Economic Liberalism and Neo-Liberalism

Starting in the 1960’s, there has been a drastic change in the structure of society. Economics was the driving force behind this change. The economy saw a rapid de-industrialization (Harvery 2011.) “Blue collar” jobs decreased, and with that, manufacturing decreased. “White collar” jobs increased, and the workforce was transformed. Furthermore, state functions became privatized. Several examples of these functions are utilities, infrastructure, and the overall economy. As a result, societal functions became the responsibility of the individual to uphold. No longer was the government in charge of its citizens’ well-being (Harvey 2011.) The term and school of thought for this societal and economic shift is Economic Neo-liberalism.

“Economic Neo-liberalism is the enhancement of the private sector role in modern economics.”(Hebron & Stack 2011: 20.) Private companies and private financing drives the economy. Deregulation, free-trade, and open markets are the cornerstone for this ideology. In this theory, business and the economy should be separate from government mingling.

In the 21st Century, Economic Liberalism has become a global issue. No longer was it confined to just the United States. As communication across the world advanced, Economic Neo-Liberalism spread across continents like a disease. Many saw this phenomenon as the dawn of a new world order, globalization. There have been some benefits from this phenomenon. Products and services from all over the world are now readily available to all consumers. Cities have been transformed into booming metropolis with high-rising temples of concrete and glass. However, there has been a significant dark side to Economic Neo-liberalism. Since currency and wealth are important in Economic Neo-liberalism, greed and dishonest business practices have become prevalent. The standard of living of middle and lower classes has dropped, and social programs have been eliminated due to their cost (Harvey 2011.) In addition, these victims of Economic Neo-liberalism are told to blame only themselves for their failures. As a result, there is a greater gap between the social classes.

While comparing and contrasting the following articles: Scientific America, Polluted Waters, Millions Drink Dirty Water, Drug Imports from China, and India Becoming America one major theme has emerged. That theme is that Economic Neo-liberalism is having an overall negative impact on society, human welfare, and the environment. This theme is also conveyed in the presentations of Michael Watts and Amita Baviskar. In contrast, these informational resources differ as to what issue arises from Economic Neo-liberalism and the specific impact it has on society. Each article or presentation presents a different situation, but they all confirm that Economic Neo-liberalism is tearing apart the fabric of society and destroying the environment. Without changing the current