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globalisation on poverty
a research essay on neoliberalism
globalisation on poverty
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Market-based solutions to solving global poverty are inspired by the interrelated concepts of capitalism and neoliberalism. Such solutions are the dominant discourse in approaching global poverty, being endorsed by significant international actors including the World Bank and the International Monetary Fund. Theoretically, market-based solutions could potentially solve global poverty through their core aim of boosting a State’s productivity and overall wealth. However in practice, market-based solutions are not plausible solutions to global poverty because such solutions are inherently flawed for three reasons. Firstly, neoliberalism in particular is more of a political ploy aimed to assert the dominance of the West and the wealthy, rather …show more content…
For example in the USA, the top 0.1% of income earners increased their share of the national income from 2% in 1978 to 6% by 1999 when neoliberalism was most prominent (Harvey 2005, p. 16). Neoliberalism is a political ploy as it was forced onto developing nations through Structural Adjustment Programs. These were programs imposed by the creditors of developing nations including the World Bank and International Monetary Fund due to growing amounts of debt (Saul & Leys 1999, p. 17). SAPs have been seen as imperialist and a political project to transfer power to the wealthy (Bernstein 1990, p. 23). This is because it involves transferring knowledge created in the economically developed Global North to the economically developing countries in the Global South (Gamage 2015, p. …show more content…
19).This has led to Sub-Saharan Africa becoming dependant on the Global North to purchase their primary produce (Galbraith 2002, p. 25 cited in Gamage 2015, p. 9). This is problematic given that Africa also faces competition from Asia and Latin America in these industries which forces African farmers to further lower their costs which could include lowering wages for their workers. Employing such measures has led to negative rates of economic growth in Sub-Saharan Africa. For example, in 1975, regional per capital GNP stood at 17.6% of the world average and this had dropped to 10.5% in 1999 (Ferguson 2006, p. 9). Therefore even the core aim of neoliberalism which is achieving economic growth has not been achieved. It has been suggested that there has been economic growth since then but even if Sub-Saharan Africa is growing as a region, lowering wages means that the poorest will not receive any benefit from a better economy.Therefore, if neoliberalism is considered a political tool used to restore the wealth of the bourgeoisie then it inherently cannot be a viable tool
Capitalism has widely been regarded as one of the most advanced intellectual achievements of the past few centuries. However, a system which is largely credited for alleviating “human misery” is actually perpetuating it (Goldberg, 6). Capitalism inherently fuels inequality leading to poverty among the powerless. Jonah Goldberg in his article, Capitalism Has Lifted Billions Out of Poverty, attributed the economic theory to ending poverty, but failed to recognize that capitalism’s lofty goals are merely fulfilled on paper. Equal opportunity must exist for capitalism to end human misery, however the stratification of society ensures that no individual has equal access to the keys of capitalist success.
This rising prosperity mentioned is a result of rising efficiency that pro-neoliberal economists believe develops through specialization. If a country is better than another at producing a certain good, then that country is said to have an absolute advantage over the other in that particular industry. When both countries have higher productivity rates in different industries and they concentrate their efforts in those respective industries, then both countries benefit through neoliberal trade as they are not wasting their time and efforts producing goods that the other country can produce faster. As a result of trade through countries with different absolute advantages, total world production and therefore productive efficiency will increase.
“Neoliberal” is a term used to reference aspects of a free market capitalist economy. For a market to be titled as truly free, there isn’t any government or state instituted regulation such as taxes, minimum wage requirements, etc., and no barriers to the natural forces of supply and demand. As stated earlier, neoliberalism is practices that are political-economic that propose human well-being through a series of methods. Neoliberalism is a title for economic liberalism whose advocates support privatization, economic liberalizations, free trade/open markets, deregulation, and enhancing the role of the private sector in modern society. Neoliberalism is shown to be the essential key for global trade and investment for all nations to prosper and develop fairly and equitably. Starting in the second half of the 20th century, neoliberalism became increasingly prominent as a form of governance in countries around the world (Peters 2001). In the most recent time, there has been a revival o...
Smith, Stephen C. Ending Global Poverty: A Guide to What Works. New York: Palgrave Macmillan, 2005. Print.
