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Neo-liberalism in the words of Boulle (2009) "postulates the legitimacy of market economics, liberalized trade, privatization, deregulation and a limited state system." Therefore, as an economic approach, neo-liberalism seeks to facilitate economic development by encouraging the creation of a laissez-faire environment. It advocates for the opening up of markets to trade by amongst other things encouraging the privatization of state-run businesses. In my opinion, neo-liberalism would facilitate the creation of an economic climate that is more competitive thus allowing for the emergence of superior business practices. With little or no government interference and/or involvement, competition would force business entities to enhance the quality of the various goods they produce while at the same time reviewing the prices of such goods downwards. All this would be to the benefit of consumers. It has also been argued in the past that economic freedom (i.e. In terms of fewer government restrictions, etc.) is a precursor to political freedom. This is a point-of-view that was mainly propagated by Milton Friedman. Friedman according to Rowley and Schneider (2003) "points out the historical fact that economic freedom and political freedom are inextricably connected." In that regard, government interference and participation in economic activities...
Some are however convinced that businesses cannot effectively regulate themselves in the absence of government intervention.
Neo-liberalism and globalization as Boulle (2009) points out portray both government and bureaucracy as being not only inefficient but also incompetent and cumbersome. In my opinion, globalization and neo-liberalism are two economic concepts that should be welcomed, supported and encouraged. That globalization is inevitable cannot be denied. Countries that open up their markets to this unfolding reality will benefit more in terms of both social and economic development. Further, countries that encourage and facilitate the development of free markets will help industries to save on costs with the resulting benefits trickling down to consumers inform of decreased prices of goods and services.
References
Boulle, L. (2009). The Law of Globalization: An Introduction. Fredrick, MD: Aspen Publishers, Inc.
Carroll, a.B. & Buchholtz, a.K. (2011). Business and Society: Ethics, Sustainability, and Stakeholder Management (8th ed.). Mason, OH: Cengage Learning.
Rowley, C.K. & Schneider, F. (Eds.). (2003). The Encyclopedia of Public Choice. New York: Kluwer Academic Publishers.
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