Neoliberalism

neoliberalneo-liberalneo-liberalismneoliberal economicsneoliberalsneoliberal policiesneoliberalistneoliberal capitalismdryliberal
Neoliberalism or neo-liberalism is the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism and free market capitalism, which constituted a paradigm shift away from the post-war Keynesian consensus that had lasted from 1945 to 1980.wikipedia
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Deregulation

deregulatedderegulatederegulating
Neoliberalism is generally associated with policies of economic liberalization, including privatization, deregulation, free trade, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society.
Around the late 1970s, such reforms were deemed as burdensome on economic growth and many politicians espousing neoliberalism started promoting deregulation.

Mont Pelerin Society

Mont Pèlerin SocietyMont PelerinMont-Pelerin Society
Scholars tended to associate it with the theories of Mont Pelerin Society economists Friedrich Hayek, Milton Friedman, and James M. Buchanan, along with politicians and policy-makers such as Margaret Thatcher, Ronald Reagan and Alan Greenspan.
The Mont Pelerin Society (MPS) is an international neoliberal organization composed of economists, philosophers, historians, intellectuals and business leaders.

Economic history of Chile

economic development1972 ChileChile
When the term entered into common use in the 1980s in connection with Augusto Pinochet's economic reforms in Chile, it quickly took on negative connotations and was employed principally by critics of market reform and laissez-faire capitalism.
Chile's recent economic history (1973–) has been the focus of an extensive debate from which "neoliberalism" acquired its modern meaning.

Capitalism

capitalistcapitalistscapitalistic
Neoliberalism or neo-liberalism is the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism and free market capitalism, which constituted a paradigm shift away from the post-war Keynesian consensus that had lasted from 1945 to 1980.
She states it was first discovered and consolidated at Google, emerged due to the "coupling of the vast powers of the digital with the radical indifference and intrinsic narcissism of the financial capitalism and its neoliberal vision that have dominated commerce for at least three decades, especially in the Anglo economies" and depends on the global architecture of computer mediation which produces a distributed and largely uncontested new expression of power she calls "Big Other".

Margaret Thatcher

ThatcherBaroness ThatcherThatcherite
Scholars tended to associate it with the theories of Mont Pelerin Society economists Friedrich Hayek, Milton Friedman, and James M. Buchanan, along with politicians and policy-makers such as Margaret Thatcher, Ronald Reagan and Alan Greenspan.
Her tenure constituted a realignment towards neoliberal policies in the United Kingdom and debate over the complicated legacy of Thatcherism persists into the 21st century.

Austerity

austerity measuresfiscal austerityaustere
Neoliberalism is generally associated with policies of economic liberalization, including privatization, deregulation, free trade, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society.
On the basis of classic liberal ideas, austerity emerged as a doctrine of neoliberalism in the 20th century.

Zapatista Army of National Liberation

EZLNZapatistaZapatistas
By 1994, with the passage of NAFTA and with the Zapatistas' reaction to this development in Chiapas, the term entered global circulation.
The EZLN aligns itself with the wider alter-globalization, anti-neoliberal social movement, seeking indigenous control over local resources, especially land.

Naomi Klein

Klein, NaomiNaomi Klien
Anthropologist Jason Hickel also rejects the notion that neoliberalism necessitates the retreat of the state in favor of totally free markets, arguing that the spread of neoliberalism required substantial state intervention to establish a global 'free market.' According to Naomi Klein, the three policy pillars of neoliberal age are "privatization of the public sphere, deregulation of the corporate sector, and the lowering of income and corporate taxes, paid for with cuts to public spending."
Klein first became known internationally for her book No Logo (1999); The Take (2004), a documentary film about Argentina's occupied factories, written by her, and directed by her husband Avi Lewis; and significantly for The Shock Doctrine (2007), a critical analysis of the history of neoliberal economics that was adapted into a six-minute companion film by Alfonso and Jonás Cuarón, as well as a feature-length documentary by Michael Winterbottom.

