Neoliberalism is an economic and political ideology emphasizing free market capitalism, deregulation, privatization, and reduced government intervention in the economy. It advocates for minimizing state control and promoting individual initiative, competition, and entrepreneurship.
Neoliberal policies prioritize free trade, austerity measures, and the dismantling of social welfare programs. Critics argue that neoliberalism exacerbates income inequality, weakens labor rights, and fosters financial instability while proponents assert that it fosters economic growth and efficiency.
The term “Neoliberalism” gained prominence in the late 20th century, particularly with the rise of globalized markets and neoliberal reforms.
