In the midst of current global economic and environmental crises and continuing poverty and indebtedness in much of the Global South, some observers have pronounced neoliberalism to be a failure. For example,
Weller (2002) writes: proponents of [neoliberalism] have contended that the free-market approach to development will also alleviate poverty .yet the actual experience since 1980 contradicts almost every one of these claims. Indeed, the free-trade/free-capital formula has led to slower growth and more vulnerability for poor countries –and to greater income disparity among individuals. How would you evaluate neoliberalism (also called “the Washington Consensus”) in regards to economic development and environmental sustainability?You will want to discuss how market fundamentalist policies have impacted some combination
(but not all!)of the following: ·development and poverty reduction in the Global South (e.g.,World Bank/IMF “poster children” discussion )
- global trade in goods, services & capital(e.g ,WTO & trade agreements
, MNCs, investment)
- environmental sustainability (e.g., climate change, waste, overuse of natural resources) What specific changes might you suggest to the global economy that might address challenges such as poverty and environmental destruction?