Pros and cons of neoliberalism

Does an unrestrained free market promote peace and prosperity, or does it exacerbate economic and social inequalities?

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[EYTPS]

Seems like anything sounds cool when you add neo to it; neo electro, neo soul, neoclassical, neo liberal, neo conservative, neo-naz-- actually, never mind that one

[diegovasquez]

It will be shocking for our descendants to learn that we voluntarily sacrificed our cash to the richest Americans in the hopes that they’d give it back someday.
It’s the same reaction we have to Depression-era stockbrokers buying on margin; it’s an insane notion now, but it was common practice in the day.

[GgGg-cqce]

pros: if you are already rich
cons: if you are poor

[Quixotepr]

For some reason I associate this term, neoliberalism, with the Ferengi of Star Trek. Yes, I know they are just a comical species, and they are just a fantasy like the series, but their way of thinking and acting could be an example of this term. You live to profit from every situation, you have rules of acquisition, you pay for everything, if an endeavor is not profitable enough, it is not worth the effort, friendships, family and society in general are secondary or worthless as long as there is first a profit to be made, wealth by itself is enough motivation to break rules of society, the wealthy should have all the privileges while the not so wealthy should have little or none, wealth buys power, justice, people and the list goes on. I wonder if the creator of this species back in the late 80s, in reality was making a mockery of neoliberalism.

[pierremacardier]

Proponent of neoliberalism see free market and free trade as a foundation for human flourishing, creating the most favourable conditions for individual liberties, job growth, technological innovation and transnational collaboration that promote peace, and global prosperity. They believe that government interference with free market systems promotes waste, inefficiency and stagnation. They reject regulations on industries, high taxation and public services that are not subject to market competition, and believe in shrinking the size of government and restricting its functions to the protection of private property through policies and law enforcement, the facilitation of global commerce, and the maintenance of a strong military.
Critics of neoliberalism argue that neoliberal policies exacerbate rather than mitigate economic and social inequalities. They cite the effects of unregulated capitalism and the reduction or removal of safety nets typically provided by governments to support those who are economically or socially vulnerable. More fundamentally, many critics assert that neoliberalism fails to account for structural forms of violence such as systematic poverty, racism, and other forms of discriminations. They argue that these hinder equals access to the benefits of free market capitalism that neoliberalism imply are universally shared. By failing to acknowledge structural forms of oppression, many neoliberals assert that it is individual failings rather than systemic inequality that leads to social and economic vulnerability. As with other political and economic systems, religion function to both support and challenge Neoliberalism in local, national, and global contexts.

[spiritofgoldfish]

Since the 1980s, Western leaders have insisted on the Chicago School free-market claim that neoliberal economies are naturally self-regulating and more productive than mixed economies with government regulation and ownership of basic infrastructure. Friedrich Hayek proclaimed that such government “interference” is the road to serfdom. That was the Orwellian rhetoric that so entranced Margaret Thatcher and American libertarian free marketers and deregulators, and which underlies much of the New Cold War’s hyperbole. A “market” with public “interference” is accused of “violating” economic “liberty”— by which is meant the liberty of the wealthy to deprive debtors, clients and consumers of their own economic and personal freedom. The two thousand years of historical experience since classical Rome shows that such liberty or “free markets” for the wealthy lead to oligarchy, and that oligarchies literally are the road to serfdom.

Michael Hudson. The Destiny of Civilization

At the dawn of the twentieth century, the application of classical economics combined with advances in technology led people to believe that a golden age of human progress and prosperity was approaching. But the reactionary rentier class used its rentier fortunes to launch an economic “Counter-Enlightenment.” As Michael Hudson summarizes,

To deter public regulation or higher taxation of such rent seeking, recipients of free lunches have embraced Milton Friedman’s claim that There Is No Such Thing As A Free Lunch. [. . .] The actual antidote to free lunches is to make governments strong enough to tax economic rent and keep potential rent-extracting opportunities and natural monopolies in the public domain.

The point here, articulated by Orwell, is that technological progress in production and in economic planning should have ushered in a golden age of civilization. Instead, activist elites recognized the implications of this dynamic and responded by using their wealth and power to maintain the inequality and material insecurity that are preconditions for their continued dominance over society.

Good, Aaron. American Exception: Empire and the Deep State

[ObiJohnKenobi]

Pros: You are an upper class person

Cons: You are anyone else

[andreidarie]

Pros: it might not be around forever
Cons: it’s literally hell

[sploofmcsterra]

Also neoliberalism has no way to account for or deal with anything profitable that harms society as a whole. E.g. Fossil fuel emissions.

[three-letterfriend]

This video misses out on the interplay between private industry and governments, and especially on the web of NGOs and think tanks bridging the gap between the two. Neo-liberalism is not simply "free market capitalism, " but rathar more like like "government BY capital investment."

[joshmnky]

I'm all for minimal government involvement... but my version of minimal includes universal healthcare, environmental protections, and a response to wage stagnation.

[apatheticviewer]

[Ancap]
Welcome to Ancapistan
Where every man can be a king
Welcome to Ancapistan
Where your worth as a man is the worth that you bring. (Minarchist!)

[Minarchist]
In Ancapistan we look after each other
We treat our trade partners as if they were brothers
There's solidarity in the trade community
No government tyranny here, we're finally free! (Hoppean!)

[Hoppean]
We don't have poors, and by poors I mean blacks
We've got open doors to the rich white upper-class
Stimulate economies without causing commotion
Degenerates get forcibly removed into the ocean

[Ancap]
He doesn't mean that

[Hoppean]
What do you mean, Ancap? Yes, I do

[Ancap]
Uh, Libertarian?

[Libertarian]
Don't worry, Ancap. I got you
Plebs are underpaid
Solidarity through trade
You can get laid with your maid or anyone who's underage

[Ancap]
And if you're a commie the NAP cannot stop me
From throwing you out the choppie and then McNuking your body
Cause commies aren't people, and stealing wealth is evil
So go starve all of your sheeple in your latest statist cathedral

[Citizens of Ancapistan]
You will be so happy here
The roads are broke but no one cares
We pay 12 bucks each breath of air
And everyone's a billionaire
[The cripplingly poor]
Except for the cripplingly poor

[MutualistSoc]

It's also creates larger boom bust cycles and creates massive inequality.

[wpyx]

After watching this, I'm more confused than ever. I'm just not convinced that neoliberal thinking includes low taxes and low regulation. Also why no mention of corporate welfare?

[DrewPicklesTheDark]

On the cultural side of things, neoliberalism also pushes progressivism so that it can profit off the changes and/or chaos of it, as well as people's uncertainty of the future. There is little money to be made off traditionalism as people know what to expect and know what they need.

[aaronTGP_]

There are 2 ways neoliberalism can end:
1. Swift, aggressive reform
2. Collapse, second depression

[Iandar]

For the working class there is only cons. For neoliberalism is the reemergence of elite class power.

[ayyyAYY-xg]

fixed the title guys: Cons of Neoliberalism

[M.-vg]

We've seen a total free market during the the 1920s and people were paid pennies on the hours, kids were in factories, and hazardous materials were being used in consumer goods and in homes. I think regulations are needed to make sure the free market doesn't completely neglect the health of the people working in a free market.

I'm in favor for a free market with regulation to protect people and the environment from being mistreated

[knowledgetv.]

This system already failed in many developed countries like France & US.