Neoliberalism

Neoliberalism is a political philosophy and economic theory that advocates for the increased role of the private sector in the economy and society. It is characterized by free market policies, deregulation, privatization, and a reduction in government spending.

History

The term "neoliberalism" was first used in the 1930s by Alexander Rüstow, a German economist and sociologist, during the Colloque Walter Lippmann. The term was later popularized in the 1970s and 1980s by economists such as Milton Friedman and Friedrich Hayek, who advocated for a return to classical liberalism.

Principles

Neoliberalism is based on the principles of individualism, free trade, and competition. It argues that governments should limit their intervention in the economy, and instead, allow the market forces to determine the distribution of resources. This is believed to lead to greater efficiency, innovation, and economic growth.

Criticism

Critics of neoliberalism argue that it leads to income inequality, social exclusion, and environmental degradation. They also argue that it undermines democracy by shifting power from the public to the private sector.

Impact

Neoliberal policies have been implemented in various countries around the world, including the United States, the United Kingdom, and Chile. These policies have had significant impacts on the economy, society, and politics of these countries.

See also

• Liberalism
• Economic liberalism
• Laissez-faire
• Chicago School (economics)