Opinion: Flaws of neoliberalism
Not only the very idea of democracy has gone off the rails but also ideals on which modern state rests.
Published Date - 2 January 2023, 12:45 AM
By Samudrala VK
At a time when the world is struggling with a major health crisis on the one hand and an economic apocalypse in the form of unimaginable scale of income inequalities on the other, it is important on the part of political bodies across the world to rethink the prevailing socio-economic and political strategies.
Peace, cooperation, harmony, freedom, equality, welfare and happiness are what modern political entities vow to their citizens to obtain the sanctity to rule. Sadly, with the advent of neoliberalism, not only the very idea of democracy, a path through which the aforementioned goals will be achieved and sustained, has gone off the rails but also the ideals upon which the modern state (political authority) rests and the values it vouches for.
Leaving its Imprint
As a derivative of capitalism, neoliberalism came into existence at a moment when corrective measures to the economic sphere in the post-war world were seen threatening the central tenet of capitalism – capital or profit accumulation. Since then, neoliberalism has been leaving its imprint on every walk of human life. To put it simply, it is leading, commanding, controlling and dictating every act of human life as a ghost force that seems quite difficult to get rid of.
Though started as a measure that is purely economic in nature, neoliberalism soon made its way into political, social, cultural, private and psychological domains. As the sayings go “every cloud has a silver lining” and “the blessing in disguise”, Covid-19 came as an external force to quiver the neoliberal footings and expose the fundamental flaws of neoliberalism to the populace who are largely unaware and unknown. It has forced the intelligentsia and hoi-polloi alike to shed light on the crucial aspects of the invisible, yet all-pervading, neoliberal empire.
What has been hailed as an unchallengeable political and economic philosophy by its pundits or proponents, neoliberalism is now taking a toll on the physical and mental health of the working class across the world. One may be wondering about what constitutes neoliberalism and how it has derailed the very purpose of human life. Let us delve into it.
Political, Economic Fronts
Neoliberalism calls for the minimal role of the state in the economic domain ie, the state should be barred from involving in activities that are bound to benefit the working class. Ironically, it uses the same state to promote the economic interests of a few at the cost of the rest. Visibly, it appears flawless as it is masked by the apparel of political democracy.
Under the token of austere measures, it denounces welfare and social security measures. It develops and spreads the narrative that is quite anti-welfarist, though untraceable, in nature. It is this potential to tweak the discourse according to its whims and fancies that makes neoliberalism apparently an ‘all is well’ political philosophy. It breeds an environment where freebies or subsidies are treated as unpardonable sins that the modern state can commit.
Neoliberalism weakens the arms of the state that act against its interests and reinforces the organs that it feels would help in the expansion of its tentacles. Lopsided development policies promote social and economic inequalities. Vested interests of corporates, bureaucrats and political class overshadow the interests of the ruled class. It is important to understand that neoliberalism gradually preys upon the economic and social rights of the working class that were only accomplished and achieved after rounds of struggles.
Cultural Narrative
Competition, ownership and possession are inalienable elements of the neoliberal culture. From the eyes of neoliberalism, competition between individuals is viewed as a precursor to progress. It forces individuals to live in a falsified reality filled with myths and fancies, thereby, defeating the very purpose of life. Human emotions and feelings will be downplayed by the tendency of wealth accumulation. Cooperation and compatibility are deemed as cuss words. “Live-for-self” will be replaced with “love-for-market”. The social status of an individual is closely linked to brands and commodities which, in turn, breed consumerism. Belief systems are designed in such a way that out-of-the-box thinkers are shamed, trolled and bullied. Materialistic wants and desires invade the brains of the people.
Social obligations
As the state recedes from the obligation of providing decent living conditions to its citizens, corporates and private lobbies fill the space and bank on the financial opportunities available at their doorstep. Citizens are forced to buy their services at the cost of real happiness and sometimes, life too. Health, education and others become too expensive. Debt traps become the order of the day. Afraid of affordability and accessibility, citizens are coerced or persuaded to buy insurance policies. Above all, it is preposterous to conclude that the GDP numbers of the modern-day economies reflect the true living conditions of the people given the scale of inequalities.
In neoliberalism, the wants, wishes and needs of the people are pre-determined rather than based on necessity. Religion and education will be used as lubricants to sustain its profit-making engine. Academic education turns into a mundane and monotonous exercise. Curriculum becomes rotten and leaves no scope for free, critical and creative thinking. Fear of failure occupies young minds. Arts and humanities take a backseat. As a result, it corrupts young minds with elements like comparison, compulsion and unhealthy competition. The long-term neo-liberal environment provides fertile ground for the new-trend stereotypes and stigmas which in turn ruin not just the social capital but also creative capital.
Covid-19 has provided an opportunity for the modern state to alter its perception towards neoliberalism. If unchecked, neoliberalism could turn monstrous to an extent of killing the source from where it has oriented. The time has come to review the innate and inherent flaws of neoliberalism at least to save its parent – Capitalism.