Economic Growth Without Equality? A Marxist Critique of Neoliberalism Development Model

Abstract

This paper critically examines whether neoliberal development promotes equitable economic growth through the lens of Marxist political economy. Using a qualitative literature-based approach, the study synthesizes classical Marxist theory and contemporary scholarship on neoliberalism, inequality, globalization, and institutional governance. The study suggests that while neoliberal policies may stimulate GDP growth, they also reinforce wealth concentration, labour exploitation, and structural inequality. The paper argues that development should be evaluated not only by economic growth but also by distributive justice and social equity.