universidad Cat lica, and were later postgraduate exchange students at the University of Chicago. The... los Chicago Boys," The Chicago School is a loose, unofficial group of economists that are generally associated with neoclassical price theory and free market libertarianism. The name refers to economists who received their schooling in the Economics Department at the University of Chicago. To date, nearly half of all Nobel Prizes in Economics... Chicago school economists inspired by Milton Friedman Milton Friedman (born July 31, 1912) is a U.S. economist, known primarily for his work on macroeconomics and for his advocacy of laissez-faire capitalism. In 1976 he was awarded the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel for his achievements in... Milton Friedman. These policies were later imitated by the Bretton Woods institutions operating in many other poor countries, particularly in Latin America.

The rise of this wave of neoliberalism culminated with the Ronald Reagan Order: 40th President Term of Office: January 20, 1981–January 20, 1989 Preceded by: Jimmy Carter Succeeded by: George H.W. Bush Date of birth: February 6, 1911 Place of birth: Tampico, Illinois Date of death: June 5, 2004 Place of death: Los Angeles, California First Lady... Reagan government in the United States and that of The Right Honourable Margaret Thatcher Period in Office: 4 May 1979 – 28 November 1990 PM Predecessor: James Callaghan PM Successor: John Major Date of Birth: 13 October 1925 Place of Birth: Grantham, England Political Party: Conservative Retirement honour: Knighthood of the Garter Life Barony (Thatcher) The Right Honourable Margaret... Margaret Thatcher in Britain – along with the fall of the Soviet redirects here. For other uses, see Soviet (disambiguation). The Union of Soviet Socialist Republics (USSR) .( Russian (русский язык) Spoken in: Russia and many other countries Region: Eastern Europe and Asia Total speakers: 280 million Ranking: 4-7 Genetic classification: Indo... Soviet Union and the fading of Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. During the early and mid-20th century, social democrats were in favor... social democracy and This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography New liberalism (also called modern liberalism or social liberalism) is a stance in political economy that argues for extensive... new liberalism as counterbalances or alternatives to unbridled capitalism. The Reagan and Thatcher governments not only shifted their own countries' policies toward Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. Laissez-faire economic... laissez-faire but used their control of the major Bretton Woods can refer to: The resort town of Bretton Woods, New Hampshire. The 1944 Bretton Woods Conference resulting in the Bretton Woods Agreement that established the international Bretton Woods system and hence the World Bank, IMF, and international gold standard. This is a disambiguation page — a navigational aid... Bretton Woods institutions to impose their policies on the rest of the world. For this reason, some regard neoliberalism as synonymous with the " The Washington Consensus is a set of policies believed to be the formula for promoting Economic growth is the increase in the value of goods and services produced by an economy. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP. Growth is... Washington Consensus," the dominant policy view at the The flag of the International Monetary Fund (IMF) The International Monetary Fund (IMF) is the international organization responsible for managing the global financial system and for providing loans to its member states to help alleviate balance of payments problems. Part of its mission is to help countries that experience serious... International Monetary Fund (IMF), the The International Bank for Reconstruction and Development (IBRD, in The Romance languages, also called Romanic languages, are a subfamily of the Italic languages, specifically the descendants of the Vulgar Latin dialects spoken by the common people evolving in different areas after the break-up of the Roman Empire. Latin itself... World Bank, and the U.S. Treasury at the end of the 20th century and the start of the 21st. A major axiom of the neoliberal school is that (to quote Thatcher) " Tina Scientific classification Kingdom: Plantae Division: Magnoliophyta Class: Magnoliopsida Order: Sapindales Family: Sapindaceae Genus: Tina Species Tina alata Tina anomala Tina apiculata Tina bongolavensis Tina chapelieriana Tina conjugata Tina cupanioides Tina dasycarpa Tina erecta Tina fugax Tina fulvinervis Tina gelonium Tina glabra Tina gypsophiloides Tina isaloensis Tina isoneura Tina lancifolia... There Is No Alternative" to globalized capitalism. This slogan is often abbreviated as " Tina Scientific classification Kingdom: Plantae Division: Magnoliophyta Class: Magnoliopsida Order: Sapindales Family: Sapindaceae Genus: Tina Species Tina alata Tina anomala Tina apiculata Tina bongolavensis Tina chapelieriana Tina conjugata Tina cupanioides Tina dasycarpa Tina erecta Tina fugax Tina fulvinervis Tina gelonium Tina glabra Tina gypsophiloides Tina isaloensis Tina isoneura Tina lancifolia... TINA".

