Neoliberalism (neo-liberalism) refers primarily to the 20th century resurgence of 19th century ideas associated with laissez-faire economic liberalism. These include extensive economic liberalization policies such as privatization, fiscal austerity, deregulation, free trade, and reductions in government spending in order to enhance the role of the private sector in the economy. The implementation of neoliberal policies and the acceptance of neoliberal economic theories in the 1970s are seen by some academics as the root of financialization, with the financial crisis of 2007–08 as one of the ultimate results. The term has been used since 1938 but became more prevalent in its current meaning in the 1970s and '80s by scholars in a wide variety of social sciences and critics. Advocates of Free Market policies avoid the term "neoliberal". The definition and usage of the term has changed over time. It was originally an economic philosophy that emerged among European liberal scholars...
Source: Wikimedia Commons
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