View source for Neoliberalism

{{split|Post–World War II neoliberalism|date=April 2025}}
{{Short description|Pejorative term for post-1970s capitalism}}
{{For|neoliberalism in international relations|Liberal institutionalism}}
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'''Neoliberalism'''<ref name="Modern Political Ideologies">{{cite book |last=Vincent |first=Andrew |url=https://books.google.com/books?id=igrwb3rsOOUC |title=Modern Political Ideologies |date=2009 |publisher=Wiley-Blackwell |isbn=978-1405154956 |location=Hoboken, New Jersey |page=[https://books.google.com/books?id=igrwb3rsOOUC&pg=PA337 337] |via=Google Books |quote=<!-- '''Neo-liberalism:''' -->[Neoliberalism is] a revivified version of classical liberalism <!-- , sometimes called economic or neo-classical liberalism. --> ... It has also close intellectual affinities with [American or right-wing] libertarianism. The ideology has, since the 1980s to the present, permeated an enormous amount of policy debates, on a global scale. It is seen, for example, to be the dominant ideology of the IMF and World Bank. It embodies a number of internal doctrinal differences, but the basic tenet is to identify the unregulated free-market capitalist order as the crucial ground for all efficient resource allocation. It is highly individualistic, intrinsically suspicious of all collective state or trades union action, and deeply uneasy with all forms of welfare policy premised on the state[.]}}</ref> is both a [[political philosophy]] and a term used to signify the late-20th-century political reappearance of 19th-century ideas associated with [[free-market capitalism]].<ref>{{bulleted list|
|{{cite encyclopedia |last1=Peck |first1=Jamie |title=Neoliberalism |encyclopedia=International Encyclopedia of Geography: People, the Earth, Environment and Technology |date=2017 |pages=1–12 |doi=10.1002/9781118786352.wbieg0688 |isbn=978-0-470-65963-2}}
|{{cite encyclopedia |last1=Carlquist |first1=Erik |last2=Phelps |first2=Joshua |encyclopedia=Neoliberalism |title=Encyclopedia of Critical Psychology |date=2014 |pages=1231–1237 |doi=10.1007/978-1-4614-5583-7_390 |isbn=978-1-4614-5582-0}}
|{{cite encyclopedia |last1=Morningstar |first1=Natalie |title=Neoliberalism |encyclopedia=The Open Encyclopedia of Anthropology |date=2020 |doi=10.29164/20neolib |doi-access=free}}
|{{cite journal |last1=Mudge |first1=S. L. |title=What is neo-liberalism? |journal=[[Socio-Economic Review]] |date=2008 |volume=6 |issue=4 |pages=703–731 |doi=10.1093/ser/mwn016 |doi-access=free|hdl=11858/00-001M-0000-0012-4899-8 |hdl-access=free}}
}}</ref>{{sfnp|Haymes|Vidal de Haymes|Miller|2015|p=7}}<ref>{{cite book |last=Bloom |first=Peter |date=2017 |title=The Ethics of Neoliberalism: The Business of Making Capitalism Moral |publisher=[[Routledge]] |url=https://www.routledge.com/The-Ethics-of-Neoliberalism-The-Business-of-Making-Capitalism-Moral/Bloom/p/book/9781138667242 |isbn=978-1138667242 |pages=3, 16}}</ref> The term has multiple, competing definitions, and is most often used pejoratively.<ref>{{Cite journal |last1=Babb |first1=Sarah |last2=Kentikelenis |first2=Alexander |date=2021 |title=Markets Everywhere: The Washington Consensus and the Sociology of Global Institutional Change |journal=[[Annual Review of Sociology]] |language=en |volume=47 |issue=47 |pages=521–541 |doi=10.1146/annurev-soc-090220-025543 |issn=0360-0572 |s2cid=235585418 |doi-access=free}}</ref>{{sfnp|Mirowski|Plehwe|2009|p=428|ps=: "[W]e have thus far neglected to 'define' neoliberalism. This is because the premier point to be made about neoliberalism is that it cannot adequately be reduced to a set of Ten Commandments or six tenets or (N-1) key protagonists."}} In scholarly use, the term is often left undefined or used to describe a multitude of phenomena;{{sfnp|Boas|Gans-Morse|2009}}<ref>{{harv|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA1 1]}}: "Neoliberalism is a slippery concept, meaning different things to different people. Scholars have examined the relationships between neoliberalism and a vast array of conceptual categories."</ref><ref>{{cite journal |last1=Rutar |first1=Tibor |date=2023 |title=What is neoliberalism really? A global analysis of its real-world consequences for development, inequality, and democracy |journal=[[Social Science Information]] |volume=62 |issue=3 |pages=295–322 |doi=10.1177/05390184231202950 |doi-access=free}}</ref> however, it is primarily employed to delineate the societal transformation resulting from market-based reforms.{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA2 2]}}

Neoliberalism is an [[economic philosophy]] that originated among European [[Liberalism|liberal]] scholars during the 1930s. It emerged as a response to the perceived decline in popularity of [[classical liberalism]], which was seen as giving way to a [[social liberal]] desire to control markets. This shift in thinking was shaped by the [[Great Depression]] and manifested in policies designed to counter the volatility of [[free market]]s.{{sfnp|Mirowski|Plehwe|2009|pp=14–15}} One motivation for the development of policies designed to mitigate the volatility of [[capitalist]] free markets was a desire to avoid repeating the economic failures of the early 1930s, which have been attributed, in part, to the [[economic policy]] of classical liberalism. In the context of policymaking, ''neoliberalism'' is often used to describe a [[paradigm shift]] that was said to follow the failure of the [[post-war consensus]] and [[neo-Keynesian economics]] to address the [[stagflation]] of the 1970s, though the [[1973 oil crisis|causal factors]] were purely external, which no economic modality has shown to be able to handle.<ref name="FPIF-20042">{{cite journal |last1=Palley |first1=Thomas I. |date=May 5, 2004 |title=From Keynesianism to Neoliberalism: Shifting Paradigms in Economics |journal=Foreign Policy in Focus |url=http://fpif.org/from_keynesianism_to_neoliberalism_shifting_paradigms_in_economics/ |access-date=March 25, 2017}}</ref><ref name="Modern Political Ideologies"/> The [[Dissolution of the Soviet Union]] and the end of the [[Cold War]] also facilitated the rise of neoliberalism in the United States, the United Kingdom and around the world.{{sfnp|Gerstle|2022|pp=10-12, 149|ps=:"The collapse of communism, then, opened the entire world to capitalist penetration, shrank the imaginative and ideological space in which opposition to capitalist thought and practices might incubate, and impelled those who remained leftists to redefine their radicalism in alternative terms, which turned out to be those that capitalist systems could more, rather than less, easily manage. This was the moment when neoliberalism in the United States went from being a political movement to a political order."}}<ref>{{cite book |last=Bartel |first=Fritz |date=2022 |title=The Triumph of Broken Promises: The End of the Cold War and the Rise of Neoliberalism |url=https://www.hup.harvard.edu/catalog.php?isbn=9780674976788 |publisher=[[Harvard University Press]] |isbn=9780674976788 |pages=5–6}}</ref><ref>{{cite book |last=Ghodsee |first=Kristen |author-link=Kristen Ghodsee |date=2018 |title=[[Why Women Have Better Sex Under Socialism]] |url= |location= |publisher=[[Vintage Books]] |pages=3–4 |isbn=978-1568588902|quote=Without the looming threat of a rival superpower, the last thirty years of global neoliberalism have witnessed a rapid shriveling of social programs that protect citizens from cyclical instability and financial crises and reduce the vast inequality of economic outcomes between those at the top and bottom of the income distribution.}}</ref><ref>{{cite journal |last1=Greene|first1=Julie|authorlink1= Julie Greene |date=April 2020|title=Bookends to a Gentler Capitalism: Complicating the Notion of First and Second Gilded Ages|url=|journal=[[The Journal of the Gilded Age and Progressive Era]] |volume=19 |issue=2 |publisher=[[Cambridge University Press]]|pages=197–205|doi=10.1017/S1537781419000628|pmc= |pmid= |access-date= |name-list-style=vanc}}</ref>

''Neoliberalism'' has become an increasingly prevalent term in recent decades.<ref>{{bulleted list|
|{{harvp|Boas|Gans-Morse|2009}}: "Neoliberalism has rapidly become an academic catchphrase. From only a handful of mentions in the 1980s, use of the term has exploded during the past two decades, appearing in nearly 1,000 academic articles annually between 2002 and 2005. Neoliberalism is now a predominant concept in scholarly writing on development and political economy, far outpacing related terms such as monetarism, neoconservatism, the Washington Consensus, and even market reform."
|{{cite book |last=Castree |first=Noel |url=https://books.google.com/books?id=eYWcAQAAQBAJ&pg=PA339 |title=A Dictionary of Human Geography |publisher=[[Oxford University Press]] |year=2013 |isbn=9780199599868 |page=339 |quote='Neoliberalism' is very much a critics' term: it is virtually never used by those whom the critics describe as neoliberals. |via=[[Google Books]]}}
|{{harvp|Stedman Jones|2014|p=13}}: "Friedman and Hayek are identified as the original thinkers and Thatcher and Reagan as the archetypal politicians of Western neoliberalism. Neoliberalism here has a pejorative connotation."
}}</ref><ref name="Handbookscholarship2">{{harvp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA1 1]}}: "Neoliberalism is easily one of the most powerful concepts to emerge within the social sciences in the last two decades, and the number of scholars who write about this dynamic and unfolding process of socio-spatial transformation is astonishing."</ref><ref name="Wilson20172">{{cite book |last=Wilson |first=Julie |url=https://www.routledge.com/Neoliberalism/Wilson/p/book/9781138654631 |title=Neoliberalism |date=2017 |publisher=[[Routledge]] |isbn=978-1138654631 |page=6 |quote=In recent decades, neoliberalism has become an important area of study across the humanities and social sciences.}}</ref><ref name="Hartwich quote">{{harvp|Hartwich|2009|p={{page needed|date=May 2023}}}}; "People rarely call themselves 'neoliberal'." {{verify source|date=May 2023|reason=Did not find quote}}</ref><!--<ref> THIS IS THE CITE FOR THE DOCUMENT ON THE WEBPAGE IDENTIFIED IN THE "Hartwich quote" REF. {{cite journal |title=Contesting 'Actually Existing' Neoliberalism |last=Ryan |first=Matthew |date=June 2015 |journal=Journal of Australian Political Economy |volume=2015 |issue=76 |pages=79–102 |id={{Gale|A439805530}} |url=https://www.ppesydney.net/content/uploads/2020/05/Contesting-actually-existing-neoliberalism.pdf |archive-url=https://web.archive.org/web/20201024033510/https://www.ppesydney.net/content/uploads/2020/05/Contesting-actually-existing-neoliberalism.pdf |archive-date=October 24, 2020 |url-status=live}}</ref>--> It has been a significant factor in the proliferation of [[conservative]] and [[right-libertarian]] organizations, [[political parties]], and [[think tank]]s, and predominantly advocated by them.<ref>{{cite book |last=Haas |first=Eric |url=https://www.routledge.com/Global-Neoliberalism-and-Education-and-its-Consequences/Hill-Kumar/p/book/9780415507110 |title=Global Neoliberalism and Education and its Consequences |date=2011 |publisher=[[Routledge]] |isbn=978-0415507110 |editor1-last=Hill |editor1-first=Dave |pages=172–175 |chapter=The News Media and the Conservative Heritage Foundation |editor2-last=Kumar |editor2-first=Ravi}}</ref><ref name="Handbook144">{{cite book |last1=Hickel |first1=Jason |url=https://www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001 |title=The Handbook of Neoliberalism |date=2016 |publisher=[[Routledge]] |isbn=978-1138844001 |editor1-last=Springer |editor1-first=Simon |page=144 |chapter=Neoliberalism and the End of Democracy |quote=The Reagan/Bush and Thatcher/Major administrations eventually came to power on platforms that promised to enhance individual freedoms by liberating capitalism from the 'shackles' of the state – reducing taxes on the rich, cutting state spending, privatising utilities, deregulating financial markets, and curbing the power of unions. After Reagan and Thatcher, these policies were carried forward by putatively progressive "Third Way" administrations such as Clinton in the United States and Blair in the UK, thus sealing the new economic consensus across party lines. |author1-link=Jason Hickel |editor2-last=Birch |editor2-first=Kean |editor3-last=MacLeavy |editor3-first=Julie |chapter-url=https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA142 |via=[[Google Books]]}}</ref> Neoliberalism is often associated with a set of [[economic liberalization]] policies, including [[privatization]], [[deregulation]], [[depoliticisation]], [[consumer choice]], [[labor market|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]].<ref>{{bulleted list|
|{{harvp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA2 2]}}
|{{harvp|Boas|Gans-Morse|2009}}
|{{harvp|Duménil|Lévy|2004|p={{page needed|date=May 2023}}}}
|{{harvp|Arac|2013|pp=xvi–xvii}}
|{{cite web |date=2004 |title=Neo-Liberal Ideas |url=http://www.who.int/trade/glossary/story067/en/ |url-status=dead |archive-url=https://web.archive.org/web/20040806144320/http://www.who.int/trade/glossary/story067/en/ |archive-date=August 6, 2004 |website=[[World Health Organization]]}}
}}</ref><ref>Collins English Dictionary – Complete and Unabridged HarperCollins Publishers 1991, 1994, 1998, 2000, 2003</ref><ref name="For Business Ethics">{{harvp|Jones|Parker|Bos|2005|p=100}}; "Neoliberalism represents a set of ideas that caught on from the mid to late 1970s, and are famously associated with the economic policies introduced by Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States following their elections in 1979 and 1981. The 'neo' part of neoliberalism indicates that there is something new about it, suggesting that it is an updated version of older ideas about 'liberal economics' which has long argued that markets should be free from intervention by the state. In its simplest version, it reads: markets good, government bad."</ref><ref>{{cite journal |last1=Hathaway |first1=Terry |date=2020 |title=Neoliberalism as Corporate Power |journal=[[Competition & Change]] |volume=24 |issue=3–4 |pages=315–337 |doi=10.1177/1024529420910382 |doi-access=free}}</ref> Additionally, the neoliberal project is oriented towards the establishment of institutions and is inherently political in nature, extending beyond mere economic considerations.<ref>{{bulleted list|
|{{cite book |author=[[Quinn Slobodian|Slobodian, Quinn]] |url=https://books.google.com/books?id=l7pTDwAAQBAJ |title=Globalists: The End of Empire and the Rise of Neoliberalism |publisher=[[Harvard University Press]] |year=2018 |isbn=978-0674979529 |page=2 |quote=In fact, the foundational neoliberal insight is comparable to that of John Maynard Keynes and Karl Polanyi: the market does not and cannot take care of itself. The core of twentieth-century neoliberal theorizing involves what they called the meta-economic or extra-economic conditions for safeguarding capitalism at the scale of the entire world. I show that the neoliberal project focused on designing institutions—not to liberate markets but to encase them, to inoculate capitalism against the threat of democracy, to create a framework to contain often-irrational human behavior, and to reorder the world after empire as a space of competing states in which borders fulfill a necessary function.}}
|{{cite book |author=Whyte, Jessica |url=https://books.google.com/books?id=nPm0DwAAQBAJ |title=The Morals of the Market: Human Rights and the Rise of Neoliberalism |publisher=[[Verso Books]] |year=2019 |isbn=978-1-78663-311-8 |page=8 |quote=What distinguished the neoliberals of the twentieth century from their nineteenth-century precursors, I argue, was not a narrow understanding of the human as ''homo economicus'', but the belief that a functioning competitive market required an adequate moral and legal foundation.}}
|{{cite book |author=Biebricher, Thomas |url=https://books.google.com/books?id=q2vZswEACAAJ |title=The Political Theory of Neoliberalism |date=2018 |publisher=[[Stanford University Press]] |isbn=9781503607835 |pages=26–7 |quote=What all neoliberals share is the problem of how to identify the factors indispensable to the maintenance of functioning markets, since the option of simply leaving them to themselves is no longer on the table ... What exactly it is that ensures the functioning of markets is a matter of continued dispute between different neoliberal thinkers and varieties of neoliberal thought ... [N]eoliberalism must be understood as a discourse in political economy that explicitly addresses the noneconomic preconditions of functioning markets and the interactive effects between markets and their surroundings ... [A]ddressing these questions obviously and inevitably leads into genuinely political territory, which is the reason I have argued that the neoliberal problematic is an inherently political problematic}}
|{{harvp|Mirowski|Plehwe|2009|loc=p. 436: "A primary ambition of the neoliberal project is to redefine the shape and functions of the state, not to destroy it ... they are inclined to explore new formats of techno-managerial governance that protect their ideal market from what they perceive as unwarranted political interference ... One should not confuse marketization of government functions with shrinking the state, however: if anything, bureaucracies become more unwieldy under neoliberal regimes. In practice, 'deregulation' cashes out as 're-regulation', only under a different set of ukases."}}
}}</ref>

The term is rarely used by proponents of free-market policies.<ref>{{Cite magazine |last=Rowden |first=Rick |date=July 6, 2016 |title=The IMF Confronts Its N-Word |url=https://foreignpolicy.com/2016/07/06/the-imf-confronts-its-n-word-neoliberalism/ |access-date=August 25, 2016 |magazine=[[Foreign Policy]]}}</ref> When the term entered into common academic use during the 1980s in association with [[Augusto Pinochet]]'s [[Miracle of Chile|economic reforms]] in [[Military dictatorship of Chile (1973–1990)|Chile]], it quickly acquired negative connotations and was employed principally by critics of market reform and [[laissez-faire capitalism]]. Scholars tended to associate it with the theories of economists working with the [[Mont Pelerin Society]], including [[Friedrich Hayek]], [[Milton Friedman]], [[Ludwig von Mises]], and [[James M. Buchanan]], along with politicians and policy-makers such as [[Margaret Thatcher]], [[Ronald Reagan]], and [[Alan Greenspan]].{{sfnp|Boas|Gans-Morse|2009}}{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA3 3]}}{{sfnp|Gerstle|2022|p=73}} Once the new meaning of neoliberalism became established as common usage among Spanish-speaking scholars, it diffused into the English-language study of [[political economy]].{{sfnp|Boas|Gans-Morse|2009}} By 1994, the term entered global circulation and scholarship about it has grown over the last few decades.<ref name="Handbookscholarship2" /><ref name="Wilson20172" />

