What is 'neoliberalism', and how is it related to globalization?

Essay from the year 2017 in the subject Politics - General and Theories of International Politics, grade: 1,0, University of Edinburgh (School of Social and Political Science), course: Globalization, language: English, abstract: Unravel the intricate threads connecting economic theory to global power dynamics in this incisive exploration of neoliberalism and its profound impact on our world. Journey from the hallowed halls of classical liberal economic thought to the concrete realities of 'neoliberal' policies that have reshaped nations and fueled globalization. This book delves into the conceptual history of neoliberalism, dissecting the core tenets championed by influential figures like Friedrich Hayek and Milton Friedman, and scrutinizing the underlying assumptions that underpin this pervasive ideology. Discover how the Mont Pelerin Society served as a crucible for these ideas, and trace their evolution into the policies espoused by the Chicago School of Economics. Explore the pivotal roles of individuals such as Hayek and Friedman in the propagation of neoliberal thought, and examine the implementation of these policies in various political landscapes, including the Pinochet regime, the Reagan era in the United States, and Thatcher's Britain. Grasp the key elements of Chicago School economics, including deregulation, privatization, and stringent fiscal discipline. Understand globalization not merely as a buzzword, but as a complex, multifaceted historical process shaped by power dynamics and intrinsically linked to the ascendancy of modern capitalism. See how neoliberal policies have sculpted globalization, fostering the growth of global trade markets and the commodification of aspects of society previously untouched by market forces. Examine the transformation of the state, from a protector of national interest (Raison d'État) to an actor in the global arena (Raison du Monde), and grapple with the paradoxes and complexities inherent in these sweeping historical shifts. This book provides a critical lens through which to examine the interaction effects of neoliberalism and globalization on the state and global markets, providing invaluable insights into the forces shaping our contemporary world. Keywords: Neoliberalism, globalization, classical liberalism, free market, limited government, Hayek, Friedman, Chicago School, privatization, deregulation, political economy, modern capitalism, Raison d'État, Raison du Monde.