Neoliberalism from theory to practice: Chile, UK, US

Question 1

The Neoliberal Order

Answer 1

Neoliberal Globalization> protectionism especially after the end of the cold war

“Structural adjustment” programs (IMF and World Bank) inspired by neoliberal economic theories

Free trade, privatization, limits on public spending, and conditional loans

But optimism has waned …
*Inequality. Unequal, limited access to health, education, and public utilities
*2008 financial crisis; European Union debt crisis
*The rise of China and India
*COVID-19 pandemic→a major reduction in domestic and global trade in goods and services
*Concerns about climate change and sustainable development; “Sacrifice zones”

Question 2

deglobalization

Answer 2

Walden Bello: the world can no longer sustain the sort of globalization we have seen in the past

Covid 19 and the effects of 2008 financial crisis continue to impact the lives of the poor

Question 3

Critical IPE, “New Political Economy”

Answer 3

Questions how the global political economy emerged, what interests support it supports, and how it might be transformed

Robert Cox advocates neo-gramscian approach
Focus on hegemony, domination and subordination, coercion and consent

Question 4

Climate Change

Answer 4

International agreements (to limit temperature increase to 1.5C above pre-indistrial levels) but poor commitments

UN SG Guterres: multilateral institutions like the world bank are inadequate in “providing the funding needed for the climate change crisis, and should be reformed”