== Terminology ==

=== Origins ===
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]],<ref>{{Cite journal |last=Gide |first=Charles |date=January 1, 1898 |title=Has Co-operation Introduced a New Principle into Economics? |url=https://zenodo.org/record/1449661 |journal=[[The Economic Journal]] |volume=8 |issue=32 |pages=490–511 |doi=10.2307/2957091 |jstor=2957091}}</ref> with the term {{lang|fr|néo-libéralisme}} previously existing in French;<ref name="OxfordNeoliberalism2">{{Cite OED|Neoliberalism}}</ref> the term was later used by others, including the classical liberal economist [[Milton Friedman]] in his 1951 essay "Neo-Liberalism and its Prospects".{{sfnp|Burgin|2012|p=[https://books.google.com/books?id=BnZ1qKdXojoC&pg=PA170 170}} In 1938, at the [[Colloque Walter Lippmann]], ''neoliberalism'' was proposed, among other terms, and ultimately chosen to be used to describe a certain set of economic beliefs.{{sfnp|Mirowski|Plehwe|2009|pp=12–13}}{{sfnp|Hartwich|2009|p=19}} 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".{{sfnp|Mirowski|Plehwe|2009|pp=13–14}} According to attendees [[Louis Rougier]] and [[Friedrich Hayek]], the competition of neoliberalism would establish an [[Elitism|elite structure]] of successful individuals that would assume power in society, with these elites replacing the existing [[representative democracy]] acting on the behalf of the majority.<ref>{{Cite book |last=Rougier |first=Louis |title=Les Mystiques économiques |publisher=Librairie de Médicis |year=1949 |pages=18}}</ref><ref>{{Cite book |last=Hayek |first=Friedrich |title=[[Law, Legislation and Liberty]], Vol. 2: The Mirage of Social Justice |year=1976 |pages=113}}</ref> To be ''neoliberal'' meant advocating a modern economic policy with [[state intervention]].{{sfnp|Mirowski|Plehwe|2009|p=48}} Neoliberal state interventionism brought a clash with the opposing ''laissez-faire'' camp of classical liberals, like [[Ludwig von Mises]].<ref>{{cite news |first=Jörg Guido |last=Hülsmann |author-link=Jörg Guido Hülsmann |url=https://mises.org/daily/6022/ |title=Against the Neoliberals |website=[[Ludwig von Mises Institute]] |date=May 2012 |access-date=2014-09-13 |archive-date=2014-09-14 |archive-url=https://web.archive.org/web/20140914002429/https://mises.org/daily/6022/ |url-status=dead }}</ref> Most scholars in the 1950s and 1960s understood neoliberalism as referring to the [[social market economy]] and its principal economic theorists such as [[Walter Eucken]], [[Wilhelm Röpke]], [[Alexander Rüstow]], and [[Alfred Müller-Armack]]. Although Hayek had intellectual ties to the German neoliberals, his name was only occasionally mentioned in conjunction with neoliberalism during this period due to his more pro-free market stance.{{sfnp|Boas|Gans-Morse|2009}}

During the [[Military dictatorship of Chile (1973–90)|military rule under Augusto Pinochet]] (1973–1990) in Chile, opposition scholars took up the expression to describe the [[Neoliberal reforms in Chile|economic reforms implemented there]] and its proponents (the [[Chicago Boys]]).{{sfnp|Boas|Gans-Morse|2009}} Once this new meaning was established among Spanish-speaking scholars, it diffused into the English-language study of political economy.{{sfnp|Boas|Gans-Morse|2009}} According to one study of 148 scholarly articles, neoliberalism is almost never defined but used in several senses to describe ideology, economic theory, development theory, or economic reform policy. It has become used largely as a [[term of abuse]] and/or to imply a ''laissez-faire'' [[market fundamentalism]] virtually identical to that of classical liberalism – rather than the ideas of those who attended the 1938 colloquium. As a result, there is controversy as to the precise meaning of the term and its usefulness as a descriptor in the [[social science]]s, especially as the number of different kinds of market economies have proliferated in recent years.{{sfnp|Boas|Gans-Morse|2009}}

Unrelated to the economic philosophy<!-- described in this article -->, ''neoliberalism'' is used to describe a centrist political movement from [[modern American liberalism]] in the 1970s. According to political commentator [[David Brooks (commentator)|David Brooks]], prominent neoliberal politicians included [[Al Gore]] and [[Bill Clinton]] of the Democratic Party.<ref>{{cite news |first=David |last=Brooks |author-link=David Brooks (commentator) |url=https://www.nytimes.com/2007/03/11/opinion/11brooks.html?_r=0 |title=The Vanishing Neoliberal |work=[[The New York Times]] |date=March 11, 2007|access-date=January 2, 2024}}</ref> The neoliberals coalesced around two magazines, ''[[The New Republic]]'' and the ''[[Washington Monthly]]'';<ref>{{cite magazine |url=https://www.jacobinmag.com/2016/04/chait-neoliberal-new-inquiry-democrats-socialism/ |title=The First Neoliberals |last=Robin |first=Corey |date=April 28, 2016 |magazine=[[Jacobin (magazine)|Jacobin]] |access-date=April 23, 2017}}</ref> they also supported [[Third Way]] policies. The "godfather" of this version of neoliberalism was the journalist [[Charles Peters]],<ref>{{cite magazine |first=Matt |last=Welch |url=http://reason.com/archives/2013/03/25/the-death-of-contrarianism |title=The Death of Contrarianism. The New Republic returns to its Progressive roots as a cheerleader for state power |magazine=[[Reason (magazine)|Reason]] |date=May 2013|access-date=January 2, 2024}}</ref> who in 1983 published "A Neoliberal's Manifesto".<ref>{{cite magazine |last=Peters |first=Charles |date=May 1983 |title=A Neoliberal's Manifesto |url=https://www.washingtonmonthly.com/features/1983/8305_Neoliberalism.pdf |url-status=dead |archive-url=https://web.archive.org/web/20090304093741/https://www.washingtonmonthly.com/features/1983/8305_Neoliberalism.pdf |archive-date=March 4, 2009 |access-date=January 2, 2025 |magazine=Washington Monthly |pages=8–18}}</ref>

=== Current usage ===
Historian Elizabeth Shermer argued that the term gained popularity largely among left-leaning academics in the 1970s to "describe and decry a late twentieth-century effort by policymakers, think-tank experts, and industrialists to condemn social-democratic reforms and unapologetically implement free-market policies";<ref>{{cite journal |first=Elizabeth Tandy |last=Shermer |title=Review |journal=[[Journal of Modern History]] |date=December 2014 |volume=86 |number=4 |pages=884–90|doi=10.1086/678713}}</ref> economic historian Phillip W. Magness notes its reemergence in academic literature in the mid-1980s, after French philosopher [[Michel Foucault]] brought attention to it.<ref name=hegemonic-neoliberalism>{{Cite news |url=https://www.aier.org/article/fairytale-hegemonic-neoliberalism |title=The Fairytale of Hegemonic Neoliberalism |last=Magness |first=Phillip W. |date=June 5, 2019 |work=[[American Institute for Economic Research]] |access-date=July 6, 2019}}</ref>

{{quote box|At a base level we can say that when we make reference to 'neoliberalism', we are generally referring to the new political, economic and social arrangements within society that emphasize market relations, re-tasking the role of the state, and [[individual responsibility]]. Most scholars tend to agree that neoliberalism is broadly defined as the extension of competitive [[market (economics)|markets]] into all areas of life, including the [[economy]], [[politics]] and [[society]].| source = ''The Handbook of Neoliberalism''{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA2 2]}} |width=35% |align=right |quoted=1 |salign=right}}
[[File:US federal minimum wage if it had kept pace with productivity. Also, the inflation-adjusted minimum wage.png|thumb|350px|[[US federal minimum wage]] if it had kept pace with productivity. Also, the real minimum wage.]]
''Neoliberalism'' is contemporarily used to refer to market-oriented reform policies such as "eliminating [[price control]]s, [[deregulation|deregulating]] [[capital markets]], lowering [[trade barriers]]" and reducing, especially through [[privatization]] and [[austerity]], state influence in the economy.{{sfnp|Boas|Gans-Morse|2009}} It is also commonly associated with the economic policies introduced by [[Margaret Thatcher]] in the United Kingdom and [[Ronald Reagan]] in the United States.<ref name="For Business Ethics"/> Some scholars note it has a number of distinct usages in different spheres:{{sfnp|Steger|Roy|2010|p=50}}

* As a [[development model]], it refers to the rejection of [[structuralist economics]] in favor of the [[Washington Consensus]].
* As an [[ideology]], it denotes a conception of freedom as an overarching [[Value (ethics)|social value]] associated with reducing state functions to those of a [[minimal state]].
* As a [[public policy]], it involves the privatization of public economic sectors or services, the deregulation of private corporations, sharp decrease of [[government budget deficit]]s and reduction of spending on [[public works]].

There is debate over the meaning of the term. Sociologists [[Fred L. Block]] and [[Margaret Somers]] claim there is a dispute over what to call the influence of free-market ideas which have been used to justify the retrenchment of [[New Deal]] programs and policies since the 1980s: neoliberalism, ''[[laissez-faire]]'' or "free market ideology".<ref>{{cite book |first1=Fred L. |last1=Block |author1-link=Fred L. Block |first2=Margaret R. |last2=Somers |url=http://www.hup.harvard.edu/catalog.php?isbn=9780674050716 |title=The Power of Market Fundamentalism: Karl Polanyi's Critique |publisher=[[Harvard University Press]] |date=2014 |isbn=978-0674050716 |page=[https://books.google.com/books?id=FSuAAwAAQBAJ&pg=PA3 3] |access-date=2014-11-13 |archive-date=2021-04-29 |archive-url=https://web.archive.org/web/20210429085412/https://www.hup.harvard.edu/catalog.php?isbn=9780674050716 |url-status=dead }}</ref> Other academics such as Susan Braedley, Meg Luxton, and Robert W. McChesney, assert that neoliberalism is a political philosophy which seeks to "liberate" the processes of [[capital accumulation]].<ref name="BraedleyLuxton">Susan Braedley and Meg Luxton, ''[http://www.mqup.ca/neoliberalism-and-everyday-life-products-9780773536739.php Neoliberalism and Everyday Life],'' ([[McGill-Queen's University Press]], 2010), {{ISBN|0773536922}}, [https://books.google.com/books?id=CvD-6GQWr04C&pg=PA3 p. 3]</ref> In contrast, [[Frances Fox Piven]] sees neoliberalism as essentially hyper-[[capitalism]].<ref>Frances Goldin, Debby Smith, Michael Smith (2014). ''Imagine: Living in a Socialist USA.'' [[Harper Perennial]]. {{ISBN|0062305573}} p. 125</ref> [[Robert W. McChesney]], while defining neoliberalism similarly as "capitalism with the gloves off", goes on to assert that the term was largely unknown by the general public in 1998, particularly in the [[United States]].{{sfnp|Chomsky|McChesney|2011|pp=7–8}} [[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".<ref>{{cite book |first=Lester |last=Spence |author-link=Lester Spence |title=Knocking the Hustle: Against the Neoliberal Term in Black Politics |publisher=[[Punctum Books]] |date=2016 |page=3}}</ref> According to [[Philip Mirowski]], neoliberalism views the market as the greatest information processor, superior to any human being. It is hence considered as the arbiter of truth. [[Adam Kotsko]] describes neoliberalism as [[political theology]], as it goes beyond simply being a formula for an economic policy agenda and instead infuses it with a moral ethos that "aspires to be a complete way of life and a holistic worldview, in a way that previous models of capitalism did not."{{sfnp|Kotsko|2018|p=6}}

Neoliberalism is distinct from liberalism insofar as it does not advocate ''laissez-faire'' economic policy, but instead is highly constructivist and advocates a strong state to bring about market-like reforms in every aspect of society.<ref>{{cite web |url=http://www.the-utopian.org/post/53360513384/the-thirteen-commandments-of-neoliberalism |title=The Thirteen Commandments of Neoliberalism |last1=Mirowski |first1=Philip |website=The Utopian |access-date=March 26, 2018}}</ref> 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'.<ref>{{cite book |title=The Divide: A Brief Guide to Global Inequality and its Solutions |last=Hickel |first=Jason |date=2018 |publisher=[[Windmill Books]] |isbn=978-1786090034 |page=218 |quote="People commonly think of neoliberalism as an ideology that promotes totally free markets, where the state retreats from the scene and abandons all interventionist policies. But if we step back a bit, it becomes clear that the extension of neoliberalism has entailed powerful new forms of state intervention. The creation of a global 'free market' required not only violent coups and dictatorships backed by Western governments, but also the invention of a totalizing global bureaucracy – the World Bank, the IMF, the WTO and bilateral free-trade agreements – with reams of new laws, backed up by the military power of the United States."}}</ref> [[Naomi Klein]] states that the three policy pillars of neoliberalism 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]]".<ref>{{cite book |title=This Changes Everything: Capitalism vs the Climate |title-link=This Changes Everything (book) |last=Klein |first=Naomi |date=2014 |publisher=[[Simon & Schuster]] |isbn=978-1451697391 |pages=72–73 |author-link=Naomi Klein}}</ref>

Neoliberalism has a history of being used as a [[pejorative]] by critics. Additionally, Neoliberalism has outpaced similar terms such as [[monetarism]], [[neoconservatism]], the [[Washington Consensus]] and "market reform" in scholarly writing.{{sfnp|Boas|Gans-Morse|2009}} ''The Handbook of Neoliberalism'', for instance, posits that the term has "become a means of identifying a seemingly ubiquitous set of market-oriented policies as being largely responsible for a wide range of social, political, ecological and economic problems".{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA2 2]}} Its use in this manner has been criticized by those who advocate for policies characterized as neoliberal.{{sfnp|Kotz|2015|p=74}} The ''Handbook'', for example, further argues that "such lack of specificity [for the term] reduces its capacity as an analytic frame. If neoliberalism is to serve as a way of understanding the transformation of society over the last few decades, then the concept is in need of unpacking."{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA2 2]}} Historian Daniel Stedman Jones has similarly said that the term "is too often used as a catch-all shorthand for the horrors associated with globalization and recurring financial crises".{{sfnp|Stedman Jones|2014|p=2}} 

Several writers have criticized ''neoliberal'' as an insult or slur used by leftists against liberals and varieties of liberalism that leftists disagree with.<ref>{{Cite magazine |last=Iber |first=Patrick |date=2018-04-23 |title=Worlds Apart |magazine=The New Republic |url=https://newrepublic.com/article/147810/worlds-apart-neoliberalism-shapes-global-economy |access-date=2023-06-19 |issn=0028-6583}}</ref><ref>{{Cite web |last=Chait |first=Jonathan |date=2017-07-16 |title=How 'Neoliberalism' Became the Left's Favorite Insult of Liberals |url=https://nymag.com/intelligencer/2017/07/how-neoliberalism-became-the-lefts-favorite-insult.html |access-date=2023-06-19 |website=Intelligencer |language=en-us}}</ref> British journalist [[Will Hutton]] called neoliberal "an unthinking leftist insult" that "stifle[s] debate."<ref>{{Cite news |last=Hutton |first=Will |date=2019-12-29 |title='Neoliberal' is an unthinking leftist insult. All it does is stifle debate |language=en-GB |work=The Observer |url=https://www.theguardian.com/commentisfree/2019/dec/29/neoliberal-is-unthinking-leftist-insult-all-it-does-it-stifle-debate |access-date=2023-06-19 |issn=0029-7712}}</ref> On the other hand, many scholars believe it retains a meaningful definition. Writing in ''[[The Guardian]]'', Stephen Metcalf posits that the publication of the 2016 [[IMF]] paper "Neoliberalism: Oversold?"<ref name="Ostry2016">{{cite journal |last1=Ostry |first1=Jonathan D. |last2=Loungani |first2=Prakash |last3=Furceri |first3=Davide |year=2016 |title=Neoliberalism: Oversold? |url=http://www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf |archive-url=https://web.archive.org/web/20160527151805/http://www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf |archive-date=May 27, 2016 |url-status=live |journal=[[International Monetary Fund|IMF Finance & Development]] |volume=53 |issue=2}}</ref> helps "put to rest the idea that the word is nothing more than a political slur, or a term without any analytic power".<ref>{{cite news |last=Metcalf |first=Stephen |date=August 18, 2017 |title=Neoliberalism: the idea that swallowed the world |url=https://www.theguardian.com/news/2017/aug/18/neoliberalism-the-idea-that-changed-the-world |work=[[The Guardian]] |access-date=August 22, 2017}}</ref> [[Gary Gerstle]] argues that neoliberalism is a legitimate term,<ref>{{cite news |last=Steinmetz-Jenkins |first=Daniel |date=April 13, 2022 |title=Has Neoliberalism Really Come to an End? |url=https://www.thenation.com/article/politics/neoliberalism-gary-gerstle/ |work=[[The Nation]] |access-date=July 1, 2022}}</ref> and describes it as "a creed that calls explicitly for unleashing capitalism's power."{{sfnp|Gerstle|2022|pp=4–5}} He distinguishes neoliberalism from traditional conservatism, as the latter values respect for traditions and bolstering the institutions which reinforce them, whereas the former seeks to disrupt and overcome any institutions which stand in the way.{{sfnp|Gerstle|2022|pp=4–5}}

Radhika Desai, director of the Geopolitical Economy Research Group at the [[University of Manitoba]], argues that global capitalism reached its peak in 1914, just prior to the two great wars, [[Revolutions of 1917–1923|anti-capitalist revolutions]] and [[Keynesian]] reforms, and the purpose of neoliberalism was to restore capitalism to the preeminence it once enjoyed. She argues that this process has failed as contemporary neoliberal capitalism has fostered a "slowly unfolding economic disaster" and bequeathed to the world increased inequalities, societal divisions, economic misery and a lack of meaningful politics.{{sfnp|Desai|2022|pp=6–8}}

== Early history ==

=== Walter Lippmann Colloquium ===
{{Main|Colloque Walter Lippmann}}
[[File:Graph charting income per capita throughout the Great Depression.svg|thumb|upright=1.15|Per capita income during the [[Great Depression]]<ref>International data from {{cite web |first=Angus |last=Maddison |author-link=Angus Maddison |title=Historical Statistics for the World Economy: 1–2003 AD |date=July 27, 2016 |url=http://www.ggdc.net/maddison/Maddison.htm}}. Gold dates culled from historical sources, principally {{Cite book |title=Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 |author-link=Barry Eichengreen |first=Barry |last=Eichengreen |publisher=[[Oxford University Press]] |location=New York |year=1992 |isbn=978-0-19-506431-5 |url=https://archive.org/details/goldenfettersgol00eich}}</ref>]]

The [[Great Depression]] in the 1930s, which severely decreased [[economic output]] throughout the world and produced high [[unemployment]] and widespread [[poverty]], was widely regarded as a failure of [[economic liberalism]].<ref>{{cite web |last1=van Otten |first1=George |title=The End of Economic Liberalism |url=https://www.e-education.psu.edu/geog597i_02/node/767 |website=GEOG 597i: Critical Geospatial Thinking and Applications |publisher=Penn State Department of Geography |access-date=July 6, 2019}}</ref> To renew the damaged ideology, a group of 25 liberal intellectuals, including a number of prominent academics and journalists like [[Walter Lippmann]], [[Friedrich Hayek]], [[Ludwig von Mises]], [[Wilhelm Röpke]], [[Alexander Rüstow]], and [[Louis Rougier]], organized the [[Colloque Walter Lippmann|Walter Lippmann Colloquium]], named in honor of Lippmann to celebrate the publication of the French translation of Lippmann's pro-[[Market (economics)|market]] book ''An Inquiry into the Principles of the Good Society''.<ref name="NR-Colloqium">{{cite news |last1=Solow |first1=Robert M. |title=Hayek, Friedman, and the Illusions of Conservative Economics |url=https://newrepublic.com/article/110196/hayek-friedman-and-the-illusions-conservative-economics |access-date=August 14, 2019 |publisher=[[The New Republic]] |date=November 15, 2012}}</ref>{{sfnp|Burgin|2012|pp=[https://books.google.com/books?id=BnZ1qKdXojoC&pg=PA58 58–62]}} Meeting in Paris in August 1938, they called for a new liberal project, with "neoliberalism" one name floated for the fledgling movement.{{sfnp|Hartwich|2009|pp=18–19}} They further agreed to develop the Colloquium into a permanent think tank based in Paris called the Centre International d'Études pour la Rénovation du Libéralisme.{{sfnp|Burgin|2012|p=[https://books.google.com/books?id=BnZ1qKdXojoC&pg=PA56 56]}}

