Neoliberalism and the economic development of the countries of the Global South

This article provides an in-depth analysis of the impact of the neoliberal paradigm on the economic situation of countries in the Global South. The authors criticize the assumptions of the Washington Consensus, pointing to the negative consequences of restrictive fiscal policy and excessive reliance on volatile portfolio investments. The text contrasts the contemporary requirements of international institutions such as the IMF and the World Bank with the historical development paths of today's economic powers, which often resorted to protectionism. The key conclusion is the need to regain economic sovereignty through active management of the money supply, countercyclical policies, and the promotion of foreign direct investment over speculative short-term capital. These are essential steps to overcome the savings gap and build stable GDP growth.