Nobel Prize winning economists agree that sweatshops are beneficial to the global poor

slate.com

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Nobel Prize winning economists agree that sweatshops are beneficial to the global poor

slate.com

orangebussycat@lemmy.worldM to

TrueNeoLiberal@lemmy.worldEnglish · 1 year ago

In Praise of Cheap Labor

slate.com

For many years a huge Manila garbage dump known as Smokey Mountain was a favorite media symbol of Third World poverty. Several thousand men, women, and...

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Neoliberalism refers to the resurgence of free market ideas that characterized classical liberalism in the 19th century. It is based on the idea of economic freedom and limited government involvement in economic interactions between individuals.

Neoliberalism is very similar to classical liberalism. Both ideologies believe in privatization, deregulation, globalization, free trade, and limited government. However, neoliberalism differs in two key aspects. First of all, the idea covers the belief that monetary policy should be governed by a central bank. That means the central bank can decide how much money is in circulation and at what the interest rates should be.

Second of all, the idea covers the belief that the private charity is no longer sufficient to support the poor. It is therefore believed that government welfare is necessary, although in a far more limited amount than we see present today.

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