Neoliberlism Essay

1325 words - 6 pages

Neoliberalism and the Global Effects
In Chapter 1, The Third World agenda is allocated to the developmental goals for the underdeveloped nations such as Brazil, Russia, India, China and South Africa (BRICS) and global democracy. In 1971, the United States known as one of the “North” states, decided to utilize the Dollar and depart from the Gold Exchange Standard as an enormous advantage. The US was unwilling to pay in gold to creditors from the Organization of Petroleum Exporting Countries (OPEC) such as Lybia, Syria and Saudi Arabia. In 1973, the US rose wheat, sugar, cement and refined petro-chemical refined oil prices to the OPEC. In result, oil prices quadrupled which created a ...view middle of the document...

Soon, the Third World was in need of aid and became part of non-industrialized countries, developing countries, underdeveloped countries, mal-developed countries, emerging nations known as the South.
In the early 1980s, the countries of the South faced the South Debt Crisis that was created by the IMF and World Bank. The South was vulnerable and was not able to move onto the world stage, such intricacy caused the NAM to be convulsed. Mass movements propagated into protests against rising prices, cutbacks in social spending and aridity of agriculture. In 1987, the IMF and World Bank policies caused most South countries to go bankrupt. In 1988, Chandra Hardy at the World Bank created the “Hardy Report”. Hardy’s report suggested to extend the repayment periods, outright cancellations and offer an improvement in loans for the South. The G7 was not in favor of the report and did all possible to avoid the South from rising from the debt. In addition, the North created barriers against the South from holding any Intellectual Property which were patents, copyrights, technological advancements. By utilizing Intellectual Property it can embrace positive potential outcomes that will allow a nation to thrive. During the 1980s, the South Commission was formed by Nyerere. The formation held persistence towards progressive change against both the limits imposed by the changing geopolitical economy and the erosion of Third World solidarity. The outcome shelved concerns with equity in favor of the growth dynamic, and which singled out the larger nations of the 'locomotives' that would have to pull along the smaller and less endowed state locomotives. At the time, China’s economy experienced a downfall and considered itself to be part of the South. Nonetheless, China had a better performing economy and was gratified to pull the Locomotives of the South.
In Chapter 3, Japan was devastated from the result of Post-World II Japan and West Germany that benefited from the Cold War. During the 1970s, Japan had risen from the results and created the Japanese Model of Development that held distinguishing factors: the cooperation of manufacturers with lifetime-guaranteed employees, suppliers, distributors, and banks in closely knit groups. Japan’s membership with the G7 was not enough to allow them to have the same advantages that the IMF would offer the North states such as the US and Europe. Consequently, Japan looked elsewhere for aid and its government formed the Asian Development Bank (ADB). By the decade of the 1980s, the Japanese economy second only to the US. The Japanese Model was a success in support from the ADB and other entities, Japan was the “Lead Goose” from the “Flying Geese”. By the 1990s, Japan was the world’s largest and most successful exporter of cars and computer parts. In addition to Japan’s success in the 1990s, China’s economy also succeeded. China began its own economic developments. China’s “Period of...

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