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SOC2602 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (522292) - DUE 24 September 2024
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SOC2602 Assignment 6(COMPLETE ANSWERS)
Semester 2 2024 (522292) -
DUE 24 September 2024
CONTACT:kelvincheruiyot84@gmail.com
, SOC2602 Assignment 6 (COMPLETE ANSWERS)
Semester 2 2024 (522292) - DUE 24 September 2024
Neo-liberalism is a political and economic ideology which
emerged in the 1970s and is considered as a cornerstone of
modern capitalism. In post-apartheid South Africa, neoliberalism
has had profound effects on the country, most notably creating a
divide between the ‘haves’ and ‘have-nots’ and high rates of
poverty, unemployment and inequality (Study Guide, 2018).
Topic: Write an essay in which you discuss the main features of
neo-liberalism and the economic and political effects of neo-
liberalism in post- apartheid South Africa. In your discussion,
touch on the issues of poverty, inequality and unemployment
The Impact of Neo-liberalism in Post-apartheid South Africa: A Discussion of its
Main Features and Economic Effects
Neo-liberalism, a political and economic ideology that gained traction in the 1970s, is
characterized by a strong emphasis on free markets, deregulation, privatization, and a diminished
role of the state in economic affairs. As a cornerstone of modern capitalism, it seeks to promote
individual entrepreneurial freedoms and private property rights, operating on the assumption that
market-driven economies yield optimal results for both economic growth and personal freedom.
However, the adoption of neo-liberal policies in post-apartheid South Africa has led to deep
social and economic divides, most notably seen in the growing chasm between the rich and poor,
the persistence of inequality, high levels of unemployment, and entrenched poverty. This essay
will explore the main features of neo-liberalism and discuss how its application in post-apartheid
South Africa has impacted these economic issues.
Main Features of Neo-liberalism
At its core, neo-liberalism advocates for minimal state intervention in the economy, placing faith
in the efficiency of free markets. Several key features define the ideology:
1. Market Liberalization: Neo-liberalism promotes the liberalization of trade and capital
markets. It encourages the removal of tariffs, subsidies, and other barriers to trade,
allowing goods, services, and capital to flow freely across borders. In theory, this creates
competition and innovation, driving economic growth and efficiency.
2. Privatization: A key feature of neo-liberalism is the transfer of public enterprises and
services into private ownership. The belief is that private entities are more efficient than
government-run institutions, thus reducing waste and enhancing service delivery.
3. Deregulation: Neo-liberalism advocates for reducing or eliminating government
regulations that may inhibit business activity. The idea is that businesses should operate
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