LABRST 2A03 Lecture Notes - Lecture 7: Classical Liberalism, Neoliberalism, Thatcherism
8 Nov 2016
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Document Summary
An ideology first born in the 1940s among academics, becomes influential in the 1970s and dominant in the 1980s and 1990s. At its most basic level; neoliberalism is a return to classic liberalism. Letting the market reign, buying & selling, profit incentive. Markets are the most efficient, governments are not efficient. Freedom - where are people the most free, what do they want to do and how do they want to do it. The best way to ensure that people have the freedom to do interesting things that they are passionate about, is through free markets. Markets are not only an economic structure, but are the way of testing and creating legiti- macy. The people deserving of respect and legitimacy are those who have been successful in the markets ex. Governments that restrict the freedom of markets do not have this legitimacy. Societies that will be the most prosperous are the ones with highly competitive markets.
