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.

define one alternative approach to economic development and explain one way it differs from neoliberalism

Answer 1

Neo Liberalism, as the name is suggesting itself that it is new form of liberalism. It is something which is related with free market. It talks about reforms which remains oriented towards market operations. It also keeps main focus on elimination of different different trade barriers.

Privatization is being favored here. Neo-liberalism contains the element of austerity. This can not be considered good for common people because it creates burden for common people. When government becomes week and private sector becomes strong then it may cause inflation because price control becomes a tedious task.

A perfect balance should be maintained. Private sectors should be encouraged to invest but with some checks. Healthy competition should exist in society because it leads to betterment of services at appropriate prices.

Governmental regulation is must for ensuring proper reach of different services to different different sections of society. A balance between private and public sector must exist because then only better services at reasonable cost can be ensured.