IISER MOHALI

Abstract: This presentation critically examines the evolution, dominance, and decline of neoliberalism as a global economic and political order. Neoliberalism, which gained prominence in the 1990s, advocates free markets, privatization, deregulation, and minimal state intervention. Its ideological roots trace back to thinkers like Friedrich Hayek and Milton Friedman, whose works emphasized individualism and market supremacy. Politically, figures like Reagan, Thatcher, and Clinton institutionalized neoliberal policies, supported by corporate lobbying and media influence. While globalization under neoliberalism lifted millions out of poverty, particularly in China and East Asia, it also led to rising inequality, erosion of public services, and monopolistic market structures. The 2008 financial crisis and COVID-19 pandemic exposed its limitations, prompting calls for state intervention and welfare reforms. The presentation highlights how neoliberalism blurred with liberalism, and how its ideological hegemony was maintained through think tanks, lobbying, and media. Emerging alternatives include left-wing movements and right-wing populism. Trump’s economic strategy tries to blend neoliberal traits with protectionist policies. The presentation concludes by noting the absence of a coherent successor ideology, suggesting a transitional period of political and economic disorder.

About the Speaker: Dr. Amarjit S. Bhullar acquired his master’s and Ph.D. in economics from Punjabi University in the early eighties. He held various positions at Punjab Agricultural University, including Professor, Associate Professor and Assistant Professor. He was invited by the University of Northern British Columbia (UNBC) as a Visiting Professor for one year in 2010-11. In 2013, he joined UNBC. He held the dual position of Assistant Professor of Economics and Adjunct Professor of Business at UNBC. He was awarded the UNBC’s Excellence in Service Award in May 2021. Dr. Bhullar has taught diverse courses in economics. He has published widely in reputed journals such as Economic and Political Weekly. Currently, he is Associate Director, Research and Analysis, at Connect Media Network in Surrey, BC. He has delivered more than 200 media talks/interviews so far.