How Do Improvement In Technology And Market Innovation?
The emergence of neoliberalism along with globalization created a new era in the political and economy of various countries around the world. The concept of neoliberalism is made its significant presence in the mainstream of economy for almost 30years. The neoliberal approach assures everyone in the society that the people would be gaining from the effects of globalization. However, the real world scenario is somewhat different. This assignment highlights the various advantages and disadvantages of neoliberalism and globalisation and its effects of the economy and global politics. The advantages and disadvantages of the concepts of globalization and neo-liberalism have been highlighted in details in this assignment.
According to the concepts of neoliberalism, the economic policy highlights the fact that the flow of the economy needs to be maintained by the desire of expanding the market and intensifying it (Arkorful and Abaidoo 2015). This would result in minimizing the intervention of the government, along with assuring that all the people of the society would be gaining from the globalization. Neoliberalism often describes the free-market economics and the trade free policies and privatisation. Price deregulation and flexibility of the labour market is also an essential part of the neo liberal concept (Babb and Kentikelenis 2017). The various examples of the neo liberal approach includes the adoption of the free market policies in Chile in the late 1970s. This also includes, deregulation and reduction in the intervention of the government. Though, this approach assured the people of the society, that the economy is likely to be beneficial for all, however the reality is quite different.
One of the greatest effects of neo liberalism is globalization. Globalization refers to the concept of free trade and exchange of commodities for the purpose of trade and commerce. With the advent of globalization, free trade, free market and enhancement of economy has been witnessed (Ozer and Schwartz 2016). The concept of globalization is closely related to the concept of neo liberalism. Neo-liberalism ensures that globalization and free trading is caused assuring the benefit for all the people of the society. However, in the real world both neo-liberalism and globalization fails to benefit all the people of the society (Vassallo 2015). The advantages and disadvantages of globalization, in contexts to the offered benefits for all the people of the society have been mentioned below.
Along with various advantages of globalization, there are certain disadvantages. These are as follows:
Hence, as seen, the concept of neo-liberalism and globalization promised to bring in a revolutionary change in the lives of the people, along with the assurance of giving advantage and benefit to all people of the society. However, in reality, the gap between the poor and the rich has been rising.
Neo-liberalism and globalization has indeed brought in revolutionary changes in the society all around the world. It is true that the economy of the world has increased and stabilized due to globalization. However, the expectations that people had from the two concepts were not fulfilled, as these concepts were focused to make the poor people rich. However, in reality, the rich people became richer, and the poor people remained under the burdens of poverty. Thus, these two concepts were designed to achieve a specific goal. Yet, it ended up in having a different effect on the society, that might prove to be an adverse one, for the economy of the society.
Arkorful, V. and Abaidoo, N., 2015. The role of e-learning, advantages and disadvantages of its adoption in higher education. International Journal of Instructional Technology and Distance Learning, 12(1), pp.29-42.
Babb, S.L. and Kentikelenis, A.E., 2017. International financial institutions as agents of neoliberalism. The SAGE handbook of neoliberalism. Thousand Oaks: SAGE Publications.
Barker, T., 2014. Spontaneous Order: Looking Back at Neoliberalism. Dissent, 61(1), pp.91-94.
Boratav, K., 2016. The Turkish Bourgeoisie under Neoliberalism. Research and Policy on Turkey, 1(1), pp.1-10.
Carmody, P. and Owusu, F., 2016. Neoliberalism, Urbanization and Change in Africa: the Political Economy of Heterotopias. Journal of African Development, 18(18), pp.61-73.
Dalton, B. and Rama, M.D., 2016. Understanding the rise and decline of shareholder activism in South Korea: the explanatory advantages of the theory of Modes of Exchange. Asia Pacific Business Review, 22(3), pp.468-486.
Davidson, C., Heyman, F., Matusz, S., Sjöholm, F. and Zhu, S.C., 2014. Globalization and imperfect labor market sorting. Journal of International Economics, 94(2), pp.177-194.
Hirst, P., Thompson, G. and Bromley, S., 2015. Globalization in question. John Wiley & Sons.
Larson, J.L., 2016. The Authorial Self and Acquiring the Language of Neoliberalism in Slovakia. Neoliberalism, Personhood, and Postsocialism: Enterprising Selves in Changing Economies, p.71.
McNabb, D., 2015. The role, advantages and disadvantages of regulating social work education in Aotearoa New Zealand.
Metz, F., 2013. Globalization. Advantages and Disadvantages.
O'Malley, P., 2016. Neoliberalism, Crime and Criminal Justice.
Ozer, S. and Schwartz, S.J., 2016. Measuring globalization-based acculturation in Ladakh: Investigating possible advantages of a tridimensional acculturation scale. International Journal of Intercultural Relations, 53, pp.1-15.
Vassallo, S., 2015. A critical consideration of the alignment between the discourse of self-regulated learning and neoliberalism. Emotional and Behavioural Difficulties, 20(1), pp.82-97.
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