While most agreed that the ''[[status quo]]'' liberalism promoting ''laissez-faire'' economics had failed, deep disagreements arose around the proper role of the [[Government|state]]. A group of "true (third way) neoliberals" centered around Rüstow and Lippmann advocated for strong state supervision of the economy while a group of old school liberals centered around Mises and Hayek continued to insist that the only legitimate role for the state was to abolish barriers to market entry. Rüstow wrote that Hayek and Mises were relics of the liberalism that caused the Great Depression while Mises denounced the other faction, complaining that the [[ordoliberalism]] they advocated really meant "ordo-interventionism".{{sfnp|Hartwich|2009|pp=19–20}}

Divided in opinion and short on funding, the Colloquium was mostly ineffectual; related attempts to further neoliberal ideas, such as the effort by Colloque-attendee [[Wilhelm Röpke]] to establish a journal of neoliberal ideas, mostly floundered.<ref name="NR-Colloqium"/> Fatefully, the efforts of the Colloquium would be overwhelmed by the outbreak of [[World War II]] and were largely forgotten.<ref name="JACKSON p=129">{{cite journal |last=Jackson |first=Ben |title=At the Origins of Neo-Liberalism: The Free Economy and the Strong State, 1930–1947 |journal=[[The Historical Journal]] |volume=53 |issue=1 |date=January 29, 2010 |issn=0018-246X |doi=10.1017/s0018246x09990392 |pages=129–51 |s2cid=154994025}}</ref> Nonetheless, the Colloquium served as the first meeting of the nascent neoliberal movement and would serve as the precursor to the [[Mont Pelerin Society]], a far more successful effort created after the war by many of those who had been present at the Colloquium.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}}

=== Mont Pelerin Society ===
{{Main|Mont Pelerin Society}}
[[File:Friedrich Hayek portrait.jpg|thumb|upright|[[Friedrich Hayek]]]]
Neoliberalism began accelerating in importance with the establishment of the [[Mont Pelerin Society]] in 1947, whose founding members included [[Friedrich Hayek]], [[Milton Friedman]], [[Karl Popper]], [[George Stigler]] and [[Ludwig von Mises]]. Meeting annually, it became a "kind of international 'who's who' of the classical liberal and neo-liberal intellectuals."<ref>{{cite book |author=[[George H. Nash|Nash, George H.]] |title=The Conservative Intellectual Movement in America Since 1945, Thirtieth-Anniversary Edition |publisher=[[Intercollegiate Studies Institute]] |date=2006 |isbn=978-1-933859-12-5 |url=https://books.google.com/books?id=etQ6AwAAQBAJ |page=35}}</ref>{{sfnp|Mirowski|Plehwe|2009|p=5 |ps=: "The Mont Pèlerin Society and related networks of neoliberal partisan think tanks can serve as a directory of organized neoliberalism"}} While the first conference in 1947 was almost half American, the Europeans dominated by 1951. Europe would remain the epicenter of the community as Europeans dominated the leadership roles.{{sfnp|Mirowski|Plehwe|2009|pp=16–17}}

Established during a time when [[central planning]] was in the ascendancy worldwide and there were few avenues for neoliberals to influence policymakers, the society became a "rallying point" for neoliberals, as Milton Friedman phrased it, bringing together isolated advocates of liberalism and [[capitalism]]. They were united in their belief that individual freedom in the developed world was under threat from collectivist trends,{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} which they outlined in their statement of aims:
<blockquote>The central values of civilization are in danger. Over large stretches of the Earth's surface the essential conditions of human dignity and freedom have already disappeared. In others, they are under constant menace from the development of current tendencies of policy. The position of the individual and the voluntary group are progressively undermined by extensions of arbitrary power. Even that most precious possession of Western Man, freedom of thought and expression, is threatened by the spread of creeds which, claiming the privilege of tolerance when in the position of a minority, seek only to establish a position of power in which they can suppress and obliterate all views but their own...The group holds that these developments have been fostered by the growth of a view of history which denies all absolute moral standards and by the growth of theories which question the desirability of the rule of law. It holds further that they have been fostered by a decline of belief in private property and the competitive market...[This group's] object is solely, by facilitating the exchange of views among minds inspired by certain ideals and broad conceptions held in common, to contribute to the preservation and improvement of the free society.<ref>{{cite web |title=Statement of Aims |date=April 8, 1947 |url=https://www.montpelerin.org/statement-of-aims/ |website=The Mont Pelerin Society |access-date=July 16, 2019 |archive-date=October 14, 2021 |archive-url=https://web.archive.org/web/20211014133354/https://www.montpelerin.org/statement-of-aims/ |url-status=dead}}</ref></blockquote>

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.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} They believed that classical liberalism had failed because of crippling conceptual flaws which could only be diagnosed and rectified by withdrawing into an intensive discussion group of similarly minded intellectuals;{{sfnp|Mirowski|Plehwe|2009|p=16}} however, they were determined that the liberal focus on [[individualism]] and [[economic freedom]] must not be abandoned to collectivism.<ref>{{cite news |title=The birth of neoliberalism |url=https://www.economist.com/books-and-arts/2012/10/13/new-brooms |access-date=July 25, 2019 |publisher=[[The Economist]] |date=October 13, 2012}}</ref>

== Post–World War II neoliberal currents ==
For decades after the formation of the [[Mont Pelerin Society]], the ideas of the society would remain largely on the fringes of political policy, confined to a number of think-tanks and universities{{sfnp|Harvey|2005|p=40}} and achieving only measured success with the [[ordoliberal]]s in [[Germany]], who maintained the need for strong state influence in the economy. It would not be until a succession of economic downturns and crises in the 1970s that neoliberal policy proposals would be widely implemented. By this time, neoliberal thought had evolved. The early neoliberal ideas of the [[Mont Pelerin Society]] had sought to chart a middle way between the trend of increasing government intervention implemented after the [[Great Depression]] and the ''laissez-faire'' economics many in the society believed had produced the Great Depression. [[Milton Friedman]], wrote in his early essay "Neo-liberalism and Its Prospects" that "Neo-liberalism would accept the nineteenth-century liberal emphasis on the fundamental importance of the individual, but it would substitute for the nineteenth century goal of ''laissez-faire'' as a means to this end, the goal of the competitive order", which requires limited state intervention to "police the system, establish conditions favorable to competition and [[United States antitrust law|prevent monopoly]], provide a stable [[Central bank|monetary framework]], and relieve acute misery and distress."<ref>{{cite news |last1=Friedman |first1=Milton |title=Neo-Liberalism and Its Prospects |url=https://miltonfriedman.hoover.org/objects/57816/neoliberalism-and-its-prospects?ctx=b8c0f32e-f5a4-4e53-ba3d-cf017b993579&idx=0 |access-date=July 25, 2019 |publisher=Farmand |date=February 17, 1951}}</ref> By the 1970s, neoliberal thought—including Friedman's—focused almost exclusively on [[market liberalization]] and was adamant in its opposition to nearly all forms of state interference in the economy.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}}

One of the earliest and most influential turns to neoliberal reform occurred in [[Chile]] after an economic crisis in the early 1970s. After several years of [[socialist]] economic policies under president [[Salvador Allende]], a [[1973 Chilean coup d'état|1973 coup d'état]], which established a [[military junta]] under dictator [[Augusto Pinochet]], led to the implementation of a number of sweeping neoliberal economic reforms that had been proposed by the [[Chicago Boys]], a group of Chilean economists educated under [[Milton Friedman]]. This "neoliberal project" served as "the first experiment with neoliberal state formation" and provided an example for neoliberal reforms elsewhere.{{sfnp|Harvey|2005|p=7}} Beginning in the early 1980s, the [[Presidency of Ronald Reagan|Reagan administration]] and [[Margaret Thatcher|Thatcher government]] implemented a series of neoliberal economic reforms to counter the chronic [[stagflation]] the [[United States]] and [[United Kingdom]] had each experienced throughout the 1970s. Neoliberal policies continued to dominate American and British politics until the [[Great Recession]].{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} Following British and American reform, neoliberal policies were exported abroad, with countries in [[Latin America]], the [[Asia-Pacific]], the [[Middle East]], and [[China]] implementing significant neoliberal reform. Additionally, the [[International Monetary Fund]] and [[World Bank]] encouraged neoliberal reforms in many [[developing countries]] by placing reform requirements on loans, in a process known as [[structural adjustment]].{{sfnp|Harvey|2005|p=29}}

=== Germany ===
[[File:Bundesarchiv B 145 Bild-F015320-0010, Ludwig Erhard.jpg|thumb|upright|[[Ludwig Erhard]]]]

Neoliberal ideas were first implemented in [[West Germany]]. The economists around [[Ludwig Erhard]] drew on the theories they had developed in the 1930s and 1940s and contributed to West Germany's reconstruction after the Second World War.{{sfnp|Hartwich|2009|p=22}} Erhard was a member of the Mont Pelerin Society and in constant contact with other neoliberals. He pointed out that he is commonly classified as neoliberal and that he accepted this classification.<ref>{{cite book |first=Ludwig |last=Erhard |author-link=Ludwig Erhard |chapter-url=http://www.franz-oppenheimer.de/le64a.htm |chapter=Franz Oppenheimer, dem Lehrer und Freund |language=de |trans-chapter=Franz Oppenheimer, the teacher and friend |editor-first=Ludwig |editor-last=Erhard |editor-link=Ludwig Erhard |title=Gedanken aus fünf Jahrzehnten, Reden und Schriften |trans-title=Thoughts from five decades, speeches and writings |publisher=Karl Hohmann |location=Düsseldorf |date=1988 |page=861 |quote=Rede zu Oppenheimers 100. Geburtstag, gehalten in der Freien Universität Berlin (1964). |trans-quote=Speech on Oppenheimer's 100th birthday, held at the Freie Universität Berlin (1964). |isbn=9783430125390}}</ref>

The [[ordoliberal]] [[Freiburg School]] was more pragmatic. The German neoliberals accepted the classical liberal notion that competition drives economic prosperity. However, they argued that a ''laissez-faire'' state policy stifles competition, as the strong devour the weak since monopolies and cartels could pose a threat to freedom of competition. They supported the creation of a well-developed legal system and capable regulatory apparatus. While still opposed to full-scale Keynesian employment policies or an extensive [[welfare state]], German neoliberal theory was marked by the willingness to place [[Humanistic capitalism|humanistic]] and social values on par with economic efficiency. [[Alfred Müller-Armack]] coined the phrase "social market economy" to emphasize the [[Egalitarianism|egalitarian]] and humanistic bent of the idea.{{sfnp|Boas|Gans-Morse|2009}} According to Boas and Gans-Morse, [[Walter Eucken]] stated that "social security and social justice are the greatest concerns of our time".{{sfnp|Boas|Gans-Morse|2009}}

[[File:Marshallplanhilfe.gif|thumb|left|upright|Builders in [[West Berlin]], 1952]]

Erhard emphasized that the market was inherently social and did not need to be made so.{{sfnp|Hartwich|2009|p={{page needed|date=May 2023}} }} He hoped that growing prosperity would enable the population to manage much of their social security by self-reliance and end the necessity for a widespread welfare state. By the name of ''Volkskapitalismus'', there were some efforts to foster private savings. Although average contributions to the public old age insurance were quite small, it remained by far the most important old age income source for a majority of the German population, therefore despite liberal rhetoric the 1950s witnessed what has been called a "reluctant expansion of the welfare state". To end widespread poverty among the elderly the pension reform of 1957 brought a significant extension of the German welfare state which already had been established under [[Otto von Bismarck]].<ref>{{cite book |first=Werner |last=Abelshauser |title=Deutsche Wirtschaftsgeschichte seit 1945 |language=de |trans-title=German economic history since 1945 |publisher=C.H. Beck |date=2011 |isbn=978-3-406-510946 |page=192}}</ref> Rüstow, who had coined the label "neoliberalism", criticized that development tendency and pressed for a more limited welfare program.{{sfnp|Hartwich|2009|p={{page needed|date=May 2023}}}}

Hayek did not like the expression "social market economy", but stated in 1976 that some of his friends in Germany had succeeded in implementing the sort of social order for which he was pleading while using that phrase. In Hayek's view, the social market economy's aiming for both a market economy and [[social justice]] was a muddle of inconsistent aims.<ref>{{cite book |first=Josef |last=Drexl |title=Die wirtschaftliche Selbstbestimmung des Verbrauchers |language=de |trans-title=The economic self-determination of the consumer |publisher=J.C.B. Mohr |date=1998 |isbn=3-16-146938-0 |chapter=Freiheitssicherung auch gegen den Sozialstaat |trans-chapter=Safeguarding freedom also against the welfare state |page=144}}</ref> Despite his controversies with the German neoliberals at the Mont Pelerin Society, [[Ludwig von Mises]] stated that Erhard and Müller-Armack accomplished a great act of liberalism to restore the German economy and called this "a lesson for the US".<ref>{{cite book |first=Ralf |last=Ptak |title=Vom Ordoliberalismus zur Sozialen Marktwirtschaft: Stationen des Neoliberalismus in Deutschland |language=de |trans-title=From Ordoliberalism to the Social Market economy: Stations of Neoliberalism in Germany |date=2004 |pages=18–19}}</ref> According to different research Mises believed that the ordoliberals were hardly better than socialists. As an answer to Hans Hellwig's complaints about the interventionist excesses of the Erhard ministry and the ordoliberals, Mises wrote: "I have no illusions about the true character of the politics and politicians of the social market economy". According to Mises, Erhard's teacher [[Franz Oppenheimer]] "taught more or less the [[New Frontier]] line of" [[John F Kennedy|President Kennedy's]] "Harvard consultants ([[Arthur M. Schlesinger|Schlesinger]], [[John Kenneth Galbraith|Galbraith]], etc.)".<ref>{{cite book |first=Jörg Guido |last=Hülsmann |author-link=Jörg Guido Hülsmann |title=Mises: The Last Knight of Liberalism |year=2007 |isbn=978-1933550183 |pages=1007–08|publisher=Ludwig von Mises Institute }}</ref>

In Germany, neoliberalism at first was synonymous with both ordoliberalism and social market economy. But over time the original term neoliberalism gradually disappeared since social market economy was a much more positive term and fit better into the {{lang|de|[[Wirtschaftswunder]]}} (economic miracle) mentality of the 1950s and 1960s.{{sfnp|Hartwich|2009|p={{page needed|date=May 2023}}}}

=== Latin America ===
In the 1980s, numerous governments in Latin America adopted neoliberal policies.<ref>{{cite book |first=Peter |last=Kingstone |title=The Rise and Fall (and Rise Again?) of Neoliberalism in Latin America |publisher=[[SAGE Publications]] Ltd |date=2018 |isbn=}}</ref><ref name="Otero 2012 pp. 282–294">{{cite journal |last=Otero |first=Gerardo |title=The neoliberal food regime in Latin America: state, agribusiness transnational corporations and biotechnology |journal=Canadian Journal of Development Studies/Revue canadienne d'études du développement |publisher=Informa UK Limited |volume=33 |issue=3 |year=2012 |issn=0225-5189 |doi=10.1080/02255189.2012.711747 |pages=282–294 |s2cid=59042471 |oclc=4912306096}}</ref><ref>{{cite book |first=Ben Ross |last=Schneider |chapter=The material bases of technocracy: Investor confidence and neoliberalism in Latin America |title=The politics of expertise in Latin America |editor1-first=Miguel A. |editor1-last=Centeno |editor2-first=Patricio |editor2-last=Silva |publisher=[[Palgrave Macmillan]] |date=1998 |pages=77–95 |url=https://www.palgrave.com/gp/book/9780312210267 |archive-url=https://web.archive.org/web/20191102140153/https://www.palgrave.com/gp/book/9780312210267 |archive-date=November 2, 2019}}</ref>

==== Chile ====
{{further|Crisis of 1982|Miracle of Chile|2019–2021 Chilean protests}}
Chile was among the earliest nations to implement neoliberal reform. [[Marxism|Marxist]] economic geographer [[David Harvey]] has described the substantial neoliberal reforms in Chile beginning in the 1970s as "the first experiment with neoliberal state formation", which would provide "helpful evidence to support the subsequent turn to neoliberalism in both Britain... and the United States."{{sfnp|Harvey|2005|p=}} Similarly, [[Vincent Bevins]] says that Chile under [[Augusto Pinochet]] "became the world's first test case for 'neoliberal' economics."<ref>{{cite book |last1=Bevins |first1=Vincent |author1-link=Vincent Bevins |title=[[The Jakarta Method|The Jakarta Method: Washington's Anticommunist Crusade and the Mass Murder Program that Shaped Our World]] |date=2020 |publisher=[[PublicAffairs]] |page=207 |isbn=978-1541742406}}</ref>

The turn to neoliberal policies in Chile originated with the [[Chicago Boys]], a select group of Chilean students who, beginning in 1955, were invited to the [[University of Chicago]] to pursue postgraduate studies in economics. They studied directly under [[Milton Friedman]] and his disciple, [[Arnold Harberger]], and were exposed to [[Friedrich Hayek]]. Upon their return to Chile, their neoliberal policy proposals—which centered on widespread [[deregulation]], [[privatization]], reductions to government spending to counter high inflation, and other free-market policies<ref>{{cite news |last1=Opazo |first1=Tania |title=The Boys Who Got to Remake an Economy |url=https://slate.com/business/2016/01/in-chicago-boys-the-story-of-chilean-economists-who-studied-in-america-and-then-remade-their-country.html |access-date=July 6, 2019 |publisher=[[Slate (magazine)|Slate]] |date=January 12, 2016}}</ref>—would remain largely on the fringes of Chilean economic and political thought for a number of years, as the [[presidency of Salvador Allende]] (1970–1973) brought about a [[socialist]] reorientation of the economy.<ref>{{cite magazine |url=http://www.time.com/time/magazine/article/0,9171,907929,00.html |title=CHILE: The Bloody End of a Marxist Dream |magazine=[[Time (magazine)|Time]] |archive-url=https://web.archive.org/web/20080925065855/http://www.time.com/time/magazine/article/0,9171,907929,00.html |archive-date=September 25, 2008 |quote=....Allende's downfall had implications that reached far beyond the borders of Chile. His had been the first democratically elected Marxist government in Latin America...}}</ref>

