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So what happened in the intervening period? The story is well known. Seeking to prevent revolution by means of economic reform, egalitarian liberals like Prime Minister Clement Atlee and President Franklin D. Roosevelt remained staunch defenders of individual autonomy and property rights. And yet, they criticized classical liberalism for its inability to recognize that modern capitalism had to be subjected to certain regulations and controls by a strong secular state. Keynes, in particular, advocated massive government spending in a time of economic crisis to create new jobs and lift consumer spending.

Thus, he challenged classical liberal beliefs that the market mechanism would naturally correct itself in the event of an economic crisis and return to an equilibrium at full employment. Keynes linked unemployment to a shortage of private capital investment and spending in the economy.

For this shortfall, he blamed short-sighted and avaricious investors, whose speculative investments had destabilized the market. Keynes led the British delegation at the Bretton Woods Conference in the United States, which established the post-war international economic order and its international economic institutions. During the s, however, its purpose was expanded to fund various industrial projects in developing countries around the world. Finally, the General Agreement on Tariffs and Trade GATT was established in as a global trade organization charged with fashioning and enforcing multilateral trade agreements.

In , the World Trade Organization WTO was founded as the successor organization to GATT and subsequently became the 6 focal point of intense public controversy over its neoliberal design of free trade agreements. The golden age of controlled capitalism in the United States The economy was based on mass production. The bargaining power of this latter group was enhanced and enforced by government action. Almost a third of the workforce belonged to a union. Source: Robert B. Rising wages and increased social services in the wealthy countries of the global North offered workers entry into the middle class.

Neoliberalism 3. The book gained instant prominence because it successfully challenged classical liberal ideas about how modern economies worked. Keynesian ideas dominated macroeconomics until the rise of neoliberal doctrines in the early s.

But this golden age of controlled capitalism ground to a halt with the severe economic crises of the s. And yet, they emphasized different parts of their theory according to their particular social contexts. Once this premise became widely accepted, it was the logical next step to claim that these factors remained the major impediment to successful economic development in the global South. As we shall see in Chapters 4 and 5, powerful economic institutions like the International Monetary Fund and the World Bank imposed their neoliberal agenda on heavily indebted developing countries in return for muchneeded loans.

The demise of the Soviet Union and the acceleration of market-oriented reforms in communist China led to the unprecedented dominance of the neoliberal model in the s. During the last decade, however, neoliberalism has come under a series of criticisms. The global economic crisis of —9 is only the latest in a series of challenges to the still dominant free-market paradigm.

But before we can appreciate the full magnitude of the threat facing neoliberalism, we must familiarize ourselves with its various dimensions, varieties, and policy applications. So let us commence our journey with a brief consideration of its core ideas and principles. Built upon the classical liberal ideal of the self-regulating market, neoliberalism comes in several strands and variations. Perhaps the best way to conceptualize neoliberalism is to think of it as three intertwined manifestations: 1 an ideology; 2 a mode of governance; 3 a policy package.

Let us carefully unpack these fundamental dimensions. Serving as the chief advocates of neoliberalism, these individuals saturate the public discourse with idealized images of a consumerist, free-market world. Skilfully interacting with the media to sell their preferred version of a single global marketplace to the public, they portray globalizing markets in a positive light as an indispensable tool for the realization of a better world. Such market visions of globalization pervade public opinion and political choices in many parts of the world. They not only offer a more or less coherent picture of the world as it is, but also as it ought to be.

In doing so, ideologies organize their core ideas into fairly simple truth-claims that encourage people to act in certain ways. Neoliberalism decision-makers function as expert designers of an attractive ideological container for their market-friendly political agenda. For this reason, it makes sense to think of neoliberalism as a rather economistic ideology, which, not unlike its archrival Marxism, puts the production and exchange of material goods at the heart of the human experience.

