Question

Proponents of globalization like neoliberalists argue their approach to economic development can best move countries out of poverty. Advocates of alternative theories and approaches like sustainable development or Bejing’s approach to economic development purported by Dambisa Moyo are critical of neoliberalism.

discuss one criticism of the neoliberal approach as it applies to poor regions and countries around the world

Answer 1

Neo-liberalization works towards reducing government control, increasing privatization, eliminating price controls and deregulating capitalist markets. This would mean that these companies that act under the neoliberal policies would only focus on increasing their profits thus would force the local traders to lose their significance and cost more for products and services. Because they also want to remove trade barriers across the world, they would hold monopoly in terms of business which would affect the poor more while they would provide products and service that would meet the requirements of the rich.

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