In the late 1980s and early 1990s neoliberal policies had been embraced by the conventionally-defined center-left, as William Jefferson Clinton Order: 42nd President Term of Office: January 20, 1993–January 20, 2001 Preceded by: George H. W. Bush Succeeded by: George W. Bush Date of birth: August 19, 1946 Place of birth: Hope, Arkansas Date of death: Place of death: First Lady: Hillary Rodham Clinton Political... Bill Clinton of the United States backed the North American Free Trade Agreement. Free trade was seen as essential to his Rubinomics, a portmanteau of Rubin and economics, was originally used to collectively describe the economic policies of President of the United States Bill Clinton. It is named after Robert E. Rubin, former United States Secretary of the Treasury. Rubinomics emphasizes the importance of balancing the government budget. Taxes should match... economic program, which promoted the creation of technology and In law, particularly in common law jurisdictions, intellectual property is a form of legal entitlement which allows its holder to control the use of certain intangible ideas and expressions. The term intellectual property reflects the idea that once established, such entitlements are generally treated by courts, especially in common law... intellectual property rights as the means by which America would be able to reduce or manage its persistent balance of trade deficit. Some center-left neoliberal economists argued that protectionism is not a left or right issue, but an issue of asymmetry, and therefore a general cause for concern.

Critics of neoliberalism in both theory and practice are numerous. This is particularly true in developing nations whose assets have been sold off to foreigners and whose domestic political and economic institutions had been undermined by the effects of being exposed to trade and rapid flows of capital. Even within the neoliberal movement there is intense criticism of how many developed nations have demanded that others liberalize their markets for manufactured goods, while protecting their own domestic agricultural markets.

Anti- Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. In specifically economic contexts, it refers almost exclusively to the effects of trade, particularly trade liberalization or free trade. Between 1910 and 1950, a... globalization advocates are the most vociferous opponents of neoliberalism, particularly its implementation as "free capital flows" but not free labor flows. They argue that neoliberal policies encourage a "race to the bottom" as capital flows to the lowest environmental and labor standards, and is merely updated "beggar thy neighbor" imperialism, dating back 200 years. In this they are in fundamental agreement with many of neoliberalism's supporters who argue that neoliberalism represents an updated version of This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as... classical liberalism.

Some economists argue that neoliberal policies can create "moral hazard": governments and international financial institutitions must bail out developing nations and their creditors because they are "too big to fail". This simply encourages further risk-taking and crises. They point to the string of currency melt-downs in the – Mexico, Russia, Eastern Europe, East Asia and Argentina – as proof that there is a danger to allowing risk-taking without sufficient penalty or regulation.

Theory

As described by The University of California, Berkeley (also known as Cal, UC Berkeley, UCB, or simply Berkeley) is a prestigious, public, coeducational university situated in the foothills of Berkeley, California to the east of San Francisco Bay, overlooking the Golden Gate and its bridge. A founding member of the Association of American... UC Berkeley economic historian and defender of neoliberalism Professor Bradford DeLong (http://www.j-bradford-delong.net/), this "ism" has two main tenets:

"The first is that close economic contact between the industrial core [of the capitalist world economy] and the developing periphery is the best way to accelerate the transfer of technology which is the Sine qua non or conditio sine qua non is a Latin legal term for without which it could not be (but for). It refers to an indispensable action, condition or thing. Example Mr. Wilson left his car but kept the key in the ignition. Dennis, 6-years-old and a... sine qua non for making poor economies rich (hence all barriers to international trade should be eliminated as fast as possible). The second is that governments in general lack the capacity to run large industrial and commercial enterprises. Hence, [except] for core missions of income distribution, public-good infrastructure, administration of justice, and a few others, governments should shrink and privatize."

