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World Poverty Can Be Addressed By Pursuing Neoliberal Economic Policies

1479 words - 6 pages

 Neoliberalism is one of the most dominant theories that shape most of the international policies throughout the world. This paper will evaluate the effectiveness of such policies in regards to world poverty. There are many conflicting viewpoints in regards to wether neoliberal policies has exacerbated or decreased poverty levels around the world, which will be outlined in this paper. Neoliberals maintain that Neoliberalism has been a vital factor in decreasing world poverty in countries that have adopted it completely and those that haven’t adopted these policies are suffering as a result. Conversely, the critical opponents of neoliberalism claim that their philosophy represents only the ...view middle of the document...

Although some believe that neoliberalism is merely an economic framework, it is in fact a philosophy that seeks to look at the world from a definitive perspective in regards to having a ‘free market’. The concrete policies advocating neoliberalism are those of John Williamsons ‘Washington Consensus’. Williamsons policy included ten important points in regards to; fiscal policy, which would see the eradication of large deficits that have to be paid back by citizens in hopes to stop huge amounts of debt, redirection of public spending from subsidies, tax reforms that will encourage innovation and efficiency, interest and exchange rates that are reasonable and efficient, trade liberalization on imports, liberalization of the capital account, privatization of state enterprises, abolition of regulations that impede market entry or restrict completion, legal security for property rights and financialisation of capital (Williamson, 2004).  Williamson developed these policies firstly for the Latin-American countries in order to promote economic growth in hopes to eradicate poverty. Neoliberalists are adamant that in order to eradicate poverty, governments and countries need to be using these policies and believe that states cooperate to achieve absolute gains and the greatest obstacle to cooperation is ‘cheating’ or non compliance by other states (Baylis and Smith, 2008, p.133)
Neoliberalism and neoliberal movements have undoubtedly changed the world’s economies in many ways over the past 30 years. Neoliberalism has seen not only the growth of international trade and cross barrier capital flows but also the elimination of several trade barriers, cutbacks in public sector employment, the privatization of previously public-owned enterprises and the transfer of the share of countries economic wealth to the top economic percentiles of the population (Rapley, 2004). Unfortunately for neoliberalists, most countries affected by poverty are mostly anti-business, and the aid that rich countries give them overwhelmingly supports government agencies and nongovernmental organisations (Hubbard and Duggan, 2009, p. xi). A vast majority of the aid and money that is either donated or fundraised to tackle world poverty goes towards food, medicine, clothing and rebuilding vital infrastructures, and whilst this is a huge help to communities, it has failed to end world poverty as these donations and help are not permanent in regards to growing and sustaining successful villages in countries ravaged by poverty. Although this flow of aid is in place for all the right intentions, only business creates the jobs that pull people out of poverty, and neoliberalism is the only reliable path to mass prosperity the world has ever known (Hubbard and Duggan, 2009, p.3). According to Hubbard and Duggan, in order to tackle world poverty, wealthy and developed countries need to begin to take advantage of their power and status by grasping neoliberalists approaches to poverty, such as...

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