A neoliberal governmentality is rooted in entrepreneurial values such as competitiveness, self-interest, and decentralization. It celebrates individual empowerment and the devolution of central state power to smaller localized units. Such a neoliberal mode of governance adopts the self-regulating free market as the model for proper government.

John Hendry

Catalytic Government: Steering Rather than Rowing 2. Competitive Government: Injecting Competition into Service 4. Enterprising Government: Earning Rather than Spending 8. Anticipatory Government: Prevention Rather than Cure 9. Denhardt, Theories of Public Organization, 5th edn. Wadsworth, , pp.

Neoliberalism as new public management: ten government objectives Neoliberalism improve the public sector? As we noted in the preface, the ensuing chapters of this book will pay special attention to the connection between the ideological and policy dimensions of neoliberalism by examining concrete policy applications in different settings around the world. Rather, it was a profoundly political and moral force that shaped all other aspects of a free and open society. Surprisingly, however, the members of the Mont Pelerin Society occasionally strayed into conservative ideological territory by emphasizing the limits of human rationality and the importance of time-honoured values and traditions in the constitution of human societies.

Neoliberalism 4. Friedrich August von Hayek — 16 Libertarianism Often associated with the economic doctrines of Friedrich von Hayek and Milton Friedman, libertarianism is a political creed hostile to government intervention. While sharing general agreement with mainstream liberalism on the primacy of individual liberty, most libertarians are strictly opposed to other liberal values such as equality, solidarity, and social responsibility.

Indeed, some libertarians go even so far as to demand the wholesale abolition of the state. It posited that only the self-regulating free market allowed for the right number of goods at correct prices produced by workers paid at wage levels determined by the free market. Neoliberalism 5. In some cases, domestic elites, educated in elite universities abroad, embraced neoliberalism enthusiastically.

Others adopted it only grudgingly because they felt that they had no choice but to swallow the bitter pill of structural adjustment demands that inevitably accompanied much-needed IMF or World Bank loan offers. In exchange for much-needed loans and debt-restructuring schemes, governments in the global South were required to adhere to the Washington Consensus by following its ten-point programme: 1. A reduction of public expenditure, particularly in the military and public administration 3. Tax reform, aiming at the creation of a system with a broad base and with effective enforcement 4.

The Washington Consensus 5. Competitive exchange rates, to assist export-led growth 6. Trade liberalization, coupled with the abolition of import licensing and a reduction of tariffs 7. Promotion of foreign direct investment 8. Deregulation of the economy Neoliberalism Protection of property rights and World Bank had originally been devised, their neoliberal ideological descendants in the s managed to capture the upper echelons of power in these international economic institutions.

Let us now examine in more detail the concrete ideological and policy manifestations of neoliberalism across countries, regions, and regimes. Its various strands sometimes diverge on issues such as the precise role and appropriate size of government or take different positions on policy priorities and prescriptions. But most neoliberals share broadly similar ideological positions regarding the superiority of self-regulating market mechanisms over state intervention in producing sustained economic growth. They also agree on policies promoting individual entrepreneurial growth and productivity.

We begin our journey through the landscapes of neoliberalism by exploring two of its earliest and most spectacular strands: Reaganomics and Thatcherism. These political leaders not only articulated the core ideological claims of neoliberalism but also sought to convert them into public policies and programmes. What distinguished Reagan and Thatcher from many other neoliberals, however, was their remarkable resolve to stand by their principles even when it was politically risky or inconvenient to do so.

Although the political Left in Britain lost no time in assailing such economic determinism, it nonetheless failed to assemble an alternative political vision that would prove the Prime Minister wrong. But what distinguished the Reagan and Thatcher revolutions, as they would be called, was their forceful articulation of very particular sets of neoliberal ideas and claims and their successful translation into concrete policies and programmes.

Moreover, both leaders staffed their cabinets with loyal secretaries and advisers who shared their points of view. Finally, both Reagan and Thatcher sought to merge their economic neoliberalism with more traditional conservative agendas. As we shall see later in this chapter, however, such assertions appear somewhat exaggerated, for these ideologies are not identical.

