what is neoliberalism?

202 views
0

My teacher keeps on mentioning it in my English class and every time she mentions it I’m left so confused, but whenever I try to ask her she leaves me even more confused

Edit: should’ve added this but I’m in New South Wales

In: 480

Neoliberalism is just the currently existing form of capitalism. There’s a ton of complex economic theory and philosophy behind it, but what you need to know is that it’s the current form of capitalism characterized by laissez-faire free markets, fiscal austerity, deregulation, privatization, free trade, and low taxes on the wealthy. The economic policies of Ronald Reagan and Margaret Thatcher were liberalism on steroids, but most mainstream political parties (both left and right) in just about every country embrace neoliberalism.

In a nutshell, its privatize everything, little to no government involvement, and basically let capitalists accumulate money without any regulations whatsoever. Basically, Jeff Bezos’ and Elon Musk’s dream scenario.

Neoliberalism is a school of economic thought that believes that capitalist societies work better with less government intervention in the private business sector. They promote the removal of government regulations (like labor laws, public safety laws, and pollution laws) and reducing business and corporate taxes.

It’s generally “An economic philosophy which advocates for more free trade, less government spending, and less government regulation.” It’s a tad confusing because even though it’s got “liberal” in the middle of the word, it’s a philosophy that’s more associated with conservative (and arguably moderate governments) much more so than liberal governments which tend to favor more government spending and more regulation.

Unfortunately many people tend to use it to mean “any economic thing I don’t like” or increasingly “any government thing I don’t like” which is super inconsistent and yes, confusing. It’s similar to how any time a government implements any policy a certain sort of person doesn’t like, it’s described as “communism” without any sense of what “communism” is as a political philosophy beyond “things the government does that I don’t like.”

So Tl;dr – you are not the only one confused, your teacher is likely just throwing around buzzwords without actually understanding what they mean. 😐