Essay On Neoliberalism

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. …show more content…
According to the documentary, significant poverty exists due to exploitation of developing countries by first world countries; some empires prevent social mobility and only an elite few hold the wealth while many lack basic necessities and resources (Diaz 2008). The colonizing countries in which the resources flow from poor underdeveloped countries to wealth developed ones create a cycle of dependency. Wealthy countries get richer by the way poor countries are integrated into the world system, leaving the poor countries impoverished and