To critics of neoliberalism, these two principles represent parts of the " This article or section should include material from Trickle-down theory In economics the trickle-down effect is central to conservative economic theory that rejects Keynesian economics. It is promulgated by right-leaning newspapers such as The Wall Street Journal editorial page and libertarian and conservative think tanks such as... trickle-down theory", i.e., that under free-market capitalism, economic growth and technological change benefit even the poorest countries and people, even if that process is dominated by A multinational corporation (MNC) or transnational corporation (TNC) is one that spans multiple nations; these corporations are often very large. Such companies have offices and/or factories in different countries. They usually have a centralised head office where they coordinate global management. Very large multinationals have budgets that exceed those... multinational corporations, rich domestic Alternative meaning: Elite (computer game) In sociology as in general usage, the elite (the elect; sometimes the French form élite is used) refers to a relatively small dominant group within a larger society, which enjoys privileged status and, almost invariantly, exploits individuals of lower social status. When applied to an... elites, and organizations such as the IMF dominated by rich countries' financiers. To defenders, "Development is Freedom" (i.e., A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... free-market Capitalism generally refers to in philosophy and politics, a social system based on the principle of individual rights, including property rights. in economics, a combination of economic practices that became institutionalized in Europe between the 16th and 19th centuries, especially involving the right of individuals and groups of individuals acting... capitalism). More economic growth, specialization and opportunity create chances for individuals to achieve more than rigid structures which provide only illusory protection.

The concept of neoliberalism became popular among economists not only as the balance of political power changed (as discussed above), but as many decided that post- German soldiers at the Battle of Stalingrad World War II was the most extensive and costly armed conflict in the history of the world, involving the great majority of the worlds nations, being fought simultaneously in several major theatres, and costing tens of millions of lives. The German invasion... World War II national development strategies for poor countries were not having the intended effects. In particular, funding for mega-projects left poor countries with high debts but little growth to show for it. It is also a reaction to the perceived failures of populist and modern liberal economic policies, such as Import substitution industrialization also called ISI is a trade and economic policy based on the premise that a developing country should attempt to substitute products which it imports (mostly finished goods) with locally produced substitutes. This usually involves government subsidies and high tariff barriers to protect local industries and hence... import-substituting industrialization.

Failures of the East-Asian ( For the political entity commonly known as Taiwan, see Republic of China. Map of Taiwan The island of Taiwan (Traditional: 臺灣, Simplified: 台湾, Pinyin: Táiwān, Wade-Giles: Tai-wan, Taiwanese: Tâi-oân) is located off the coast of mainland China in the... Taiwanese, South Korea, officially the Republic of Korea (ROK; Korean: Daehan Minguk (Hangul: 대한 민국; Hanja: 大韓民國)), is a country in East Asia, covering the southern half of the Korean Peninsula. To the north, the Republic of Korea borders North Korea, with which it formed a... South Korean) policies of The East Asian Tigers, sometimes also referred to as Asias Four Little Dragons, referred to the economies of Taiwan, Hong Kong, South Korea, and Singapore; these territories and nations were noted for maintaining high growth rates and rapid industrialization between the early 1960s and 1990s. Contents // 1 Characteristics of... state-guided export-led economic growth and of the A planned economy is an economic system in which economic decisions are made by centralized planners, who determine what sorts of goods and services to produce, and how they are to be priced and allocated. Since most known planned economies rely on plans implemented by the way of command, they... centrally-planned or " This article is about communism as a form of society, as an ideology advocating that form of society, and as a popular movement. For issues regarding the organization of the communist movement, see the Communist party article. For issues regarding one-party states ruled by Communist Parties (and everything associated... communist" economies also were interpreted as requiring neoliberal medicine. The export-led economies were criticized as involving " Crony capitalism is a pejorative expression, denoting a type of capitalism in which business success is heavily dependent upon ones connections. In such a system, business decisions are significantly influenced by friendships and family ties, rather than by market forces and open competition. The term, often abbreviated crapitalism, is... crony capitalism," while most of the centrally-planned countries fell apart economically and politically in late 1980s and early 1990s.

As noted, the neoliberal doctrine is linked to the so-called " The Washington Consensus is a set of policies believed to be the formula for promoting Economic growth is the increase in the value of goods and services produced by an economy. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP. Growth is... Washington consensus," a set of specific policy goals designed for Latin American countries. In addition to the tenets of neoliberalism noted by Professor deLong, the Washington consensus stipulated that a country should have stable exchange rates and a government budget in balance.

