The Rise of Neoliberalism: Maximizing Market Capitalism and Economic Freedom

Abstract

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 economic justice, neoliberalism strictly opposes such policies. For this reason, economic neoliberalism supports individual economic freedom, while neoliberal institutions remain moderate on taxation and macroeconomic interventions. While paying close attention to neoliberalism in the United States and its connection with the problem of mass incarceration from a capitalist point of view, it becomes open that America adopts the most punitive forms of social controls that do no good in crime management. The fact that the United States of America has the highest number of incarcerated persons globally indicates that some of the set criminal justice policies expose Americans to more threats than benefits regarding criminal justice-related issues. Following a close analysis of the salient features of American-style criminal justice, it is clear that the application of neoliberal approaches has led to the formulation of very inhumane approaches when dealing with criminal offenders O’Malley (285). For instance, most criminal justice policies advocate for an increasingly harsh roster of punishment, the erosion of defendant rights, parallel expansion of prosecutorial power and discretion, and massive expansion of the prison-industrial complex, all underwritten by immediate urgency of crime control and public demand at any cost. Inequality becomes the most potential outcome with close adherence to such neoliberal approaches in crime control. Following the rising numbers of people of color behind American bars, it is inevitable that neoliberalism adds more power to those already with power and undermines those who remain vulnerable to oppression, defining the capitalist nature of this approach while dealing with crime controls. One can argue that neoliberal states enjoy the investment of fueling fear of crime by imposing harsh crime control measures Singer (181). Unfortunately, such an approach results in more evil than good, as many Americans remain unconvinced that policing and punishment are potential solutions to social-economic problems. On the contrary, since neoliberalism is capitalist by nature, many Americans believe in the differences in treatments, especially on crime-related matters, regardless of the implemented policies governing crime controls. Some of these policies overstate the threat of committing a crime to persuade Americans of the imminent danger of engaging in crime. Other policies inflate and distort crime statistics to create a false impression that citizens are equally at risk of victimization. However, it is imperative to ask whether such policies deliver in terms of crime management and controls. Unfortunately, a big no, fear of crime in the U.S. haunt individuals and groups, with electoral campaigns becoming the most affected Wikan (2). Media coverage of such crime scenes exposes many Americans to the harsh hand of law, especially if the crime can manipulate crowds, especially during campaigns, demonstrations and other social gatherings. However, though neoliberal states successfully impose fear of crime on their target audiences, such approaches work no good in crime management and control as the country holds the highest rank in mass incarceration globally Singer (183). Fortunately or unfortunately, in efforts to sell to American citizens the idea that policing and punishment serve as a potential solution to all social-economic problems, it becomes straightforward to solve any crime-related issue with more police, more punishment and more prisons. The key to understanding their applicability in human-related areas is the need to ask whether these neoliberal approaches can potentially ensure a positive impact on Americans' well-being. It is imperative to note that from a crime control perception, neoliberalism represents democracy in its most desperate and depraved form, as most policies aim at inflicting fear rather than providing potential solutions to crime management. How can a policy be friendly or aimed at the well-being of all when it ignores the secrecy aspect as a human right? According to Wikan (4), many forms of American governance and community organization or collective...