ONGONION, Jose Joseph M GEC 13: The Contemporary World

BS Chemistry 4A 1st SEM, AY: 2021-2022

Activity 2. Economic globalization. Do you support the idea that the global free trade system
(neoliberal economics) has done more good than harm to people?

From which we Stand:

Consumers or Local Traders

In almost all aspects, I do not like the notion of neoliberalism. However, to ask whether
the idea that the global free trade system or the neoliberal economy has done better than harm to
the people, I suppose (I am afraid, and it saddens me that) I have to agree with the prior idea.
The neoliberal economy has done more good rather than harm to people, or at least in the
countries that are developing and are yet to produce the compact necessity of its consumers.
The neoliberal market gives us the idea of free trade along with the regulated concerned
market. It enables us to have products that our country cannot produce and hence it has enabled
us to breach cultural diversity. Moreover, as time progressed the free-market system has given us
stores where we can shop what we both want and need without hassling ourselves and wasting
our time. This has been possible through the trim of trade tariffs which also influence loosened
international money flows and curtailed the strength of labor unions.
Admit it or not, we, consumers, are benefiting from the neoliberal market. Aside from the
cheap yet quality products that we can purchase and enjoy, we are also given the chance to
experience different tastes of luxurious life. In general, neoliberalism has improved the lives of
consumers through its paradigm, which incorporates both politics and economics and strives to
transfer control of economic elements from the public sector to the private sector.
All of the stated are in the point-of-view of the consumers. Looking at the other side,
neoliberalism is not good for the economy of the country and most especially for the local traders
that the country has. Firstly, it limits public ownership as more state sectors are being converted
into private ones. This transition may have better the lives of the consumers, but it possesses
great risk as foreign ownerships may, later on, become another way to exploit and claim bigger
resources from the country or the country itself.
While it is true that neoliberalism lessens government spending, it also limits the power
of the government to regulate businesses. We can denote that neoliberalism type of economy
rather chooses the market (foreign ones to be exact) over the state, while it also inhibits the
economic encouragements over the cultural norms and traditions that we through our local
merchandises – thus, pushing our local traders to a system of fear which often time led them to
either insolvency or total closure.
So, to ask whether neoliberalism has done better than harm the people, then yes, it does have
done more good than the latter most especially to the consumers. But it does hurt the local
traders and likewise affects the country detrimentally which leads to hurting the vulnerable
sectors of our country especially the disenfranchised and marginalized.
When done and employed appropriately, nothing is wrong and rather harmful to the
markets may it be private or state entrepreneurship. Neoliberalism has done far better than good
for its consumers but has greatly harmed and posed threats for the local traders and nationalists.