Neoliberalism, A Very Short Introduction

Topics: Neoliberalism, World Bank, Bill Clinton Pages: 8 (1355 words) Published: September 13, 2014
Neoliberalism, A Very Short Introduction
Manfred B. Steger and Ravi. K. Roy
Book Review

ABSTRACT
Neoliberalism a Very Short Introduction, is an excellent and concise presentation of the history and development of neoliberal ideas. During the 1980s and 1990s, the revival of the liberal ideas was known as neoliberal. They spread around the world in a variety of size, forms and colors depending who, where and how implemented them. The Washington Consensus IMF, World Bank supported neoliberal ideas in the name of globalization and free markets, but at the end only benefited the insatiable greed of big financial institutions and multinational corporations. An important part of these paper was dedicated to identify where this revival of ideas started, how they expanded through the world and the result and consequences of these policies.

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ABOUT THE AUTHORS

Manfred B. Steger, is Professor of Global Studies and Director of the Globalism Research Centre at the Royal Melbourne Institute of Technology, Australia. His areas of expertise include global studies, political and social theory, peace studies, and international politics. His most recent publications includes The Rise of the Global Imaginary (OUP, 2009) and Globalization: A Very Short Introduction (2nd ed, OUP 2009).1

Ravi K. Roy, is a Lecturer of Global Studies and teaches International Development and Global Studies at the Royal Melbourne Institute of Technology, Australia. His research expertise is in economic policy and public policy. He is the coeditor of Neoliberalism: National and regional experiences with global ideas (Routledge, 2007) and author of Fiscal Policy from Reagan to Blair: The Left Veers Right (Routledge, 2004).2

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Manfred B. Steger and Ravi K. Roy, Neoliberalism a Very Short Introduction (Oxford, ENGLAND: Oxford University Press, 2010), 150.
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Manfred B. Steger and Ravi K. Roy, Neoliberalism, 150.

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Neoliberalism a Very Short Introduction, Book Review

Manfred B. Steger and Ravi K. Roy, the authors of Neoliberalism a Very Short Introduction, made an excellent and concise presentation of the history and development of neoliberals ideas. They wrote in simple and plain English and at the beginning of the book, they provided a very helpful list of abbreviations, charts, maps, and photographs. Even thought, the liberal ideas can be traced back to Adams Smith and John Locke the latest revival of the liberal ideas occurred very recently. The first wave of liberal happened during the 1980s, a decade later there was a transformation of neoliberal ideas. Even though, the two layers of neoliberal ideas came at different times, the authors affirmed that they shared the same formula: "deregulation, liberalization and privatization," were free markets and private initiative are the core ideological values3. The main purpose of these paper was to investigate and bring to light where the neoliberal ideas started, how the expanded through the world, and their consequences on the world economy.

The revival of the neoliberal ideas resurfaced on the United States and in Great Britain during the 1980s. There were two waves of neoliberal ideas, the two major exponents of the first wave of liberal economics were President Ronald Regan and Prime Minister Margaret Thatcher. Steger et al, believed that "These political leaders not only articulated the core ideological claims of neoliberalism but also sought to convert them into

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Manfred B. Steger and Ravi K. Roy, Neoliberalism, 14.

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public policies and programmes."4 In addition, the second wave of liberal economic policies were propelled by Bill Clinton and Tony Blair. Both considered center left politicians, who favored the liberal ideas with a sense of social responsibility. Regan and Thatcher, both opposed the Keynesian ideas of government interventionism. President Regan's economic plan based on neoliberal ideas was kwon as Reganomics. While Regan was committed to a...

Cited: Steger, Manfred B., and Ravi K. Roy. Neoliberalism a Very Short Introduction. Oxford,
ENGLAND: Oxford University Press, 2010.
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