Neoliberalism is a capitalist model that seeks to transfer economic control from the public sector to the private sector. The main agenda of neoliberalism is the advocacy for free market policies, allowing prices to be determined by demand and supply. Dambisa Moyo emphasizes that embracing neoliberalism is essential if we aim to accelerate the development of developing countries. According to Dambisa Moyo's perspective, the characteristics of neoliberalism that could serve as a beacon of hope for the development of developing countries include:
1. Liberalization: Free and competitive markets, allowing market forces to function, prices determined by demand and supply, reduced governmental intervention in the economy, low taxes, and subsidies.
2. Privatization: Shifting control of the economy from public to private ownership.
3. Deregulation: Implementing market-friendly regulations, bureaucracy reform, and policy changes.
4. Others: Abandoning Aid, Ceasing reliance on aid, discontinuing the export of raw materials and cheap labor to the West, initiating industrialization, advocating for revolutionary change, and adopting a new democracy-based electoral party system.
Overall, delving into Dambisa Moyo's perspective on Neoliberalism underscores the potential for rapid development in the developing world through market-driven policies. The emphasis on liberalization, privatization, and deregulation aligns with Moyo's call for transformative change. By reorienting economic control and embracing these principles, developing countries could chart a course towards progress and self-sufficiency. Neoliberalism, as advocated by Moyo, presents a dynamic framework that challenges conventional norms and offers a pathway for nations to shape their destinies on their terms. But unfortunately, I cannot totally agree with Moyo, as the so-called liberal democracy itself has proven to be a largely ineffective system in many developing countries.
