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Profit Over People summary
Neoliberalism and Global Order
17 mins
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Profit Over People by Noam Chomsky exposes how modern capitalism sacrifices people's needs for the pursuit of profit. It analyzes how democratic governance is undermined by the concentration of wealth and power in the hands of wealthy corporations.
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Profit Over People
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Unmasking neoliberal capitalism
Neoliberalism. It’s a term you might associate with Adam Smith or liberal ideas. If so, you’re not too far off. In fact, neoliberalism is a whole worldview, a perspective that shapes how governments and societies operate. At its heart, neoliberalism is all about free market capitalism. It’s the belief that governments should step aside and let the market run the show, from setting prices to determining wages. So far, so good – after all, who wouldn’t want more freedom and choice?
Well, it’s not as straightforward as it might seem. It turns out that when one takes neoliberalism’s promises and pits them against reality, things often look a bit different. Take the infamous “Washington consensus,” for example. Crafted by the US government and international financial institutions, this consensus was all about market-oriented principles. Trade liberalization, market-determined prices, inflation control, and privatization – all under the overarching theme of “Government, get out of the way.”
Its stated aim was to boost economic growth in developing nations, though it wasn’t formally agreed upon by any particular group or government. But when it was imposed on more vulnerable societies, well, let’s just say the effects were far from beneficial – so much so, that some have started calling these institutions a de facto world government in a new imperial age.
Look at the United States, for instance. Its post-WWII prosperity positioned it at the helm, enabling it to design a global system serving its interests. Latin America is a great way to illustrate this. The main threat to America’s interests in the region? "Radical" and "nationalistic" regimes that actually responded to popular demands for better living standards and development. These tendencies were seen as contradictory to the requirements for a political and economic climate conducive to private investment, profit repatriation, and the protection of raw materials.
This sparked some serious intervention from the United States. We saw this play out vividly in Chile in 1973, when the US supported a coup to topple democratically elected Salvador Allende because of his socialist policies. Or take Guatemala in 1954, where a US-backed coup overthrew President Jacobo Arbenz who sought agrarian land reforms. And let’s not forget the Contras in Nicaragua during the 1980s, supported by the US to undermine the Sandinista government, which prioritized social programs for the populace. These actions clearly prioritized certain economic interests over democratic values and the well-being of the local population.
It’s not just on the American continent where neoliberalism has been embraced with open arms. Countries like Britain, after a good few centuries of protectionism and state power, decided to jump on the liberal internationalism bandwagon. But here’s the twist – they also made sure to protect their own industries from foreign competition while squashing development in other nations.
An excellent example is India’s iron industry. Once a leading player, it was destroyed by free-market doctrine. In the name of opening up markets, Britain flooded India with cheap iron and steel products, outcompeting the local industry. At the same time, India was not allowed to develop its own manufacturing capacity due to restrictive trade policies.
The result? India’s iron industry, once prosperous, was decimated, leaving a once-thriving economy grappling with deindustrialization and dependency. Consequently, British corporations reaped significant benefits, bolstering their dominance in the global iron and steel industry, all while securing a vast and captive market for their products.
At the end of the day, neoliberal free market capitalism seems more designed to serve the interests of power and profit rather than the common good. What we need is a critical evaluation of these dominant doctrines, considering historical lessons, facts, and the interests of different countries and their people. And, above all, we need to ensure that the future is shaped by the collective interests and well-being of people worldwide, not just by the so-called “principal architects” of policy.
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What is Profit Over People about?
Profit Over People (1999) is a deep dive into the often hidden world of neoliberalism, revealing how global power structures and US policies are influenced by corporate interests. You’ll be taken on a journey that uncovers an economic system geared toward the affluent, often to the detriment of the many.
Profit Over People Review
Profit Over People (1999) by Noam Chomsky is an eye-opening book that provides a critical analysis of the modern socio-economic system and its corrosive effects on democracy and human values. Here's why this book is worth reading:
- It offers in-depth insights into how profit-driven capitalism undermines human welfare, exploiting people and the environment for the benefit of a few.
- With meticulous research and clear arguments, Chomsky exposes the flaws in the current system and offers thought-provoking alternatives for building a more just society.
- This book challenges conventional wisdom and provides a wake-up call for readers, inspiring critical thinking and sparking conversations about the flaws of our economic system.
Who should read Profit Over People?
- Students of economics or international relations
- Policymakers and businesspeople
- Curious minds interested in the way our world works
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Profit Over People FAQs
What is the main message of Profit Over People?
The main message of Profit Over People is that corporate power and profit-driven capitalism have harmful effects on society.
How long does it take to read Profit Over People?
The reading time for Profit Over People varies for each reader. However, the Blinkist summary can be read in just 15 minutes.
Is Profit Over People a good book? Is it worth reading?
Profit Over People is a thought-provoking and eye-opening book that provides valuable insights into the impacts of corporate capitalism. It is definitely worth reading.
Who is the author of Profit Over People?
The author of Profit Over People is Noam Chomsky.
What to read after Profit Over People?
If you're wondering what to read next after Profit Over People, here are some recommendations we suggest:
- Failed States by Noam Chomsky
- Understanding Power by Noam Chomsky
- A Theory of Justice by John Rawls
- Manufacturing Consent by Edward S. Herman and Noam Chomsky
- Propaganda by Edward Bernays
- People Over Profit by Dale Partridge
- Why Nations Fail by Daron Acemoglu & James A. Robinson
- Talking to Strangers by Malcolm Gladwell
- The Courage to Be Disliked by Ichiro Kishimi & Fumitake Koga
- The Wealth of Nations by Adam Smith