[[File:Economic growth of Chile.PNG|thumb|upright=1.15 |Chilean (orange) and average Latin American (blue) rates of growth of [[GDP]] (1971–2007)]]

During the Allende presidency, Chile experienced a severe economic crisis, in which inflation peaked near 150%.<ref name="news.bbc.co.uk">{{cite news |url=http://news.bbc.co.uk/2/hi/americas/63821.stm |work=[[BBC News]] |title=Pinochet's rule: Repression and economic success |date=January 7, 2001 |access-date=May 12, 2010}}</ref> Following an extended period of social unrest and political tension, as well as diplomatic, economic, and covert pressure from the [[United States]],<ref>{{cite web |url=http://www2.gwu.edu/~nsarchiv/NSAEBB/NSAEBB8/nsaebb8i.htm |title=Chile and the United States: Declassified Documents Relating to the Military Coup, September 11, 1973 |first=Peter |last=Kornbluh}}</ref> the Chilean armed forces and national police overthrew the Allende government in a [[1973 Chilean coup d'état|coup d'état]].<ref>{{cite magazine |url=http://www.csmonitor.com/2006/1211/p00s01-woam.html |title=Controversial legacy of former Chilean dictator Augusto Pinochet |quote=...Gen. Augusto Pinochet, who overthrew Chile's democratically elected Communist government in a 1973 coup ... |archive-url=https://web.archive.org/web/20080516194106/http://www.csmonitor.com/2006/1211/p00s01-woam.html |archive-date=May 16, 2008 |magazine=[[The Christian Science Monitor]] |date=December 11, 2006}}</ref> They established a repressive [[military junta|military ''junta'']], known for its violent [[Indictment and arrest of Augusto Pinochet|suppression of opposition]], and appointed army chief Augusto Pinochet Supreme Head of the nation.<ref>{{cite book |first=Genaro Arriagada |last=Herrera |title=Pinochet: The Politics of Power |url=https://books.google.com/books?id=7F8VAAAAIAAJ&pg=PA36 |year=1988 |publisher=[[Allen & Unwin]] |isbn=978-0-04-497061-3 |page=36 |via=[[Google Books]]}}</ref> His rule was later given legal legitimacy through a controversial [[1980 Chilean constitutional referendum|1980 plebiscite]], which approved a new [[Chilean Constitution of 1980|constitution]] drafted by a government-appointed commission that ensured Pinochet would remain as president for a further eight years—with increased powers—after which he would face a re-election referendum.<ref name=Brit-Pinochet-Regime>{{cite web |last1=Drake |first1=Paul W. |last2=Johnson |first2=John J. |last3=Caviedes |first3=César N. |last4=Carmagnani |first4=Marcello A. |title=The military dictatorship, from 1973 |url=https://www.britannica.com/place/Chile/The-military-dictatorship-from-1973 |website=Encyclopædia Britannica |access-date=July 11, 2019}}</ref>

The Chicago Boys were given significant political influence within the [[Military government of Chile (1973–1990)|military dictatorship]], and they implemented [[Economic history of Chile#Neoliberal reforms (1973–1990)|sweeping economic reform]]. In contrast to the extensive [[nationalization]] and centrally planned economic programs supported by Allende, the Chicago Boys implemented rapid and extensive privatization of state enterprises, deregulation, and significant reductions in trade barriers during the latter half of the 1970s.<ref>{{cite news |title=Explainer: Chile's 'Chicago Boys,' a model for Brazil now? |url=https://www.reuters.com/article/us-brazil-politics-chicagoboys-explainer/explainer-chiles-chicago-boys-a-model-for-brazil-now-idUSKCN1OY1OU |access-date=July 6, 2019 |publisher=[[Reuters]] |date=January 4, 2019}}</ref> In 1978, policies that would further reduce the role of the state and infuse competition and individualism into areas such as labor relations, pensions, health and education were introduced.{{sfnp|Boas|Gans-Morse|2009}} Additionally, the central bank raised interest rates from 49.9% to 178% to counter high inflation.<ref>{{cite book |first=Anil |last=Hira |title=Ideas and Economic Policy in Latin America |publisher=Praeger Publishers |date=1998 |isbn=0-275-96269-5 |page=81}}</ref>

[[File:Panfleto Tercera Jornada Protesta Nacional.jpg|thumb|left |Pamphlet calling for [[Jornadas de Protesta Nacional|a protest]] of economic policy in 1983 following [[Crisis of 1982|the economic crisis]]<ref name=salazar2>{{cite book |title=Historia contemporánea de Chile III. La economía: mercados empresarios y trabajadores |language=es |trans-title=Contemporary history of Chile III. The economy: business and worker markets |date=2002 |first1=Gabriel |last1=Salazar |author1-link=Gabriel Salazar |first2=Julio |last2=Pinto |author2-link=Julio Pinto |pages=49–62}}</ref><ref name="kas.de">{{cite web |publisher=[[Konrad Adenauer Foundation]] |first1=Helmut |last1=Wittelsbürger |first2=Albrecht von |last2=Hoff |url=http://www.kas.de/wf/doc/kas_4084-544-1-30.pdf?040415182627 |title=Chile's Way to the Social Market Economy}}</ref>]]

These policies amounted to a [[Shock therapy (economics)|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.<ref name="K. Remmer 1998 5-55">{{cite journal |first=K. |last=Remmer |year=1979 |title=Public Policy and Regime Consolidation: The First Five Years of the Chilean Junta |journal=Journal of the Developing Areas |pages=441–461}}</ref> Inflation was tempered, falling from over 600% in 1974, to below 50% by 1979, to below 10% right before the [[Crisis of 1982|economic crisis of 1982]];<ref name="World Bank-2019">{{cite web |title=Inflation, GDP deflator (annual %) |url=https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG?locations=CL |website=[[World Bank]] |access-date=July 8, 2019}}</ref> GDP growth spiked (see chart) to 10%.<ref>{{Cite web |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=CL |title=GDP Growth (annual %) |website=[[World Bank]] |access-date=July 7, 2019}}</ref> however, inequality widened as wages and benefits to the working class were reduced.<ref name="Winn-2004">{{Cite book |editor-first=Peter |editor-last=Winn |editor-link=Peter Winn |url=https://www.dukeupress.edu/Victims-of-the-Chilean-Miracle/ |title=Victims of the Chilean Miracle: Workers and Neoliberalism in the Pinochet Era, 1973–2002 |publisher=[[Duke University Press]] |date=2004 |isbn=082233321X}}</ref><ref>{{cite book |first1=Pamela |last1=Constable |author-link=Pamela Constable |first2=Arturo |last2=Valenzuela |author2-link=Arturo Valenzuela |title=A Nation of Enemies: Chile Under Pinochet |publisher=[[W. W. Norton & Company]] |date=1993 |isbn=0393309851 |page=219}}</ref>

In 1982, Chile again experienced a [[Crisis of 1982|severe economic recession]]. The cause of this is contested but most scholars believe the [[Latin American debt crisis]]—which swept nearly all of Latin America into financial crisis—was a primary cause.<ref name="salazar23">''Historia contemporánea de Chile III. La economía: mercados empresarios y trabajadores''. 2002. [[Gabriel Salazar]] and [[Julio Pinto]]. pp. 49–-62.</ref> Some scholars argue the neoliberal policies of the Chicago boys heightened the crisis (for instance, percent GDP decrease was higher than in any other Latin American country) or even caused it;<ref name="salazar23"/> for instance, some scholars criticize the high interest rates of the period which—while stabilizing inflation—hampered investment and contributed to widespread bankruptcy in the banking industry. Other scholars fault governmental departures from the neoliberal [[Political agenda|agenda]]; for instance, the government pegged the Chilean peso to the US dollar, against the wishes of the Chicago Boys, which economists believe led to an overvalued peso.<ref name="The Political Economy of Unilateral Trade Liberalization">{{cite journal |year=1990 |title=The Political Economy of Unilateral Trade Liberalization |url=http://www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf |archive-url=https://web.archive.org/web/20040730125426/http://www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf |archive-date=July 30, 2004 |url-status=live |journal=[[UCLA]] |access-date=December 6, 2010}}</ref><ref name="Two Lucky People2">{{cite book |year=1998 |title=Two Lucky People |url=https://archive.org/details/twoluckypeopleme00frie |url-access=registration |quote=sergio de castro. |access-date=April 8, 2011 |publisher=[[University of Chicago Press]] |isbn=9780226264158 |last1=Friedman |first1=Milton |author1-link=Milton Friedman |last2=Friedman |first2=Rose D.}}</ref>

[[File:Unemployment Chile.png|thumb|upright=1.15 |Unemployment in Chile and South America (1980–1990)]]

After the recession, Chilean economic growth rose quickly, eventually hovering between 5% and 10% and significantly outpacing the Latin American average (see chart). Additionally, unemployment decreased<ref>{{cite web |title=Unemployment Rate: Aged 15 and Over: All Persons for Chile |url=https://fred.stlouisfed.org/series/LRUNTTTTCLA156N |website=FRED |date=January 1986 |publisher=Organization for Economic Co-operation and Development |access-date=July 8, 2019}}</ref> and the percent of the population below the poverty line declined from 50% in 1984 to 34% by 1989.<ref name=Hoover-ChicagoBoys>{{Cite news |url=https://www.hoover.org/research/what-pinochet-did-chile |title=What Pinochet Did for Chile |last1=Packenham |first1=Robert A. |date=January 30, 2007 |work=[[Hoover Institution]] |access-date=July 7, 2019 |last2=Ratliff |first2=William}}</ref> This led [[Milton Friedman]] to call the period the "[[Miracle of Chile]]", and he attributed the successes to the neoliberal policies of the Chicago boys. Some scholars attribute the successes to the re-regulation of the banking industry and a number of targeted social programs designed to alleviate poverty.<ref name=Hoover-ChicagoBoys/> Others say that while the economy had stabilized and was growing by the late 1980s, inequality widened: nearly 45% of the population had fallen into poverty while the wealthiest 10% had seen their incomes rise by 83%.<ref>{{cite book |author-link=Naomi Klein |last=Klein |first=Naomi |date=2008 |title=[[The Shock Doctrine: The Rise of Disaster Capitalism]] |publisher=[[Picador (imprint)|Picador]] |isbn=978-0312427993 |page=[https://books.google.com/books?id=PwHUAq5LPOQC&pg=PA105 105]}}</ref> According to Chilean economist [[Alejandro Foxley]], when Pinochet finished his 17-year term by 1990, around 44% of Chilean families were living below the poverty line.<ref>{{Cite journal |last=Hojman |first=David E. |date=1996 |title=Poverty and Inequality in Chile: Are Democratic Politics and Neoliberal Economics Good for You? |url=https://www.jstor.org/stable/166361 |journal=Journal of Interamerican Studies and World Affairs |volume=38 |issue=2/3 |pages=73–96 |doi=10.2307/166361 |jstor=166361 |issn=0022-1937|url-access=subscription }}</ref><ref>{{cite news |url=https://www.pbs.org/wgbh/commandingheights/shared/minitext/int_alejandrofoxley.html#2 |title=PBS Interview with Alejandro Foxley conducted March 26, 2001 |work=[[The Commanding Heights: The Battle for the World Economy]] |access-date=December 4, 2014}}</ref>{{Primary source inline|date=August 2022}}

Despite years of suppression by the Pinochet junta, a presidential election was held in 1988, as dictated by the 1980 constitution (though not without Pinochet first holding another plebiscite in an attempt to amend the constitution).<ref name=Brit-Pinochet-Regime/> In 1990, [[Patricio Aylwin]] was democratically elected, bringing an end to the military dictatorship. The reasons cited for Pinochet's acceptance of democratic transition are numerous. Hayek, echoing arguments he had made years earlier in ''[[The Road to Serfdom]],''<ref name="Chicago Press 1944 p.95">{{cite book |first=Friedrich |last=Hayek |author-link=Friedrich Hayek |title=[[The Road to Serfdom]] |year=1944 |publisher=[[University of Chicago Press]] |edition=50th Anniversary edition (1944) |isbn=0-226-32061-8 |page=95}}</ref> argued that the increased economic freedom he believed the neoliberal reforms had brought had put pressure on the dictatorship over time, resulting in a gradual increase in political freedom and, ultimately, the restoration of democracy.{{citation needed|date=July 2019}} The Chilean scholars Javier Martínez and Alvaro Díaz reject this argument, pointing to the long tradition of democracy in Chile. They assert that the defeat of the Pinochet regime and the return of democracy came primarily from large-scale mass rebellion that eventually forced party [[elite]]s to use existing institutional mechanisms to restore democracy.<ref>{{cite book |first1=Alvaro Díaz |last1=Eco |first2=Javier Martínez |last2=Bengoa |first3=Diaz |last3=Martinez |first4=Dharam |last4=Ghai |title=Chile: The Great Transformation |publisher=[[Brookings Institution Press]] |date=1996 |isbn=0-8157-5478-7 |pages=3–4}}</ref>

[[File:GDP per capita LA-Chile-2.png|thumb|upright=1.15 |GDP per capita in Chile and Latin America 1950–2010 (time under Pinochet highlighted)]]

In the 1990s, neoliberal economic policies broadened and deepened, including unilateral tariff reductions and the adoption of free trade agreements with a number of Latin American countries and Canada.<ref name=Chile-IMF>{{cite journal |last1=Aninat |first1=Eduardo |title=Chile in the 1990s: Embracing Development Opportunities |journal=[[Finance & Development]] |date=March 2000 |volume=37 |issue=1 |url=https://www.imf.org/external/pubs/ft/fandd/2000/03/aninat.htm |access-date=July 11, 2019}}</ref> At the same time, the decade brought increases in government expenditure on social programs to tackle poverty and poor quality housing.<ref>{{cite book |last1=Dominguez |first1=Jorge |title=Constructing democratic governance in Latin America |date=2003 |publisher=[[Johns Hopkins University Press]] |isbn=1421409798}}</ref> Throughout the 1990s, Chile maintained high growth, averaging 7.3% from 1990 to 1998.<ref name=Chile-IMF/> Eduardo Aninat, writing for the IMF journal ''Finance & Development'', called the period from 1986 to 2000 "the longest, strongest, and most stable period of growth in [Chile's] history."<ref name=Chile-IMF/> In 1999, there was a brief recession brought about by the [[Asian financial crisis]], with growth resuming in 2000 and remaining near 5% until the [[Great Recession]].<ref>{{cite web |title=GDP growth (annual %) |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=CL |website=The World Bank |access-date=July 11, 2019}}</ref>

In sum, the neoliberal policies of the 1980s and 1990s—initiated by a repressive [[authoritarianism|authoritarian government]]—transformed the Chilean economy from a [[protectionism|protected market]] with high [[barriers to trade]] and hefty [[government intervention]] into one of the world's most [[open economy|open]] [[free-market]] economies.<ref>{{cite web |title=2019 |work=[[Index of Economic Freedom]] |url=https://www.heritage.org/index/ranking |publisher=[[The Heritage Foundation]] |access-date=July 8, 2019 |archive-date=October 26, 2017 |archive-url=https://web.archive.org/web/20171026110910/http://www.heritage.org/index/ranking |url-status=unfit }}</ref><ref name="K. Remmer 1998 5-55"/> Chile experienced the worst economic bust of any Latin American country during the [[Latin American debt crisis]] (several years into neoliberal reform), but also had one of the most robust recoveries,<ref name=Heritage-Chile/> rising from the poorest Latin American country in terms of [[GDP per capita]] in 1980 (along with Peru) to the richest in 2019.<ref name="VOX-CEPR">{{cite web |last1=Edwards |first1=Sebastian |title=Chile's insurgency and the end of neoliberalism |url=https://voxeu.org/article/chile-s-insurgency-and-end-neoliberalism |website=[[Vox (website)|VOX]] |publisher=Center for Economic and Policy Research |date=November 30, 2019}}</ref> Average annual economic growth from the mid-1980s to the Asian crisis in 1997 was 7.2%, 3.5% between 1998 and 2005, and growth in per capita real income from 1985 to 1996 averaged 5%—all outpacing Latin American averages.<ref name=Heritage-Chile>{{cite news |last1=Buc |first1=Hernán Büchi |title=How Chile Successfully Transformed Its Economy |url=https://www.heritage.org/international-economies/report/how-chile-successfully-transformed-its-economy |archive-url=https://web.archive.org/web/20170208170956/http://www.heritage.org/international-economies/report/how-chile-successfully-transformed-its-economy |url-status=unfit |archive-date=February 8, 2017 |access-date=July 8, 2019 |publisher=[[The Heritage Foundation]] |date=September 18, 2006}}</ref><ref>{{cite journal |last=Becker |first=Gary S. |author-link=Gary Becker |year=1997 |editor1-last=Robinson |editor1-first=Peter |title=What Latin America Owes to the "Chicago Boys" |url=http://www.hoover.org/publications/hoover-digest/article/7743 |url-status=dead |journal=[[Hoover Institution#Publications|Hoover Digest]] |issue=4 |issn=1088-5161 |archive-url=https://web.archive.org/web/20100724040917/http://www.hoover.org/publications/hoover-digest/article/7743 |archive-date=July 24, 2010 |access-date=October 3, 2010}}</ref> Inflation was brought under control.<ref name="World Bank-2019" /> Between 1970 and 1985 the [[infant mortality]] rate in Chile fell from 76.1 per 1000 to 22.6 per 1000,<ref name="WDI2">{{cite web |website=[[World Bank]] |date=April 2010 |location=Washington, DC |access-date=October 1, 2010 |url=http://data.worldbank.org |title=World Development Indicators database}}</ref> the lowest in Latin America.<ref>{{cite book |title=Economic Reforms in Chile: From Dictatorship to Democracy |last=French-Davis |first=Ricardo |publisher=[[University of Michigan Press]] |location=Ann Arbor, MI |page=188}}</ref> Unemployment from 1980 to 1990 decreased, but remained higher than the South American average (which was stagnant). And despite public perception among Chileans that economic inequality has increased, Chile's [[Gini coefficient]] has in fact dropped from 56.2 in 1987 to 46.6 in 2017.<ref name="VOX-CEPR"/><ref>{{cite web |title=GINI index (World Bank estimate) – Chile |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=CL |publisher=The World Bank}}</ref> While this is near the Latin American average, Chile still has one of the highest Gini coefficients in the [[OECD]], an organization of mostly [[developed countries]] that includes Chile but not most other Latin American countries.<ref>{{cite web |title=Income inequality |url=https://data.oecd.org/inequality/income-inequality.htm |website=OECD Data |publisher=[[Organisation for Economic Co-operation and Development]] |access-date=January 22, 2020 |archive-url=https://web.archive.org/web/20190918094533/https://data.oecd.org/inequality/income-inequality.htm |archive-date=September 18, 2019 |url-status=dead}}</ref> Furthermore, the Gini coefficient measures only [[income inequality]]; Chile has more mixed inequality ratings in the OECD's [[OECD Better Life Index|Better Life Index]], which includes indexes for more factors than only income, like [[housing]] and [[education]].<ref>{{cite web |title=OECD Better Life Index |url=http://www.oecdbetterlifeindex.org/ |publisher=[[Organisation for Economic Co-operation and Development]]}}</ref><ref name="VOX-CEPR"/> Additionally, the percentage of the Chilean population living in poverty rose from 17% in 1969 to 45% in 1985<ref>Ricardo Ffrench-Davis, ''Economic Reforms in Chile: From Dictatorship to Democracy'', [[University of Michigan Press]], 2002, {{ISBN|978-0472112326}}, p. 193</ref> at the same time government budgets for education, health and housing dropped by over 20% on average.<ref name="Petras and Vieux 1998 57-72">{{Cite journal |last1=Petras |first1=James |last2=Vieux |first2=Steve |date=July 1990 |title=The Chilean "economic miracle": an empirical critique |journal=[[Critical Sociology (journal)|Critical Sociology]] |volume=17 |issue=2 |pages=57–72 |doi=10.1177/089692059001700203 |s2cid=143590493}}</ref> The era was also marked by economic instability.<ref name=Sen-Chile>{{Cite book |title=Hunger and Public Action |last=Sen |first=Amartya |publisher=[[Oxford University Press]] |year=1991 |isbn=9780198283652}}</ref>

