Importance of Neo-liberalism

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Importance of Neo-liberalism

Importance of Neo-liberalism

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The concept of neo-liberalism denotes a strand of liberal thoughts that enhances as number of strategies and approaches used by many western countries and the International Financial Institutions. In this case, the aspect of neo-liberalism allows the private sector to conduct itself independently without interference of the government. Additionally, the proponents of neo-liberalism support strategies and methods that make it possible for trade and finance to have unlimited movements across national borders. On this basis, the policies of neo-liberalism are very significant in economic policy making in the contemporary world as they roll back the roles played by the government and hence allow individuals to make their own decisions in relation to the global market (Parkin, 2009). In this case, decisions concerning the production, allocation and distribution of goods and services are excluded from the restrictions of the government and left to the global market. By doing this, the distribution of wealth among individuals is not restricted by the government.  All over the world, these policies have been very influential hence replacing the more moderate Keynesian liberalism that sought economic growth and social stability by allowing a dynamic government role of controlling economy in a country (Qureshi, 1996).