Cornwall ON – What is Neo-liberalism?
Neo-liberalism is a term used to describe a range of policies and an economic philosophy that stresses international free trade, economic liberalism (more commonly referred to as radical capitalism) and the promotion of such through deregulation of the economy,privatization of industry, liberalization of markets, financialization of national economies and corporatization of the remaining public sector.
The term neo-liberalism is used to distinguish it from traditional economic liberalism, more commonly known as “capitalism”, the major difference being neo-liberalism promotes radical capitalism on a global scale. The proponents of this ideology claim that this form of “free-trade” amongst international private business entities will lead to increased prosperity for the entire world.
However, the results of privatization and the removal of trade barriers has had a number of negative externalities,the most apparent being the sharp increase of corporate power and influence in the world and the displacement of national governments on the international stage.
Policies designed to benefit corporate interests have caused inequality to increase drastically, privatization of many formerlystate-run enterprises or agencies has led to increased costs and poor performance, andcountries that are otherwise rich in natural resources are shackled in debt and required toprivatize their industries, which are then sold towealthy foreign firms, as a prerequisite to receive financial aid or loans under mandated structural adjustment programs.
But there is hope in Canada.Let’s celebrate the election of 103 NDP MP’s inCanada. And by the way, I thank you wholeheartedly for your support my friends.