Principles of Neoliberalism

Liberalism

A political philosophy, emphasizing: -individual choice -property ownership -equality/level playing field.

Washington Consensus

Effectively summarizes neoliberal principles: -fiscal discipline: minimizing government budget deficits -public expenditure priorities: promoting economic competitiveness, not the provision of welfare or redistribution of income -tax reform: lowering tax rates and strengthening incentives financial liberalization: the market determining interest rates and capital flows -trade liberalization: eliminating restrictions on imports foreign direct investment: removing barriers to foreign firm entry -privatization: selling off state enterprises -deregulation: abolishing rules that restrict competition.

Neoliberalism

Same basic philosophy as liberalism, but new and intensified: -hegemonic in nature (from local to global, think IMF, WB influence of this ideas) -taken to its fullest and most widespread conclusion

Free Trade

Stemming from the principles of the Washington Consensus and neoliberalism, this trade paradigm believes that international trade left to its natural course without tariffs, quotas, or other restrictions is the path to wealth, development, (and a population of mass consumption?).