While some use the terms neoliberal and The neutrality and factual accuracy of this article are disputed. Please see the relevant discussion on the talk page. This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography... libertarian or This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography Liberalism is a political current embracing several historical and present-day ideologies that claim defense of individual liberty as... classical liberalism interchangeably there is a difference between the two philosophies. While both share a belief in market economics and free trade, neoliberal economics theory shares with neoliberal international relations theory (and liberal internationalism) a belief in international regimes and a degree of global governance as a means of negotiating and administering international agreements. Neoliberals believe that greater economic and political interdependence will lead to progress and a reduction of international tensions or at least divert states from utilizing military means to resolve conflict. Libertarians reject the neoliberal belief that global governance bodies or state negotiated treaty regimes that bind the individual are desirable.

Much of neoliberalism accepts macro-economic theory that assumes In economics, full employment has more than one meaning. To many laypeople, it means zero unemployment or underemployment. To economists, it means the lowest level of unemployment that can be sustained given the structure of the economy. In standard macroeconomics, when unemployment equals the NAIRU the real gross domestic product... full employment and Rational expectations is a theory in economics used to model the determination of expectations of future events by economic actors, originally proposed by John F. Muth (1961). Modeling expectations is of central importance in economic models, especially those of new classical macroeconomics, new Keynesian macroeconomics, and finance. For example, a... rational expectations, that is, it is a modern neoclassical and free-market economic theory. Others rely on the benevolence and technical expertise of the IMF and other international financial institutions to solve the world's economic problems.

Practice

The practice of neoliberal ideas varies widely. Some proponents see transparency, development and uniformity of regulations as the most important goals, while many others see the dismantling of state regulations, as such, as the primary purpose. Many leading implementors of neoliberal policies criticize the manner in which those policies are implemented. Some blame the institutions such as the World Bank and IMF directly, while others argue that by the time the IMF and World Bank are involved, the problems have already become endemic – they blame the "shock therapy" approach which was taken in the 1980s for much of the economic damage, and argue that "big bang" marketization, such as was pursued in Russia, leads to centralized corrupt economic oligarchy, the very opposite of what neoliberalism proposes.

There were also catastrophic failures. In particular, Nobel prize winner and former World Bank chief economist Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2001). He is perhaps the most famous contemporary left-leaning economist. Contents // 1 Early life 2 Professional life 3 Personal information 4 Quotations... Joseph Stiglitz argues that the IMF is guilty of forcing neoliberal and Washington consensus policy goals on countries at times when it was not appropriate (i.e., the The Asian financial crisis was a financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. It is also commonly referred to as the Asian currency crisis or locally, although inaccurately... Asian Economic Crisis), with devastating results. The "cookie cutter" approach of applying the same policy no matter what the specificities were can be seen in this The Asian financial crisis was a financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. It is also commonly referred to as the Asian currency crisis or locally, although inaccurately... crisis, as the I.M.F. pushed for government budget cuts even though government budget deficits had nothing to do with the crisis. Neoliberalism has also been criticised by populists, social democrats, and anti-capitalists, who argue that unbridled market forces inevitably increase inequality in wealth and hence power.

In a recent book, Professor Robert Pollin (http://www.bookfinder.us/review5/1859846734.html) summarizes the neoliberal record. Excluding the The Peoples Republic of China (PRC) comprises most of the cultural, historic, and geographic area known as This article is on the geographic and cultural entity. For other meanings, see ... China (disambiguation). ... ... The The Great Wall of China (TC: 長城; SC: 长城, Pinyin: Chángchéng), also... People's Republic of China, which did not follow the neoliberal lead, the era of the "developmental state" (1961-80) saw a per capita growth rate of real In Economics is the social science studying production and consumption through measurable variables. It involves analysing the production, distribution, trade and consumption of goods and services. Economics is said to be positive when it attempts to explain the consequences of different choices given a set of assumptions and normative when... gross domestic product that averaged 3.2 percent per year. On the other hand, during the neoliberal era (1981-99) this growth rate fell to 0.7 percent per year, slowing both absolutely and relative to the wealthier countries of the The Organisation for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. It originated as the Organisation for European Economy Co-operation (OEEC), to help administer the Marshall Plan for the re-construction... OECD. China, which shifted from pure state planning to state-guided export promotion, saw its per capita growth rate rise from 2.5 to 8.4 percent between these periods. (See Robert Pollin, Contours of Descent, p. 131. ISBN 1-85984-673-4) Thus, according to the neoliberals' own standards, their policies can be seen as a failure. Pollin also shows the rapid increase in income inequality between these periods, especially when China is excluded from the sample. The increase in economic inequality is one major hallmark of neoliberalism.

