Comparing Neoliberalism and Neo-Marxism from an Economic Perspective

Yuying Guan

Asian Social Science, 2023, vol. 19, issue 4, 95

Abstract: Marxism and neoliberalism are two distinct philosophical schools of thought with fundamental distinctions. Marxism takes a scientific view of the world, whereas neoliberalism is a theory of free market regulation in a new economic environment without government intervention. The conflict between neo-Marxism and neoliberalism revolves around the theory and practice of the socialist market economy. There is a contrast between socialism and capitalism because, as a specific economic operation mechanism, the market economy must be combined with a certain fundamental social economic system and subordinated to this system, serving to consolidate and develop this basic system. The socialist market economy is not a combination of the socialist system and the market economy but rather an organic whole that integrates the two; therefore, it cannot replicate the Western market economy system. The socialist market economy must combine planning and the market, maximizing the benefits of both without emphasizing one over the other. Neoliberalism and Marxism took distinct stances and provided different answers to the question of how to define freedom. Although there are many similar perspectives on some issues, there are substantial disparities in fundamental concepts. The key to a solid socialist political structure is an accurate comprehension of the underlying difference between these two schools of thought regarding freedom.

Date: 2023
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