Neoliberalism

Neoliberalism is a political and economic ideology that advocates for free-market capitalism, and that became dominant in policy-making from the late 20th century onward. The term has multiple, competing definitions, and is most often used pejoratively. In scholarly use, the term is often left undefined or used to describe a multitude of phenomena. However, 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 government spending. These policies are designed to increase the role of the private sector in the economy and society. Additionally, the neoliberal project is oriented towards the establishment of institutions and is inherently political in nature, extending beyond mere economic considerations. Neoliberalism has become an increasingly prevalent term in recent decades. It has been a significant factor in the proliferation of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them. The term is largely absent from economics journals. Recent critiques argue that neoliberalism has exacerbated income and wealth inequality by promoting policies that prioritize market efficiency over social welfare. Labor deregulation under neoliberal agendas has led to the rise of nonstandard work arrangements, such as zero-hour contracts, which often lack job security, consistent income, and access to benefits. These conditions disproportionately impact low-wage workers and contribute to broader socioeconomic divides. Additionally, neoliberal reforms have encouraged privatization in education and healthcare, intensifying debates about access and affordability. Critics assert that while neoliberalism may aim for economic growth, its implementation often overlooks the structural disadvantages faced by marginalized populations, raising questions about long-term equity and sustainability. These critiques have fueled contemporary policy discussions about balancing market freedom with inclusive...