...After gaining independence, Ghana’s economy had reached a state of crisis and therefore, certain International Financial Institutions (International Monetary Fund and World Bank) had intervened. The goal for Ghana was to pursue economic growth at all costs and seek to achieve through the increase of the Growth Domestic Product and the Growth National Product. Structural adjustment programs (SAP) (designed by the World Bank and IMF) had begun being implemented by the Provisional National Defense Council (PNDC) and National Democratic Congress (NDC). SAPs can be defined as “the process by which key institutions and policies are reconstructed with the intent on advancing economic growth”. This involves increasing economic dependency and diversifying economic resources. While looking at Peter Arthur’s opposing argument that the IFIs and their strategies were detrimental to Ghana’s economy - Kwadwo Kanadu-Agyemang and Darko Kwabena Opoku believe that these strategies and SAPs were beneficial to Ghana’s economy, only to a certain extent. This essay will aim to identify certain criticisms of Ghana undergoing the SAP as well as which sectors of the SAP were beneficial to Ghana. Furthermore, this essay will identify that the ‘imposition’ of the SAPs was indeed necessary and less destructive than its critics state. Colonial rule ended for Ghana in 1957 and they became politically independent and they were “the first country in sub-Saharan Africa to do so”. Ghana had ebeen the world’s...
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...A Criticism of Neoliberal Policies as a Method of Development * Neoliberalism is a philosophical theory that uses market value as the primary method of evaluating all aspects of life. Thus, the market is seen as the template for all other activities within a society, even those that involve an ethical dimension. (Paul Sukys, 2009) Thesis Statement: The pro-market principles that neoliberalism encourages do have benefits that, if managed realistically, are means of development and sustainment for countries worldwide. * “The neoliberal doctrine emphasizes competition over cooperation and in doing so encourages each individual to pursue his or her own well being, thus effectively creating "companies of one" who will sell whatever they possess (talents, property, abilities, education, and so on) in order to accumulate "points," in whatever way those points may be defined within a given system.” (Jason Read, 2008) * “Neoliberalization has not been very effective in revitalizing global capital accumulation, but it has succeeded remarkably well in restoring, or in some instances (as in Russia and China) creating, the power of an economic elite...” (David Harvey, 2007) * Neoliberalism is an ideology, method of governance, and a set of policies which originated out of classical liberalism and as a backlash to Keynesianism during the early 1980’s (Steger and Roy 2010:10-11) * Neoliberal intellectuals insisted that the ‘free market’ was a superior mechanism for...
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...international collective. “The distinct characteristics of global governance lies in the assumption that the effective handling of problems is no longer the exclusive responsibility of government but of joint activities by governments, international and supranational institutions.” This understanding of global interconnectedness has incited the creation of numerous organizations, institutions and international environmental initiatives, specifically the Kyoto Protocol. However, environmental impediments have not seen notable improvements and can be attributed to the flaws of global environmental governance. Firstly, contributing to the failure of environmental policies is the ineffective structure of the Kyoto Protocol. Furthermore, with the rise of globalization, neoliberal ideals have prioritized market successes at the detriment of the environment and international environmental initiatives. Lastly, the international environmental governing body of the United Nations Environment Programme (herein referred to as UNEP) lacks legitimacy, organization and corroborated influence. This paper asserts the fundamental flaws and failures of environmental global governance in efforts of controlling and improving environmental degradation. Although there have been many initiatives taken to...
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...What impact has neoliberalism had on world politics? Neoliberalism is an economic philosophy that rose in prominence from the eighties following the elections of Margaret Thatcher and Ronald Reagan. Jones, Parker and Bos (2005: 100) summarise the essence of this view as “markets good, governments bad”. Neoliberalism argues that free trade is beneficial to all nations, that governments create inefficiency and waste, and that the distribution of goods should therefore be left to individuals and firms competing in the market to maximise their utility (WHO 2010). To ensure an efficient allocation of resources, neoliberalists argue for widespread liberalisation i.e. the reduction of rules and restrictions, and the privatisation of public enterprises. However, the reality of Neoliberalism has been very different to the theory. Regulation provides the framework within which markets work and enables the moderation of the externalities they produce, thus deregulation was in fact limited and was quickly followed by regulation (Levi-Faur 2005: 13). Because of this, Polanyi (in Peck, 2010: 330) writes: “the road to a free market was opened and kept open by an enormous increase in continuous, centrally organized and controlled interventionism”. In this essay, I look at the impacts of Neoliberalism on World Politics, focusing on two in particular. Firstly I explain that the policies of liberalisation and privatisation, albeit supported by regulation, have led to increasing inequality...
