Neoliberalism

Definition

Neoliberalism is an economic and political philosophy that promotes free-market capitalism, minimal government intervention in the economy, and deregulation. This ideology emphasizes individual entrepreneurship and market solutions as primary drivers of economic growth, and it has significantly influenced global economic policies since the late 20th century, particularly affecting how art is viewed and commodified in contemporary society.

5 Must Know Facts For Your Next Test

1. Neoliberalism gained traction in the 1980s with leaders like Ronald Reagan in the U.S. and Margaret Thatcher in the U.K., promoting policies that favored free markets.
2. Under neoliberalism, art has increasingly been treated as a commodity, where market values often overshadow artistic values.
3. Neoliberal policies have led to a rise in the privatization of public institutions, including cultural organizations, affecting access to art and culture.
4. The art market has become globalized due to neoliberal principles, leading to increased competition and the emergence of international art fairs.
5. Critics argue that neoliberalism exacerbates inequality by prioritizing profit over social welfare, impacting how diverse voices are represented in the art world.

Review Questions

• How does neoliberalism influence the way art is perceived as a commodity?
  • Neoliberalism shifts the perception of art from being solely a cultural expression to a marketable commodity. This philosophy emphasizes financial value, encouraging artists and institutions to cater to market demands. As a result, artworks are often evaluated based on their potential for profit rather than their cultural or historical significance.
• In what ways have neoliberal policies affected public funding for arts institutions?
  • Neoliberal policies have led to significant cuts in public funding for arts institutions as governments prioritize fiscal austerity and deregulation. This shift results in increased reliance on private sponsorships and donations, which can skew artistic programming towards commercially viable projects instead of diverse or experimental works. The changes impact the accessibility of arts programs for wider audiences, potentially limiting engagement with various cultural expressions.
• Evaluate the implications of globalization under neoliberalism on local art markets and cultural expressions.
  • Globalization under neoliberalism significantly impacts local art markets by fostering competition on an international scale. While this can elevate exposure for local artists, it also risks homogenizing cultural expressions as global trends overshadow unique regional identities. The influx of foreign capital may inflate art prices, making it challenging for local artists to thrive without aligning their work to global market preferences, ultimately altering the local cultural landscape.

Related terms

Marketization: The process of transforming public goods and services into commodities that can be bought and sold in the market.

Deregulation: The reduction or elimination of government rules governing how businesses operate, aimed at encouraging competition and innovation.

Globalization: The increasing interconnectedness of economies, cultures, and populations across the world, often driven by trade, investment, and technology.