Author(s): Swati Chongder
Abstract:
Since the late twentieth century has risen to prominence as one of the most powerful ideologies that influences the global political economy. Defined by a focus on market efficiency, restricted state intervention, privatization, deregulation, and free trade which gained traction following the economic crises of the 1970s’ and the perceived waning of Keynesian economic management. This article investigates the transformation of neo-liberal ideologies have been materialized into actual policies and how these policies have transformed global economic and political structures. It delves into the historical roots of neo-liberalism, its dissemination via international organizations such as the International Monetary Fund (IMF), World Bank and World Trade Oraganization (WTO), and its execution in both developed and developing countries. Attention is specifically drawn to the influence of trade liberalization and market reforms in propelling globalization and fostering economic growth, with a spotlight on significant cases like India’s reforms post-1991. Simultaneously, the article critically examines the social and political impacts of neo-liberalism, highlighting issues such as the increasing inequality, diminished welfare system welfare systems and the intensification of political unrest. By assessing the efficiency and growth that neo-liberalism asserts against its disparate outcomes, this study confronts the fundamental question: In what ways has neo-liberalism influenced the global political economy? The article wraps up by considering current criticisms and discussions concerning the potential for the global political economy to move past the neo-liberal paradigm.
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