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Neoliberalism--the doctrine that industry alternate is an ethic in itself, in a position to appearing as a consultant for all human action--has turn into dominant in either idea and perform all through a lot of the realm considering 1970 or so. Writing for a large viewers, David Harvey, writer of The New Imperialism and The situation of Postmodernity, right here tells the political-economic tale of the place neoliberalization got here from and the way it proliferated at the international degree. via serious engagement with this heritage, he constructs a framework, not just for studying the political and fiscal risks that now encompass us, but additionally for assessing the customers for the extra socially simply choices being recommended via many oppositional movements.
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Extra resources for A Brief History of Neoliberalism
22 This required the liberalization of international credit and ﬁnancial markets, and the US government began actively to promote and support this strategy 28 Freedom’s Just Another Word . . globally during the 1970s. 23 Since the loans were designated in US dollars, however, any modest, let alone precipitous, rise in US interest rates could easily push vulnerable countries into default. The New York investment banks would then be exposed to serious losses. The ﬁrst major test case of this came in the wake of the Volcker shock that drove Mexico into default in 1982–4.
8 Extracting surpluses from abroad: rates of return on foreign and domestic investments in the US, 1960–2002 Source: Duménil and Lévy, ‘The Economics of US Imperialism’. ’. 30 Freedom’s Just Another Word . . from the rest of the world through international ﬂows and structural adjustment practices. The Meaning of Class Power But what exactly is meant here by ‘class’? This is always a somewhat shadowy (some would even say dubious) concept. Neoliberalization has, in any case, entailed its redeﬁnition.
24 What the Mexico case demonstrated, however, was a key diﬀerence between liberal and neoliberal practice: under the former, lenders take the losses that arise from bad investment decisions, while under the latter the borrowers are forced by state and international powers to take on board the cost of debt repayment no matter what the consequences for the livelihood and well-being of the local population. If this required the surrender of assets to foreign companies at ﬁre-sale prices, then so be it.