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Concept
Neoliberalism
Summary
Neoliberalism, also neo-liberalism, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society. The neoliberal project is also focused on designing institutions and has a political dimension. The defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate.
As an economic philosophy, neoliberalism emerged among European liberal scholars during the 1930s as they attempted to revive and renew central ideas from classical liberalism as they saw these ideas diminish in popularity, overtaken by a desire to control markets, following the Great Depression and manifested in policies designed with the intention to counter the volatility of free markets. One impetus for the formulation of policies to mitigate capitalist free-market volatility was a desire to avoid repeating the economic failures of the early 1930s, failures sometimes attributed principally to the economic policy of classical liberalism. In policymaking, neoliberalism often refers to what was part of a paradigm shift that followed the failure of the post-war consensus and neo-Keynesian economics to address the stagflation of the 1970s. The collapse of the USSR and the end of the Cold War also made possible the triumph of neoliberalism in the United States and around the world.
The term has multiple, competing definitions, and is often used pejoratively. English speakers have used the term since the start of the 20th century with different meanings.
Official source
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