For the last four decades, we have been watching a new animal called neo-liberalism. At first, we did not know what it was ; we hoped that it would bring global prosperity ; we thought that the deregulation would be a blessing for the businesses, we hoped that the IMF doctrine of structural adjustment would strengthen the economies of developing countries ; we imagined that the privatization of public corporations would improve the efficiency of the national economy ; we wanted to believe that the free trade agreements would make us happier.
But, the doctrine of neo-liberalism has turned out to be a disappointment for many ; it appears to be a blessing only for a few. Its performance has betrayed our hopes and expectations ; it is so bad that it even threatens the very survival of the healthy free-market capitalism ; its failure is so serious that we are now looking for new economic doctrines.
In this paper, I intend to share with the readers my honest concern for the future of neo-liberalism and the survival of the free-world capitalism. I am asking these questions. What is neo-liberalism ? How destructive is it ? What are the alternative doctrines ?
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