Neoliberalism: A Very Short Introduction by Manfred B. Steger, Ravi K. Roy PDF

By Manfred B. Steger, Ravi K. Roy

Anchored within the ideas of the free-market economics, "neoliberalism" has been linked to such various political leaders as Ronald Reagan, Margaret Thatcher, invoice Clinton, Tony Blair, Augusto Pinochet, and Junichiro Koizumi. In its heyday throughout the overdue Nineties, neoliberalism emerged because the world's dominant monetary paradigm, stretching from the Anglo-American heartlands of capitalism to the previous communist bloc the entire technique to the constructing areas of the worldwide South. this day, in spite of the fact that, neoliberalism has been discredited because the worldwide economic climate, outfitted on its rules, has been shaken to its middle by means of the worst monetary calamity because the Nineteen Thirties. Is neoliberalism doomed or will it regain its former prestige? Will the hot U.S. President Barack Obama include or reject the neoliberal schedule of his predecessors within the White condo? and the way will his determination effect the present worldwide financial order? Is there a practicable replacement to neoliberalism? Exploring the origins, middle claims, and numerous sorts of neoliberalism, this Very brief creation deals a concise and available creation to at least one of the main debated "isms" of our time.

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Additional resources for Neoliberalism: A Very Short Introduction

Sample text

A. Reaganomics and Thatcherism: supply-side and monetarist neoliberalism Neoliberalism 6. Ronald Wilson Reagan (1911–2004), 40th President of the United States of America (1981–9) derided by opponents in his own party as ‘Voodoo Economics’. Proclaiming to combat the toxic mixture of stagflation and high unemployment inherited from the Carter years, Reaganomics focused, first and foremost, on reducing marginal tax rates. But the President was no less determined to tackle deficit spending and existing government regulations.

A crucial theoretical component of supply-side economics, the ‘Laffer Curve’ is a graphical illustration of the thesis that increases in taxation rates will not always lead to an increase in taxation revenue. As tax rates approach 100%, the curve suggests, revenue will drop as citizens will have no incentive to work harder. Supply-siders show a single-minded commitment to reducing taxes on private income. Relying on the Laffer Curve, they argue that new economic growth produced by Neoliberalism added investment will automatically generate sufficiently large tax revenue surpluses.

In short, monetary policies should take precedence over fiscal policy (taxation and redistribution policies) devised by ‘big government’. Neoliberalism 5. Milton Friedman (1912–2006) 18 As we shall see in ensuing chapters, neoliberalism soon spread to other parts of the world – often by means of so-called ‘shock therapies’ devised by prominent neoliberal economists. Examples include Chile after General Augusto Pinochet’s 1973 CIAsupported coup, the economic transformation of formerly communist Eastern Europe, and post-Apartheid South Africa.

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Neoliberalism: A Very Short Introduction by Manfred B. Steger, Ravi K. Roy

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