The latter half of the 1970s witnessed rapid and extensive privatization, deregulation and reductions in trade barriers. In 1978, policies that would reduce the role of the state and infuse competition and individualism into areas such as labor relations, pensions, health and education were introduced. 5 These policies resulted in widening inequality as they negatively impacted the wages, benefits and working conditions of Chile's working class. 51 59 According to Chilean economist Alejandro foxley, by the end of Pinochet's reign around 44 of Chilean families were living below the poverty line. 60 According to Klien, by the late 1980s the economy had stabilized and was growing, but around 45 of the population had fallen into poverty while the wealthiest 10 saw their incomes rise. 61 In 1990, the military dictatorship ended. Hayek argued that increased economic freedom had put pressure on the dictatorship over time and increased political freedom.
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Along with an increased labour market flexibility, the final result of this plan was an unemployment rate of 25 and 60 of people living under the poverty line, alongside 33 people killed by the police in protests that ended up with the president, fernando. Citation needed australia edit In Australia, neoliberal economic argumentative policies (known at the time as "economic rationalism" 52 or "economic fundamentalism were embraced by governments of both the labor Party and the liberal Party since the 1980s. The governments of Bob Hawke and paul keating from 1983 to 1996 pursued economic liberalisation and a program of micro-economic reform. These governments privatized government corporations, deregulated factor markets, floated the australian dollar and reduced trade protection. 53 keating, as federal treasurer, implemented a compulsory superannuation guarantee system in 1992 to increase national savings and reduce future government liability for old age pensions. 54 The financing of universities was deregulated, requiring students to contribute to university fees through a repayable loan system known as the higher Education Contribution Scheme (hecs) and encouraging universities to increase income by admitting full-fee-paying students, including foreign students. 55 The admitting of domestic full fee paying students to public universities was stopped in 2009 by the rudd Labor government. 56 Chile edit further information: Crisis of 1982 and Miracle of Chile In 1955, a select group of Chilean students (later known as the Chicago boys ) were invited to the University of Chicago to pursue postgraduate studies in economics. They worked directly under Friedman and his disciple, arnold Harberger, while also being exposed to hayek. When they returned to Chile in the 1960s, they began a concerted effort to spread the philosophy and policy recommendations of the Chicago and Austrian schools, setting up think tanks and publishing in ideologically sympathetic media. Under the military dictatorship headed by pinochet and severe social repression, the Chicago boys implemented radical economic reform.
In order to achieve this, salaries were frozen, but they were unable to reduce inflation, which led to a drop in the real salary of the working class. Aiming for a free market, they also decided to open the country's borders, so that foreign goods could freely enter the country. Argentina's industry, which had been on the rise for the last 20 years since Frondizi's economic listing plan, rapidly declined, because it wasn't able to compete with foreign goods. Finally, the deregulation of the financial sector, gave a short-term growth, but then rapidly fell apart when capital fled to the United States in the reagan years. Citation needed following the measures, there was an increase in poverty from 9 in 1975 to 40 at the end of 1982. to 2001, another neoliberalist plan was attempted by domingo cavallo. This time, the privatization of public services was the main objective of the government; although financial deregulation and open borders to foreign goods were also re-implemented. While some privatizations were welcomed, the majority of them were criticized for not being in the people's best interests.
23 :16 With central planning in the ascendancy worldwide and owl few avenues to influence policymakers, the society served to bring together isolated advocates of liberalism as a book "rallying point" as Milton Friedman phrased. Meeting annually, it would soon be a "kind of international 'who's who' of the classical liberal and neo-liberal intellectuals." 50 While the first conference in 1947 was almost half American, the europeans dominated by 1951. Europe would remain the epicenter of the community with Europeans dominating the leadership. 23 :1617 Post-wwii neo-liberal currents edit Argentina edit further information: José Alfredo martínez de hoz and Domingo cavallo In the 1960s, latin American intellectuals began to notice the ideas of ordoliberalism ; these intellectuals often used the Spanish term "neoliberalismo" to refer to this school. They were particularly impressed by the social market economy and the wirtschaftswunder economic miracle in Germany and speculated about the possibility of accomplishing similar policies in their own countries. Neoliberalism in 1960s meant essentially a philosophy that was more moderate than classical liberalism and favored using state policy to temper social inequality and counter a tendency toward monopoly. 5 In 1976, the military dictatorship 's economic plan led by martínez de hoz was the first attempt at a neoliberalist plan in Argentina. They implemented a fiscal austerity plan, whose goal was to reduce money printing and thus inflation.
