Neoliberalism

Neoliberalism link (ideology)
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An economic doctrine of "ensur[ing] that the fruits of growth [go] to the few not to the many."

Neoliberalism is associated with policies of economic liberalization including privatization, deregulation, globalization, free trade, austerity, and generally reductions in government spending in order to increase the role of the private sector in the economy and society.

Official narrative

The state isn't really able to manage the economy, so all enterprises should be private. The state only needs to manage some core tasks, this will make the operation of the state cheaper, so taxes can come down, so more money is in the system, so people have more in their pocket. The system will function with taxes that are paid by private businesses.

Origins

Watch on YouTube

Extract from Double Down News video "Liz Truss: The Oligarch's Prime Minister" by George Monbiot:

"When the [neoliberalism] cult first started to be developed in the late 1930s, it was regarded as just crazy, completely fringe, marginal, no-one paid it much attention but then it started receiving serious money.

"Money from some of the richest people on Earth and it started being championed by those rich people's media.

"They began to push it, and push it, and push it until eventually it became the water in which we swim, or to be more accurate the sewage in which we drown."

Problems

It is a political ideology which Larry Elliot of The Guardian suggested might be better termed "unpopulism... i.e. tilting the balance of power in the workplace in favour of management and treating people like wage slaves. Unpopulism was rigged to ensure that the fruits of growth went to the few not to the many."

The ideology is not as far removed from neoconservative ideology as the names might suggest, although neoliberalism tends to focus less on the MICC.

Deregulation

Deregulation has generally the effect that companies reorganise for the maximisation of profit with little, or without consideration for the public good.

2008

The 2008 Financial Crisis was caused in part by a deregulation of the so-called "derivative market".

2018

The Boeing 737 MAX crashes of 2018/19 were caused by deregulation since the FAA had handed too much authority over to Boeing to certify the safety of their own planes. In 2020 the House Committee on Transportation and Infrastructure with the Subcommittee on Aviation found that Boeing put it's profits over peoples safety and confirmed what has been already publicly discussed.

References

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