Neoliberalism or neo-liberalism[1] is the 20th-century resurgence of 19th-century ideas associated with economic liberalism and free-market capitalism.[2]:7[3] It is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, austerity and reductions in government spending in order to increase the role of the private sector in the economy and society;[4][12] however, the defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate.[13][14] In policymaking, neoliberalism was part of a paradigm shift away from the prevailing Keynesian economic consensus that existed prior to the persistent stagflation of the 1970s.
Neoliberalism or neo-liberalism[1] is the 20th-century resurgence of 19th-century ideas associated with economic liberalism and free-market capitalism.[2]:7[3] It is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, austerity and reductions in government spending in order to increase the role of the private sector in the economy and society;[4][12] however, the defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate.[13][14] In policymaking, neoliberalism was part of a paradigm shift away from the prevailing Keynesian economic consensus that existed prior to the persistent stagflation of the 1970s.