According to Henry Giroux neoliberalism is a philosophy which construes profit making as the essence of democracy and consuming as the only operable form of citizenship. It also provides a rationale for a handful of private interests to control as much as possible of social, economic, and political life in order to maximise their personal profit. Neoliberalism, Giroux assets, is marked by a shift from the manufacturing to the service sector, the rise of temporary and part-time work, growth of the financial sphere and speculative activity, the spread of mass consumerism, the commodification of practically everything. It is indeed true that neoliberalism combines free market ideology with the privatisation of public wealth, the elimination of the social state and social protections, and the deregulation of economic activity. Core narratives of neoliberalism are: privatisation, deregulation, commodification, and the selling off of state functions. Neoliberalism advocates lifting the government oversight of free enterprise/trade thereby not providing checks and balances to prevent or mitigate social damage that might occur as a result of the policy of “no governmental interference”; eliminating public funding of social services; deregulating governmental involvement in anything that could cut into the profits of private enterprise; privatising such enterprises as schools, hospitals, community-based organisations, and other entities traditionally held in the public trust; and eradicating the concept of “the public good” or “community” in favor of “individual responsibility.”
I have a strong believe that neo liberalism is a form of economic terrorism because it abstracts economics from ethics and social costs, makes a mockery of democracy, works to dismantle the welfare state, thrives on militarisation, undermines any public sphere not governed by market values, and transforms people into commodities. Neoliberalism’s rigid emphasis on unfettered individualism, competitiveness and flexibility displaces compassion, sharing and a concern for the welfare of others. In doing so, Giroux argues that it dissolves crucial social bonds and undermines the profound nature of social responsibility and its ensuing concern for others.