The first group wanted a strong state to supervise, while the second insisted that the only legitimate role for the state was to abolish barriers to market entry. Rüstow wrote that hayek and Mises were relics of the liberalism that caused the Great Depression. Mises denounced the other faction, complaining that ordoliberalism really meant "ordo-interventionism". 48 :1920 Mont Pelerin Society edit neoliberalism began accelerating in importance with the founding of the mont Pelerin Society in 1947 by Friedrich hayek. The colloque walter Lippmann was largely forgotten. 49 The new society brought together the widely scattered free market thinkers and political figures. Hayek and others believed that classical liberalism had failed because of crippling conceptual flaws and that the only way to diagnose and rectify them was to withdraw into an intensive discussion group of similarly minded intellectuals.
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44 :78 Lester Spence uses the term to critique trends in Black politics, defining neoliberalism as "the general page idea that society works best when the people and the institutions within it work or are shaped to work according to market principles". 45 According to Philip Mirowski, neoliberalism views the market as the greatest information processor superior to any human being. It is hence considered as the arbiter of truth. Neoliberalism is distinct from liberalism insofar as it does not advocate laissez-faire economic policy but instead is highly constructivist and advocates a strong state to bring about market-like reforms in every aspect of society. 46 Early history edit colloque walter Lippmann edit The worldwide Great Depression of the 1930s brought about high unemployment and widespread poverty and was widely regarded as a failure of economic liberalism.
To renew liberalism, a group of 25 intellectuals organised the walter Lippmann Colloquium at Paris in August 1938. It brought together louis rougier, walter Lippmann, friedrich von hayek, ludwig von Mises, wilhelm Röpke and Alexander Rüstow among others. Most agreed that the liberalism of laissez-faire had failed and that a new liberalism needed to take its place with a major role for the state. Mises and hayek refused to condemn laissez-faire, but all participants were united in their call for a new project they dubbed "neoliberalism". 48 :1819 They agreed to develop the colloquium into a permanent think tank supervisor called Centre International dÉtudes pour la rénovation du libéralisme based in Paris. Deep disagreements in the group separated "true (third way) neoliberals" around Rüstow and Lippmann on the one hand and old school liberals around Mises and hayek on the other.
36 At a base level we can say that when we make reference to 'neoliberalism we are generally referring to the new political, economic and social arrangements within society that emphasize market relations, re-tasking the role of the state, and individual responsibility. Most scholars tend to agree that neoliberalism is broadly defined as the extension of competitive markets into all areas of life, including the economy, politics and society. the handbook of neoliberalism 4 According to some scholars, neoliberalism is commonly used as a catchphrase and pejorative term, outpacing similar terms such as monetarism, neoconservatism, the washington Consensus and "market reform" in much scholarly writing, 5 The term has been criticized, 37 38 particularly. 39 :74 Historian Daniel Stedman Jones says the term "is too often used as a catch-all shorthand for the horrors associated with globalization and recurring financial crises". 40 :2 The handbook of neoliberalism posits that the term has "become a means of identifying a seemingly ubiquitous set of market-oriented policies as being largely responsible for a wide range of social, political, ecological and economic problems".
Yet the handbook argues to view the term as merely a pejorative or "radical political slogan" is to "reduce its capacity as an analytic frame. If neoliberalism is to serve as a way of understanding the transformation of society over the last few decades then the concept is in need of unpacking". 4 Currently, neoliberalism is most commonly used to refer to market-oriented reform policies such as "eliminating price controls, deregulating capital markets, lowering trade barriers" and reducing state influence on the economy, especially through privatization and austerity. 5 Other scholars note that neoliberalism is associated with the economic policies introduced by margaret Thatcher in the United Kingdom and Ronald reagan in the United States. 6 There are several distinct usages of the term that can be identified: Sociologists Block and Somers claim there is a dispute over what to call the influence of free market ideas which have been used to justify the retrenchment of New deal programs and. 41 Others, such as Braedley and Luxton, assert that neoliberalism is a political philosophy which seeks to "liberate" the processes of capital accumulation. 42 In contrast, piven sees neoliberalism as essentially hyper-capitalism. 43 However, robert. McChesney, while defining it as "capitalism with the gloves off goes on to assert that the term is largely unknown by the general public, particularly in the United States.
