Neoliberalism

Definition

Neoliberalism is an economic and political ideology that emphasizes free-market capitalism, deregulation of industries, and a reduction in government spending on social services. It advocates for minimal state intervention in the economy with the belief that economic freedom leads to greater prosperity and democracy.

Related terms

Free Market:

An economic system where prices are determined by unrestricted competition between privately owned businesses.

Deregulation:

The process of removing or reducing state regulations, typically in the economic sphere.

Privatization:

The transfer of ownership of property or businesses from a government to private individuals or organizations