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Week 5 GSSC
ProfPahl의 아바타
ProfPahl
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6일

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Q3 of chapter4: She is concern about the excessive wealth of an individual.

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Neoliberalism
1.What is neoliberalism/free market fundamentalism?·
When did it emerge?
It emerged after world war 2 from the 1970's through to the 1980's by different groups...but received further legitimation with the collapse of  1989-1991 communism·
why did it emerge?
In order to expand international tradeo   They wanted the market to be a self regulating mechanismo   trade  free of tarrifs and  barriers;o   and an allowance for competition among countries. ·
What are the names of the academics that advocated for the ideology?o
Admeasures David Ricardo and Herbert Spencer ·         What are the 10 concrete measures of the ideologies?o
privatization of public enterpriseso   deregulation of the economyo   liberalization of trade and industryo   massive tax cutso   moneteris measures to keep inflation in check,even at the risk of increasing unemploymento   strict control of unorganized labor   the reduction of public expenditure especially social spending
downsizing of government
expansion of international market
the removal of control on global financial flows
2.what are structural adjustment programs?·         List what structural adjustment programs a government is demanded to do in order to receive IMF or WB loans?o
A guarantee of fiscal discipline and a curb to budget deficits
A reduction of public expenditure, particularly in the military and public administration
Tax reform, aiming at the creation of a system with a broad base and with effective enforcement
Financial liberalization with the interest rates determined by the market
Financial exchange rates to assist export-led growth
Trade liberalization, coupled with the abolition of import licensing and a reduction of tariffs
Promotion offoreign direct investment
Privatization of state enterprises, leading to efficient management and improved performance
Deregulation of the economy
Protection of property rights ·
what are some of the outcomes of structural adjustments?
Large portions of development loans pocketed by authoritarian political leaders
Programs rarely reduced developing debtor societies

3.How did Neoliberalism/ Free market fundamentalism become the dominant global economic ideology?
The fall of the soviet union an communism  between 1989 -199 helped to propel Neoliberalism as well as the integration of counties world wide to embrace this ideology.

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Group Members:Bernardo Teixeira, Nichalos Allen, Marc Ybanez , and Christopher Ward Missing 2 members names                     1.	The deregulation of national economies combined with ICT revolution (Information Communication Technology) .    a.	Emerged after the collapse of USSR along with rise of technology.                                    b.	Through rise/ usage of technology (internet)                   c.	Adam Smith, David Ricardo, and Herbert Spencer.                  d.	Privatization of public enterprisesDeregulation of the economyLiberalization of trade and industryMassive tax cuts“Monetarist” measures to keep inflation in check, even at the risk of increasing unemployment Strict control on organized labourThe reduction of public expenditures, particularly social spendingThe down-sizing of government The expansion of international markets The removal of controls on global financial flows             2.	A set of neoliberalism policies devised by John Williamsom and it was directed at countries with large foreign debts. Purpose was to change internal economic policies of debtor countries in the developing world so they would be in a better position to repay debts.                                             a.	A guarantee of fiscal discipline, and a curb to budget deficitsA reduction of public expenditure, particularly in the military and public administration Tax reform, aiming at the creation of a system with a broad base and with effective enforcementFinancial liberalization, with interest rates determined by the marketCompetitive exchange rates, to assist export-led growthTrade liberalization, coupled with the abolition of import licensing and reduction of tariffsPromotion of foreign direct investment Privatization of state enterprises, leading to efficient management and improved performanceDeregulation of the economy Protection of property rights                                              b.	Loans granted were pocketed by authoritarian political leaders in southern countries or have enriched local business and the corporations they usually serve.Spent on ill-advised construction projects.Developing countries often owe more debt than what they received making it nearly impossible to clear debt. These adjustments often require cuts to public spending leading to fewer social programs, less education spending, increased pollution and more poverty overall.

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Group Members:Bernardo Teixeira, Nichalos Allen, Marc Ybanez , and Christopher Ward Missing 2 members names                     1.	The deregulation of national economies combined with ICT revolution (Information Communication Technology) .    a.	Emerged after the collapse of USSR along with rise of technology.                                    b.	Through rise/ usage of technology (internet)                   c.	Adam Smith, David Ricardo, and Herbert Spencer.                  d.	Privatization of public enterprisesDeregulation of the economyLiberalization of trade and industryMassive tax cuts“Monetarist” measures to keep inflation in check, even at the risk of increasing unemployment Strict control on organized labourThe reduction of public expenditures, particularly social spendingThe down-sizing of government The expansion of international markets The removal of controls on global financial flows             2.	A set of neoliberalism policies devised by John Williamsom and it was directed at countries with large foreign debts. Purpose was to change internal economic policies of debtor countries in the developing world so they would be in a better position to repay debts.                                             a.	A guarantee of fiscal discipline, and a curb to budget deficitsA reduction of public expenditure, particularly in the military and public administration Tax reform, aiming at the creation of a system with a broad base and with effective enforcementFinancial liberalization, with interest rates determined by the marketCompetitive exchange rates, to assist export-led growthTrade liberalization, coupled with the abolition of import licensing and reduction of tariffsPromotion of foreign direct investment Privatization of state enterprises, leading to efficient management and improved performanceDeregulation of the economy Protection of property rights                                              b.	Loans granted were pocketed by authoritarian political leaders in southern countries or have enriched local business and the corporations they usually serve.Spent on ill-advised construction projects.Developing countries often owe more debt than what they received making it nearly impossible to clear debt. These adjustments often require cuts to public spending leading to fewer social programs, less education spending, increased pollution and more poverty overall.

