Neoliberalism Is Disastrous Capitalism

NEOLIBERALISM is a brainchild of Milton Friedman. In Naomi Klein’s words, Friedman was “grand guru of the movement for unfettered capitalism.” His theory influenced the post-1960s era. He argued it was not only the public services, industries and enterprises but also the public schools, hospitals and social security systems which reeked of socialism. In his polemic book Capitalism and Freedom, he said: “State’s sole functions were to protect (our) freedom both from enemies outside our gates and also from (our) fellowcitizens: to preserve laws and order, to enforce private contracts to foster competitive markets.” He chiefly sought to uproot theories of socialism, social progress and development economy that emphasize public security in general. Obviously, his theory inspired business elites to ensure control over State institutions. Nicknamed as ‘disastrous capitalism,’ his neoliberism idea tremendously worked since the start of Reagan administration and it was again exposed in the wake of COVID-19, with devastating consequences.

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