In general, neoconservatives agree with neoliberals on the importance of free markets, free trade, corporate power, and elite governance. But neoconservatives are much more inclined 22 to combine their hands-off attitude toward big business with intrusive government action for the regulation of the ordinary citizenry in the name of public security and traditional morality. In foreign affairs, neoconservatives advocate an assertive and expansive use of both economic and military power, ostensibly for the purpose of promoting freedom, free markets, and democracy around the world.

They worked closely with Reagan and his staff to promote policies aimed at private-sector-led economic growth. Supply-siders show a single-minded commitment to reducing taxes on private income. These, in turn, could be used by governments to pay down their debts and ultimately balance their budgets. Thatcher, by way of contrast, held that the growth of the money supply was the chief culprit of bad economic performance. Figure A illustrates these variations on the neoliberal theme. Government predation leads to poor economic performance.

Restrict the extent of government predation through minimal taxation. Restrict the extent of predation through minimal taxation. Thatcher monetarist Government predation leads to poor economic performance. Reaganomics and Thatcherism: supply-side and monetarist neoliberalism Neoliberalism 6. We will return to the subject of foreign policy at the end of this chapter. He therefore advised the President to further curtail funding for social programmes, including Medicare and Medicaid. Yet, Reagan did neither.

Taxation: A Very Short Introduction

Undeterred, he stayed his economic course. From a broader perspective, however, their cumulative effect amounted to nothing less than a full-blown assault on state-led redistribution of private wealth. Progressive members of the Democratic Party, in particular, were incensed that military spending was not subjected to the same stringent reduction schemes as social programmes.

Although not all of the measures outlined in GRH were implemented, the neoliberal momentum behind it endured. This was particularly evident in the area of tax policy where cuts in income taxes led to increases in corporate tax revenues. These inconsistencies helped fuel volatile exchange rates. What was the reason for this volatility? Moreover, these early tax cuts encouraged international investment and spurred investor demand for US portfolio assets and treasury bonds. But the President was not particularly 29 First-wave neoliberalism in the s The US Federal Reserve Bank had long enjoyed relative independence in setting monetary policy, particularly with respect to interest rates.

In response, Volcker aggressively pressed for higher interest rates. But this reduction came at a high price for many Americans who found exorbitant interest rates on mortgages and private loans a tough medicine to swallow. Financing new homes or cars became almost impossible for low- and middle-income earners.

Neoliberalism alarmed about this currency volatility as a weak dollar made foreign imports more expensive and American goods more desirable to both domestic and foreign consumers. Rooted in the theories of the Public Choice School of Economics, new federalism was inspired by the neoliberal tenets of decentralization and individual choice. It regarded politics as a rational enterprise devoted to winning a maximum of votes rather than a messy strategy of governing in the public interest.

Consequently, a substantial number of existing regulations were targeted for possible elimination. In addition, deregulation measures were applied to key industry sectors such as communications, transportation, and banking. This action resulted in the break-up of the Bell system monopoly of local telephone services into seven separate telephone companies.

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Under the terms of the deregulation deal, rates remained regulated but telecommunications products and services including equipment leasing and long-distance service were subjected to competitive market forces. Thus, speculators and stockholders thrived during the legendary Wall Street-driven Bull Market that lasted from to the autumn of In the wake of this crisis, calls for the reinstatement of strict regulatory oversight grew louder. Once again, the Reagan administration turned a deaf ear to these pleas, refusing to support anti-takeover legislation on the new-federalist premise that corporate regulation was a state prerogative.

The ensuing federal 7. Effectively eviscerating the regulatory power of the Civil Aeronautics Board, the legislation would later promote competitive bidding for route destinations. The results were mixed. On the one hand, it expanded airline services, thus boosting competition. One of the most symbolically important neoliberal reforms undertaken by the Reagan administration was its attempt to privatize large portions of federally owned land. Indeed, supporters of privatization within the administration itself failed to adequately identify key constituencies in building broader legislative and administrative support for the privatization initiative.

