The Cost of Neoliberalism: How Economic Policies Are Undermining Democracy

ABSTRACT

The relationship between neoliberalism and democracy has been a topic of debate among scholars for decades. Neoliberalism, an economic and political ideology emphasizing free markets, deregulation, and privatization, has gained global influence but has also been criticized for undermining liberal democratic institutions. In this article, I offer a critical perspective on the emergence of authoritarian neoliberalism and its impact on democratic governance in the twenty-first century. By examining the growing concentration of wealth and power in the age of global capitalism, the erosion of public trust in the state and other social institutions, and the privatization of essential services, it sheds light on the challenges posed by neoliberalism and the need for policies that rebalance economic and political power.

KEYWORDS:

• Authoritarian neoliberalism
• corporations
• social justice
• democracy
• economic models

Acknowledgments

I extend my sincerest gratitude to the esteemed journal editors for their invaluable guidance and unwavering patience throughout the publication process. Additionally, I am deeply appreciative of the insightful feedback provided by two anonymous reviewers, whose constructive comments have undoubtedly enhanced the quality and depth of this manuscript.

Disclosure Statement

No potential conflict of interest was reported by the author(s).