Often, neoliberals.īy the 1970s, however, economic stagnation and increasing public debt prompted some economists to advocate a return to classical liberalism, which in its revived form came to be known as neoliberalism. Those who advocate neoliberalism argue that the state is inherently inefficient when compared with markets. Such measures began in the late 19th century with workers’ compensation schemes, the public funding of schools and hospitals, and regulations on working hours and conditions and eventually, by the mid-20th century, encompassed the broad range of social services and benefits characteristic of the so-called welfare state.
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Modern liberalism developed from the social-liberal tradition, which focused on impediments to individual freedom-including poverty and inequality, disease, discrimination, and ignorance-that had been created or exacerbated by unfettered capitalism and could be ameliorated only through direct state intervention. But liberalism evolved over time into a number of different (and often competing) traditions. That variant of liberalism is often associated with the economist Adam Smith, who argued in The Wealth of Nations (1776) that markets are governed by an “invisible hand” and thus should be subject to minimal government interference. Both have their ideological roots in the classical liberalism of the 19th century, which championed economic laissez-faire and the freedom (or liberty) of individuals against the excessive power of government.
NEO TRADITIONAL FREE
In particular, neoliberalism is often characterized in terms of its belief in sustained economic growth as the means to achieve human progress, its confidence in free markets as the most-efficient allocation of resources, its emphasis on minimal state intervention in economic and social affairs, and its commitment to the freedom of trade and capital.Īlthough the terms are similar, neoliberalism is distinct from modern liberalism. Although there is considerable debate as to the defining features of neoliberal thought and practice, it is most commonly associated with laissez-faire economics. Neoliberalism, ideology and policy model that emphasizes the value of free market competition.
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NEO TRADITIONAL HOW TO
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