Yet, on a symbolic level, the proposed land-sale initiatives underscored the high premium that neoliberalism places on private ownership. In fact, there appears to be a wide consensus among free-traders that he was one of the more protectionist modern presidents, especially when compared to Bill Clinton and or even George W. Only major entitlement programmes, such as Social Security and Medicare, were to continue to be managed and administered by the Federal Government.

Though the voucher experiment did not produce the results the President had expected, it served as a strong neoliberal signal for the application of market principles to the delivery of social services. He further argued that infant industries in the newly industrializing economies were relatively fragile and would be threatened if forced to compete under free-trade conditions with industries in the industrialized economies which already possessed capital-intensive methods of production and a skilled labour force. Thus, List proposed that newly industrializing economies adopt the use of tariffs until their infant industries were ready to compete in Neoliberalism global markets.

In the United States, protectionism and economic nationalism went for a long time hand in hand. Treasury Secretary Alexander Hamilton, for example, was a staunch economic nationalist who supported protectionism for US industries to shield them from British industrial dominance. In , President Herbert Hoover —32 signed the Smoot-Hawley Act that raised tariffs in an effort to protect domestic farmers from foreign competition. More recently, former Reagan speech writer Patrick J. Fearing the loss of national self-determination and the destruction of AngloAmerican culture, protectionists like Buchanan see themselves as the populist leaders of a national struggle against the forces of globalization.

Leading the way forward have been many of the rich northern countries seeking to establish a single global market. GATT, for example, was successfully expanded to include nearly countries. Eight rounds of negotiations ultimately resulted in tens of thousands of tariff concessions that fuelled tens of billions of dollars in international transactions. However, the recession ultimately compelled Reagan to cede to domestic producer demands to opt out of the discussions. Covering a range of areas from agriculture and services to intellectual property rights, the negotiations were a major force behind the ensuing free-trade trajectory of the s.

US Presidents George H. Signed in , NAFTA constitutes a comprehensive set of agreements that eliminated tariffs and duties on a variety of important products, ranging from automobiles to textiles and agricultural products. President George W. Still, what she disliked even more was the negative effect of monetary growth on overall economic stability. Guided by this monetarist imperative, Thatcher unleashed a comprehensive set of neoliberal reforms aimed at reducing taxes, liberalizing exchange rate controls, reducing regulations, privatizing national industries, and drastically diminishing the power of labour unions.

Prior to this, monetary policy was used to cover any balance of payments issues that may have 38 First-wave neoliberalism in the s 8. Margaret Hilda Thatcher — , Prime Minister of the United Kingdom —90 ensued from increased government spending and related taxation. The perceived central importance of monetary policy was institutionalized with the adoption of the Medium Term Financial Strategy MTFS , whose principal aim was to shift the focus of economic policy from a short-term tax-and-spend strategy to a 39 Neoliberalism longer-term monetary scheme.

This had the problematic effect of making fewer revenues available to local councils. Subjected to severe criticism from the public and members of her own party, the Prime Minister ultimately reversed her position. However, in actuality, her Treasury adopted exchange rate targets that followed the German mark in the second half of the s, only to withdraw from them shortly thereafter when the pound began to lose value. Several hundred local governing councils jointly oversaw the construction and management of more than several million properties.

In a daring political initiative, the Prime Minister enacted national legislation that enfranchised tenants, placing them directly into the planning process. But many tenants who could not afford to purchase their rental units in the more appealing areas were relegated to less desirable neighbourhoods, thus exacerbating existing disparities between social groups and classes. Privatization started in earnest in the early s with the sale of the National Freight Corporation, British Aerospace, various cable and wireless services, British Rail, and Associated British Ports.