Overall, scholars have mixed opinions on the effects of the neoliberal reforms. The [[CIA World Factbook]] states that Chile's "sound economic policies", maintained consistently since the 1980s, "have contributed to steady economic growth in Chile and have more than halved poverty rates,"<ref name="cia.gov">[https://www.cia.gov/the-world-factbook/countries/chile/ Chile]. ''[[The World Factbook]]''. [[Central Intelligence Agency]].</ref> and some scholars have even called the period the "[[Miracle of Chile]]". Other scholars have called it a failure that led to extreme inequalities in the distribution of income and resulted in severe socioeconomic damage.<ref name="kas.de"/> It is also contested how much these changes were the result of neoliberal economic policies and how much they were the result of other factors;<ref name=Sen-Chile/> in particular, some scholars argue that after the [[Crisis of 1982]] the "pure" neoliberalism of the late 1970s was replaced by a focus on fostering a [[social market economy]] that mixed neoliberal and social welfare policies.{{sfnp|Harvey|2005|p=74}}<ref>{{cite journal |first=Silvia |last=Borzutzky |title=From Chicago to Santiago: Neoliberalism and social security privatization in Chile |journal=[[Governance (journal)|Governance]] |volume=18 |number=4 |date=2005 |pages=655–674 |doi=10.1111/j.1468-0491.2005.00296.x |url=https://www.researchgate.net/publication/229866806}}</ref>

As a response to the [[2019–20 Chilean protests]], a [[2020 Chilean national plebiscite|national plebiscite]] was held in October 2020 to decide whether the [[Chilean Constitution of 1980|Chilean constitution]] would be rewritten. The "approve" option for a new constitution to replace the Pinochet-era constitution, which entrenched certain neoliberal principles into the country's basic law, won with 78% of the vote.<ref>{{Cite news |date=October 26, 2020 |title=Jubilation as Chile votes to rewrite constitution |url=https://www.bbc.com/news/world-latin-america-54687090 |work=[[BBC News]]}}</ref><ref name="bonnefoy">{{Cite news |last=Bonnefoy |first=Pascale |date=October 25, 2020 |title='An End to the Chapter of Dictatorship': Chileans Vote to Draft a New Constitution |url=https://www.nytimes.com/2020/10/25/world/americas/chile-constitution-plebiscite.html |archive-url=https://web.archive.org/web/20201025171006/https://www.nytimes.com/2020/10/25/world/americas/chile-constitution-plebiscite.html |archive-date=October 25, 2020 |url-access=subscription |url-status=live |access-date=November 22, 2020 |work=[[The New York Times]]}}</ref> However, in [[2022 Chilean constitutional referendum|September 2022]], the referendum to approve a rewritten the constitution was rejected with 61% of the vote.

==== Peru ====
{{Further|Plan Verde}}
Peruvian economist [[Hernando de Soto (economist)|Hernando de Soto]], the founder of one of the first neoliberal organizations in Latin America, [[Institute for Liberty and Democracy]] (ILD), began to receive assistance from [[Ronald Reagan]]'s administration, with the [[National Endowment for Democracy]]'s Center for International Private Enterprise (CIPE) providing his ILD with funding.<ref name="Pee-2018a">{{Cite book |last=Pee |first=Robert |title=The Reagan Administration, the Cold War, and the Transition to Democracy Promotion |publisher=[[Palgrave Macmillan]] |year=2018 |isbn=978-3319963815 |pages=178–180}}</ref><ref name="Pee-2018">{{Cite book |last=Pee |first=Robert |title=The Reagan Administration, the Cold War, and the Transition to Democracy Promotion |publisher=[[Palgrave Macmillan]] |year=2018 |isbn=978-3319963815 |pages=168–187}}</ref><ref name="Mitchell-2005">{{Cite journal |last=Mitchell |first=Timothy |date=2005 |title=The work of economics: how a discipline makes its world |journal=[[European Journal of Sociology]] |volume=46 |issue=2 |pages=299–310 |doi=10.1017/S000397560500010X |doi-access=free}}</ref> The economic policy of [[President of Peru|President]] [[Alan García]] distanced Peru from international markets, resulting in lower foreign investment in the country.<ref name="CHA-2010">{{Cite web |date=June 2, 2010 |title=Welcome, Mr. Peruvian President: Why Alan García is no hero to his people |url=http://www.coha.org/welcome-mr-peruvian-president-why-alan-garcia-is-no-hero-to-his-people/ |access-date=April 18, 2019 |url-status=live |archive-url=https://web.archive.org/web/20190418150551/http://www.coha.org/welcome-mr-peruvian-president-why-alan-garcia-is-no-hero-to-his-people/ |archive-date=April 18, 2019 |website=[[Council on Hemispheric Affairs]]}}</ref> Under García, Peru experienced [[hyperinflation]] and increased confrontations with the guerrilla group [[Shining Path]], leading the country towards high levels of instability.<ref name="Burt-1998">{{Cite journal |last=Burt |first=Jo-Marie |date=September–October 1998 |title=Unsettled accounts: militarization and memory in postwar Peru |journal=[[NACLA|NACLA Report on the Americas]] |publisher=[[Taylor & Francis]] |volume=32 |issue=2 |pages=35–41 |doi=10.1080/10714839.1998.11725657 |quote=the military's growing frustration over the limitations placed upon its counterinsurgency operations by democratic institutions, coupled with the growing inability of civilian politicians to deal with the spiraling economic crisis and the expansion of the Shining Path, prompted a group of military officers to devise a coup plan in the late 1980s. The plan called for the dissolution of Peru's civilian government, military control over the state, and total elimination of armed opposition groups. The plan, developed in a series of documents known as the "Plan Verde," outlined a strategy for carrying out a military coup in which the armed forces would govern for 15 to 20 years and radically restructure state-society relations along neoliberal lines.}}</ref> The Peruvian armed forces grew frustrated with the inability of the García administration to handle the nation's crises and began to draft an operation – [[Plan Verde]] – to overthrow his government.<ref name="Burt-1998" />

The military's Plan Verde involved the "[[Genocide|total extermination]]" of impoverished and indigenous Peruvians perceived as a drain on the economy, the control or [[censorship]] of media in the nation and the establishment of a [[neoliberal]] economy in Peru.<ref name="CANbio">{{cite journal |last1=Gaussens |first1=Pierre |date=2020 |title=The forced serilization of indigenous population in Mexico in the 1990s |journal=[[Canadian Journal of Bioethics]] |volume=3 |issue=3 |pages=180+ |doi=10.7202/1073797ar |s2cid=234586692 |quote=a government plan, developed by the Peruvian army between 1989 and 1990s to deal with the Shining Path insurrection, later known as the 'Green Plan', whose (unpublished) text expresses in explicit terms a genocidal intention |doi-access=free}}</ref><ref name="Burt-1998"/> During his campaigning for the [[1990 Peruvian general election]], [[Alberto Fujimori]] initially expressed concern against the proposed neoliberal policies of his opponent [[Mario Vargas Llosa]].<ref>{{cite web |date=April 14, 1990 |title=La frugalidad de "Cambio 90" y el derroche de Fredemo |trans-title=The frugality of "Cambio 90" and the waste of Fredemo |publisher=El Proceso |url=http://www.proceso.com.mx/154825/la-frugalidad-de-cambio-90-y-el-derroche-de-fredemo |access-date=December 27, 2017 |archive-date=September 20, 2018 |archive-url=https://web.archive.org/web/20180920122715/https://www.proceso.com.mx/154825/la-frugalidad-de-cambio-90-y-el-derroche-de-fredemo |url-status=dead |language=es}}</ref> Peruvian magazine ''[[Oiga (magazine)|Oiga]]'' reported that, following the election, the armed forces were unsure of Fujimori's willingness to fulfill the plan's objectives, though they planned to convince Fujimori to agree to the operation prior to his inauguration.<ref name="Oiga-1993">{{Cite magazine |date=July 12, 1993 |title=El "Plan Verde" Historia de una traición |trans-title=The "Green Plan" Story of a betrayal |url=https://www.scribd.com/document/310286817/El-Plan-Verde |magazine=[[Oiga (magazine)|Oiga]] |volume=647 |language=es}}</ref> After taking office, Fujimori abandoned his campaign's economic platform, adopting more aggressive neoliberal policies than those espoused by his election competitor Vargas Llosa.<ref name="gouge32">{{Cite book |last=Gouge |first=Thomas |title=Exodus from Capitalism: The End of Inflation and Debt |date=2003 |page=363}}</ref> With Fujimori's compliance, plans for a coup as designed in Plan Verde were prepared for two years and finally executed during the [[1992 Peruvian coup d'état]], which ultimately established a civilian-military regime.<ref name="LAgolpe1">{{cite journal |last1=Cameron |first1=Maxwell A. |date=June 1998 |title=Latin American Autogolpes: Dangerous Undertows in the Third Wave of Democratisation |journal=[[Third World Quarterly]] |publisher=[[Taylor & Francis]] |volume=19 |issue=2 |page=228 |doi=10.1080/01436599814433 |quote=the outlines for Peru's presidential coup were first developed within the armed forces before the 1990 election. This Plan Verde was shown to President Fujimorti after the 1990 election before his inauguration. Thus, the president was able to prepare for an eventual self-coup during the first two years of his administration}}</ref><ref name="Oiga-1993"/>

Shortly after the inauguration of Fujimori, his government received a $715 million grant from [[United States Agency for International Development|United States Agency for International Development (USAID)]] on 29 September 1990 for the Policy Analysis, Planning and Implementation Project (PAPI) that was developed "to support economic policy reform in the country".<ref name="US AID-1997">{{Cite web |date=May 1997 |title=Evaluation of the Policy Analysis, Planning and Implementation (PAPI) Project USAID/Peru |url=https://pdf.usaid.gov/pdf_docs/PDABR060.pdf |archive-url=https://web.archive.org/web/20061007061521/http://pdf.usaid.gov/pdf_docs/PDABR060.pdf |archive-date=October 7, 2006 |url-status=dead |website=[[United States Agency of International Development]]}}</ref> De Soto proved to be influential to Fujimori, who began to repeat de Soto's advocacy for deregulating the Peruvian economy.<ref>{{Cite news |date=March 4, 1991 |title=Peru's Fujimori Weighs In On Behalf of Street Sellers Nation's informal economy is protected in president's economic plan |work=[[The Christian Science Monitor]]}}</ref> Under Fujimori, de Soto served as "the President's personal representative", with ''[[The New York Times]]'' describing de Soto as an "overseas salesman", while others dubbed de Soto as the "informal president" for Fujimori.<ref name="Brooke-1990">{{Cite news |last1=Brooke |first1=James |date=November 27, 1990 |title=A Peruvian Is Laying Out Another Path |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/1990/11/27/world/a-peruvian-is-laying-out-another-path.html |access-date=September 26, 2020 |issn=0362-4331}}</ref><ref name="Pee-2018a"/> In a recommendation to Fujimori, de Soto called for a "shock" to Peru's economy.<ref name="Pee-2018a"/> The policies included a 300% tax increase, unregulated prices and privatizing two-hundred and fifty state-owned entities.<ref name="Pee-2018a"/> The policies of de Soto led to the immediate suffering of poor Peruvians who saw unregulated prices increase rapidly.<ref name="Pee-2018a" /> Those living in poverty saw prices increase so much that they could no longer afford food.<ref name="Pee-2018a" /> ''The New York Times'' wrote that de Soto advocated for the collapse of Peru's society, with the economist saying that a civil crisis was necessary to support the policies of Fujimori.<ref name="NYTfeb">{{cite news |last1=Nash |first1=Nathaniel C. |date=February 24, 1991 |title=The World; Fujimori In the Time Of Cholera |page=Section 4, Page 2 |work=[[The New York Times]] |url=https://www.nytimes.com/1991/02/24/weekinreview/the-world-fujimori-in-the-time-of-cholera.html |access-date=August 5, 2021}}</ref> Fujimori and de Soto would ultimately break their ties after de Soto recommended increased involvement of citizens within the government, which was received with disapproval by Fujimori.<ref>{{Cite news |last=Robinson |first=Eugene |date=March 23, 1991 |url=https://www.washingtonpost.com/archive/politics/1991/03/23/peruvians-puzzle-over-president/7010b183-2ef6-4e76-8d53-710d9f5921d6/|title=Peruvians Puzzle Over President; Popularity Plummets As 'Fujishock' Felt |page=a12 |newspaper=[[The Washington Post]] |quote=But when de Soto announced a program of administrative reform to involve the public in government decisions, Fujimori's cabinet undercut him.}}</ref> USAID would go on to assist the Fujimori government with rewriting the 1993 Peruvian constitution, with the agency concluding in 1997 that it helped with the "preparation of legislative texts" and "contributed to the emergence of a private sector advisory role".<ref name="Rendon-2013">{{Cite book |last=Rendón |first=Silvio |title=La intervención de los Estados Unidos en el Perú |language=es |trans-title=The intervention of the United States in Peru |publisher=Editorial Sur |year=2013 |isbn=9786124574139 |pages=150–152}}</ref><ref name="US AID-1997"/> The policies promoted by de Soto and implemented by Fujimori eventually caused macroeconomic stability and a reduction in the rate of [[inflation]], though Peru's poverty rate remained largely unchanged with over half of the population living in poverty in 1998.<ref name="Pee-2018a"/><ref name="Stokes-1997">{{cite journal |last1=Stokes |first1=Susan |title=Are Parties What's Wrong with Democracy in Latin America? |journal=XX International Congress of the Latin American Studies Association, Guadalajara, Mexico, April 17–19, 1997 |year=1997 |citeseerx=10.1.1.569.1490}}</ref><ref>{{Cite book |last=Pee |first=Robert |title=The Reagan Administration, the Cold War, and the Transition to Democracy Promotion |publisher=[[Palgrave Macmillan]] |year=2018 |isbn=978-3319963815 |pages=187–188}}</ref>

According to the [[Foundation for Economic Education]], USAID, the [[United Nations Population Fund|United Nations Population Fund (UNFPA)]] and the [[Nippon Foundation]] also supported the sterilization efforts of the Fujimori government.<ref name="McMaken-2018">{{Cite web |last=McMaken |first=Ryan |date=October 26, 2018 |title=How the U.S. Government Led a Program That Forcibly Sterilized Thousands of Poor Peruvian Women in the 1990s |url=https://fee.org/articles/the-us-government-led-a-program-that-forcibly-sterilized-thousands-of-peruvian-women/ |access-date=August 4, 2021 |website=[[Foundation for Economic Education]] |language=en}}</ref> E. Liagin reported that from 1993 to 1998, USAID "basically took charge of the national health system of Peru" during the period of forced sterilizations.<ref name="McMaken-2018"/> At least 300,000 Peruvians were victims of forced sterilization by the Fujimori government in the 1990s, with the majority being affected by the [[National Population Program|PNSRPF]].<ref name="CANbio"/> The policy of sterilizations resulted in a generational shift that included a smaller younger generation that could not provide economic stimulation to rural areas, making such regions more impoverished.<ref name="BBC News-2002">{{Cite news |date=July 24, 2002 |title=Mass sterilisation scandal shocks Peru |language=en-GB |work=[[BBC News]] |url=http://news.bbc.co.uk/2/hi/americas/2148793.stm |access-date=August 4, 2021}}</ref>

Though economic statistics show improved economic data in Peru in recent decades, the wealth earned between 1990 and 2020 was not distributed throughout the country; living standards showed disparities between the more-developed capital city of Lima and similar coastal regions while rural provinces remained impoverished.<ref name="BA Times-2021">{{Cite web |date=June 3, 2021 |title=Buenos Aires Times {{!}} Inequality fuels rural teacher's unlikely bid to upend Peru |url=https://batimes.com.ar/news/latin-america/inequality-fuels-a-rural-teachers-unlikely-bid-to-upend-peru.phtml |url-status=live |archive-url=https://web.archive.org/web/20210604101055/https://batimes.com.ar/news/latin-america/inequality-fuels-a-rural-teachers-unlikely-bid-to-upend-peru.phtml |archive-date=June 4, 2021 |access-date=June 4, 2021 |website=[[Buenos Aires Times]] |publisher=[[Bloomberg.com|Bloomberg]]}}</ref><ref name="Allen-2021">{{cite magazine |last=Allen |first=Nicolas |date=June 1, 2021 |title=Pedro Castillo Can Help End Neoliberalism in Peru |url=https://jacobinmag.com/2021/06/pedro-castillo-peru-libre-keiko-fujimori-runoff-election-june-6-neoliberalism |url-status=live |archive-url=https://web.archive.org/web/20210618113630/https://www.jacobinmag.com/2021/06/pedro-castillo-peru-libre-keiko-fujimori-runoff-election-june-6-neoliberalism |archive-date=June 18, 2021 |access-date=June 3, 2021 |magazine=[[Jacobin (magazine)|Jacobin]]}}</ref><ref name="O'Boyle-2021">{{Cite web |last=O'Boyle |first=Brendan |date=May 3, 2021 |title=Pedro Castillo and the 500-Year-Old Lima vs Rural Divide |url=https://www.americasquarterly.org/article/pedro-castillo-and-the-500-year-old-lima-vs-rural-divide/ |url-status=live |archive-url=https://web.archive.org/web/20210603100944/https://www.americasquarterly.org/article/pedro-castillo-and-the-500-year-old-lima-vs-rural-divide/ |archive-date=June 3, 2021 |access-date=June 3, 2021 |website=[[Americas Quarterly]] |language=en-US}}</ref> Sociologist Maritza Paredes of the [[Pontifical Catholic University of Peru]] stated, "People see that all the natural resources are in the countryside but all the benefits are concentrated in Lima."<ref name="BA Times-2021"/> In 2020, the [[COVID-19 pandemic in Peru]] compounded these disparities,<ref name="Allen-2021"/><ref name="O'Boyle-2021"/> with political scientist Professor Farid Kahhat of the Pontifical Catholic University of Peru stating that, "market reforms in Peru have yielded positive results in terms of reducing poverty ... But what the pandemic has laid bare, particularly in Peru, is that poverty was reduced while leaving the miserable state of public services unaltered{{snd}}most clearly in the case of health services."<ref name="Allen-2021"/> The candidacy of [[Pedro Castillo]] in the [[2021 Peruvian general election]] brought attention to the disparities between urban and rural Peruvians, with much of his support being earned in the exterior portions of the country.<ref name="O'Boyle-2021"/> Castillo ultimately won the election, with ''The New York Times'' reporting his victory as the "clearest repudiation of the country's establishment".<ref>{{Cite news |last=Tegel |first=Simeon |title=Presumed President-elect Pedro Castillo faces challenges in Peru |url=https://www.aljazeera.com/news/2021/6/18/who-is-pedro-castillo-perus-presumed-president-elect |access-date=June 22, 2021 |work=[[Al Jazeera Arabic|Al Jazeera]] |language=en}}</ref><ref>{{cite news |last1=Taj |first1=Mitra |last2=Turkewitz |first2=Julie |date=July 20, 2021 |title=Pedro Castillo, Leftist Political Outsider, Wins Peru Presidency |work=[[The New York Times]] |url=https://www.nytimes.com/2021/07/19/world/americas/peru-election-pedro-castillo.html |archive-url=https://ghostarchive.org/archive/20211228/https://www.nytimes.com/2021/07/19/world/americas/peru-election-pedro-castillo.html |archive-date=December 28, 2021 |url-access=limited |access-date=July 20, 2021}}{{cbignore}}</ref>

