Sample Essay on Neoliberalism

Sample Essay on Neoliberalism

Neoliberalism is a term that describes some form of economic liberalism. It advocates support for great privatization, open markets, economic liberalization, deregulation, reduction in government spending and free markets for purposes of enhancing the role played by the private sector in any economy.

The economic policy emerged in the 1930s among European liberal scholars who attempted to trace the ‘Middle Way’ or ‘Third’ between conflicting collectivist central planning and classical liberalism conflicting philosophies.

The impetus of the development was born from the desire to avoid repetition of economic failures that took place in the start of the 1930s and which conventional wisdom of that period tended to blame on unregulated capitalism.

Neoliberal theory, in the decades that followed became a variance with the tolerant doctrine of classical liberalism. Instead, it promoted a market economy under the rules and guidance of a strong state. The model came to the referred to as social market economy.

The general characteristic of neoliberalism is the desire to expand and intensify a market through increasing the frequency, formalization, repeatability and number of transactions. The ultimate, yet unreachable goal of neoliberalism is creating a universe where every action taken by every being n market transaction is carried out in competition with all other beings and influencing all other transactions. It also aims at making sure transactions are carried out in an infinitely short duration and they are repeated at the same infinitely fast rate.

The first neoliberal ideas were implemented in West Germany. Neoliberal economists who were around Ludwig Erhard drew theories they had developed during the 1940s and 1930s and they went a long way to contribute to the res construction of West Germany after World War II.

Erhard at that time was a member of the Mont Pelerin Society as such, always in contact with other neoliberals. He knew he was classified as a neoliberal, affirmed the fact and said that he accepted that classification.

German neoliberals were in agreement of the classical liberal notion competition helps drive an economy to prosperity but they also argues a laissez faire state policy stifles competition because the strong devour the weak since cartels and monopolies could pose a threat to competition freedom.

Some of the most precise aspects of neoliberalism include the following:

  • Emphasis on property in market and classic liberalism has replaced the emphasis on contract.
  • The maximalisation of contract is neoliberal for instance the British railway network privatization which was previously run by a state owned contract and which led to new contracts totaling 30,000.
  • Reduction of contract period and especially on the labor market and the frequency of the contract is increased as well.

Neoliberalism is not just an economic structure but rather, a philosophy and it is most visible when evaluating attitudes of the society, employment and individuals.

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