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Sohyun Lee ,

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Haojie Shi, David Bossin-Hardy, abel kiflu, Mary Joy Lagang, Joshua Shen, Aditya chhabra.

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Aris - Brianna, Yudie Lu, Xinyue Ren.
Tenzin and Cindy

1. Neoliberalism: Is a short form of free market trade - free market trade is a type of economic system that create competition between privately owned business.

1. Neoliberalism is controlled capitalism, adopted by Adam Smith and David Ricardo’s ideas. Both ‘ viewed the market   as self regulating mechanism tending toward supply and demand’ and ‘ elimination of tariffs on imports and other barriers to trade between nations’ AKA Nafta. Our idea of Neoliberalism is: in response to globalization countries were undermining each other, creating the privately owned business competition (mainly America)  (economic competition)  helped create the controlled capitalism birthing neoliberalizam.

1. Conservative political parties; Margaret Thatcher and Ronald Reagan

1. Privatization of public enterprise

2. Deregulation of economy

3. Liberalization of trade and  industry

4. Massive tax cuts

5. Monetarist measures to keep inflation in cheek, even at the risk of increasing unemployment

6. Strict control on organized labour

7. The reduction of public expenditure, particularly social spending

8. The down-sizing of government

9. The expansion of international markets

10. The removal of controls on global financial flows

Structural adjustment programs: Economic policies which imposed by the IMF and World bank in other countries.It will not only get loans from them,but also loans from commercial banks.

list:P58

Outcome:
failed to restore economic stability
unemployed rate shot up

Neoliberalism/ free market fundamentalism mainly started it’s global ascension with the help of two world leader in the 1980’s, British prime minister Margaret Thatcher and US president Ronald Reagan. Both leaders lead the neoliberal revolution against keynesinism when the global economy was suffering from slow growth.

Pro-business elites in the US and Japan made concerted effort and coined the terminology with the principles of neoliberalism. Their effort was further boosted and gained legitimacy with the collapse of communist Soviet Union. With further internationalism of trade and finance, large western corporations, banks and financial institutions whose influence grew considerably further advocated and spread neoliberal values.

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Ameet Ram, Vishnuprasad Nambiar, Derek Jones,  Joonhyung Choi, Jueun Kim. Shabnam Tabatabaei

1. Is the ideology that views the market as a self regulating mechanism tending towards equilibrium of supply and demand, thus securing the most effective allocation of resources

1a. Emerged in the mid 1980’s

1b. During the 1970’s the Bretton Woods system collapsed, when President Nixon abandoned the gold based fixed rate system. In response to  political changes in the world that was undermining the economic competitiveness of U.S based industries, the decade following that was characterised by global economic instability in form of high inflation, low economic growth, high unemployment, public sector deficits, and two unprecedented energy crisis due to the organization of petroleum exporting countries ability to control a large part of the world's oil supply.

1c Adam Smith and David Ricardo Herbert Spencer

1d.

1. Privatization of public enterprise.

2. Deregulation of economy.

3. Liberalization of trade and industry.

4. Massive tax cuts.

5. Monetarist measures to keep inflation in check, at the risk of unemployment.

6. Strict control of organised labour.

7. The reduction of public expenditure.

8. The downsizing of expenditure.

9. The expansion of international markets.

10. The removal of control on global financial flow.

2 a Neoliberal policies

Was meant to reform the internal economic mechanisms of countries

2. a  Government's demand the

Privatization of state enterprises

Reduction in social spending

Deregulation of the economy

Reduction of food subsidies

Protection of property rights

Promotion of foreign direct investments

Financial liberalization, interest rates determined by the market

Competitive exchange rates, to assist export- led growth

Outcomes of SAP Loans

In Mexico private banks syphoned off more than 178 billion from the global south from 1984-1990. Thus effectively transforming private debt into public debt

