![]() ![]() Promote the financialization of virtually everything, including re-engineering Western manufacturing and insurance companies into quasi-banks and derivatives traders to “diversify risk” (but really to exploit the get-rich-quick scams on Wall Street because real manufacturing industries are not able to spike quarterly profits enough to guarantee their stock option bonuses, which do nothing to increase production and value for the real economy.).Eliminate capital controls to allow “hot money” to move rapidly between countries so that investors and corporations can exploit arbitrage opportunities in labor, tax, currency, and natural resource markets (regardless of the volatility and destabilizing impact that hot money has on all markets throughout local and global economies).Implement corporate welfare programs and extensive WTO rules to protect banks and bondholders from their own malfeasance and negligent risk management, including bailouts and many other government interventions (while ignoring the continuous creation of moral hazards and the hypocritical contradiction of their “personal responsibility” mandate above).Dismantle domestic social stability programs (regardless of the inevitable social, political, and economic instability this creates) because personal responsibility is paramount.Deregulate all markets, especially financial and labor markets (based on a priori faith in the ability of bankers and corporate executives to regulate themselves).Implicit in this mantra are the following core principles of Neoliberalism. ” That is a famous mantra that neoliberals have often used to capture the essence of their own economic philosophy, which ironically has destabilized literally every country in which it has been wholly adopted. On the surface, neoliberal economic theories appear consistent with Adam Smith’s free-market ideals, but in reality, Neoliberalism substantially deviates from the classical economic Liberalism of Adam Smith and most economists prior to the 1980s. since the 1980s has been substantially dominated by a narrow range of economic ideas, which can be generally classified as “neoliberal” because they represent a new (“neo”) form of “economic liberalism.” This new economic liberalism is characterized by a set of theories about how economies, corporations, governments, and global trade could theoretically operate under perfect conditions, with a strong emphasis on abstract market equilibrium theories and mathematical models. Scholarship in the field of Economics in the U.S. ![]() Since the 18 th Century, economists following in the tradition of Adam Smith have continued to place a high priority on maximizing human health and welfare in their economic and trade theories. Collectively, these social and economic philosophers developed “Social Contract Theory” and many other ideas associated with the relationship between humans, economies, and governments. They derived their insights about economic markets, geopolitics, and human nature from Enlightenment Age humanist philosophers like Thomas Hobbes, John Locke, Jean-Jacques Rousseau, and Immanuel Kant. Classical liberals were focused on the adverse economic and social consequences of the pre-capitalist system of Mercantilism. ![]() In the field of Economics, “Classical Liberalism” typically refers to the body of socioeconomic scholarship of Adam Smith (a “classical liberal”) and his philosophical descendants. The difference between “Classical Liberalism” and “Neoliberalism” is confusing to many people so, let’s briefly summarize these terms and some of the people and ideas associated with them.Ĭlassical Liberalism Was Rooted in Humanism. ![]()
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