Neoliberalism is an updated version of classical political economy, dedicated to, market individualism and minimal statism. (i.e) It refers to rolling back of the state.

Hayek in his book Constitution of Liberty has stated that social justice is a mirage and that progressive taxation is bonded labour. Further Robert Nozick in his book Anarchy State and Utopia has suggested that minimal state is inspiring as well as right.

On the other hand, community, culture and nation forms the basis of communitarian ideology. This ideology as represented by Michael Sandel and Michael Walzer, states that human beings are not atomized individuals (as propounded by liberalism) but rather they are ‘situated-self’ where they are guided by identity variables like culture, community, nature and ethnicity.

Recently international trade has seen the rise of regional organizations which have often surpassed the performance of neoliberal institutions like the World Trade organization (WTO). This proves that the hegemony of neoliberalism is in shambles.

Issues concerning Neoliberalism

• Communitarianism on the other hand is more grounded on solidarity principles wherein people’s surroundings, ethnicity, culture are considered while framing political principles. In the same lines Mahatir Mohammad had come up with Asian values principles. This was in retaliation to the excessive western domination/ hegemony of liberal notions of political values. It was more like ‘imposition of democratic values at the gunpoint’. Moreover, neoliberal policies also led to the development of underdevelopment.
• Rise of national and regional organizations like New Development Bank, SCO, SAARC shows that neoliberalism no longer remains hegemonic discourse.
• Revivalism of Nationalism across political, economic and cultural domains. Like Trump’s American Great, India’s Aatmanirbharbharat, BREXIT show the direction towards deglobalisation.

But still, it is too fast to arrive at any conclusion. To offset the cons posed by the hegemony of neoliberalism, the concept of social liberalism arrived. Here the policies proposed focused more on capacity building rather than cut throat competition as advocated by neoliberalism. Amartya Sen has suggested balanced participation of every organ of state. This also is in sync with the culture and values of a particular community.