© 2014-present by Jensen DG. Mañebog and Jens Micah De Guzman
The economic dimension of globalization is dominated by ‘neoliberal capitalism,’ a brand of capitalism that compatibly favors neoliberalism. As a policy model of economics, neoliberalism transfers control of economic factors to the private sector from the public sector. It promotes, among other things, that governments must limit subsidies, limit protectionism, open markets up to trade.
It also aims to eliminate fixed exchange rates, support deregulation, allow private property, and privatize businesses run by the government. Neoliberalism is usually associated with laissez-faire, an economic policy that advocates a least amount of state interference in the economic concerns of individuals and society.
Neoliberalism liberalized financial transactions in the 1980s. Since then, the most noteworthy economic developments have been the growing power of transnational corporations, the internationalization of finance and trade, and greater role of international economic institutions.
However, history admits some major global economic setbacks such as the Great Recession of 2008 to 2010, the more recent European debt crises, and China’s economic slowdown.
In the dominant ideology in globalization called ‘neoliberal capitalism,’ the western-based transnational corporations is said to run the globe to their own advantage. This economic globalization is characterized by its confidence in free markets and emphases on minimal state intervention.
However, “the concept of neoliberalism has received a lot of criticism from both sides of the political spectrum." The focus on economic efficiency can, critics say, hinder other factors. (Related: globalization in the Philippines)
For example, by assessing the performance of a public transit system as being purely economically efficient, it may lead to workers’ rights being considered a hindrance to the performance. Some critics also say that the rise of neoliberalism has allowed the rise of an anti-corporatist movement, which states that the influence of corporations go against the betterment of society and democracy.’
“There is also political opposition and criticism of neoliberalism. First, the concept of globalization is seen as a negative because it can destroy sovereign nations of their own right to self-determination. Secondly, these critics say that replacing government-owned corporations with private ones can reduce efficiency.
Critics also say while neoliberalism can increase productivity, it may not be sustainable because of the world’s limited geographical space. In addition, those opposed to neoliberalism add that it is anti-democratic, can lead to exploitation and social injustice, and may criminalize poverty.” ... continue reading
Copyright 2014-present  by Jensen DG. Mañebog and Jens Micah De Guzman
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