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Essay / Neoliberalism of Neoclassical Economics - 1148
According to Investopedia, neoliberalism draws on the principles of neoclassical economics and suggests that the government should reduce deficit spending, reform tax laws so that the tax base can be expanded, limit subsidies, limit protectionism by opening markets, encourage privatization and deregulation to allow private ownership. Neoliberalism is a system in which economic factors controlled by the public sector come under the control of the private sector. To summarize, neoliberal policies deregulate and expand the market economy. Proponents of neoliberalism oppose the idea that neoliberalism increases the efficiency of a market economy. On the contrary, neoliberal policies reduce and eliminate the effects of government intervention and the public sector as a whole. This allows businesses and individuals to gain advantages in the market. These proponents also argue that under neoliberal policies, businesses will be able to increase their profits by actively increasing their production of goods and services. This will lead to better interactions between consumers and producers. This will also strengthen and increase the size and efficiency of the market. The above-mentioned process can be considered as the developmental phase of a neoliberal economy. During which the creativity and competitive power of businesses will also be developed. One of the best examples of the fruits of neoliberal policies is the development of the Free Trade Agreement. The FTA abolished protectionist measures such as tariffs and encourages free and liberal trade between countries and businesses in different countries. The United States has signed FTAs with more than twenty countries. In addition to the F...... middle of paper ...... implemented in order to bring about more positive change for workers' rights and essentially be able to protect those rights indefinitely. That said, I think neoliberalism has largely influenced people's views on how they are treated in the workplace, and these kinds of falls inevitably leave room for improvement in the future. Without these drawbacks, no issues or concerns will ever be raised and hence the room for progress can only be a dream never realized. With good practices in place, neoliberalism can be broadly seen as a positive contributor to workers' rights. Bibliography: Raworth, K. (2004). Trading our rights. Oxfam Publications. Ismail, F. (2009). Reform the World Trade Organization. World Economy, 10(4), 124.McChesney, RW (1999). Noam Chomsky and the fight against neoliberalism. Chomsky Monthly Review.