Neoliberalism/Archive 1

Neoliberalism/Archive 1

Neoliberalism is a political philosophy whose advocates support economic liberalization, free trade and open markets, privatization, deregulation, and decreasing the size of the public sector while increasing the role of the private sector in modern society.

The term was introduced in the late 1930s by European liberal scholars to promote a new form of liberalism after interest in classical liberalism had declined in Europe. In the decades that followed, neoliberal theory tended to be at variance with the more laissez-faire doctrine of classical liberalism and promoted instead a market economy under the guidance and rules of a strong state, a model which came to be known as the social market economy. In the sixties, usage of the term "neoliberal" heavily declined. When the term was reintroduced in the following decades, the meaning had shifted. The term neoliberal is now normally associated with laissez-faire economic policies, and is used mainly by those who are critical of legislative market reform.