Globalisation and Social Change in South Africa (SOC2602)
Exam (elaborations)
SOC2602 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (522292) - DUE 24 September 2024
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Module
Globalisation and Social Change in South Africa (SOC2602)
Institution
University Of South Africa (Unisa)
Book
Globalization and Social Change
SOC2602 Assignment 6 (COMPLETE ANSWERS) Semester 2 2024 (522292) - DUE 24 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us.. Neo-liberalism is a political and economic ideology which emerged in th...
Neoliberalism, a political and economic ideology that gained prominence in the 1970s, emphasizes
market liberalization, deregulation, privatization, and the reduction of state intervention in the
economy. This ideology, often associated with the expansion of modern capitalism, has shaped
economic policies worldwide, including in post-apartheid South Africa. While neoliberalism is hailed
for promoting economic growth and efficiency, its application in South Africa has led to increased
socio-economic disparities, exacerbating poverty, unemployment, and inequality. This essay
examines the main features of neoliberalism and its economic and political effects in post-apartheid
South Africa, focusing on issues of poverty, inequality, and unemployment.
MAIN FEATURES OF NEOLIBERALISM
Neoliberalism is characterized by several core principles that advocate for a free-market economy.
One of its main features is the belief in the efficiency of markets to allocate resources optimally.
According to neoliberal thought, markets should be free from government intervention, allowing
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supply and demand to dictate prices and services (Harvey, 2005). This ideology promotes
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deregulation, • Notgovernments
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competition and innovation.
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