Many of the SAP loans were pocketed by political leaders in the global south or have enriched

Largest Share of budget is spent on outstanding loans

In 2010 $134 billion was received as aid,  yet $184 billion was paid in debt service

3

1n the 1980’s British Prime Minister Margaret Thatcher and Ronald Reagan led  the world  for the push of the  Neoliberal ideology

Fall of Soviet Union in 1990’s pushed the popularity of it further

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Mariana Brigido, Steven Nguyen ,Qiyue Sun, Sohyun Lee, Chenzhao Shi

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Mariana Brigido, Steven Nguyen ,Qiyue Sun, Sohyun Lee, Chenzhao Shi

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3. Through the constant advertising of a global order and the desire to create a global marketplace, leaders and supporters of the neoliberal ideology convinced us that private capitalism and free trade were the best ways to facilitate that idea, even though it threats national sovereignty and undermines social policies.

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> Neoliberalism is rooted in the classical ideals of Adam Smith  and David Ricardo . Economic policies created which partially limits the government to interfere in the policies and operations  of companies so that its easier for them to operate their business but also when needed.

Ø  When did emerge?

>>In around 1980’s on the ideology of Adam Smith (1723-90) David Ricardo (1772-1823).

Ø  Why did it emerge?

>> to view the market as a self-regulating mechanism tending toward equilibrium of supply and demand and securing most efficient allocation of resources.

Ø  Ten concrete measures of ideology?

>> Privation of public enterprises.

>> Deregulation of the economy.

>> Liberalization of trade and industry.

>> Massive tax cuts.

>> “Monetarist” measures to keep inflation in check, even at the risk of increasing unemployment.

>> Strict control on organized labour.

>> The reduction of public expenditures, particularly social spending.

>> The down-sizing of government

>> The expansion of international markets

>> The removal of controls In global financial flows

2. What are Structural Adjustment Program?

>>  to reform the internal economic mechanisms, developing world so that they would be in a better position to repay debts that they have.

Ø  List what structural adjustment program demanded in order to receive IMF or WB loans.

>> page 58 points (1-10)

Ø  The outcomes of SAP

>> IMF Controls the the policies on how the money should be spent by the government.
>>

Kyle remorque, Bhupendra Rana, yeriel choi justin munda

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Mariana Brigido, Steven Nguyen ,Qiyue Sun, Sohyun Lee, Chenzhao Shi  

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Mariana Brigido, Steven Nguyen ,Qiyue Sun, Sohyun Lee, Chenzhao Shi  

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What are structural adjustments programs

Policies imposed by the IMF and World Bank onto countries in debt in order to provide them with loans

List of demands
-Selling state owned interprises
-reducing the size of governments through layoffs
-cutting basic social services
-reducing barriers of free trade

Outcomes
-Stagnated growth
-Debt increase
-political and economical instability

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Jonathan Cristopoulous, Parnian Akhtari, Joye Deng, Jaideon Scarlett, Johnny Cen

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Jonathan Cristopoulous, Parnian Akhtari, Joye Deng, Jaideon Scarlett, Johnny Cen

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Question 1: What is neoliberalism?
-An economy where the government limits its interference in private organizations. Companies are free to handle business anywhere in the world, and naturally, maximize their profits through deregulation, low inflation, and privatization of publicly owned enterprises.
-Emerged as a political force in the 1980's with the elections of Margaret Thatcher and Ronald Reagan
-With the purpose of creating a global market
-Margaret Thatcher, Milton Fried, Friedrich Hayek, all built on Adam Smith and David Ricardo's philosophies.
-Box, pg 43.

2. What are structural adjustment programs?
-Used to reform internal economic mechanisms of debtor countries so that they may be more capable of repaying their loans.
-Pg 58, list.
-These programs were very bad for debtor countries as they increased poverty, decreased public expenditures, and reduced educational opportunities, because the nation's largest expenditure would have been loan repayment.

3. How did neoliberalism/free market fundamentalism become the globally dominant economic ideology?
-These ideologies were pushed forward by the nations with the strongest economies at a time where large markets were opening up due to more efficient modes of communication as well as the collapse of the Soviet Union, namely the United States and United Kingdom, therefore, their impact on the global economies were the greatest. Also, through restructuring policies.

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Mariana Brigido, Steven Nguyen ,Qiyue Sun, Sohyun Lee, Chenzhao Shi  

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Mariana Brigido, Steven Nguyen ,Qiyue Sun, Sohyun Lee, Chenzhao Shi  

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What is Neoliberalism/Free Market Fundamentalism

-The market as a self-regulating mechanism tending toward equilibrium of supply and demand, thus securing the most efficient allocation of resource, also the elimination of tariffs on imports and other barriers to trade and capital flows between nations and is tending to free market economy.