Globalization and Neo-liberalism
"The Political Ideology of Globalization is Neo-liberalism." Comment. UPSC 2016 Paper 1A Qn no -2a Globalization is deeply intertwined with neoliberalism, an economic and political ideology that emphasizes deregulation, free markets, privatization, and the minimization of state intervention in economic affairs. Understanding neoliberalism as the political ideology of globalization : Historical Context - The association between neoliberalism and globalization began in the late 20th century, particularly after the 1970s economic crises. Governments in Western nations, notably the United States and the United Kingdom under leaders like Ronald Reagan and Margaret Thatcher, adopted neoliberal policies as a response to economic stagnation. They advocated for a smaller role for the state, market liberalization, and incentives for capital to flow more freely across borders. These shifts coincided with advancements in technology, transportation, and communication that facilita...