It is an open question as to whether the western world continues to be dominated by neoliberal policies. Whilst the The European Union or EU is a supranational organisation of European countries, which currently has 25 member states. The Union was established under that name by the Treaty on European Union (commonly known as the Maastricht Treaty) in 1992. However, many aspects of the EU existed before that date through... European Union and many individual countries have policies which support workers' rights, some scholars argue that these are adaptations of the core neoliberal economic model rather than a fundamental move away from it.

This short entry cannot end the debate. One question is whether it is better to define neoliberalism in terms of its self-image (as Professor deLong does) or in terms of its actual practice. Either way, these critiques do not automatically indicate that neoliberalism should be dumped. It is possible, as the more militant advocates of Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. Laissez-faire economic... laissez-faire say, that neoliberal policies were not applied in a pure enough form. Alternatively, one might argue that if neoliberalism had not been pursued, economic events would have been even worse. Further, it is possible that neoliberalism could be reformed.

Who is a neoliberal?

As with many political terms, since the word is used in different ways by different groups, different people can be classified in different ways based on it. The most restrictive definition of neoliberal is "laissez-faire, capital market driven, privatization and trade arrangements". Under this specific form, neoliberalism is a Conservatism or political conservatism is any of several historically related political philosophies or political ideologies. There are also a number of Conservative political parties in various countries. All of these are primarily (though not necessarily exclusively) identified with the political right. While the intellectual roots of conservatism date back centuries... business-conservative policy aimed at enforcing stringent budget discipline on developed and developing nations by requiring, for all but the US, balanced budgets and trade flows. This is based on a specific interpretation of the In economics, the Mundell-Fleming model is an extension of the IS-LM model. Whereas IS-LM deals with economy under autarky, the Mundell-Fleming model tries to describe a small open economy. It is worth noting that some of the result from this model differs from the IS-LM... Mundell-Fleming model and is most associated with the The Washington Consensus is a set of policies believed to be the formula for promoting Economic growth is the increase in the value of goods and services produced by an economy. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP. Growth is... Washington Consensus. In these terms the prominent neoliberals are people such as The Right Honourable Margaret Thatcher Period in Office: 4 May 1979 – 28 November 1990 PM Predecessor: James Callaghan PM Successor: John Major Date of Birth: 13 October 1925 Place of Birth: Grantham, England Political Party: Conservative Retirement honour: Knighthood of the Garter Life Barony (Thatcher) The Right Honourable Margaret... Margaret Thatcher, Robert Barro, and Alan Greenspan (older image) Dr. Alan Greenspan, KBE (born March 6, 1926) is an American economist and Chairman of the Federal Reserve. He is considered by many to be the leading authority and key participant concerning inflation. Given the breadth of his experience, he has been referred to in the... Alan Greenspan.

In the broader sense, where a neoliberal is an individual who subscribes to Prof. DeLong's formulation of neoliberalism, any advocate of government restricted to supplying public goods, and globalized free trade is a neoliberal. By this broader definition Robert Edward Rubin (born August 29, 1938) is an American financier and businessman who served as the 70th United States Secretary of the Treasury during President Clintons administration. Born in New York City, Rubin graduated summa cum laude from Harvard College in 1960 with an A.B. in economics... Robert Rubin, Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2001). He is perhaps the most famous contemporary left-leaning economist. Contents // 1 Early life 2 Professional life 3 Personal information 4 Quotations... Joseph Stiglitz and Amartya Sen Amartya Kumar Sen (अमर्त्‍य कुमार सेन) (born November 3, 1933) is a Bengali economist best known for his work on famine, Human development theory, welfare economics, and the underlying mechanisms of poverty. He received the... Amartya Sen are "neoliberals", even though all three have been highly critical of the neoliberalism of the more restrictive form, and the manner by which such institutions as the This page is about the International Monetary Fund; IMF can also mean the International Metalworkers Federation, a global union federation. This image may not have information on its source. It may be usable under fair use but this has yet to be verified. It might be public domain or under... IMF and The International Bank for Reconstruction and Development (IBRD, in The Romance languages, also called Romanic languages, are a subfamily of the Italic languages, specifically the descendants of the Vulgar Latin dialects spoken by the common people evolving in different areas after the break-up of the Roman Empire. Latin itself... World Bank have been run in the post-Bretton Woods era.

