SOCIAL IMPACT OF NEO-LIBERALISM AND PAKISTANI BUSINESS ADMINISTRATION STUDENTS’ PERCEPTION OF THE POLICIES IT OFFERS

Abstract

This research examines the impact of neoliberalism on Pakistani society, particularly through the perspectives of business administration students. Neoliberalism, characterized by its emphasis on free-market principles and minimal government intervention, has profoundly shaped Pakistan's socio-economic landscape since the late 1980s. Through surveys and literature reviews, the study explores how neoliberal policies have influenced societal welfare, economic inequality, and overall well-being. Despite limited awareness of neoliberalism among students, the research reveals a predominant support for policies aligned with neoliberal principles, such as free trade and reduced state intervention. However, concerns about increasing poverty, inflation, and economic vulnerability are also evident, highlighting the complexities of neoliberal policies. The study underscores the importance of civil society in advocating for policies that prioritize the interests of the masses and address socio-economic disparities. It calls for informed policy discussions and educational reforms to tackle the challenges posed by neoliberalism and promote a more equitable socio-economic framework in Pakistan". Neo-liberalism originates from the theories that emerged in 1870 to challenge state intervention in business activities. It gained roots under the notion of democracy and received a warm welcome from the developed countries. Today, its policies are still in power in the form of globalization and under the label of free trade. No doubt its impact is heavily felt by the underdeveloped countries, but the countries which have financial power are promoted and supported in the name of freedom and democracy. The study highlights the issues neo-liberalism engenders and also raises the voice for the role of civil society in this regard. Moreover, it also gauges Pakistani students’ perception of the policies that neo-liberalism offers or which are compatible with its very essence. The result shows that most of the students indirectly appreciate the policies which fall under neo-liberalism. Interestingly, they rank very high to globalization, free trade, and less government intervention in business or trade. Based on the results it may be deduced that a wave of materialism has struck our nation which has blinded our sense of ethics, morality, and apathy badly. The study will give direction to the researchers, socialists, educationists, government, and civil society to conduct large-scale research that may help the nation form better economic and educational policy.