How is neoliberalism influencing the way Latin America interacts with the rest of the world? What are the social and environmental costs of neoliberalism? How is this development approach related to globalization?
What will be an ideal response?
Briefly, neoliberalism involves the privatization of economic practices, increased levels of foreign investment, and decreased governmental regulation and state intervention. Neoliberalism has facilitated the increased presence of multinational corporations—itself a primary example of globalization. However, the benefits of neoliberalism have not been evenly distributed; many workers are exploited through low wages and poor working conditions. Also, lax environmental regulations have facilitated the "export" of pollution from North America, Europe, and East Asia.
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