Neoliberalism

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Neoliberalism is a political and economic ideology that advocates for free-market capitalism and developed from challenges to classical liberalism in the early 20th century. It advocates policies that became dominant from the late 20th century that promote market processes and competition. The term has multiple, competing definitions, and is often used pejoratively. In scholarly use, the term is often used to describe a multitude of phenomena, but can be used to contrast with other developments in liberalism like Ordoliberalism, New liberalism (ideology) or Social Liberalism. It is primarily employed to delineate the societal transformation resulting from market-based reforms. Neoliberalism is often associated with a set of economic liberalization policies, including lower taxes, privatization, deregulation, depoliticization, consumer choice, labor market flexibilization, economic globalization, free trade, monetarism, austerity, and reductions in state direction of the economy. These...

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