==== Argentina ====
{{further|José Alfredo Martínez de Hoz|Domingo Cavallo}}
In the 1960s, [[Latin America]]n intellectuals began to notice the ideas of [[ordoliberalism]]; they often used the Spanish term "neoliberalismo" to refer to this school of thought. They were particularly impressed by the [[social market economy]] and the [[Wirtschaftswunder]] ("economic miracle") in Germany and speculated about the possibility of accomplishing similar policies in their own countries. Neoliberalism in 1960s Argentina meant a philosophy that was more moderate than entirely [[Laissez-faire]] [[free market|free-market]] [[capitalism]] and favored using state policy to temper [[social inequality]] and counter a tendency towards monopoly.{{sfnp|Boas|Gans-Morse|2009}}

In 1976, the [[National Reorganization Process|military dictatorship]]'s economic plan led by [[José Alfredo Martínez de Hoz]] was the first attempt at establishing a neoliberal program in Argentina. They implemented a fiscal [[austerity]] plan that reduced money printing in an attempt to counter inflation. In order to achieve this, salaries were frozen; however, they were unable to reduce inflation, which led to a drop in the real salary of the working class. They also liberalized trade policy so that foreign goods could freely enter the country. Argentina's industry, which had been on the rise for 20 years after the economic policies of former president [[Arturo Frondizi]], rapidly declined as it was not able to compete with foreign goods. Following the measures, there was an increase in poverty from 9% in 1975 to 40% at the end of 1982.<ref name="Winn-2004" />

From 1989 to 2001, more neoliberal policies were implemented by [[Domingo Cavallo]]. This time, the privatization of public services was the main focus, although financial deregulation and free trade with foreign nations were also re-implemented. Along with an increased [[labour market flexibility]], the unemployment rate dropped to 18.3%.<ref>{{Cite journal |date=2005 |title=Poster Child or Victim of Imperialist Globalization? Explaining Argentina's December 2001 Political Crisis and Economic Collapse |jstor=30040267 |journal=[[Latin American Perspectives]] |volume=32 |issue=6 |pages=65–89 |last1=Carranza |first1=Mario E. |doi=10.1177/0094582X05281114 |s2cid=144975029}}</ref> Public perception of the policies was mixed; while some of the privatization was welcomed, much of it was criticized for not being in the people's best interests. Protests resulted in the death of 29 people at the hands of police.<ref>{{Cite journal |last1=Malamud |first1=Andrés |year=2015 |title=Social Revolution or Political Takeover? The Argentine Collapse of 2001 Reassessed |journal=[[Latin American Perspectives]] |volume=42 |page=10 |doi=10.1177/0094582X13492710 |s2cid=153480464}}</ref>

==== Mexico ====
Along with many other Latin American countries in the early 1980s, [[Mexico]] experienced a [[Latin American debt crisis|debt crisis]]. In 1983 the Mexican government ruled by the [[Institutional Revolutionary Party#:~:text=The Institutional Revolutionary Party (Spanish,, PNR), then as the|PRI]], the Institutional Revolutionary Party, [[Mexico and the International Monetary Fund|accepted loans from the IMF]].&nbsp;Among the conditions set by the IMF were requirements for Mexico to privatize state-run industries, [[Devaluation|devalue their currency]], decrease [[trade barrier]]s, and restrict governmental spending.<ref name="Musacchio-2012">{{Cite journal |last=Musacchio |first=Aldo |date=May 8, 2012 |title=Mexico's Financial Crisis of 1994–1995 |url=http://nrs.harvard.edu/urn-3:HUL.InstRepos:9056792 |journal=[[Harvard Business School|Harvard Business School Working Paper]] |issue=12–101 |via=Digital Access to Scholarship at Harvard}}</ref> These policies were aimed at stabilizing Mexico's economy in the short run. Later, Mexico tried to expand these policies to encourage growth and [[foreign direct investment]] (FDI).

The decision to accept the IMF's neoliberal reforms split the PRI between those on the right who wanted to implement neoliberal policies and those the left who did not.<ref name="Laurell-2015">{{Cite journal |last=Laurell |first=Asa Cristina |date=2015 |title=Three Decades of Neoliberalism in Mexico: The Destruction of Society |url=https://journals.sagepub.com/doi/10.1177/0020731414568507 |journal=[[International Journal of Health Services]] |volume=45 |issue=2 |pages=246–264 |doi=10.1177/0020731414568507 |pmid=25813500 |s2cid=35915954 |via=SAGE|url-access=subscription }}</ref> [[Carlos Salinas de Gortari]], who took power in 1988, doubled down on neoliberal reforms. His policies opened up the financial sector by deregulating the banking system and privatizing commercial banks.<ref name="Musacchio-2012" /><ref name="Laurell-2015" /> Though these policies did encourage a small amount of growth and FDI, the growth rate was below what it had been under previous governments in Mexico, and the increase in foreign investment was largely from existing investors.<ref name="Laurell-2015" /> 
[[File:President Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas participate in the... - NARA - 186460.jpg|thumb|U.S. President Bush, Canadian PM Mulroney, and Mexican President Salinas participate in the ceremonies to sign the North American Free Trade Agreement (NAFTA).]]
On 1 January 1994 the [[Zapatista Army of National Liberation|Zapatista Army]] of National Liberation, named for [[Emiliano Zapata]], a leader in the Mexican revolution, launched an armed rebellion against the Mexican government in the Chiapas region.<ref>{{Cite news |last=Godelmann |first=Iker Reyes |date=July 30, 2014 |title=The Zapatista Movement: The Fight for Indigenous Rights in Mexico |work=Australian Institute for International Affairs |url=http://www.internationalaffairs.org.au/news-item/the-zapatista-movement-the-fight-for-indigenous-rights-in-mexico/}}</ref> Among their demands were rights for indigenous Mexicans as well as opposition to the [[North American Free Trade Agreement]] (NAFTA), which solidified a strategic alliance between state and business.<ref>{{cite journal |last1=Bensabat Kleinberg |first1=Remonda |year=1999 |title=Strategic Alliances: State-Business Relations in Mexico Under Neo-Liberalism and Crisis |journal=[[Bulletin of Latin American Research]] |volume=18 |issue=1 |pages=71–87 |doi=10.1111/j.1470-9856.1999.tb00188.x}}</ref>&nbsp; NAFTA, a trade agreement between the [[United States]], [[Canada]], and Mexico, significantly aided in Mexico's efforts to liberalize trade.

In 1994, the same year of the Zapatista rebellion and the enactment of NAFTA, Mexico faced a [[Mexican peso crisis|financial crisis]]. The crisis, also known as the [[Mexican peso crisis|"Tequila Crisis"]] began in December 1994 with the devaluation of the peso.<ref name="Laurell-2015" /><ref name="Sachs-1996">{{Cite journal |last=Sachs |first=Jeffrey |date=November 1996 |title=The Mexican peso crisis: Sudden death or death foretold? |url=http://www.nber.org/papers/w5563.pdf |journal=[[Journal of International Economics]] |volume=41 |issue=3–4 |pages=265–283 |doi=10.1016/S0022-1996(96)01437-7 |s2cid=154060545 |via=[[Science Direct]]}}</ref> When investors' doubts led to negative speculation they fled with their capital.&nbsp;The central bank was forced to raise [[interest rate]]s which in turn collapsed the banking system as borrowers could no longer pay back their loans.<ref name="Sachs-1996" />

After Salinas, [[Ernesto Zedillo]] (1995–2000) maintained similar economic policies to his predecessor. Despite the crisis, Zedillo continued to enact neoliberal policies and signed new agreements with the [[World Bank]] and the IMF.<ref name="Laurell-2015" /> As a result of these policies and the 1994 recession, Mexico's economy did gain stability. Neither the 2001 or [[Great Recession|2008]] recessions were caused by internal economic forces in Mexico. Trade increased dramatically, as well as FDI; however, as Mexico's [[business cycle]] synced with that of the United States, it was much more vulnerable to external economic pressures.<ref name="Musacchio-2012" /> FDI benefited the Northern and Central regions of Mexico while the Southern region was largely excluded from the influx of investment. The crisis also left the banks mainly in the hands of foreigners.

The PRI's 71-year rule ended when [[Vicente Fox]] of the PAN, the [[National Action Party (Mexico)|National Action Party]], won the election in 2000. Fox and his successor, [[Felipe Calderón]], did not significantly diverge from the economic policies of the PRI governments. They continued to privatize the financial system and encourage foreign investment.<ref name="Laurell-2015" /> Despite significant opposition, [[Enrique Peña Nieto]], president from 2012 to 2018, pushed through legislation that would privatize the [[Petroleum industry in Mexico|oil]] and [[Electricity sector in Mexico|electricity industries]]. These reforms marked the conclusion to the neoliberal goals that had been envisioned in Mexico in the 1980s.<ref name="Laurell-2015" />

==== Brazil ====
{{Main|Economic history of Brazil}}
Brazil adopted neoliberal policies in the late 1980s, with support from the worker's party on the left. For example, tariff rates were cut from 32% in 1990 to 14% in 1994. During this period, Brazil effectively ended its policy of maintaining a closed economy focused on [[import substitution industrialization]] in favor of a more open economic system with a much higher degree of privatization. The market reforms and trade reforms ultimately resulted in price stability and a faster inflow of capital but had little effect on income inequality and poverty. Consequently, mass protests continued during the period.<ref>Edmund Amann, and Werner Baer, "Neoliberalism and its consequences in Brazil." ''Journal of Latin American Studies'' 34.4 (2002): 945–959. [https://www.researchgate.net/profile/Werner_Baer/publication/231930218_Neoliberalism_and_Its_Consequences_in_Brazil/links/5545351f0cf24107d397b0ad.pdf Online]</ref><ref>{{cite journal |last1=Saad-Filho |first1=Alfredo |year=2013 |title=Mass protests under 'left neoliberalism': Brazil, June–July 2013 |journal=[[Critical Sociology]] |volume=39 |issue=5 |pages=657–669 |doi=10.1177/0896920513501906 |s2cid=144667014}}</ref>

=== United Kingdom ===
During her tenure as [[Conservative Party (UK)|Conservative]] Prime Minister from 1979 to 1990, [[Margaret Thatcher]] oversaw a number of neoliberal policies, including [[tax cut|tax reduction]], [[exchange rate]] reform, [[deregulation]], and [[privatisation]].{{sfnp|Steger|Roy|2010|p=50}} These policies were continued and supported by her successor [[John Major]]. Although opposed by the [[Labour Party (UK)|Labour Party]], the policies were, according to some scholars, largely accepted and left unaltered when Labour returned to power in 1997 during the [[New Labour]] era under [[Tony Blair]].<ref name="Handbook144"/><ref>{{cite journal |last=Gray |first=John |date=2004 |title=Blair's Project in Retrospect |journal=[[International Affairs (journal)|International Affairs]] |volume=80 |issue=1 |pages=39–48 |doi=10.1111/j.1468-2346.2004.00364.x |jstor=3569292}}</ref>

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 policies,{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA374 374]}} officially changed its libertarian label to neoliberal in October 2016.<ref>{{cite web |url=https://www.adamsmith.org/blog/coming-out-as-neoliberals |title=Coming Out as Neoliberals |website=The [[Adam Smith Institute]] |date=October 11, 2016}}</ref>

According to economists Denzau and Roy, the "shift from Keynesian ideas toward neoliberalism influenced the fiscal policy strategies of New Democrats and New Labour in both the White House and Whitehall.... Reagan, Thatcher, Clinton, and Blair all adopted broadly similar neoliberal beliefs."<ref>Denzau, Arthur T., and Ravi K. Roy, ''Fiscal Policy Convergence from Reagan to Blair: The Left Veers Right'' ([[Routledge]], 2003). [https://books.google.com/books?id=MIR_AgAAQBAJ&pg=PT16 p. xvi]. {{ISBN|978-0415324137}}.</ref><ref>Daniel Stedman Jones. Chapter 13: "The Neoliberal Origins of the Third Way: How Chicago, Virginia and Bloomington Shaped Clinton and Blair". In Damien Cahill et al. eds. ''The SAGE Handbook of Neoliberalism'' (2018): 167ff. {{doi|10.4135/9781526416001.n14}}</ref>

=== United States ===
{{see also|Reaganomics|Reagan Era|New Democrats (United States)}}
While a number of recent histories of neoliberalism<ref>{{Cite web |last=themetropoleblog |date=June 5, 2019 |title=Neoliberalism: Kim Phillips-Fein and Tracy Neumann Unpack the Knotty Realities and History of the Ubiquitous Term |website=The Metropole |language=en |url=https://themetropole.blog/2019/06/05/neoliberalism-kim-phillips-fein-and-tracy-neumann-unpack-the-knotty-realities-and-history-of-the-ubiquitous-term/ |access-date=September 4, 2020}}</ref><ref>{{Cite book |last=Diamond |first=Andrew |url=https://www.ucpress.edu/book/9780520286498/chicago-on-the-make |title=Chicago on the Make |publisher=[[University of California Press]] |year=2017 |isbn=9780520286498 |language=en}}</ref><ref>{{Cite web |title=Remaking the Rust Belt {{!}} Tracy Neumann |url=https://www.upenn.edu/pennpress/book/15517.html |access-date=September 4, 2020 |website=www.upenn.edu}}</ref> in the United States have traced its origins back to the urban renewal policies of the 1950s, [[Marxism|Marxist]] economic geographer [[David Harvey]] argues the rise of neoliberal policies in the United States occurred during the [[1970s energy crisis]],<ref name=Harvey-Jacobin/> and traces the origin of its political rise to [[Lewis F. Powell Jr.#Powell Memorandum, 1971|Lewis Powell's 1971 confidential memorandum]] to the [[United States Chamber of Commerce|Chamber of Commerce]] in particular.{{sfnp|Harvey|2005|p=43}} A call to arms to the business community to counter criticism of the free enterprise system, it was a significant factor in the rise of conservative and libertarian organizations and think-tanks which advocated for neoliberal policies, such as the [[Business Roundtable]], [[The Heritage Foundation]], the [[Cato Institute]], [[Citizens for a Sound Economy]], [[Accuracy in Academia]] and the [[Manhattan Institute for Policy Research]].{{sfnp|Gerstle|2022|pp=108–110}} For Powell, universities were becoming an ideological battleground, and he recommended the establishment of an intellectual infrastructure to serve as a counterweight to the increasingly popular ideas of [[Ralph Nader]] and other opponents of big business.<ref>Kevin Doogan (2009). ''New Capitalism.'' [[Polity (publisher)|Polity]]. {{ISBN|0745633250}} [https://books.google.com/books?id=YTsXHSMMndIC&pg=PA34 p. 34].</ref><ref>{{cite web |last=Powell |first=Lewis F. Jr. |title=Attack of American Free Enterprise System |website=[[PBS]] |url=https://www.pbs.org/wnet/supremecourt/personality/sources_document13.html |date=August 23, 1971 |access-date=March 1, 2016 |archive-url=https://web.archive.org/web/20120104052451/http://www.pbs.org/wnet/supremecourt/personality/sources_document13.html |archive-date=January 4, 2012 |url-status=dead}}</ref><ref name=Harvey-Jacobin/> The original neoliberals included, among others, [[Michael Kinsley]], [[Charles Peters]], [[James Fallows]], [[Nicholas Lemann]], [[Bill Bradley]], [[Bruce Babbitt]], [[Gary Hart]], and [[Paul Tsongas]]. Sometimes called "[[Atari Democrat]]s", these were the men who helped to remake American liberalism into neoliberalism, culminating in the election of [[Bill Clinton]] in 1992. These new liberals disagreed with the policies and programs of mid-century figures like progressive labor organizer [[Walter Reuther]], economist [[John Kenneth Galbraith]] or even noted historian [[Arthur M. Schlesinger Jr.|Arthur Schlesinger]].<ref>{{Cite magazine |title=The First Neoliberals |url=https://jacobinmag.com/2016/04/chait-neoliberal-new-inquiry-democrats-socialism/ |first=Corey |last=Robin |access-date=April 27, 2021 |magazine=[[Jacobin (magazine)|Jacobin]] |language=en-US}}</ref>

Early roots of neoliberalism were laid in the 1970s during the Nixon administration, with appointment of associates of [[Milton Friedman]] to Departments of Treasury, Agriculture and Justice, and the Council of Economic Advisors and encouraged funding of the [[American Enterprise Institute]] and defunding of the more centrist [[Brookings Institution]],<ref name="Gibbs, David N. 2024">Gibbs, David N. (2024) ''Revolt of the rich: How the politics of the 1970s widened America's class divide.'' Columbia University Press.</ref> and during the [[Presidency of Jimmy Carter|Carter administration]], with deregulation of the [[Motor Carrier Act of 1980|trucking]], banking and [[Airline Deregulation Act|airline industries]],<ref>{{cite web |first=William L. |last=Anderson |title=Rethinking Carter |date=October 25, 2000 |url=https://mises.org/library/rethinking-carter}}</ref><ref>{{cite web |first=Andrew |last=Leonard |date=June 4, 2009 |title=No, Jimmy Carter did it |url=http://www.salon.com/2009/06/04/jimmy_carter_did_it/}}</ref><ref>{{cite web |last=Firey |first=Thomas A. |date=February 20, 2011 |title=A salute to Carter, deregulation's hero |url=http://articles.herald-mail.com/2011-02-20/opinion/28614285_1_jimmy-carter-deregulation-peanut-farmer |access-date=January 20, 2017 |archive-url=https://web.archive.org/web/20170114225036/http://articles.herald-mail.com/2011-02-20/opinion/28614285_1_jimmy-carter-deregulation-peanut-farmer |archive-date=January 14, 2017 |url-status=dead}}</ref> the appointment of [[Paul Volcker]] to chairman of the [[Federal Reserve]]{{sfnp|Stedman Jones|2014|p=5}} as well as increased military spending at the end of his term leading to fiscal austerity in US nonmilitary budget diverting funds away from social programs.<ref name="Gibbs, David N. 2024"/> This trend continued into the 1980s under the [[Presidency of Ronald Reagan|Reagan administration]], which included [[Economic Recovery Tax Act of 1981|tax cuts]], increased defense spending, financial deregulation and [[trade deficit]] expansion.<ref name="Karagiannis"/> Likewise, concepts of [[supply-side economics]], discussed by the Democrats in the 1970s, culminated in the 1980 [[Joint Economic Committee]] report "Plugging in the Supply Side". This was picked up and advanced by the Reagan administration, with Congress following Reagan's basic proposal and cutting federal income taxes across the board by 25% in 1981.<ref>{{cite book |first=Darrell M. |last=West |title=Congress and Economic Policy Making |url=https://books.google.com/books?id=h64et3mOxH8C&pg=PA71 |year=1987 |page=71 |publisher=University of Pittsburgh Pre |isbn=978-0822974352 |via=[[Google Books]]}}</ref>

