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My notion of democracy is that under it the weakest should have the same opportunity as the strongest- Mahatma Gandhi In this paper I will show the differences between two types of liberal thought Neoliberalism and Ordoliberalism that have attempted to achieve Gandhis notion Merriam-Webster defines Neo-liberalism as a liberal who de-emphasizes traditional liberal doctrines in order to seek progress by more pragmatic methods Liberalism can refer to any social economic or even religious idea whereas neo refers to a new form of an idea The first type of liberalism gained recognition in Europe in 1776 by Adam Smith when he published his classic novel The Wealth of Nations Smith along with others advocated for the abolition of government intervention in economic matters These included no restrictions on manufacturing no barriers to commerce no tariffs but instead free trade and open competition These economic ideas were considered liberal since no controls and individualism was encouraged This however only led to capitalists making huge profits Until the Great Depression in 1929 economic liberalism prevailed in the United States Using the Great Depression as his stepping-stone John Maynard Keynes challenged liberalism as the best policy for capitalism He stated that for capitalism to grow full employment must be achieved The only way to attain that is for governments and central banks to intervene The belief that government should intercede became widely accepted as Presidents Roosevelts New Deal improved the quality of life for many In the past 25 years economic liberalism has been revived by the corporate elite This neo-liberalism is a set of new economic policies that have become widespread with the globalization of the capitalist economy In January of 1997 Elizabeth Martinez and Arnoldo Garcia of the National Network for Immigrant and Refugee Rights published these main points of neo-liberalism Liberating free enterprise or private enterprise from any bonds imposed by the government Greater openness to international trade and investment as in NAFTA
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