Neoliberalism: Principle, Controversies, and its Influence in South Asia

Neoliberalism: Principle, Controversies, and its Influence in South Asia

Dr. Gary Gerstle is a professor of American History at the University of Cambridge. Tune into this discussion as Gary explores the notion of Neoliberalism in his book "Rise and Fall of the Neoliberal Order,", which is a multifaceted and debated concept. It emerged in the mid-20th century as an economic and political philosophy that advocates several core principles. Firstly, neoliberalism champions free-market capitalism, asserting that minimal government intervention in the economy fosters efficiency, innovation, and prosperity. It emphasizes limited government involvement, advocating for reductions in state size and social welfare programs. Individualism and personal responsibility are central, with an emphasis on individuals making their own economic choices. Deregulation is a key tenet, with proponents aiming to remove barriers and restrictions that hinder market competition. Neoliberalism also supports privatization, transferring state-owned services to the private sector in pursuit of efficiency. Additionally, it encourages globalization and international trade as vehicles for expanding markets and economic growth. In essence, neoliberalism is a creed seeking to unleash capitalism by promoting free markets, limited government, individualism, deregulation, privatization, and globalization. These ideas continue to influence policymaking and fuel discussions on economic and political strategies worldwide, including in South Asia. #newwaveglobal

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