No doubt, she must have been aware of the fact that job losses in the manufacturing sector would directly translate into a further decline in union power. The existing British employment training system, known as Active Labour Market Policy, had been run with strong union support through a pro-labour state agency called the Manpower Services Commission. The Prime Minister, however, envisioned a more neoliberal training scheme that would be more responsive to the market rather than the educational needs of unionized workers.

Ultimately, the Thatcher government would adopt an employment training scheme that diminished the role of unions in favour of a network of servicesector employers, known as Training and Enterprise Councils. Neoliberalism individual employee pension accounts transferable from one job to the next. In her view, this would remove state-imposed hurdles that kept individuals from seeking higher-paying jobs with more solid futures. Once again confronted with a recalcitrant electorate still attached to the Keynesian legacy, Thatcher had to settle for more modest social reforms.

At the same time, these administrative reforms were part of an attempt to change the motivational logic at the root of what she saw as bureaucratic inertia. Indeed, both Thatcherism and Reaganomics sought to apply to the public sector neoliberal management techniques taken from the private sector. However, regardless of the political party in power, expenditures on the British National Health Service NHS had continually increased throughout the s.


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The end of the decade of Thatcherism saw the passage of neoliberal reform legislation that gave local health authorities increased discretion and administrative powers over healthcare services — including the power 44 to manage costs by contracting with doctors and hospitals to provide services. Reaganomics and Thatcherism in foreign affairs The Falklands War In , Margaret Thatcher decided to go to war with Argentina over a territorial dispute involving the Falklands Malvinas occupied by Britain. Indeed, the two countries had been embroiled in a long-standing disagreement over the sovereign control of this tiny group of islands in the South Atlantic.

Attached to a national imaginary that, from time to time, exploded into hyper-patriotism, they saw themselves as the torch-bearers of an Anglo-American civilization anchored in the ideals of political liberty, free-market commerce, and love of country. Rather than confronting the USSR with direct military action — as feared by the political Left in the early days of the Reagan administration — the American President dramatically increased military spending in his risky effort to force the Soviets to compete in an intensive arms race they could ill afford.

After all, neoliberal prescriptions would have encouraged the pursuit of a coordinated diplomatic initiative launched through international channels prior to direct military involvement. In , these efforts contributed to the formation of Mercosur Southern Common Market , a South American regional free-trade agreement. Retaining a healthy scepticism as to the ultimate objectives of the new Soviet leader, Reagan and Thatcher gradually warmed up to the charismatic Secretary General. The President came to understand that the most devastating blows against the USSR were dealt by his support of counter-revolutionary movements enjoying Soviet aid in different parts of the world.

Neoliberalism 9. Eventually, the Soviets were forced to withdraw and Reagan claimed victory. Fought on openly ideological grounds, these proxy wars in the global South were carefully selected to prove the superiority of free-market capitalism to the rest of the world.

Anchored in common principles 48 49 First-wave neoliberalism in the s centred on releasing the entrepreneurial energies of the individual, Reaganomics and Thatcherism nonetheless represented quite unique responses to an increasingly globalized economic and political context. Both advocated a reduced role of government, but their economic initiatives depended, paradoxically, on the muscle of state-imposed neoliberal reforms on local and regional authorities. Thus, it is important to recognize that the rise of neoliberalism would have been impossible without strong government action.

Similarly, while espousing the need to cut public expenditures for social programmes, Reaganomics and Thatcherism supported increases in military spending. In spite of their ideological tensions and contradictions, however, it would be foolish not to acknowledge the broad appeal enjoyed by these two variants of neoliberalism by the late s. It is a remarkable testimony to the power of Reaganomics and Thatcherism that the forces of the democratic Left started to incorporate major portions of the neoliberal agenda into their own political programmes.

