Relacoes Internacionais e Desenvolvimento A. Pereira pri 5058 Lecture 5

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DID USP Lecture 5

Relacoes Internacionais e Desenvolvimento A. Pereira PRI 5058 Lecture 5

What is neoliberalism and what are its origins?
Through what mechanisms did neoliberalism become a globally dominant ideology and set of practices?
What is the record of neoliberal approaches to development?
Is the era of neoliberal dominance over?

Privatisation of SOEs and state infrastructure (airports, roads, railways, ports, etc.)
Liberalisation of capital markets
The “flexibilisation” of labour markets
The privatisation of state pensions
School vouchers

Reductions in the fiscal deficit (cut spending, increase revenues, or both – in practice, often meant cuts in spending and investment, reductions in state salaries and personnel, and elimination of state functions)
De-regulation (or more accurately, re-regulation)
Reductions in tariffs, quotas, capital controls, and other impediments to trade and investment (economic “opening”)
Privatisation of state-owned enterprises
An increase in exports and facilitation of debt repayment
Decentralisation of some state functions
Reduction of tax burdens

Representative theorists: Friedrich von Hayek; Milton Friedman; Sebastian Edwards. [Note: they would consider themselves neoclassical economists or libertarians.]
Major influences: neo-classical economics and the Austrian School of economics.
The market as “natural” and in need of protection by a strong rule of law and a minimalist, but effective state (see Hayek on the rule of law)
State intervention distorts market incentives and usually makes social outcomes worse. The cost of nonmarket allocation of resources usually outweighs the benefits. State failure and “rent-seeking” by states is a bigger problem than market failure.
Most states should be “rolled back”, with many of their functions replaced by markets.

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