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...Globalization and Neoliberalism The process by which businesses or other organizations develop international influence or start operating on an international scale. Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation technologies and services, mass migration and the movement of peoples, a level of economic activity that has outgrown national markets through industrial combinations and commercial groupings that cross national frontiers, and international agreements that reduce the cost of doing business in foreign countries. Globalization offers huge potential profits to companies and nations but has been complicated by widely differing expectations, standards of living, cultures and values, and legal systems as well as unexpected global cause-and-effect linkages. Globalization is not an inevitable process and there are risks and costs: -Inequality: Globalization has been linked to rising inequalities in income and wealth. Evidence for this is a rise in the Gini-coefficient and a growing rural–urban divide in countries such as China, India and Brazil. -Inflation: Strong demand for food and energy has caused a steep rise in commodity prices. Food price inflation (known as afflation) has placed millions of the world’s poorest people at great risk. -Macroeconomic instability:...
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...Assessment 2: Major Essay What is neoliberalism and how is it connected to 'development'? Neoliberalism, quite simply, is defined by David Harvey as the: … theory of political economic practices that proposes that human well-being can be best advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterised by strong private property rights, free markets and free trade... (2007, pg 2) Through this approach, economic and social barriers and constraints are sought to be eliminated to prompt the market towards becoming self-sufficient. Therefore, it is very easy for neoliberalism to hinder the development of economies and society, as imbalances in wealth and living conditions are emphasised and expanded over time. In particular, these imbalances become quite prominent in developing countries, for example, Brazil, where they may begin to take importance over the conditions of the population. Despite this, we are still observing the existence of neoliberalism in the 21st century on an international scale as the globalisation era lingers and development continues to evolve. In the modern world, neoliberalism offers ‘the supporting ideology of globalisation’ and depends on market forces, free trade and laissez-faire government roles to become efficient. (Heron, T. 2008. Pg. 1;Kelleher, A and Klein, L. 2011. Pg. 95) It was in the late eighteenth century when Adam Smith originally formulated the idea that in an economy, priority...
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...re-investment in urban infrastructure, increasing reliance on continental and international trade, and the restructuring of the space economy have combined to weaken Canada’s cities just as the global economic system is undergoing transformation. Canadian urban geographic scholarship has much to offer under current conditions, and is already making significant contributions in key areas. In particular, research on what might be called the contours and impacts of urban restructuring and the neoliberal city, immigration and cities of difference, and urban environmental justice show much promise and are likely to define the core of Canadian urban geography into the future. Key words: cities, urban geography, Canada, economic restructuring, neoliberalism, social justice L’urbain ` une ´poque fragile, incertaine et a e n´olib´rale: vers de nouvelles g´ographies de la e e e justice sociale? ` Les villes canadiennes sont a la crois´e des chemins. e Alors que l’´conomie mondiale traverse une p´riode e e de transformation, la situation des villes au Canada se pr´carise avec les effets de la restructuration e ` n´olib´rale de la gouvernance a multiples niveaux, e e l’insuffisance du r´investissement dans les e infrastructures urbaines, la d´pendance accrue des e ´changes commerciaux internationaux, ainsi que la e restructuration de l’´conomie de l’espace. Dans les e conditions actuelles, la recherche canadienne en ` g´ographie urbaine a beaucoup a offrir et continue e de fournir un apport significatif...
