Neoliberalism is single handedly responsible for the modern-day economy, education and politics. If it is the dominant ideology shaping our world today, why is it not discussed in detail? Its anonymity is both a symptom and cause of its problem. Neoliberalism has helped form the reality we live in today by playing major roles in significant events similar to the Panama Papers.
The Panama Papers refer to the 11.5 million leaked encrypted documents which exposed the network of approximately 214,000 tax havens involving people and entities all over the globe. This is only a glimpse of the crumbling state of the society we live in.
Neoliberalism is an entity of economic theory and is also a policy stance. This theory states that a largely unregulated capitalist system not only represents the idea of free choice but also claims to achieve optimal economic performance with respect to efficiency, economic growth and technical progress. However, the state is assigned a very restricted economic role in the terms of highlighting property rights, enforcing contracts, and control the money supply. These neoliberal theories consider state interventions to correct market failures create more problems than it solves and hence viewed with suspicion. It seems as though that these policies are mostly concerned with disassembling what is left of the regulations welfare state. These policies include privatization of public activities and assets; elimination of social welfare programs; and reduction of taxes on businesses and the investing class. In terms of the international sphere, neoliberal policies express free movement of goods, services, capital, and money across national boundaries.
To summarize it states, corporations, banks, and investors should be free to move their property across national boundaries, and are free to acquire property across national boundaries. The revival and consistency of neoliberalism during these past two decades cannot be explained with any favorable after-effects of such policies on capitalist economic performance. On the contrary, evidences show neoliberalism policies have actually been counter-intuitive for capitalist economic performances. It can be argued that the dominance of neoliberalism can be explained by the rapid changes in the competitive anatomy of world capitalism, which have resulted from the form of international economic integration which has evolved recently. The changed competitive structure of capitalism has altered the political posture of big business with regard to economic policy and the role of the state, turning big business from a supporter of state-regulated capitalism into an opponent of it.
Each person’s worth is determined by a numerical value, be it their GPA or the amount they earn. It was reported that Millennials have stress levels 50% higher than those of the previous generation. This is a proof of how rapidly the reality we live in is changing, and life is becoming more of a race where each individual is competing to embody societies interpretation of a successful person.