Washington Consensus

macroeconomic adjustmentneoliberal agendaneoliberal policy
Neoliberalism is also, according to some scholars, commonly used as a pejorative by critics, outpacing similar terms such as monetarism, neoconservatism, the Washington Consensus and "market reform" in much scholarly writing.
Subsequent to Williamson's use of the terminology, and despite his emphatic opposition, the phrase Washington Consensus has come to be used fairly widely in a second, broader sense, to refer to a more general orientation towards a strongly market-based approach (sometimes described as market fundamentalism or neoliberalism).

The New Republic

New RepublicBruce BlivenJoshua Kurlantzick
The neoliberals coalesced around two magazines, The New Republic and the Washington Monthly.
On domestic policy, it has advocated a self-critical brand of liberalism, taking positions that range from traditionally liberal to neoliberalism.

Social democracy

social democraticsocial-democraticsocial democrat
The society set out to develop a neoliberal alternative to, on the one hand, the laissez-faire economic consensus that had collapsed with the Great Depression and, on the other, New Deal liberalism and British social democracy, collectivist trends which they believed posed a threat to individual freedom.
With the rise of popularity for neoliberalism and the New Right by the 1980s, many social democratic parties incorporated the centrist Third Way ideology, aiming to fuse economic liberalism with social democratic welfare policies.

Alexander Rüstow

It brought together Louis Rougier, Walter Lippmann, Friedrich Hayek, Ludwig von Mises, Wilhelm Röpke and Alexander Rüstow, among others.
In 1938 he originated the term neoliberalism at the Colloque Walter Lippmann.

Colloque Walter Lippmann

Walter Lippmann Colloquium
An early use of the term in English was in 1898 by the French economist Charles Gide to describe the economic beliefs of the Italian economist Maffeo Pantaleoni, with the term "néo-libéralisme" previously existing in French, and the term was later used by others including the classical liberal economist Milton Friedman in his 1951 essay "Neo-Liberalism and its Prospects. In 1938 at the Colloque Walter Lippmann, the term "neoliberalism" was proposed, among other terms, and ultimately chosen to be used to describe a certain set of economic beliefs. The colloquium defined the concept of neoliberalism as involving "the priority of the price mechanism, free enterprise, the system of competition, and a strong and impartial state". To be "neoliberal" meant advocating a modern economic policy with state intervention.
At the meeting, the term neoliberalism was coined by Alexander Rüstow referring to the rejection of the (old) laissez-faire liberalism.

Ordoliberalism

ordoliberalordo-liberalordoliberals
Mises denounced the other faction, complaining that ordoliberalism really meant "ordo-interventionism".
Notably Walter Eucken, with Franz Böhm, founder of ordoliberalism and the Freiburg School, rejected neoliberalism.

Ernesto Zedillo

Ernesto Zedillo Ponce de LeónZedilloErnesto Zedillo Ponce de Leon
Under presidents Carlos Salinas de Gortari (1988-94) and Ernesto Zedillo, neoliberalism became the basis for public-private sector relationships in Mexico.
He distanced himself from his predecessor Carlos Salinas de Gortari, blaming his policies for the crisis (although President Zedillo himself did not deviate from the neoliberal policies of his two predecessors), and oversaw the arrest of his brother Raúl Salinas de Gortari.

Carlos Salinas de Gortari

Carlos SalinasSalinasSalinas de Gortari
Under presidents Carlos Salinas de Gortari (1988-94) and Ernesto Zedillo, neoliberalism became the basis for public-private sector relationships in Mexico.
His presidency was characterized by neoliberal, free trade economic policies initiated by his predecessor Miguel de la Madrid, mass privatizations of state-run companies, Mexico's entry into NAFTA, negotiations with the right-wing opposition party PAN to recognize their victories in gubernatorial elections in exchange for supporting Salinas' policies, normalization of relations with the Catholic clergy, and the adoption of a new currency, among other things.

