Neoliberal Economy Essay

2206 Words9 Pages
The neoliberal economy has formed the labor market and organization of today’s professional careers. Opportunities are influenced by the economy and labor market. The structural dynamics of the workplace suggest people face different work experiences and different economic security. Throughout history the economy and labor market have changed, they are capable of continuous change, it is important to stay up-to-date with the trends, because it is necessary knowledge especially for those entering the workforce after graduation hoping to find a job position that provides security and stability. Neoliberalism has shaped today’s economy. Neoliberalism came about during crisis in the 60's and 70's, it first gained momentum in the 80's, and gained total momentum in the 90's. Its objective was to create financial stability and help bring financial gains in the new competitive global market through privatization and investment. It gives economic power to private markets. Some tribute neoliberalism for the booming economy of the 90’s, while others maintain it is to blame for the 2008 recession. In the 80’s the financial sector became less regulated, this gave the sector more freedom, and allowed for more financial innovations. Deregulation caused irresponsible lending, massive lending caused problems such as price shocks to be absorbed. Therefore the effects of the price shocks were not seen right away. Internationalization skyrocketed after industrialization faded away. Businesses concentrated on things like marketing, product design, and intellectual property, which drove physical production to a wage so low it was no longer a livable. Some countries economies soared thanks to neoliberalism, while others were doing poorly economically. Soon it was clear that inequality was worsening (Centeno & Cohen, 2012). The rich were getting richer and the poor are getting
Open Document