![]() Some scholars reject the idea that neoliberalism is a monolithic ideology and have described the term as meaning different things to different people as neoliberalism has mutated into multiple, geopolitically distinct hybrids as it travelled around the world. The term is rarely used by proponents of free-market policies. English speakers have used the term since the start of the 20th century with different meanings, but it became more prevalent in the 1960s, 1970s and 1980s, used by scholars in a wide variety of social sciences, as well as by critics, to describe the transformation of society in recent decades due to market-based reforms. The term has multiple, competing definitions, and a pejorative valence. The collapse of the Soviet Union and the end of the Cold War also made possible the triumph of neoliberalism in the United States and around the world. ![]() In policymaking, neoliberalism often refers to what was part of a paradigm shift that followed the failure of the post-war consensus and neo-Keynesian economics to address the stagflation of the 1970s. One impetus for the formulation of policies to mitigate capitalist free-market volatility was a desire to avoid repeating the economic failures of the early 1930s, failures sometimes attributed principally to the economic policy of classical liberalism. Īs an economic philosophy, neoliberalism emerged among European liberal scholars in the 1930s as they attempted to revive and renew central ideas from classical liberalism as they saw these ideas diminish in popularity, overtaken by a desire to control markets, following the Great Depression and manifested in policies designed with the intention to counter the volatility of free markets. The defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. A prominent factor in the rise of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society. ![]() Neoliberalism, also neo-liberalism, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. ![]()
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