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The one on the right concerned the shift from an older understanding of economic liberalism to what is now called "neoliberalism." Neoliberalism is n… - Francis Fukuyama
" "The one on the right concerned the shift from an older understanding of economic liberalism to what is now called "neoliberalism." Neoliberalism is not... a synonym for capitalism. I don't see how you can have any kind of modern economy without a market based economy. Neoliberalism took that basic insight and stretched it to an extreme seeking to deregulate, privatize and basically pull back the role of the state, which many neoliberals regarded as simply obstacles to individuals, to entrepreneurship, to economic growth, and as a result markets did their usual work. They produced a great deal of inequality, as... global corporations searched for very small cost advantages by moving jobs to low cost areas... [T]hey destabilized the global economy in certain important ways by deregulating the financial sector. As a result of the deregulation that occurred in the 1980s and 90s we had an escalating series of financial crises. In the sterling crisis, the Asian financial crisis, Argentina, Russia, and finally culminating in the big American subprime crisis in 2008. The... cumulative effects of this instability were political and they were very serious because many ordinary people were hurt... a lot of people lost their homes, lost their jobs, and the elites that ran these big banks and financial institutions suffered only a momentary disruption in their incomes, and went on to continue to dominate their respective economies... [T]his had a direct impact on the rise of populism in subsequent years, both on the right and on the left.
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About Francis Fukuyama
Yoshihiro Francis Fukuyama (born October 27, 1952) is an American philosopher, political economist, and author best known for his 1992 book, The End of History and the Last Man.
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Birth Name:
Yoshihiro Francis Fukuyama
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Francis Yoshihiro Fukuyama
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Fukuyama
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On the left you had a different aspect of individual autonomy that was pushed to an extreme, which really had to do with the autonomy that individuals have to create their own lifestyles. ...[T]he basic concept of liberal autonomy has to do with your ability to make moral choices, but as time went on the emphasis came to be not on making the right moral choices within an existing moral framework, but rather to be able to make up that framework on your own, that that was the ultimate expression of individual human freedom, and it has obvious problems for a society because all societies have to be based on shared norms that allow people to coordinate their actions, to communicate, and the like... [I]f you believe that the rules can be... set by anybody and that transgressing existing rules is automatically a good thing, you're not going to have... a stable society.
The practical reason has to do with that original purpose of liberalism, which was to lower the temperature of politics by taking final ends off the table, and allowing societies to govern themselves when they face religious or national diversity... [T]hat remains one of its biggest selling points. In India, the republic that was created by Gandhi and Nehru was a liberal republic. They did not define themselves in religious terms. They knew that they had to deal with the incredible diversity, not just religious but in terms of cast, , language, many other dimensions... [A] liberal republic was... the only way of accommodating that diversity. What prime minister Modi is seeking to do... is to shift that national identity to one based on Hindu nationalism, which then excludes the up to 200 million Muslims that live in contemporary India, as well as... Parsis, Christians, other people... When he was the chief minister [2001-20014] in Gujarat this led to communal riots, and I'm afraid that India is moving toward that kind of communal violence once again today. ...So that's the pragmatic reason.
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