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Chile’s pioneering experience received high praise from Nobel laureates, Friedman and Stiglitz. Indeed, it grew from a GDP of -11% in 1982 to +11.1% in 1992; at the same time, the unemployment rate shrank from +10% in 1982 to -15% in 1992.
A paper published in June 2016 by the IMF warns that neoliberalism is jeopardising the future of the economy. For example, austerity - one of the pillars of the neoliberal agenda - has been increasing the rate of UK recessions since the 1970s.
Osborne-style austerity increases inequality, thus undermining growth. In Britain, his policies were meant to cut the budget deficit to zero and generate healthy economic growth, but resulted into a double-dip recession.
According to the IMF, austerity affects employment. On average, a consolidation of 1 percent of GDP increases the long-term unemployment rate by 0.6% and raises by 1.5% within five years the Gini measure of income inequality.
In China, market-based incentives were tailored to the local context and mixed forms of ownership (state and private) were adopted. The GDP annual growth rate grew from 5.3% (from 1960-1978, before the reforms) to 10.4% in 2010.
Austerity and the freedom of capital to move across borders were examples of how neoliberal policies misfired.
In Venezuela, the economy contracted 13% in 2017, as people suffered through shortages of medicine and food; this affected the weaker categories of society, those people who cannot afford to pay more for services or goods.
In Chile, the so-called “economic miracle” took place, and this later applied to other countries around the world. The liberalisation of trade has also lifted people out of poverty in South Korea, Taiwan, Japan and Mauritius.
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The term ‘neoliberalism’ is associated with financial deregulation - culminating in the 2008 financial crash and in the Euro debacle - and fiscal austerity, which created political and social instability, fostering the current populist wave.
In a competitive market, an increase in the minimum wage has a negative effect on employment as it increases the cost of labour, causing more expenses for employers and reducing the availability of resources for additional compensation (e.g. benefits).
Since 1980, there have been about 150 episodes of surges in capital inflows in more than 50 emerging market economies; about 20 percent of the time, capital inflows increased the probability of a financial crisis.
Access to world markets in goods, technologies and capital has played an important role in virtually all of the economic miracles of our time—for example, China, South Korea, Taiwan, Japan and Mauritius.
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According to an OXFAM report, eight men hold as much wealth as the poorest half of the planet: 3.6 billion people. The super-rich are fuelling the inequality crisis, dodging taxes, driving down wages and investing less in their businesses.
The neoliberalization of municipal governance in Toronto in the 1980s, rather than resolving basic problems, triggered new forms of resistance in key regulatory arenas (economic development, environmental and transportation policy).
In present-day Montreal, as a result of neoliberal policies — market liberalization, domestic welfare-state cutbacks, etc. — immigrants have been channeled into depressed sectors of the economy in order to reignite regional development.
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Spain, Brazil and India increased their competition through deregulation and opening to foreign capital. Brazil grew from a 0.1 index of competition in 1962 to 0.8 in 2002; India went from 0.2 to 0.4; Spain went from 0.3 to 0.9.
When there is stagnation in the economy and wages do not rise, more government spending increases employment: more government spending means more jobs, and this consequently means more purchasing power.
For the Mont Pelerin society, neoliberalism had to choose between being a threat to human rights or to free markets. In South Africa, granting black citizens suffrage rights would inevitably lead to an overhaul of property ownership distribution—but this was deemed unacceptable.
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When capital has more freedom than people, serious democratic deficits are guaranteed, and voters might get the opposite of what they expect (e.g. austerity instead of a strong welfare state).
As a result of neoliberal policies by Thatcher and Reagan, some countries experienced an increasing inequality in income shares: in the US, for example, the difference between the bottom class and top class grew from 19.9% vs. 10.7% in 1980 to 12.6% vs. 20.2% in 2014.