The [[Presidency of Bill Clinton|Clinton administration]] embraced neoliberalism<ref name="Handbook144"/> by supporting the passage of the [[North American Free Trade Agreement]] (NAFTA), continuing the deregulation of the financial sector through passage of the [[Commodity Futures Modernization Act of 2000|Commodity Futures Modernization Act]] and the repeal of the [[Glass–Steagall Act]] and implementing cuts to the [[Welfare state#United States|welfare state]] through passage of the [[Personal Responsibility and Work Opportunity Act]].<ref name="Karagiannis">{{cite book |editor1-first=Nikolaos |editor1-last=Karagiannis |editor2-first=Zagros |editor2-last=Madjd-Sadjadi |editor3-first=Swapan |editor3-last=Sen |url=https://www.routledge.com/The-US-Economy-and-Neoliberalism-Alternative-Strategies-and-Policies/Karagiannis-Madjd-Sadjadi-Sen/p/book/9780415645058 |title=The US Economy and Neoliberalism: Alternative Strategies and Policies |publisher=[[Routledge]] |date=2013 |isbn=978-1138904910 |page=[https://books.google.com/books?id=aYKfai1RlPYC&pg=PA58 58]}}</ref><ref>{{cite news |url=http://www.democracynow.org/1997/8/25/food_stamps |title=Food Stamps |work=[[Democracy Now]]! |date=August 25, 1997 |access-date=August 16, 2013}}</ref><ref>{{Cite news |first=Alan S. |last=Blinder |title=Alan Blinder: Five Years Later, Financial Lessons Not Learned |url=https://www.wsj.com/articles/SB10001424127887323623304579059070153371410?mod=WSJ_hps_sections_opinion |work=[[Wall Street Journal]] |date=September 10, 2013 |quote=(Blinder summarizing causes of the "Great Recession": "Disgracefully bad mortgages created a problem. But wild and woolly customized derivatives—totally unregulated due to the odious Commodity Futures Modernization Act of 2000—blew the problem up into a catastrophe. Derivatives based on mortgages were a principal source of the reckless leverage that backfired so badly during the crisis, imposing huge losses on investors and many financial firms.")}}</ref> The American historian [[Gary Gerstle]] writes that while Reagan was the ideological architect of the neoliberal order which was formulated in the 1970s and 1980s, it was Clinton who was its key facilitator, and as such this order achieved dominance in the 1990s and early 2000s.{{sfnp|Gerstle|2022|p=1}} The neoliberalism of the Clinton administration differs from that of Reagan as the Clinton administration purged neoliberalism of [[neoconservative]] positions on [[militarism]], family values, opposition to [[multiculturalism]] and neglect of ecological issues.{{sfnp|Steger|Roy|2010|pp=50–51}}{{Disputed inline|Clinton does not neglect ecological issues?|date=August 2016}} Writing in ''[[New York (magazine)|New York]]'', journalist [[Jonathan Chait]] disputed accusations that the [[Democratic Party (United States)|Democratic Party]] had been hijacked by neoliberals, saying that its policies have largely stayed the same since the New Deal. Instead, Chait suggested these accusations arose from arguments that presented a [[false dichotomy]] between free-market economics and socialism, ignoring mixed economies.<ref>{{cite web |last=Chait |first=Jonathan |date=July 16, 2017 |url=https://nymag.com/daily/intelligencer/2017/07/how-neoliberalism-became-the-lefts-favorite-insult.html |title=How 'Neoliberalism' Became the Left's Favorite Insult of Liberals |work=[[New York (magazine)|New York]] |access-date=January 18, 2018}}</ref> American feminist philosopher [[Nancy Fraser]] says the modern Democratic Party has embraced a "progressive neoliberalism", which she describes as a "progressive-neoliberal alliance of financialization plus emancipation".<ref>{{cite web |url=https://www.dissentmagazine.org/online_articles/nancy-fraser-against-progressive-neoliberalism-progressive-populism |title=Against Progressive Neoliberalism, A New Progressive Populism |last=Fraser |first=Nancy |date=February 28, 2017 |website=[[Dissent (American magazine)|Dissent]] |access-date=June 13, 2019}}</ref> Historian [[Walter Scheidel]] says that both parties shifted to promote free-market capitalism in the 1970s, with the Democratic Party being "instrumental in implementing financial deregulation in the 1990s".<ref>{{cite book |last=Scheidel |first=Walter |author-link=Walter Scheidel |title=The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century |publisher=[[Princeton University Press]] |year=2017 |isbn=978-0691165028 |page=[https://books.google.com/books?id=NgZpDQAAQBAJ&pg=PA416 416] |url=http://press.princeton.edu/titles/10921.html |quote=In the United States, both of the dominant parties have shifted toward free-market capitalism. Even though analysis of roll call votes show that since the 1970s, Republicans have drifted farther to the right than Democrats have moved to the left, the latter were instrumental in implementing financial deregulation in the 1990s and focused increasingly on cultural issues such as gender, race, and sexual identity rather than traditional social welfare policies.}}</ref> Historians [[Andrew Diamond (professor)|Andrew Diamond]] and [[Thomas Sugrue]] argue that neoliberalism became a "'dominant rationality' precisely because it could not be confined to a single partisan identity."<ref>{{Cite web |title=Neoliberal Cities |url=https://nyupress.org/9781479832378/neoliberal-cities |access-date=September 4, 2020 |website=[[NYU Press]] |language=en-US}}</ref> Economic and political inequalities in schools, universities, and libraries and an undermining of democratic and civil society institutions influenced by neoliberalism has been explored by Buschman.<ref>{{cite journal |last=Buschman |first=John |date=2020 |title=Education, the Public Sphere, and Neoliberalism: Libraries' Contexts. |journal=[[Library Quarterly]] |volume=90 |number=2 |pages=154–61 |doi=10.1086/707671 |s2cid=216334602}}</ref>

=== Asia-Pacific ===
Scholars who emphasized the key role of the developmental state in the early period of fast industrialization in East Asia in the late 19th century now argue that South Korea, Taiwan and Singapore have transformed from developmental to close-to-neoliberal states. Their arguments are matter of scholarly debate.<ref>{{cite journal |last1=Wade |first1=Robert H. |year=2018 |title=The developmental state: dead or alive?. |url=http://eprints.lse.ac.uk/87356/ |journal=[[Development and Change]] |volume=49 |issue=2 |pages=518–546 |doi=10.1111/dech.12381|url-access=subscription }}</ref>

==== China ====
{{See also|Chinese economic reform}}
Following the death of [[Mao Zedong]] in 1976, [[Deng Xiaoping]] led the country through far ranging market-centered reforms, with the slogan of [[Moderately prosperous society|Xiǎokāng]], that combined neoliberalism with centralized [[authoritarianism]]. These focused on agriculture, industry, education and science/defense.{{sfnp|Harvey|2005|p=}}

Experts debate the extent to which traditional Maoist communist doctrines have been transformed to incorporate the new neoliberal ideas. In any case, the Chinese Communist Party remains a dominant force in setting economic and business policies.<ref>{{cite journal |first1=Niv |last1=Horesh |first2=Kean Fan |last2=Lim |title=China: an East Asian alternative to neoliberalism? |journal=[[The Pacific Review|Pacific Review]] |volume=30 |number=4 |date=2017 |pages=425–442 |doi=10.1080/09512748.2016.1264459 |s2cid=157838428 |url=http://dro.dur.ac.uk/25972/1/25972.pdf |archive-url=https://web.archive.org/web/20190427115432/http://dro.dur.ac.uk/25972/1/25972.pdf |archive-date=2019-04-27 |url-status=live}}</ref><ref>{{cite journal |last1=Zhou |first1=Yu |last2=Lin |first2=George C.S. |last3=Zhang |first3=Jun |year=2019 |title=Urban China through the lens of neoliberalism: Is a conceptual twist enough?. |journal=[[Urban Studies (journal)|Urban Studies]] |volume=56 |issue=1 |pages=33–43 |doi=10.1177/0042098018775367 |bibcode=2019UrbSt..56...33Z |s2cid=158354394}}</ref> Throughout the 20th century, Hong Kong was the outstanding neoliberal exemplar inside China.<ref>{{cite journal |last1=Tang |first1=Gary |last2=Hau-yin Yuen |first2=Raymond |year=2016 |title=Hong Kong as the 'neoliberal exception'of China: Transformation of Hong Kong citizenship before and after the transfer of sovereignty |journal=[[Journal of Chinese Political Science]] |volume=21 |issue=4 |pages=469–484 |doi=10.1007/s11366-016-9438-7 |s2cid=157215962}}</ref>

==== Taiwan ====
Taiwan exemplifies the impact of neoliberal ideas. The policies were pushed by the United States but were not implemented in response to a failure of the national economy, as in numerous other countries.<ref>{{cite journal |last1=Tsai |first1=Ming-Chang |year=2001 |title=Dependency, the state and class in the neoliberal transition of Taiwan |journal=[[Third World Quarterly]] |volume=22 |issue=3 |pages=359–379 |doi=10.1080/01436590120061651 |s2cid=154037027}}</ref>

==== Japan ====
{{See also|Developmental state}}
Neoliberal policies were at the core of the leading party in Japan, the [[Liberal Democratic Party (Japan)|Liberal Democratic Party]] (LDP), after 1980. These policies had the effect of abandoning the traditional rural base and emphasizing the central importance of the Tokyo industrial-economic region.<ref>{{cite journal |last1=Tsukamoto |first1=Takashi |year=2012 |title=Neoliberalization of the developmental state: Tokyo's bottom-up politics and state rescaling in Japan |journal=[[International Journal of Urban and Regional Research]] |volume=36 |issue=1 |pages=71–89 |doi=10.1111/j.1468-2427.2011.01057.x}}</ref> Neoliberal proposals for Japan's agricultural sector called for reducing state intervention, ending the protection of high prices for rice and other farm products, and exposing farmers to the global market. The 1993 [[Uruguay Round]] of the [[General Agreement on Tariffs and Trade]] negotiations opened up the rice market. Neoconservative leaders called for the enlargement, diversification, intensification, and corporatization of the farms receiving government subsidies. In 2006, the ruling LDP decided to no longer protect small farmers with subsidies. Small operators saw this as favoritism towards big corporate agriculture and reacted politically by supporting the [[Democratic Party of Japan]] (DPJ), helping to defeat the LDP in nationwide elections.<ref>{{cite journal |last1=Miyake |first1=Yoshitaka |year=2016 |title=Neoliberal Agricultural Policies and Farmers' Political Power in Japan |journal=Yearbook of the Association of Pacific Coast Geographers |volume=78 |issue=1 |pages=216–239 |doi=10.1353/pcg.2016.0012 |s2cid=157682364}}</ref>

==== South Korea ====
In South Korea, neoliberalism had the effect of strengthening the national government's control over economic policies. These policies were popular to the extent that they weakened the historically very powerful [[chaebol]] family-owned conglomerates.<ref>{{cite journal |first=David |last=Hundt |title=Neoliberalism, the developmental state and civil society in Korea |journal=[[Asian Studies Review]] |volume=39 |number=3 |date=2015 |pages=466–482 |doi=10.1080/10357823.2015.1052339 |s2cid=153689882 |url=https://www.researchgate.net/publication/279860946}}</ref>

==== India ====
In India, Prime Minister [[Narendra Modi]] took office in 2014 with a commitment to implement neoliberal economic policies. This commitment would shape national politics and foreign affairs and put India in a race with China and Japan for economic supremacy in East Asia.<ref>{{cite journal |last1=Rej |first1=Abhijnan |year=2017 |title=Beyond India's Quest for a Neoliberal Order |journal=[[The Washington Quarterly]] |volume=40 |issue=2 |pages=145–161 |doi=10.1080/0163660X.2017.1328930 |s2cid=157335443}}</ref><ref>{{cite book |first=N. S. |last=Sisodia |chapter=Economic Modernisation and the Growing Influence of Neoliberalism on India's Strategic Thought |title=Indian Grand Strategy: History, Theory, Cases |editor1-first=Kanti |editor1-last=Bajpai |editor2-first=Saira |editor2-last=Basit |editor3-first=V. |editor3-last=Krishnappa |publisher=[[Routledge]] |location=New Delhi |date=2014 |pages=176–199}}</ref>

==== Australia ====
In Australia, neoliberal economic policies (known at the time as "[[economic rationalism]]"<ref>{{cite book |last=Pusey |first=M. |date=2003 |title=Economic rationalism in Canberra: A nation-building state changes its mind |publisher=[[Cambridge University Press]]}}</ref> or "economic fundamentalism") have been embraced by governments of both the [[Australian Labor Party|Labor Party]] and the [[Liberal Party of Australia|Liberal Party]] since the 1980s. The Labor governments of [[Bob Hawke]] and [[Paul Keating]] from 1983 to 1996 pursued a program of economic reform focused on [[economic liberalisation]]. These governments privatised government corporations, deregulated factor markets, floated the [[Australian dollar]] and reduced trade protections.<ref>{{cite web |last=Cameron |first=Clyde R. |url=http://www.historycooperative.org/journals/lab/86/cameron.html |title=How the Federal Parliamentary Labor Party Lost Its Way |archive-url=https://archive.today/20120803004406/http://www.historycooperative.org/journals/lab/86/cameron.html |archive-date=August 3, 2012}}</ref> Another key policy was [[Prices and Incomes Accord|the accords]] which was an agreement with unions to agree to a reduction in strikes, wage demands and a real wage cut in exchange for the implementation of social policies, such as [[Medicare (Australia)|Medicare]] and [[Superannuation in Australia|superannuation]].<ref>{{cite web |last1=Forsyth |first1=Anthony |last2=Holbrook |first2=Carolyn |title=Australian politics explainer: the Prices and Incomes Accord |url=https://theconversation.com/australian-politics-explainer-the-prices-and-incomes-accord-75622 |website=The Conversation |date=24 April 2017 |publisher=The Conversation Media Group |access-date=November 9, 2022}}</ref> The [[Howard government]] continued these policies, whilst also acting to reduce union power, cut welfare and reduce government spending.<ref>{{cite web |last1=Duncan |first1=Alan |last2=Cassells |first2=Rebecca |title=Government spending explained in 10 charts; from Howard to Turnbull |url=https://theconversation.com/government-spending-explained-in-10-charts-from-howard-to-turnbull-77158 |website=[[The Conversation (website)|The Conversation]] |date=8 May 2017 |publisher=The Conversation Media Group |access-date=November 9, 2022}}</ref>

Keating, building on policies he had introduced while federal treasurer, implemented a compulsory [[Superannuation in Australia|superannuation guarantee]] system in 1992 to increase [[national savings]] and reduce future government liability for old age pensions.<ref>{{Cite web |last1=Neilson |first1=L. |last2=Harris |first2=B. |url=http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm |title=Chronology of superannuation and retirement income in Australia |archive-url=https://web.archive.org/web/20110909175528/http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm |archive-date=September 9, 2011 |website=Parliamentary Library |location=Canberra |date=July 2008}}</ref> The financing of universities was deregulated, requiring students to contribute to [[Tertiary education fees in Australia|university fees]] through a repayable loan system known as the [[Higher Education Contribution Scheme]] (HECS) and encouraging universities to increase income by admitting full-fee-paying students, including foreign students.<ref>[[Simon Marginson|Marginson S]] ''[http://www.onlineopinion.com.au/view.asp?article=3310 Tertiary Education: A revolution to what end?]'' Online Opinion, 5 April 2005</ref> The admission of domestic full-fee-paying students to public universities was abolished in 2009 by the [[Rudd Government (2007–10)|Rudd Labor government]].<ref name="Ministers Media Centre, Australian Government 2008">{{cite web |title=Government Delivers on Promise to Phase Out Full Fee Degrees |website=Ministers' Media Centre, Australian Government |date=October 29, 2008 |url=https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees |access-date=July 10, 2018 |archive-date=April 21, 2019 |archive-url=https://web.archive.org/web/20190421041353/https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees |url-status=dead}}</ref>

Immigration to the mainland capitals by refugees have seen capital flows follow soon after, such as from war-torn [[Lebanon]] and [[Vietnam]]. Later economic migrants from mainland [[China]] also, up to recent restrictions, had invested significantly in the property markets.<ref>{{cite news |title=Diversity helped Australia weather the resources bust |url=https://www.economist.com/special-report/2018/10/25/diversity-helped-australia-weather-the-resources-bust |access-date=July 5, 2019 |publisher=[[The Economist]] |date=October 25, 2018 |quote=Building work had reached a nadir in the first quarter of 2012, when construction firms completed projects worth A$20bn. In the last quarter of 2017, that reached A$29bn. Foreigners accounted for a good share of their custom: the Foreign Investment Review Board approved A$72bn-worth of residential-property purchases in 2016, up from A$20bn in 2011. At its peak, foreign buying accounted for a quarter of residential-property sales in the two big cities.}}</ref>{{citation needed|reason=Economist article only mentions foreign investment generally, and not Chinese investment specifically|date=July 2019}}

==== New Zealand ====
{{See also|Rogernomics}}
In New Zealand, neoliberal economic policies were implemented under the [[Fourth Labour Government of New Zealand|Fourth Labour Government]] led by Prime Minister [[David Lange]]. These neoliberal policies are commonly referred to as [[Rogernomics]], a portmanteau of "Roger" and "economics", after Lange appointed [[Roger Douglas]] minister of finance in 1984.<ref>{{Cite book |title=My Life |last=Lange |first=David |author-link=David Lange |publisher=Viking |year=2005 |isbn=978-0-670-04556-3 |pages=143}}</ref>

