Neoliberal ER Flashcards
1
Q
Embedded liberalism key objective
A
To use state intervention to achieve domestic stability
2
Q
Embedded LIberalism Facts (4)
A
- Rose to prominent after World War 2
- States should intervene when achieving goals related to employment, welfare of citizens and economic growth
- Delivered high rates of economic growth and expanded export markets
- Felt only in development economy
3
Q
Neoliberalism key objective
A
Aims to strip away the protective regulation of embedded liberalism - Deregulation, privatization and free trade
4
Q
Characteristics of neoliberalism (3)
A
- Idealizes free markets, strong property rights, and free trade
- Views competition as defining characteristics of human relations, redefining citizens as consumers
- States should not interfere
- IMF criticized neoliberalism for creating inequality and opportunity inequality
5
Q
Neoliberalism ER (4)
A
- Lack of trade unions - neoliberal policies restrict third-party interest groups because of their belief that they will “distort state interventions for their own benefits”
- Creates individualized workforce - Increase competition amongst workers = more stressful work environment
- Geographical mobility - “disposable workers” - Lack of job security –> short-term contracts –> firms move abroad –> creates disposable workers
- Lack of regulation regarding employment - little regulation on minimum wage, holidays, healthcare and pension
6
Q
Neoliberalism as political practice
A
- Political ideas of human dignity and individual freedom - allowing individuals to choose
- Individual freedoms are guaranteed through freedom of free trade and markets; therefore, consumers create the markets
- Government can only intervene when a crisis happens
7
Q
Harveys argument about neoliberalism as political practice
A
“Making of the market” was a constructed political process and not a naturally occurring event. Thus, the government does play some role.
8
Q
Neoliberalism as economic policy
A
Anti-state intervention
