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Neoliberalism is a term used to describe the state stepping in on the behalf of private interests. This includes deregulation, privatisation, the opening of markets both at home & abroad, austerity, the trampling of workers' movements, attacks on previous concessions to the working class(welfare and social programs), and the like. While imperialism (the highest stage of capitalism) remains the primary contraction in the world, neoliberalism has significant influence on the policies of modern capitalist states.
Neoliberalism has been linked to lower well-being, social disconnection, and loneliness.[1]
History
Neoliberalism as a term entered into common use in the 1980s in connection with US-backed dictator Augusto Pinochet's economic reforms in Chile, following the CIA coup against the predecessor socialist government of Salvador Allende.
Neoliberalism as described by it's characteristics first began to appear around the 1970s as a major economic crisis struck the social-democracies of post-war Europe. [2]
During her tenure as Conservative Prime Minister, [Margaret Thatcher] oversaw a number of neoliberal reforms, including tax reduction, exchange rate reform, deregulation, and privatization. Thatcher privatized the coal mining industry, resulting in the loss of 20,000 jobs,undercut trade unions with an array of laws that made it harder for workers to strike, restricted where they could picket, and limited the ability to strike in solidarity with others and started the earliest waves of outsourcing on the NHS [3][4]
References
- ↑ Julia C. Becker, Lea Hartwich, S. Alexander Haslam (2021). Neoliberalism can reduce well-being by promoting a sense of social disconnection, competition, and loneliness. The British Psychological Society.
- ↑ “A major economic crisis struck the advanced capitalist world from 1974 to 1982
(Kolko 1988; Mandel 1980). Over two generalized recessions (1974–5 and 1980–82), the
capitalist system suffered an accumulation crisis that was qualitatively and quantitatively
different from a cyclical downturn. All at once, capitalist countries confronted sluggish
economic growth, high unemployment, a collapse in investment, dwindling world trade,
and skyrocketing inflation (Armstrong et al. 1991; Bowles et al. 1983).”
John O’Connor. Marxism and the Three Movements of Neoliberalism: 'Post-War Capitalism and its Demise'. - ↑ Andrew Kersley (2020-12-07). "No, Thatcher Didn’t Save the Economy" Tribune Magazine.
- ↑ Danny Shaw (2013-04-10). "Margaret Thatcher: imperialism personified" Liberation School.