In an article entitled “Resisting and reshaping destructive development: social movements and globalizing networks”, P. Routledge describes neoliberal development, “Contemporary economic development is guided by the economic principles of neoliberalism and popularly termed ‘globalization’. The fundamental principal of this doctrine is ‘economic liberty’ for the powerful, that is that an economy must be free from the social and political ‘impediments,’ ‘fetters’, and ‘restrictions’ placed upon it by states trying to regulate in the name of the public interest. These ‘impediments’ - which include national economic regulations, social programs, and class compromises (i.e. national bargaining agreements between employers and trade unions, assuming these are allowed) - are considered barriers to the free flow of trade and capital, and the freedom of transnational corporations to exploit labor and the environment in their best interests. Hence, the doctrine argues that national economies should be deregulated (e.g. through the privatization of state enterprises) in order to promote the allocation of resources by “the market” which, in practice, means by the most powerful.” (Routledge)
Droughts, cultivation has been even more difficult because of lack of water, land erosion, loss of demographic explosion and topsoil. Lake Chad has even disappeared. This is the consequence when government has no care for its people and when a country lets other influence them or take over and make changes for the worst. Neo-Liberalism on the other hand affects its citizens of Africa by charging for things they shouldn’t charge for. They have charged high cost for oil that yet that they don’t even have much but yet have to pay a pretty penny for. It’s like asking permission to the government of the economy to grow crops, breathe and live. The SAP World Bank would charge for health care or charge a fee for it, it would also charge for water services and education fees. Example, here on how outside commodities are trying to take advantage of the poor class or those countries that truly cannot affords the extra bill or don’t have the means to even feed their own. They don’t have wheat to even made bread from or
Policies meant to make the market more competitive have turned into means for the Global North countries to flood the markets with their own subsidized goods (Roy 463). Through her article, Roy argues that development in the presence of capitalism is simply a means of expanding the exploitation that exists in the already “developed” countries. This idea is further supported by the work of LaDuke, who argues that the nature of capitalism denies the equality of all persons (LaDuke 197) because there is a discord between the way capitalists live and the natural law that exists which prevents capitalists from asking the fundamental questions (LaDuke 195-197). However, as LaDuke argues, without these fundamental questions we fail to see the big picture, and without the big picture, we fail to “deal with questions of race, sexual orientation, class, geography, or privilege” (LaDuke
Neoliberalism, also called free market economy, is a set of economic policies that became widespread in the last 25 years. The concept neoliberalism, have been imposed by financial institutions that fall under the Bretton Woods such as the International Monetary Fund (IMF), World Trade Organization (WTO) and World Bank (Martinez & Garcia, 1996). One of the famous economists published a book called “The Wealth of Nations” in which he said in it that free trade is the best way to develop nations economies (Martinez & Garcia, 1996). He and other economists also encouraged the removal of government intervention in economic matters, no restrictions on manufacturing, removing borders and barriers between nations, and no taxes (Martinez & Garcia, 1996). The main goal of the economic globalization was to reduce poverty and inequality in the poorest regions. However, the effects of the neoliberal policies on people all over the world has been devastating (MIT, 2000).
In this essay I will discuss both Peter Unger’s ideas on the poverty problem from his book “Living High and Letting Die” and Martha Nussbaum’s critique of it in her article “If Oxfam Ran the World”, as well as my own view on their arguments. After I go over both of their basic ideas, I shall discuss Unger’s response to the review and his defence of his philosophies. Finally, I argue as to why I find Nussbaum’s reasoning more logical and persuasive.
Capitalism dominates the world today. Known as a system to create wealth, capitalism’s main purpose is to increase profits through land, labor and free market. It is a replacement of feudalism and slavery. It promises to provide equality and increases living standards through equal exchanges, technological innovations and mass productions. However, taking a look at the global economy today, one can clearly see the disparity between developed and developing countries, and the persistence of poverty throughout the world despite the existence of abundant wealth. This modern issue was predicted and explained a hundred and fifty years ago in Karl Marx’s Capital.
In the face of media campaigns and political sanctions, the question about whether we owe the global poor assistance and rectification is an appropriate one. Despite television advertisements displaying the condition of the poor and news articles explaining it, the reality is the majority of us, especially in the Western world, are far removed from the poverty that still affects a lot of lives. The debate between Thomas Pogge and Mathias Risse regarding our obligation to the poor questions the very institution we live in. Pogge created a new framework in which the debate developed. He introduced a focus on the design of the institutional global order, and the role it plays in inflicting or at least continuing the severe poverty people are exposed to. Whilst both Mathias Risse and Thomas Pogge believe that the “global order is imperfectly developed. It needs reform rather than revolutionary overthrow”, they differ on whether or not it is just and entitles the global poor to assistance. Pogge believes that the global order is unjust as it “helps to perpetuate extreme poverty, violating our negative duty not to harm others unduly”. Risse believes that the institution is only incompletely just and can be credited to improving lives of the global poor. According to him, these improvements contribute to its justifiability and negate any further obligation we have to the poor. Through assessing their debate, it seems that one’s obligation to the poor depends on one’s conception of duty, their unit of analysis, and whether improvement rectifies injustice. On balance, it seems that we do indeed owe the poor, only we may lack the means to settle it.
As the current dominant form of economic theory in the world, neoliberalism which advocates free trade with minimal government regulation, has been praised by its supporters as the surest means to generate prosperity and freedom for all. Yet, as the gap between the rich and poor continues expanding at a staggering rate at both national and international levels, economic theorists who dispute the benefits of neoliberalism are gaining attention. One such theorist, David Harvey, claims that neoliberalism is “redistributive rather than generative” (2007, p.34), and the redistribution is that of wealth from the lower class to the upper elites as a means for them to remain at the peak of the social strata. Harvey’s theory suggests that the driving
As one of the biggest problems facing the world today, poverty continues to have significant negative implications for the society. The effects of poverty are extremely severe and far-reaching, so much so that it was one of the top Millennium Development Goals agreed upon at the Millennium Summit of the UN back in 2000 (Hatcher, 2016). To understand the effects that poverty has on the society, one must critically analyze the societies in which poverty is rampant, as well as analyze poverty from the relative perspectives that it presents. The core aim of this paper is to develop a holistic understanding of poverty and elaborate on the diverse ways in which it continues to affect societies across the world.
Poverty is a major problem in the United States today. Social, economical, political, and cultural factors all contribute to poverty. Education and economic development are two major issues that will help prevent poverty. The United States Census Bureau defines poverty as an "economic condition in which people lack sufficient income to obtain basic needs for food, housing, clothing, health services and education." In other words, poverty is powerlessness, a lack of representation and freedom. Poverty is an issue that the world faces everyday.
Project Proposal on Poverty Reduction "Poverty reduction through pro-active, participatory, income- generating involvement of Rural youth in goat rearing" 1. Name of the project: Income generation through goat rearing. 2. Implementing organisation: Lemon grass 3.