Advantages And Disadvantages Of Neo-Liberalism
The emergence of the so called “Development theories” that had become one of the top priorities on the International agenda post World War two, have also become one of the top controversial issues amongst many scholars of Anthropology, economics, and Political scientists. The idea whether the development theories acted as a means of a start or as a means of an end to development has been questioned by many scholars. In this paper I will attempt to discuss whether Neo-liberalism with its market-driven concepts and anti-state dogma have contributed to the decrease in the gap between Third world and first world countries or has worked on increasing it. I will do so by: First, giving brief historical contexts in order to provide to the reader …show more content…
Second, I will also try to discuss the advantages and disadvantages of Neo- Liberalism, moreover will try to provide information on some countries in Latin America before and after Neo-liberalism attempting to answer the given question …show more content…
Consequently, the IMF and the World Bank, who acted as instrument of the US, imposed structural adjustments on these countries, thus imposed the whole burden on the borrowers only. These programs severely restricted consumption and investment in favor of production of primary goods for exports to repay debts. Neo-liberalism which was an ascendant from the IMF and the World Bank entailed state intervention to reform whole economies in favor of private capital, thus foreign more than domestic, financial more than productive. Neo-liberalism basically engineered a great transfer of capital from the Third world to the First world. Desai thought that Neo-Liberalism’s policies argued against the basic tenets of development, and stated that its dogma proved the end of “development” as it was previously conceived. unaware of the international pressures that were the main factors of this
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