The key argument between these two usages can be seen from Stiglitz' criticisms of the Washington Consensus: namely, by the measures that he follows, that while globalization and global trade are good, they have been conducted in a manner that seems almost designed to impoverish poorer nations. He specifically cites agricultural subsidies and barriers, for example for sugar, the average prices paid for imports and exports between developing and core nations, and the damaging effects of "hot money" as the vehicle for foreign investment. For a laissez-faire neoliberal, other than an admission that agricultural subsidies are bad, none of these constitute indictments of laissez-faire policies.

See also

• Capitalism generally refers to in philosophy and politics, a social system based on the principle of individual rights, including property rights. in economics, a combination of economic practices that became institutionalized in Europe between the 16th and 19th centuries, especially involving the right of individuals and groups of individuals acting... Capitalism
• The liberal theory of economics is the theory of economics described by classical liberal authors such as Adam Smith or the French Physiocrats. It is concerned with natural liberty understood by these authors. Though Smith never used the term, today it is commonly known as laissez-faire. The concept of... Economic liberalism
• The neutrality and factual accuracy of this article are disputed. Please see the relevant discussion on the talk page. This article is part of or related to the Liberalism series Liberalism Liberalism worldwide List of liberal parties Liberal International - ELDR Liberal democracy List of liberal theorists A short liberal bibliography... Libertarianism
• Anti-capitalism is any and all opposition to capitalism. Since anti-capitalism covers a very wide collection of ideologies (some of which oppose each other more than they oppose capitalism), common objections to capitalism have been collected here, while specific objections are in the articles on specific ideologies. Many different... Anti-capitalism
• Privatization (sometimes privatisation, denationalization, or, especially in The Republic of India is the This is a list of countries by population. The data are generally a projection for July 2005 made by the US Census Bureau, unless specified. Rank Country Population — World 6,445,398,968 1 China 1... Privatization
• In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. In the arena of social policy it may refer to a relaxation of laws restricting for example divorce, abortion, homosexuality or drugs. Most often, the term is used to refer to... Liberalisation
• Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. In specifically economic contexts, it refers almost exclusively to the effects of trade, particularly trade liberalization or free trade. Between 1910 and 1950, a... Globalization

External links

• Brad DeLong (http://www.j-bradford-delong.net/movable_type/archives/001275.html)
• World Social Forum (http://www.WorldSocialForum.org)
• Global Exchange (http://www.globalexchange.org/economy/econ101/neoliberalism.html)
• Berkely.edu (http://econ161.berkeley.edu/TotW/Easterly_neoliberal.html)
• What is Neoliberalism? (http://www.corpwatch.org/article.php?id=376)
• http://web.inter.nl.net/users/Paul.Treanor/neoliberalism.html
• "What I Learned at the World Economic Crisis", by Joseph Stiglitz (http://www.mindfully.org/WTO/Joseph-Stiglitz-IMF17apr00.htm)
• "Neoliberalism and the creation of 'virtual democracy' in the Global South" Stefan Andréasson March, 2002 (http://www.isanet.org/noarchive/andreassonISA2002.pdf)
• Kurt Weyland, "The Politics of Neoliberal Reform in Latin American Democracies: Argentina, Brazil, Peru, and Venezuela," Paper for panel on Democracy and the New Market Model in Latin America XXI International Conference Latin American Studies Association Chicago, September 24-26, 1998 (http://168.96.200.17/ar/libros/lasa98/Weyland.pdf)