Neoliberalism

Question 1

What is neo liberalism?

Answer 1

Revival of economic liberalism that took place in 1970
Aims to halt and reverse trend towards big govt and state intervention
That had characteristics much of the twentieth century
Main proponents M Thatcher and R Regan who like laissez faire economics to a social conservative philosophy

Question 2

Hayek- neo liberalism is not conservatism?

Answer 2

Boundless faith in human potential
Dislike rigid defence of the constitutional status quo and the passionate on constitutional reforms (exec power)

Question 3

Why is neo liberalism a distinctive branch of liberalism?

Answer 3

Seeks to update principles of CL aiming to reply the ideas of adam smith and T Jefferson to modern society and globalised economy
-Critique ML as betrayal of individualism and a sell out of socialism and conservatism
The beverage report cradle to grave criticised by Hayek as being parental

Question 4

What are the implications of neo liberalism in the economy?

Answer 4

Negative freedom and minimal state calling for rolling back the state
-Reduction on public spending after facilitation by privatisation of public service
And state less regulation of economy
Results in low tac raye and gradual replacement of dependency culture