Neoliberalism And Its Effects On Society Essays

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Neoliberalism has prevailed for three decades now in the United States along with many other countries. Neoliberalism, also referred to as economic liberalism, is an ideology that favors laissez-faire economics in which government intervention is limited in regards to economic affairs (Martell 2010). Neoliberalism is the economy’s deviation from the public sector to the private sector. While social liberalism is based on freedom and equality in various areas such as religion, politics, or economics, and has a more progressive approach on human rights, neoliberalism refers mostly to new policies of a liberal economy, furthering globalization (Martell 2010). Martell (2010) writes that neoliberalism supports privatization of available resources, deregulated businesses, private property, free trade, and government cutbacks on several programs like social welfare. The policies of neoliberalism and its effects on people have resulted in much controversy, leading to many different perspectives; although it is intended for all to prosper and good for democracy, neoliberalism only benefits an elite group of corporations in developed countries while hurting the majority of people, especially in developing countries.
According to Andrew Jones (2010), globalists Thomas Friedman and Martin Wolf are both positive thinkers due to their similar stances on neoliberal economic globalization. Both their works have been “widely cited for presenting strong arguments in favour of…

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