Neoliberal Theory Paper

1. Privatization of the banks and corporation: According to Harvey “neoliberal policy proposes that private enterprise and entrepreneurial initiative are seen as the keys to innovation and the creation of wealth and continuous incises in productivity should deliver higher standard for all. This assumes that a rising tide lifts all boats or trickles down, a theory that also holds that the elimination of poverty (domestically and worldwide) can best be resolved through free trade and free markets” (Harvey 64) false neoliberal theory rhetoric that achieves the opposite as accumulation by distribution makes the rich richer and the poor poorer. Harvey adds that “Neoliberals are particularly assiduous to in seeking privatization of assets. Thus
(Harney 65) ( Yet the same neoliberal policy that calls on no state interference , welcomed state interference to bail them out of their failures during the 2008 economic crisis) Harvey says “While personal and individual freedoms in the market place is guaranteed, each individual is held accountable for his or her own actions and well-being”( Harvey 65) (thus during the mortgage crisis it not the greed of bankers that brought about the crisis but the fault of the working class for accepting the subprime loans they received to buy homes they couldn’t afford). Therefor the neoliberals feel banks deserved a bailout using taxpayer dollars and the individual taxpayers deserved to lose their homes due to accepting loans to buy homes they couldn’t afford. Responsibility for fell squarely on the taxpayer’s solders in the banker bailout as well the loss of equity and money paid on their subprime loans banker pushed on them. Harvey argues “neoliberals interpret individual success or failure such as not investing in one’s own human capital through education, the problem rather than being a problem attributed to systematic property (such as class exclusions attributed to capitalism) (Harvey 65-66).