Debate focusing on neoliberalism

News reporter witnessing a debate focusing on Self-made Individualism
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News reporter witnessing a debate focusing on neo-liberalism
In this report, I take the position of a news reporter witnessing a political debate that focuses on neo-liberalism. The debate itself is happening between 2 characters. This report provides a detailed description of that debate and the main arguments that I witnessed. What these two characters are debating is described, and 3 most significant viewpoints in this debate are outlined. This report does not take any side and it focuses on the contradictions in each side. Neo-liberalism is basically understood as a strategy of class domination that utilizes the state in promoting particular competitive dynamics for the wealthiest individuals (Harvey 74). The two characters are Paul Volcker, former Chairman of the US Reserve Bank under the Jimmy Carter administration, and political scientist who supports neo-liberalism, and Hayek, a writer of major texts including The Constitution of Liberty. Both Hayek and Volcker are mentioned in the text.
The main points of neo-liberalism are as follows: (i) The rule of the market: this entails liberating private enterprise or free enterprise from any bonds that the state or government imposes in spite of how much social damage this brings about. Neo-liberalism advocates greater openness to global investment and trade, for instance in the case of NAFTA. It supports reduction of wages through de-unionizing workers and getting rid of employees’ rights that had been won after struggling for years (Harvey 74). It is against price controls, and in general, it advocates complete freedom of movement for services, goods as well as capital. To convince the public that this is actually good, those who support neo-liberalism claim that a market which is not regulated is the best way of increasing economic growth; something that would eventually be of benefit to everyone.
(ii) Cutting public expenses for social services: these social services mainly include healthcare and education. Neo-liberalism also advocates decreasing the safety-net for poor people, and even maintenance of water supply, bridges and roads – all these in order to reduce the role of the government. Certainly, they do not oppose tax benefits and government subsidies for companies. (iii) Deregulation: this entails decreasing government regulation of everything that can diminish profitability, which include protecting the environmental safety on the occupation (Harvey 79). (iv) Privatization: this entails selling all the government-owned services, goods and corporations to private investors. This basically includes hospitals, toll highways, financial institutions, major industries, schools, electricity, railroads, and freshwater. Even though it is intended to achieve greater efficiency, which is usually desirable, privatization has largely served to concentrate the wealth even more in a few hands, and thereby making people in the society to pay even more for their needs. (v) Eradicating the concept of Community or The Public Good: this concept is to be replaced with individual responsibility. This is characterized by pressurizing the poorest individuals within a society to seek solutions to their problems such as lack of social security, education, and healthcare all by themselves. If they fail, they are blamed as lazy (Harvey 80).
First Viewpoint: Neo-liberalism is simply a strategy of class domination that utilizes the state or government in promoting particular competitive dynamics for individuals who are very wealthy.
Hayek, the character in the argument who is against neo-liberalism states that neo-liberalism is essentially a new phase of capitalism that materialized after the structural crisis which occurred in the 1970s. Neo-liberalism articulates the strategy of the capitalist classes in coalition with the upper management, particularly fiscal managers, who intend to strengthen their domination and control and expand it internationally.
Volcker, an advocator of neo-liberalism defines it as a governmentality which accords with the notion that: one has to govern not because of the market, but for t...