Lester Spence

Lester K. Spence
Lester Spence uses the term to critique trends in Black politics, defining neoliberalism as "the general idea that society works best when the people and the institutions within it work or are shaped to work according to market principles".
Lester K. Spence (born June 5, 1969), Professor of Political Science and Africana studies at Johns Hopkins University is known for his academic critiques of neoliberalism and his media commentary and research on race, urban politics, and police violence.

Military dictatorship of Chile (1973–1990)

military dictatorshipPinochet dictatorshipChile
During the military rule under Augusto Pinochet (1973–1990) in Chile, opposition scholars took up the expression to describe the economic reforms implemented there and its proponents (the "Chicago Boys").
Two years after its ascension radical neoliberal economic reforms were implemented, in sharp contrast to Allende's leftist policies, advised by a team of free-market economists educated in US universities known as the Chicago Boys.

Market fundamentalism

Free-market fundamentalismfree market fundamentalismmarket fundamentalists
It has largely become a term of condemnation employed by critics and suggests a market fundamentalism closer to the laissez-faire principles of the paleoliberals than to the ideas of those who originally attended the colloquium.
However, Kozul-Wright states in his book The Resistible Rise of Market Fundamentalism that the "ineluctability of market forces" neo-liberals and conservative politicians tend to stress, and their confidence on a chosen policy, rest on a "mixture of implicit and hidden assumptions, myths about the history of their own countries' economic development, and special interests camouflaged in their rhetoric of general good".

Shock therapy (economics)

shock therapyeconomic shock therapyeconomics shock therapy
These policies amounted to a shock therapy, which rapidly transformed Chile from an economy with a protected market and strong government intervention into a liberalized, world-integrated economy, where market forces were left free to guide most of the economy's decisions.
In her 2007 book The Shock Doctrine, she argues that neoliberal free market policies (as advocated by the economist Milton Friedman) have risen to prominence in some developed countries because of a deliberate strategy of "shock therapy".

Augusto Pinochet

PinochetGeneral PinochetAugusto Pinochet Ugarte
When the term entered into common use in the 1980s in connection with Augusto Pinochet's economic reforms in Chile, it quickly took on negative connotations and was employed principally by critics of market reform and laissez-faire capitalism.
Critics argue the neoliberal economic policies of the Pinochet regime resulted in widening inequality and deepening poverty as they negatively impacted the wages, benefits and working conditions of Chile's working class.

Adam Smith Institute

Adam Smith Internationaleponymous institute
The Adam Smith Institute, a United Kingdom-based free market think tank and lobbying group formed in 1977 which was a major driver of the aforementioned neoliberal reforms, officially changed its libertarian label to neoliberal in October 2016.
The Adam Smith Institute (ASI) is a neoliberal (formerly libertarian) think tank and lobbying group based in the United Kingdom and named after Adam Smith, a Scottish moral philosopher and classical economist.

Labour market flexibility

flexible labour marketlabor market flexibilityflexible labor market
Along with an increased labour market flexibility, the unemployment rate dropped to 18.3%, although 60% [citation needed] of people lived below the poverty line.
The most common definition of labour market flexibility has been the neo-liberal definition.

Crisis of 1982

Chilean crisis of 1982economic crisis of 19821982 crisis in Chile
Inflation was tempered, falling from over 600% in 1974, to below 50% by 1979, to below 10% right before the economic crisis of 1982.
The Crisis of 1982 was a major economic crisis suffered in Chile during the military dictatorship after years of radical neoliberal reforms.

Economic liberalism

economically liberalliberaleconomic liberal
Neoliberalism or neo-liberalism is the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism and free market capitalism, which constituted a paradigm shift away from the post-war Keynesian consensus that had lasted from 1945 to 1980.
Today, economic liberalism is associated with classical liberalism, neoliberalism, right-libertarianism and some schools of conservatism such as liberal conservatism.