Neoliberalism 24th 11 22.edited 1

Name Institutional Affiliations Date Neoliberalism Neoliberalism is a broad term that comprises different meanings based on how people perceive the approach. Based on sociologists like Margaret Somers and Fred L. Block, there stands a bitter dispute over what many refer to as an influence of free-market ideas that justify the retrenchment of New Deal programs and policies, "the free market ideology" (Somers & Block 3). However, though in dispute, free market ideas/ideology serves as a potential factor that characterizes the neoliberalism approach. On a further note, other prominent scholars like Med Luxton and Susan Braedley associates neoliberalism with a political philosophy aimed at liberating the process of capital accumulation (Braedley & Luxton 4). Therefore, one can associate market capitalism and political capitalism with neoliberalism in that the approach views the market as a significant information processor, thus superior to a human being. It is an approach that incorporates economic policies supported by ideological commitments advocating for the reduction of state intervention in the economy while promoting Laissez-Faire capitalism. Both approaches of capitalism characterizing neoliberalism also aim at promoting economic efficacy, human well-being and personal freedom (Somers & Block, 2-3). Though the term may not be apparent to many Americans, there stands little light that can enforce such understanding when Americans start viewing neoliberalism as a basic idea that connects citizens with institutions to define work progress within American markets. What does this imply? Simple: it is high time that people see neoliberalism as a general idea characterized by market principles. It thus calls for adherence from people and institutions while working or shaping their work. According to Weeks (110), economic neoliberalism primarily maximizes individual liberty and freedom of choice. In such a case, the states should implement and enforce policies that support economic efficacy. Assurance of purely regulatory policies refraining from most forms of economic intervention characterizes economic neoliberalism, even in the face of market mechanisms that may lead to reduced economic efficacy; however, since states have a role in securing private property rights and contract enforcement, neoliberal institutionalization advocates for maximized total economic gains. What does this imply? The theory asserts that relying on an automatic market mechanism with government interventions to correct inefficient market failures is the fundamental realization of economic independence. It is imperative to note that though there are other strands of liberal economic theory that allow and advocates for state intervention to correct market failures and promote eco