Neoliberalism But globalization unfolded not merely on 52 the material plane of commerce and technology. It was also a direct consequence of the worldwide dominance of neoliberal ideology following the —91 collapse of Soviet communism. For example, one of these neoliberal claims presents the creation of globally integrating markets as a rational process that furthers individual freedom and material progress in the world. The underlying assumption here is that markets and consumerist principles are universally applicable because they appeal to all self-interested human beings regardless of their social context.

Have you ever been at a party or in a tutorial As a seasoned scholar who understands that knowledge doesn't live in isolated silos, you certainly want to learn more about such peripheral topics. As always, though, time is tight. As much as you love the depth of the millions of books in our collection, you really just need a reasonably brief overview of the topic. More than a random definition or blurb from the Internet, of course!

The book offers a tour behind the rise of management study, with quick-fire references to important work done in psychology, sociology and management study that have impacted the way management and leadership have taken shape, particularly in Western companies. Towards the end, the author occasionally sidetracks into a short rant about irresponsiblities within financial market book was published shortly after the financial crisis , which I didn't care for.

But overall, a useful introduction to The book offers a tour behind the rise of management study, with quick-fire references to important work done in psychology, sociology and management study that have impacted the way management and leadership have taken shape, particularly in Western companies.

But overall, a useful introduction to various management concepts and frameworks, and useful advice dotted throughout for any managers. Jan 05, Steve Folan rated it really liked it.

Projects: A Very Short Introduction – new book from CPM’s Professor Andrew Davies

A clever view of Management and Managers. Far better than a summary of management thinking it provides so interesting perspectives of its own. It provides areas of thought and other links that can be explored in more detail. Sep 24, Joe Richardson rated it liked it Shelves: business.

Provides it's stated aim. The ultimate takeaway is that management is very simple in practice, but difficult to quantify. Jan 05, Daniel Wright rated it liked it Shelves: business , psychology , culture , economics , vsi , sociology. I work in an office, as part of a team. Each team has both a 'project manager' and a '[software] development lead'. For the six months or so for which I have been doing the job, their work has been something of a dark art to me.

What exactly do they do all day? How are their jobs actually different? John Hendry has been a teacher it seems at a variety of business schools. My experience of such people is that they are actually people who tried at management and failed. I do sometimes wonder whet I work in an office, as part of a team.

I do sometimes wonder whether this makes them entirely qualified to teach what they teach, but the thing is, those who do succeed at management tend to stay in management, and, moreover, tend not to understand why they are successful enough to be able to teach about it. Hendry appears neither to have succeeded nor failed at management, or even to have attempted it.

He does protest that he plays a part in business school administration, but since success in that field is hardly quantifiable I'm not sure it counts. At any rate, his approach to the subject in Management: A Very Short Introduction is far more academic than practical, so all this is hardly important. His writing, unfortunately, is rather dry, thus it can be difficult to absorb the very dense content of what he is saying without concentrated effort; effort which, alas, I am not sufficiently interested to give it.

He covers a very wide range of topics in very little space, not going into quite as much example-detail as I would like. Or perhaps it was there, but I missed it in the thickets of the prose. Since the subject matter is a little off the straightforwardly academic path of the usual VSI s, it is difficult to make a comparison.

Very Short Introductions (Audio) - OpenTrolley Bookstore Singapore

In fact, I'm finding it difficult to make a comparison with anything else I have ever read. I will say this: those who are interested in the intricacies of corporate life, and are thus prepared to put some time aside for learning more, will hopefully find this book to be a rich introduction. Jan 21, Aaron rated it really liked it Shelves: social-studies , organization. John Hendry provides an interesting, easy, and well-rounded introduction to the topic of Management. As he states in the Preface and Acknowledgements, he writes for three groups of people: those that have studied management but not yet practiced it, those that have practiced it but never studied, and those that have neither studied nor practiced it, but are curious about it.

It's an ambitious goal to tackle any of these in just over pages. He does a fine job balancing the interests of all John Hendry provides an interesting, easy, and well-rounded introduction to the topic of Management.