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5 Another center-left movement from modern American liberalism that used the term "neoliberalism" to describe its ideology formed in the United States in the 1970s. According to david Brooks, prominent neoliberal politicians included Al Gore and Bill Clinton of the democratic Party of the United States. 31 The neoliberals coalesced around two magazines, The new Republic and the washington Monthly. 32 The "godfather" of this version of neoliberalism was the journalist Charles Peters, published "a neoliberal's Manifesto". 34 Current usage edit Shermer argued that the term gained popularity largely among left-leaning academics in the 1970s "to describe and decry a late twentieth-century effort by policy makers, think-tank experts, and industrialists to condemn social-democratic reforms and unapologetically implement free-market policies". 35 list neoliberal theory argues that a free market will allow efficiency, economic growth, income distribution, and technological progress to occur. Any state intervention to encourage these phenomena will worsen economic performance.
29 Most scholars in the plan 1950s and 1960s understood neoliberalism as referring to the social market economy and its principal economic theorists such as Eucken, röpke, rüstow and Müller-Armack. Although hayek had intellectual ties to the german neoliberals, his name was only occasionally mentioned in conjunction with neoliberalism during this period due to his more pro-free market stance. 30 During the military rule under Augusto pinochet (19731990) in Chile, opposition scholars took up the expression to describe the economic reforms implemented there and its proponents (the " Chicago boys. 5 Once this new meaning was established among Spanish-speaking scholars, it diffused into the English-language study of political economy. 5 According to one study of 148 scholarly articles, neoliberalism is almost never defined but used in several senses to describe ideology, economic theory, development theory, or economic reform policy. It has largely become a term of condemnation employed by critics and suggests a market fundamentalism closer to the laissez-faire principles of the paleoliberals who? than to the ideas of those who originally attended the colloquium. This leaves some controversy as to the precise meaning of the term and its usefulness as a descriptor in the social sciences, especially as the number of different kinds of market economies have proliferated in recent years.
economy. 5 by 1994, with the passage of nafta and with the zapatistas ' reaction to this development in Chiapas, the term entered global circulation. 4 Scholarship on the phenomenon of neoliberalism has been growing over the last couple of decades. 16 The impact of the global crisis has also given rise to new scholarship that criticises neoliberalism and seeks policy alternatives. 25 Contents Terminology edit Origins edit An early use of the term in English was in 1898 by the French economist Charles Gide to describe the economic beliefs of the Italian economist Maffeo pantaleoni, 26 with the term "néo-libéralisme" previously existing in French, 14 and. 27 In 1938 at the colloque walter Lippmann, the term "neoliberalism" was proposed, among other terms, and ultimately chosen to be used to describe a certain set of economic beliefs. 23 :1213 28 The colloquium defined the concept of neoliberalism as involving "the priority of the price mechanism, free enterprise, the system of competition, and a strong and impartial state". 23 :1314 to be "neoliberal" meant advocating a modern economic policy with state intervention. 23 :48 neoliberal state interventionism brought a clash with the opposing laissez-faire camp of classical liberals, like ludwig von Mises.
22 The definition and usage of the term have changed over time. 5 As an economic philosophy, neoliberalism emerged among European liberal scholars in the 1930s as they attempted to trace a so-called "third" or "middle" way between the conflicting philosophies of classical liberalism and socialist planning. 23 :1415 The impetus for this development arose from a desire to avoid repeating the economic failures of the early 1930s, which neoliberals mostly blamed on the economic policy of classical liberalism. In the decades that followed, the use of the term "neoliberal" tended to refer to theories which diverged from the more writings laissez-faire doctrine of classical liberalism and which promoted instead a market economy under the guidance and rules of a strong state, a model which. In the 1960s, usage of the term "neoliberal" heavily declined. When the term re-appeared in the 1980s in connection with Augusto pinochet 's economic reforms in Chile, the usage of the term had shifted. It had not only become a term with negative connotations employed principally by critics of market reform, but it also had shifted in meaning from a moderate form of liberalism to a more radical and laissez-faire capitalist set of ideas. Scholars now tended to associate it with the theories of Mont Pelerin Society economists Friedrich hayek, milton Friedman and James.
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For the school of international relations, see. Neoliberalism or neo-liberalism 1 refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism. 2 :7 Those ideas include economic liberalization policies such as privatization, austerity, deregulation, free trade plan 3 and reductions in government spending in order to increase the role of the private sector in the economy and society. 11, these market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war, keynesian consensus which lasted from 1945 to 1980. 12 13, english-speakers have used the term "neoliberalism" since the start of the 20th century with different meanings, 14 but it became more prevalent in its current meaning in the 1970s and 1980s, used by scholars in a wide variety of social sciences. Modern advocates of free market policies avoid the term "neoliberal" 19 and some scholars have described the term as meaning different things to different people 20 21 as neoliberalism "mutated" into geopolitically distinct hybrids as it travelled around the world. 4 As such, neoliberalism shares many attributes with other concepts that have contested meanings, including democracy.