Neoliberalism
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| + | "Many have challenged the idea that [[neoliberalism]] is an entity in the world that can have any causal force ... neoliberalism is merely a rhetorical trope, a pejorative that lumps together a wide variety of disparate things that proponents of [[managed capitalism]] happen to find [[objectionable]] (see, e.g., [[Boas and Gans-Morse 2009]]). I take a different approach."--''[[Regimes of Inequality]]'' (2020) by Julia Lynch | ||
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| + | "[[There is no society]]" (1987) by Thatcher | ||
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| - | '''Neoliberalism''' is a label used by the opponents of liberalism for a political [[social movement| movement]] that espouses [[economic liberalism]] as a means of promoting [[economic development]] and securing political [[liberty]]. The movement is sometimes described as an effort to revert to the economic policies of the 18th and 19th centuries [[classical liberalism]]. Strictly in the context of English-language usage the term is a syllabic [[abbreviation]] of "neoclassical liberalism", since in other languages "liberalism", minus any modifier such as "social" (as in [[social liberalism]]), has more or less retained its classical meaning. | + | '''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 economics|Keynesian]] consensus that had lasted from 1945 to 1980. 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. However, the defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. |
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| + | English-speakers have used the term "neoliberalism" since the start of the 20th century with different meanings, but it became more prevalent in its current meaning in the 1970s and 1980s, used by scholars in a wide variety of [[social science]]s as well as by critics. The term is rarely used by proponents of free market policies. | ||
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| + | Some scholars have described the term as meaning different things to different people as neoliberalism has "mutated" into geopolitically distinct hybrids as it travelled around the world. As such, neoliberalism shares many attributes with other concepts that have contested meanings, including [[democracy]]. | ||
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| + | The definition and usage of the term have changed over time. As an [[economic philosophy]], neoliberalism emerged among European [[Liberalism|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 recognition of the need to control markets, following the [[great depression]] and manifested in policies designed to counter the volatility of free markets, and mitigate their negative social consequences. The impetus for this development arose from a desire to avoid repeating the economic failures of the early 1930s, which was identified to be created by the [[economic policy]] of classical liberalism. | ||
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| + | When the term entered into common use in the 1980s in connection with [[Augusto Pinochet]]'s [[Economic history of Chile#"Neoliberal" reforms (1973–90)|economic reforms]] in [[Chile]], it quickly took on negative connotations and was employed principally by critics of market reform and ''laissez-faire'' capitalism. 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]]. Once the new meaning of neoliberalism became established as a common usage among Spanish-speaking scholars, it diffused into the English-language study of [[political economy]]. By 1994, with the passage of [[NAFTA]] and with the [[Zapatista Army of National Liberation|Zapatistas]]' reaction to this development in [[Chiapas]], the term entered global circulation. Scholarship on the phenomenon of neoliberalism has been growing over the last few decades. | ||
| + | ==Etymology== | ||
| + | *[[From New Liberal Philosophy to Anti-Liberal Slogan ]] | ||
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| == See also == | == See also == | ||
| * [[Anarcho-capitalism]] | * [[Anarcho-capitalism]] | ||
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| * [[Economic globalization]] | * [[Economic globalization]] | ||
| * [[Economic liberalism]] | * [[Economic liberalism]] | ||
| + | * [[Economic liberalization in the post–World War II era]] | ||
| * [[Elite theory]] | * [[Elite theory]] | ||
| * [[Free market]] | * [[Free market]] | ||
| + | * [[Freiburg school]] | ||
| * [[Globalism]] | * [[Globalism]] | ||
| * [[Globalization]] | * [[Globalization]] | ||
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| * [[Market fundamentalism]] | * [[Market fundamentalism]] | ||
| * [[Neoclassical economics]] | * [[Neoclassical economics]] | ||
| + | * [[Post-neoliberalism]] | ||
| * [[Reagan Democrat]] | * [[Reagan Democrat]] | ||
| * [[Right libertarianism]] | * [[Right libertarianism]] | ||
| + | * [[Shock therapy (economics)]] | ||
| * [[Social Darwinism]] | * [[Social Darwinism]] | ||
| + | * [[Structural adjustment]] | ||
| * [[Technocracy]] | * [[Technocracy]] | ||
| * [[Third Way (centrism)|Third Way]] | * [[Third Way (centrism)|Third Way]] | ||
| * [[The Trap (television documentary series)]] | * [[The Trap (television documentary series)]] | ||
| + | * [[Trente glorieuses]] | ||
| * [[Triangulation (politics)|Triangulation]] | * [[Triangulation (politics)|Triangulation]] | ||
| * [[Washington Consensus]] | * [[Washington Consensus]] | ||
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Current revision
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"Many have challenged the idea that neoliberalism is an entity in the world that can have any causal force ... neoliberalism is merely a rhetorical trope, a pejorative that lumps together a wide variety of disparate things that proponents of managed capitalism happen to find objectionable (see, e.g., Boas and Gans-Morse 2009). I take a different approach."--Regimes of Inequality (2020) by Julia Lynch "There is no society" (1987) by Thatcher |
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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. 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. However, the defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate.
English-speakers have used the term "neoliberalism" since the start of the 20th century with different meanings, but it became more prevalent in its current meaning in the 1970s and 1980s, used by scholars in a wide variety of social sciences as well as by critics. The term is rarely used by proponents of free market policies.
Some scholars have described the term as meaning different things to different people as neoliberalism has "mutated" into geopolitically distinct hybrids as it travelled around the world. As such, neoliberalism shares many attributes with other concepts that have contested meanings, including democracy.
The definition and usage of the term have changed over time. As 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 recognition of the need to control markets, following the great depression and manifested in policies designed to counter the volatility of free markets, and mitigate their negative social consequences. The impetus for this development arose from a desire to avoid repeating the economic failures of the early 1930s, which was identified to be created by the economic policy of classical liberalism.
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. 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. Once the new meaning of neoliberalism became established as a common usage among Spanish-speaking scholars, it diffused into the English-language study of political economy. By 1994, with the passage of NAFTA and with the Zapatistas' reaction to this development in Chiapas, the term entered global circulation. Scholarship on the phenomenon of neoliberalism has been growing over the last few decades.
Etymology
See also
- Anarcho-capitalism
- Capitalism
- Classical liberalism
- Cultural globalization
- Cultural Marxism
- Economic globalization
- Economic liberalism
- Economic liberalization in the post–World War II era
- Elite theory
- Free market
- Freiburg school
- Globalism
- Globalization
- History of macroeconomic thought
- Inverted totalitarianism
- Libertarianism
- Market fundamentalism
- Neoclassical economics
- Post-neoliberalism
- Reagan Democrat
- Right libertarianism
- Shock therapy (economics)
- Social Darwinism
- Structural adjustment
- Technocracy
- Third Way
- The Trap (television documentary series)
- Trente glorieuses
- Triangulation
- Washington Consensus
