neoliberal globalisation

globalisation definition

“how our lives become increasingly intertwined with those of distant people and places around the world” (Legrain, 2002)

why is it difficult to define globalisation

we are in the midst of the processes through which this world is becoming a “single place” (Robertson and Chirico, 1985)

different dimensions of globalisation

“time-space compression” - techonological advancements has made the world feel smaller (Harvey, 1989)

increased cultural interaction leading to a spread of knowledge and science

tighter interconnections and interdependencies

neoliberalism definition

economic theory that “holds that the social good will be maximised by bringing all human action into the domain of the market” (Harvey, 2005)

features of neoliberal globalisation

• market deregulation

• privatisation

• reduction of the welfare state (shift to individual responsibility)

how did the hegemony change in the mid-20th century?

all political groups encouraged nationalisation, labour unions, regulation, high taxes and a generous welfare state

thatcher changed these beliefs when she was elected in ‘79

three factors which led to the growth of neoliberal politics

• slowdown in productivity of mixed economies

• cultural shift towards individualism and demonisation of the working class (Hall, 2011)

• collapse of the soviet union

role and consequences of IMF and world bank

lenders of last resort to countries in crisis

has resulted in massive increase in inequality and economic failure

how has neoliberalism led to social change?

• ‘neoliberal subjectivity’ - we are all individually responsible for everything

• changed the way we work - public services and goods are sold to private companies as it’s perceived they will be better at managing them

consequences of neoliberal globalisation

• global ‘race to the bottom’ of wages and social welfare (Rodrik, 1997)

• increase in social inequality

• loss of ethnic traditions (Robertson, 1992)

• increased environmental destruction

main points of Chirico (2014)

• interconnectedness of the world - events in one part of the world affect other regions e.g. north african protests impacted oil prices

• economic and cultural standardisation has led to similarities in industries such as medicine, education and sports

• problems with global institutions trying to enforce western norms on the world

historical and contemporary perspectives on globalisation

some theorists argue that it has existed for centuries (e.g. Silk Road), whilst others claim today’s form is unique due to technological advancements and interdependence

key researchers

Legrain (2002), Robertson and Chirico (1985), Harvey (1989, 2005), Hall (2011), Rodrik (1997), Robertson (1992), Chirico (2014)