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Effects Of Neoliberalism

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“Neoliberalism is considered to be the dominant ideology that is shaping our world day.”(Thorsen and Lie, 2009, p. 1). There is however, no one true definition to neoliberalism as it is very diverse in terms of covering a lot of aspects of economic, cultural, and social terrains. This era came about with the introduction of Structural Adjustment policies stemming from the Bretton Woods System, Washington Consensus, World Bank, and the IMF (http://globalsocialtheory.org/topics/neoliberalism). There was also an increase in the number of capitalist theories claiming to be the “better” way for society to become developed. These theories also promote austerity, privatization, deregulation, and a purported ‘opening up’ of markets and borders which …show more content…

However as it has been seen, these institutions creates and dependency relationship between them and the host country whereas in exchange for their services, they implement Structural Adjustment Programmes (SAPs) where as they alter a countries policies and economic structure, etc, in effects to “promote economic growth.” In reality they usually leave the country worse off creating higher levels of poverty and lowers the standard of living in those countries. For example the incident that occurred with Jamaica as well as Trinidad and Tobago crippling those nations (http://www.finalcall.com/artman/publish/business_amp_money_12/article_8921.shtml). Another example of the effects of neoliberalism is with the company Monsanto, which owns majority of the world’s grain. This company effectively cripples farmers as once they start using their product, they cannot stop due to terms and conditions in using it. This same company produces the herbicides and insecticides to protect the crop yet which cause the issues in the first place, therefore the farmer makes a loss, while the company keeps getting richer and the farmers become poorer

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