Neoliberalism
Definition
Neoliberalism is an economic philosophy advocating for free trade, open markets, privatization, deregulation, and enhancing the role of private sector in modern society.
Analogy
Imagine if your school was run like a business where everything had a price tag - lunch, classes, even your seat in class! That’s neoliberalism – it believes that competition drives efficiency so everything should be left up to market forces.
Related terms
Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.
Privatization: The transfer of ownership from public sector (government) to private sector (businesses).
Deregulation: The reduction or elimination of government power over certain industries with an aim for more competition within industry itself.
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