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...ISI Transformation: political changes: Wage increase Improved working conditions Political inclusion in the … Negative of ISI: (characterized by two different stages) Agricultural becomes uncompetitive -exchange rate: money is over-value, the price will be higher than the other countries. Keep the domestic currency strong relative to foreign currencies Need to import capital goods (machinery) to produce consumer goods Overvalued exchange rate made commodity exports artificially expensive and therefore less competitive in the international market - agricultural production and its social consequencs: agricultural production stagnated rural wages declined –migration to the cities migrants resided in urban slums increase in the size of the informal sector Exhaustion of the first stage - limited dynamism 1st stage: production stage : substitution industrialization light industries- the easy phase required little technologies most financed by domestic business 2nd stage: deepening of industrialization required more sophisticated technology and know-how domestic business (main loser) could not finance the second stage multinational corporations were invited to invest in Latin American tensions within populist multi-class coalition Inflation Erodes the purchasing power of currency Affects the poor, who can’t store their wealth in assets that do not lose their value (property) A highly organized and politically mobilized working class demands wage...
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...Neoliberalism and the global financial Crisis Introduction The fusion of neoliberal beliefs and the western society started in the early 1970’s, it has incorporated in the society to such an extent that it can be portrayed as being impending. For more than forty years now neoliberalism has controlled governments, technology, housing and financial sector and has impacted our society in destructive ways. Neoliberalism reached a new height after the 2008 financial crisis leaving recession as an aftermath. Neoliberalism as explained by Harvey (2005) is a model of private enterprise which concentrates on the economy and its deregulation to empower a free market based monetary framework. Hillyard and Tombs (2004) see neoliberalism as a destruction breeding form of capitalism which they think makes a commanding dispute for, the state demanding to be considered in charge of methodically creating destruction. Neoliberalism as indicated by David Harvey is a "hypothesis of political monetary works on recommending that human prosperity can best be progressed by the augmentation of entrepreneurial opportunities inside of an institutional system portrayed by private property rights, individual freedom, unhampered markets, and free trade" (2005:2). The idea of neoliberalism in western social orders is connected with the Thatcher government in the UK and the Reagan government in the US which came to power in the late 1970s – mid 1980s henceforth presenting neoliberalism as a key financial...
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...Cosmopolitanism, Neo-liberalism, and Global Corporate Social Responsibility Introduction With the rise of globalization come several opportunities as well as threats. On one hand there is the opportunity to overcome problems such as world hunger, poverty, and abuse of human rights. However, on the other hand, globalization could pose as a threat against cultural diversity, as well as allow large corporations and rich governments to exploit human and natural resources in less developed countries. There has been much discussion and debate over how to approach globalization in a way that maximizes opportunities and minimizes threats, but of course it is not always clear which approach will do this. Two approaches in particular, which have been come to known as cosmopolitanism and neoliberalism, have developed and made lasting impacts on ideologies as well as policies. There are avid supporters as well as opponents of both, but in this paper, rather than compare the pros and cons of the two and argue for which one is superior, I would like to discuss if these approaches oppose each other or if in fact they compliment each other as an approach to globalization. As well, I will discuss the issue of social responsibility of multinational corporations in a globalized environment. Cosmopolitanism In order to evaluate the relationship of cosmopolitanism and neoliberalism as approaches to globalization, it is important to first have a clear understanding of the basic tenants and...
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...was a period that brought about significant global social and economic change. With the conversion from domestic to export production due to increasing domestic production costs, First World nations sought after Third World labour as a way to reduce production costs. The rise of Third World industrialization, or newly industrialized countries (NICs), in the 1970s and growing throughout the rest of the century allowed the First World to keep up with rising consumption rates while keeping labour costs low. To represent the shift to export production, and to serve firms seeking lower wages and Third World governments seeking capital investment, export processing zones (EPZs) were created. Most EPZs are located in developing countries, and these zones attract employers as a solution to domestic production while also taking advantage of reduced trade barriers set up by the host nation in an attempt to reduce poverty, unemployment, and stimulate their domestic economy. The creation of these EPZs supported the rise of neoliberal globalization and the free market system throughout the latter half of the 20th century, which stated that the private sector would determine state priorities. This paper will examine the rise of EPZs and their connection to neoliberal globalization, as well as their relationship to the debt crisis of the 1980s and the growth of structural adjustment programs. With the Cold War immediately following WWII, countries were divided into a class First, Second, and...
