Neoliberalism is the belief that through hard work, all individuals have the ability to achieve success and live the ‘good life’. This system is greatly connected to capitalism considering both focus on creating profit. The individual is the most important aspect in neoliberalism; this system highly discourages government involvement even as a ‘safety-net’ for those less privileged.
Because of neoliberalism, many altruistic ideas and organizations are transformed considering goals are profit oriented rather than society oriented.
In order to get a better understanding of neoliberalism, I watched this video interview of Dr. Dumnil, a very influential author and pioneer theorist of neoliberalism and economic crisis.
Dr. Dumnil defines neoliberalism as a new and contemporary form of capitalism meant to continually improve and sustain the upper percent tile. He explains that the discretion of those in power to freely transfer capital around the world greatly supports neoliberalism.
Dr. Dumnil believes that after the Great Depression, a great opportunity for neoliberalism emerged. The people of America and around the world were in the middle of a huge class struggle resulting in worker strikes and revolts for rights. Because authorities were finally confronted, they were forced to compromise with the people. However, once confronted with worldwide inflation, the capitalist party was able to regain power and implement social order considering they supersede popular classes.
This system of neoliberalism then puts all workers in a state of competition; making it hard for these workers to come together to control their own rights such as decent wages, purchasing power, and social protection of health care.
The Doctor also touches on the huge increase in stock-market indices; meaning the globalized neoliberalism goal was achieved.
After learning about the system and processes of neoliberalism, I have come to see it as scam for a lack of better words. Because this system is meant to focus on the individual and supposedly give everyone a chance to successful, it sounds very appealing. However, when examining the playing field unequal opportunity is salient. White privilege, racial profiling, and gender discrimination are only a few examples of injustice that come into play. The fact that the system is so individual centered almost seems selfish; when everyone is trying to better themselves, there’s no effort into benefitting society. I believe that under neoliberalism people will become more bitter and hostile considering the lack of altruism and doing good; a necessary aspect to human life and well-being.