LIBERALISM & NEO LIBERALISM

• Liberalism


  An ideology committed to an individual and a society in which the individual can pursue and realize their interest
• Liberalism


  A political and economic doctrine that emphasizes individual autonomy, equality of opportunity, and the protection of individual rights (primarily to life, liberty, and property), originally against the state and later against both the state and private economic actors, including businesses
• Intellectual founders of liberalism


  • John Locke (the father of classical liberalism)
  • Adam Smith (the second father of classical liberalism, also known as the "father of economics" and the "father of capitalism")
• Liberalism


  Mostly a modern phenomenon that started in the 17th century
• Core values of liberalism


  • Individualism
  • Rationalism
  • Freedom
  • Responsibility
  • Justice
  • Tolerance
• 4 strands of liberal thought


  • Sociological liberalism
  • Interdependence liberalism
  • Institutional liberalism
  • Republican liberalism
• In the four decades after World War II, the Cold War conflict between the two superpowers assumed global proportions
• The Realist school dismissed the liberal approach as utopian or idealistic
• Liberal thinkers managed to build new theories and achieve a significant share in the research agenda of international relations
• Neoliberalism


  A policy model that encompasses both politics and economics, favoring private enterprise and seeking to transfer the control of economic factors from the government to the private sector
• Neoliberalism


  A political and economic philosophy that emphasizes free trade, deregulation, globalization, and a reduction in government spending
• Characteristics of neoliberalism


  • Belief that greater economic freedom leads to greater economic and social progress for individuals
  • Support for free enterprise, competition, deregulation, and the importance of individual responsibility
  • Opposition to the expansion of government power, state welfare, inflation
  • Minimizing government control of industry and boosting private sector ownership of business and property
  • Support for free market capitalism and the efficient allocation of resources
  • Support for globalization rather than heavily regulated markets and protectionism
  • Reduction in government spending and lower taxes
  • Less government control over economic activity to enhance the efficient functioning of the economy
  • Increase in the impact of the private sector on the economy
  • Reduction in union power and greater flexibility in employment
  • Government intervention when needed to help implement, sustain, and protect free market activities
• Liberalism vs. Neoliberalism


  Liberalism is a broad political philosophy that holds liberty to a high standard and defines all social, economic, and political aspects of society, including the role of government. Neoliberalism is essentially an economic ideology that is more narrowly focused and primarily concerned with markets and the policies and measures that influence the economy.