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...occurs in 1375, when it was used to describe the liberal arts in the context of an education desirable for a free-born man.[13] The word's early connection with the classical education of a medieval university soon gave way to a proliferation of different denotations and connotations. Liberal could refer to "free in bestowing" as early as 1387, "made without stint" in 1433, "freely permitted" in 1530, and "free from restraint"—often as a pejorative remark—in the 16th and the 17th centuries.In 16th century England, liberal could have positive or negative attributes in referring to someone's generosity or indiscretion.[13] In Much Ado About Nothing, Shakespeare wrote of "a liberal villaine" who "hath...confest his vile encounters".[13] With the rise of the Enlightenment, the word acquired decisively more positive undertones, being defined as "free from narrow prejudice" in 1781 and "free from bigotry" in 1823.[13] In 1815, the first use of the word liberalism appeared in English.[14] In Spain, the Liberales, the first group to use the liberal label in a political context,[15] fought for the implementation of the 1812 Constitution for decades. From 1820 to 1823, during the Trienio Liberal, King Ferdinand VII was compelled by the liberales to swear to uphold the Constitution. By the middle of the 19th century, liberal was used as a politicised term for parties and movements all over the world.[16] VALUES OF LIBERALISM 1. Pluralism, 2. Toleration,...
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...best fit,” said Andy Ziccarelli a writer for the Notre Dame and St. Mary’s newspaper The Observer. While this is not an inaccurate statement, sadly it definitely isn’t ground for shocking material. Writers for the New York Times, The New Yorker, and The Atlantic have all written the same article at some point saying that U.S. News and World Report Annual University Rankings are bad. But no one seems to be asking the question: how did rankings become so important to both students and universities? The root cause of rankings stems from the rise of neoliberalism. The...
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...reassert the position and importance of Offensive and Defensive Realism in our contemporary post 9/11 world. These are respectively neoclassical realism and neorealism. Firstly, a detailed account of realism will be produced highlighting the emergence of national interest as the fundamental feature or goal of sovereign states. This is done either through the maintenance of a status quo or aspiration of accumulating influence. It will be concluded that Defensive Realism or neorealism is the principal theoretical sub-school in according this claim any legitimacy. Secondly, a general evaluation of neorealism in post 9/11 world will be provided; and a comparison, and ultimately an association of anarchy and interdependence (emerging from neoliberalism) will be enunciated. Finally, resulting from the discoveries of the evaluation of realist foreign policy, principally on national interest, from neoliberal critiques; a subsequent new theoretical school will be expressed; Liberal Realism. This is demonstrated by Christopher Hill. * * To evaluate the claim that...
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...Cultural Studies is a discipline that studies society within a sociological interpretation. In sociology, society is not seen as individuals but as a system of principles, activities and exchanges accepted by human beings. This means that social organizations such as family or community are not people, they are organizations, or patterns, of views and actions by people, which are approved by people. (Long 2007) There are three classical sociological perspectives, one very different from the other in order to understand society: Conflict perspective: Analyses the differences between the oligarchy and the working class, stating that society’s changes and interactions are related to numerous conflicts. (Stephen 2007) Functionalist perspective: Looks at behaviours and find their reasons on exterior factors and not on the individual itself, and argues that several features of social conduct add to the living and expanding of society and its organizations. Symbolic Interaction perspective: Positions that to understand society its necessary to understand the connotation of people’s actions and beliefs. At the moment of discussing society and its organizations, despite the sociological perspective used there are interconnected factors to be considered: Technology, politics, economy, values and beliefs. (Ray 2007) In the critical essay The Crisis of Public Values in the Age of the New Media, Henry A. Giroux’s discourse on the control of large corporations over the economy and...
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