Neoliberalism: An Eroding Notion of Collective Responsibility and Interdependence

Are we truly responsible for one another, or should we only think about our individual needs and desires? This is the central question that underpins the ideology of Neoliberalism, a doctrine which has come to dominate economics, politics, and culture over the past four decades.

At its core, Neoliberalism is an economic worldview that advocates for the reduction of government intervention in markets and an emphasis on individual freedom and choice. An important premise of Neoliberalism is that individual actions based on self-interest will have a positive impact on society as a whole.

However, as we have seen in recent years, the notion of collective responsibility and interdependence is becoming increasingly eroded in society. As individuals become more focused on their own pursuits, institutions that once embodied a sense of shared purpose and cooperation – such as trade unions or community organizations – have declined. Neoliberalism’s emphasis on individual freedom and choice has resulted in the commodification of virtually everything, from healthcare to education, making these basic needs unaffordable for many.

A prime example of this trend can be seen in the 2020 COVID-19 pandemic. The pursuit of profit made it difficult for governments to mobilize the resources needed to fight the outbreak. As health experts and organizations called for a collective response, individuals hoarded essential goods such as hand sanitizers and face masks, exacerbating shortages that affected vulnerable populations such as the elderly and those with underlying health conditions.

Another example of how neoliberalism has impacted society can be seen in the increasing financialization of our economy. The philosophy of shareholder primacy has led to the prioritization of short-term profitability over potential long-term investments in things like infrastructure, research, and development. This has resulted in job losses and stagnant wages for many workers, and concentrated wealth in the hands of a few rather than broadening access to opportunity and advancement.

However, it’s important to note that some have benefitted enormously from the neoliberal shift, particularly the ultra-wealthy, who have seen their wealth skyrocket while the majority of society struggles. This inequality has fueled a rise in populism and protectionist attitudes, further eroding the sense of collective responsibility and interdependence that underpins a healthy society.

As we look to the future, policymakers need to consider the detrimental impact of neoliberalism and its lack of emphasis on collective responsibility and interdependence. Instead of viewing individuals as atomized, self-interested actors, we should cultivate a sense of shared responsibility and recognize that our individual actions have an impact on society as a whole. This will require both a shift in cultural attitudes and a commitment from governments and institutions to prioritize the needs of all members of society, not just the wealthy few.