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Globalization: A Basic Text, 2nd Edition by Paul Dean, George Ritzer

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CHAPTER 4NEOLIBERALISMROOTS, PRINCIPLES, CRITICISMS, AND NEO-MARXIAN ALTERNATIVES

While it has come under severe attack in the wake of the global economic crisis, neoliberalism has arguably been the most important theory in the field of globalization studies. However, it is more than “just” an important theory, it has profoundly influenced economics (and politics) in the US, as well as in much of the rest of the world. It has both strong adherents and vociferous critics. With much of that economic crisis being linked to the neoliberal belief in the free market and deregulation, critics seemed to be gaining the upper hand (in theory if not in practice). Indeed, it was the deregulation of the banks and financial institutions that led to the high-risk ventures (e.g. financial derivatives) that collapsed in late 2007 leading to the subsequent global crisis. Many of its arguments have not only been heavily attacked, but have demonstrated to be quite ...

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