Lange's government had inherited a severe balance of payments crisis as a result of the deficits from the previously implemented two-year freeze on wages and prices by preceding Prime Minister [[Robert Muldoon]], who had also maintained an [[exchange rate]] many economists now believe was unsustainable.<ref>{{Cite book |title=When Schools Compete: A Cautionary Tale |last1=Fiske |first1=Edward B. |last2=Ladd |first2=Helen F. |publisher=[[Brookings Institution Press]] |year=2000 |isbn=978-0-8157-2835-1 |location=Washington, D.C. |pages=[https://archive.org/details/isbn_5458999018950/page/27 27] |url=https://archive.org/details/isbn_5458999018950/page/27}}</ref> The inherited economic conditions lead Lange to remark "We ended up being run very similarly to a Polish shipyard."<ref>{{Cite news |url=https://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10340844 |title=David Lange, in his own words |date=August 15, 2005 |work=[[The New Zealand Herald]]}}</ref> On 14 September 1984, Lange's government held an Economic Summit to discuss the underlying problems with [[Economy of New Zealand|New Zealand's economy]], which lead to calls for dramatic economic reforms previously proposed by the [[New Zealand Treasury|Treasury Department]].<ref>{{Cite book |title=Revolution: New Zealand from Fortress to Free Market |last=Russell |first=Marcia |publisher=[[Hodder Moa Beckett]] |year=1996 |isbn=978-1869584283 |pages=75}}</ref>

A reform program consisting of [[deregulation]] and the removal of [[tariffs]] and [[subsidies]] was put in place. This had an immediate effect on [[New Zealand's agricultural community]], who were hit hard by the loss of subsidies to farmers.<ref name="Russell-1996">{{Cite book |title=Revolution: New Zealand from Fortress to Free Market |last=Russell |first=Marcia |publisher=[[Hodder Moa Beckett]] |year=1996|isbn=978-1869584283 |pages=80}}</ref> A superannuation surcharge was introduced, despite having promised not to reduce [[superannuation]], resulting in [[Labour Party (New Zealand)|Labour]] losing support from the elderly. The financial markets were also deregulated, removing restrictions on [[interest rate|interests rates]], lending and foreign exchange. In March 1985, the New Zealand dollar was [[Floating exchange rate|floated]].<ref>{{Cite web |url=http://www.TeAra.govt.nz/en/cartoon/33456/floating-the-new-zealand-dollar |title=Reserve Bank – Reserve Bank, 1936 to 1984 |last=Singleton |first=John |date=June 20, 2012 |website=Te Ara Encyclopedia}}</ref> Additionally, a number of government departments were converted into state-owned enterprises, which lead to significant job losses: 3,000 within the Electricity Corporation; 4,000 within the Coal Corporation; 5,000 within the Forestry Corporation; and 8,000 within the New Zealand Post.<ref name="Russell-1996" />

New Zealand became a part of the global economy. The focus in the economy shifted from the productive sector to finance as a result of zero restrictions on overseas money coming into the country. Finance capital outstripped industrial capital and the manufacturing industry suffered approximately 76,000 job losses.<ref>{{Cite book |title=I See Red |last=Bell |first=Judith |publisher=[[Awa Press]] |year=2006 |location=Wellington |pages=22–56}}</ref>

=== Middle East ===
Beginning in the late 1960s, a number of neoliberal reforms were implemented in the Middle East.<ref>{{Cite book |title=Over-stating the Arab state : politics and society in the Middle East |last=Ayubi |first=Nazih N. |date=1995 |publisher=[[I.B. Tauris]] |isbn=9781441681966 |location=London |pages=329–395 |oclc=703424952}}</ref><ref>{{Cite book |title=The Arab State and Neo-liberal Globalization: the Restructuring of State Power in the Middle East |last=Laura |first=Guazzone |date=2009 |publisher=[[Garnet Publishing]] (UK) Ltd |isbn=9780863725104 |location=New York |oclc=887506789}}</ref> For instance, [[Egypt]] is frequently linked to the implementation of neoliberal policies, particularly with regard to the 'open-door' policies of President [[Anwar Sadat]] throughout the 1970s,<ref>{{Cite book |title=The Egypt of Nasser and Sadat: the political economy of two regimes |url=https://archive.org/details/egyptofnassersad0000wate |url-access=registration |last=Waterbury |first=John |publisher=[[Princeton University Press]] |year=1983 |isbn=9781400857357 |location=Princeton, New Jersey |oclc=889252154}}</ref> and [[Hosni Mubarak]]'s successive economic reforms between 1981 and 2011.<ref>{{Cite book |title=The autumn of dictatorship: fiscal crisis and political change in Egypt under Mubarak |last1=Sulaymān |first1=Samīr |last2=Daniel |first2=Peter |publisher=[[Stanford University Press]] |year=2011 |isbn=9780804777735 |location=Stanford, California |oclc=891400543}}</ref> These measures, known as ''[[Infitah|al-Infitah]]'', were later diffused across the region. In Tunisia, neoliberal economic policies are associated with former president and ''de facto'' dictator<ref>{{cite news |last1=Foreign Staff of the Telegraph |title=Tunisia's Ben Ali: Soldier who turned into dictator |url=https://www.telegraph.co.uk/news/worldnews/africaandindianocean/tunisia/8586165/Tunisias-Ben-Ali-Soldier-who-turned-into-dictator.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/news/worldnews/africaandindianocean/tunisia/8586165/Tunisias-Ben-Ali-Soldier-who-turned-into-dictator.html |archive-date=January 11, 2022 |url-access=subscription |url-status=live |access-date=July 5, 2019 |publisher=[[The Daily Telegraph]] |date=June 20, 2011}}{{cbignore}}</ref> [[Zine El Abidine Ben Ali]];<ref>{{Cite book |title=Economic and political change in Tunisia: from Bourguiba to Ben Ali |last=Murphy |first=Emma |publisher=[[St. Martin's Press]] in association with [[University of Durham]] |year=1999 |isbn=978-0312221423 |location=New York, N.Y. |oclc=40125756}}</ref> his reign made it clear that economic neoliberalism can coexist and even be encouraged by [[authoritarianism|authoritarian]] states.<ref>{{Cite journal |last=Tsourapas |first=Gerasimos |date=2013 |title=The Other Side of a Neoliberal Miracle: Economic Reform and Political De-Liberalization in Ben Ali's Tunisia |doi=10.1080/13629395.2012.761475 |journal=[[Mediterranean Politics]] |volume=18 |issue=1 |pages=23–41 |s2cid=154822868}}</ref> Responses to globalisation and economic reforms in the [[Gulf Cooperation Council|Gulf]] have also been approached via a neoliberal analytical framework.<ref>{{Cite book |title=Capitalism and class in the Gulf Arab states |last=Hanieh |first=Adam |publisher=[[Palgrave Macmillan]] |year=2011 |isbn=9780230119604 |edition=1st |location=New York |oclc=743800844}}</ref>

=== International organizations ===
{{see also|Structural adjustment}}
The adoption of neoliberal policies in the 1980s by international institutions such as the [[International Monetary Fund]] (IMF) and the [[World Bank]] had a significant impact on the spread of neoliberal reform worldwide.{{sfnp|Stedman Jones|2014|p=8}} To obtain loans from these institutions, developing or crisis-wracked countries had to agree to institutional reforms, including [[privatization]], [[trade liberalization]], enforcement of strong [[private property]] rights, and reductions to [[government spending]].<ref>{{cite book |last1=Williamson |first1=John |title=Latin American Adjustment: How Much Has Happened? |date=April 1990 |publisher=Peterson Institute for International Economics |isbn=978-0881321258 |url=https://www.piie.com/commentary/speeches-papers/what-washington-means-policy-reform |access-date=July 25, 2019 |chapter=Chapter 2}}</ref>{{sfnp|Harvey|2005|p=}} This process became known as [[structural adjustment]], and the principles underpinning it the [[Washington Consensus]].<ref>{{cite web |url=http://www.iie.com/content/?ID=1#topic3 |title=A Guide To John Williamson's Writing |last1=Williamson |first1=John |website=www.piie.com |publisher=[[Peterson Institute for International Economics]] |access-date=April 24, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150705172400/http://www.iie.com/content/?ID=1#topic3 |archive-date=July 5, 2015}}</ref>

=== European Union ===
{{see also |History of the European Union}}
The [[European Union]] (EU), created in 1992, is sometimes considered a neoliberal organization, as it facilitates [[free trade]] and [[freedom of movement]], erodes national [[protectionism]] and limits national [[subsidies]].<ref name="SPERI 2017">{{cite web |first=Keshia |last=Jacotine |title=The split in neoliberalism on Brexit and the EU |website=SPERI |date=June 22, 2017 |url=http://speri.dept.shef.ac.uk/2017/06/22/the-split-in-neoliberalism-on-brexit-and-the-eu/ |access-date=June 18, 2018 |archive-url=https://web.archive.org/web/20180618175603/http://speri.dept.shef.ac.uk/2017/06/22/the-split-in-neoliberalism-on-brexit-and-the-eu/ |archive-date=June 18, 2018 |url-status=dead}}</ref> Others underline that the EU is not completely neoliberal as it leaves the development of [[welfare spending|welfare policies]] to its constituent states.<ref name="Milward 2000 p.">{{cite book |last=Milward |first=Alan S. |author-link=Alan Milward |title=The European rescue of the nation-state |publisher=[[Routledge]] |location=London, New York |year=2000 |isbn=9780203982150 |oclc=70767937}}{{page needed|date=June 2018}}</ref><ref name="Warlouzet 2018 p.">{{cite book |last=Warlouzet |first=Laurent |title=Governing Europe in a globalizing world : neoliberalism and its alternatives following the 1973 oil crisis |publisher=[[Routledge]], [[Taylor & Francis]] Group |location=London, New York |year=2017 |isbn=9781138729421 |oclc=993980643}}{{page needed|date=June 2018}}</ref>

== Traditions ==
=== Austrian School ===
{{Austrian School sidebar}}
The [[Austrian School]] is a school of economic thought originating in late-19th and early-20th century [[Vienna]] with a strong focus around the faculty of the [[University of Vienna]]. It bases its study of economic phenomena on the interpretation and analysis of [[methodological individualism|the purposeful actions of individuals]].<ref>Carl Menger, Principles of Economics, online at https://www.mises.org/etexts/menger/principles.asp {{Webarchive|url=https://web.archive.org/web/20140914004206/https://www.mises.org/etexts/menger/principles.asp |date=2014-09-14 }}</ref><ref>{{cite encyclopedia|title=Methodological Individualism |url=http://plato.stanford.edu/entries/methodological-individualism/ |encyclopedia=[[Stanford Encyclopedia of Philosophy]] |access-date=May 2, 2016}}</ref><ref name="Mises_Action">{{cite book |first=Ludwig von |last=Mises |author-link=Ludwig von Mises |title=[[Human Action]] |page=11 |quote=r. Purposeful Action and Animal Reaction}}</ref> In the 21st century, the term has increasingly been used to denote the free-market economics of Austrian economists [[Ludwig von Mises]] and [[Friedrich Hayek]],<ref>{{Cite book |url=https://www.elgaronline.com/abstract/9781786433589/chapter02.xhtml? |title=A Research Agenda for Neoliberalism |last=Birch |first=Kean |publisher=Elgar Research Agendas |year=2017 |isbn=9781786433589 |pages=13–24}}</ref><ref name="Skousen">{{cite book |first=Mark |last=Skousen |author-link=Mark Skousen |title=Vienna and Chicago: Friends or Foes? A Tale of Two Schools of Free-Market Economics |publisher=[[Capital Press]] |date=2005 |isbn=0895260298}}</ref><ref>{{Cite web |url=https://www.britannica.com/topic/Austrian-school-of-economics |title=Austrian school of economics |website=Encyclopaedia Britannica|date=15 December 2023 }}</ref> including their criticisms of government intervention in the economy,<ref>{{Cite web |url=https://www.progress.org/articles/austrian-economics-explained |title=Austrian Economics Explained |last=Fred |first=Foldvary |date=April 12, 2015 |website=Progress}}</ref> which has tied the school to neoliberal thought.<ref>{{cite book |last1=Foucault |first1=Michel |author1-link=Michel Foucault |date=1978 |title=The Birth of Biopolitics: Lectures at the Collège de France, 1978–79 |publisher=[[Palgrave Macmillan]] |url=https://archive.org/details/birthbiopolitics00fouc_981 |url-access=limited |isbn=978-1-4039-8654-2 |page=[https://archive.org/details/birthbiopolitics00fouc_981/page/n97 79] |quote=What is the nature of today's liberal, or, as one says, neo-liberal program? You know that it is identified in two main forms...a series of persons, theories, and books pass between these two forms of neo-liberalism, the main ones referring to the Austrian school broadly speaking, to Austrian neo-marginalism, at any rate, to those who came from there; like von Mises, Hayek, and so on.}}</ref>{{sfnp|Stedman Jones|2014|p=3}}<ref>{{Cite news |url=https://neweconomics.org/2018/09/markets-became-masters |title=How Markets Became Masters: The Neoliberal Roots of Deregulation |last1=Van Lerven |first1=Frank |date=September 7, 2018 |work=[[New Economics Foundation]] |last2=Welsh |first2=Margaret}}</ref><ref>{{Cite magazine |url=https://www.spiked-online.com/2019/03/22/the-truth-about-neoliberalism/ |title=The truth about neoliberalism |last=Mullan |first=Phil |date=March 22, 2019 |magazine=[[Spiked (magazine)|Spiked]]}}</ref>

Economists associated with the school, including [[Carl Menger]], [[Eugen Böhm von Bawerk]], [[Friedrich von Wieser]], [[Friedrich Hayek]], and [[Ludwig von Mises]], have been responsible for many notable contributions to economic theory, including the [[subjective theory of value]], [[marginalism]] in price theory, Friedrich von Wieser's theories on [[opportunity cost]], Eugen von Böhm-Bawerk's theories on time preference, the formulation of the [[economic calculation problem]], as well as a number of criticisms of [[Marxian economics]].<ref>{{cite book |first=Joseph A. |last=Schumpeter |title=History of economic analysis |publisher=[[Oxford University Press]] |date=1996 |isbn=978-0195105599}}</ref><ref>{{Cite book |url=https://archive.org/details/hayekcoordinatio0000unse/page/94 |title=Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas |last1=Birner |first1=Jack |last2=van Zijp |first2=Rudy |date=1994 |publisher=[[Routledge]] |isbn=978-0-415-09397-2 |location=London, New York |page=[https://archive.org/details/hayekcoordinatio0000unse/page/94 94]}}</ref> Former [[Federal Reserve System|Federal Reserve]] Chairman [[Alan Greenspan]], speaking of the originators of the School, said in 2000 that "the Austrian School have reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible effect on how most mainstream economists think in [the United States]".<ref>Greenspan, Alan. "Hearings before the U.S. House of Representatives' Committee on Financial Services." U.S. House of Representatives' Committee on Financial Services. Washington D.C.. 25 July 2000.</ref>

=== Chicago School ===
{{Chicago school sidebar|expanded=movements}}
The [[Chicago school of economics]] is a [[Neoclassical economics|neoclassical]] school of thought within the academic community of economists, with a strong focus around the faculty of the [[University of Chicago]]. Chicago [[macroeconomic]] theory rejected [[Keynesianism]] in favor of [[monetarism]] until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of [[rational expectations]].<ref name=ElgarComp>{{cite book |last=Emmet |first=Ross |title=The Elgar Companion to the Chicago School of Economics |date=2010 |publisher=Edward Elgar Publishing Ltd. |isbn=978-1840648744 |page=133 |display-authors=etal}}</ref> The school is strongly associated with University of Chicago economists such as [[Milton Friedman]], [[George Stigler]], [[Ronald Coase]] and [[Gary Becker]].{{sfnp|Mirowski|Plehwe|2009|p=37}} In the 21st century, economists such as [[Mark Skousen]] refer to [[Friedrich Hayek]] as a key economist who influenced this school in the 20th century having started his career in Vienna and the Austrian school of economics.<ref name="Skousen"/>

The school emphasizes non-intervention from government and generally rejects regulation in markets as inefficient, with the exception of the regulation of the money supply by central banks (in the form of [[monetarism]]). Although the school's association with neoliberalism is sometimes resisted by its proponents,<ref name="ElgarComp" /> its emphasis on reduced government intervention in the economy and a ''[[laissez-faire]]'' ideology have brought about an affiliation between the Chicago school and neoliberal economics.<ref name="FPIF-20042"/><ref name=Biglaiser>{{cite journal |last=Biglaiser |first=Glen |title=The Internationalization of Chicago's Economics in Latin America |journal=[[Economic Development and Cultural Change]] |date=January 2002 |volume=50 |issue=2 |doi=10.1086/322875 |pages=269–86 |jstor=322875 |s2cid=144618482}}</ref>

=== Washington Consensus ===
{{Main |Washington Consensus}}
{{See also |Structural adjustment}}
The Washington Consensus is a set of standardized policy prescriptions often associated with neoliberalism that were developed by the [[International Monetary Fund]] (IMF), the [[World Bank]], and the [[US Department of Treasury]] for crisis-wracked developing countries.<ref>{{Cite book |last1=Serra |first1=Narcís |url=https://growthlab.cid.harvard.edu/files/growthlab/files/serra8.pdf |title=The Washington Consensus Reconsidered: Towards a New Global Governance |last2=Spiegal |first2=Shari |last3=Stiglitz |first3=Joseph E. |publisher=[[Oxford University Press]] |year=2008 |isbn=978-0199534098 |editor1-last=Serra |editor1-first=Narcis |location=Oxford |pages=3–30 |editor2-last=Stiglitz |editor2-first=Joseph E. |archive-url=https://web.archive.org/web/20191122122944/https://growthlab.cid.harvard.edu/files/growthlab/files/serra8.pdf |archive-date=November 22, 2019}}</ref><ref>{{Cite news |last1=Birdsall |first1=Nancy |last2=Fukuyama |first2=Francis |date=April 2011 |title=The Post-Washington Consensus |work=[[Foreign Affairs]] |url=https://www.foreignaffairs.com/articles/2011-02-16/post-washington-consensus |url-status=live |access-date=July 23, 2020 |archive-url=https://web.archive.org/web/20200705195642/https://www.foreignaffairs.com/articles/2011-02-16/post-washington-consensus |archive-date=July 5, 2020}}</ref><ref>{{cite web |last1=Hurt |first1=Stephen R. |title=Washington Consensus |url=https://www.britannica.com/topic/Washington-consensus |website=Encyclopædia Britannica |access-date=July 8, 2019}}</ref> These prescriptions, often attached as conditions for loans from the IMF and World Bank, focus on market [[liberalization]], and in particular on lowering [[barriers to trade]], controlling [[inflation]], privatizing [[state-owned enterprise]]s, and reducing government budget deficits. [[John Williamson (economist)|John Williamson]], a British-born economist defined the [[Washington Consensus]] by making in 1989 10 rules that were imposed by the World Bank, the International Monetary Fund and the US government on developing nations.<ref name=Williamson2002>Williamson J. (2002). [https://piie.com/commentary/speeches-papers/did-washington-consensus-fail ''Did the Washington Consensus Fail?'']</ref> He came to strongly oppose the way those recommendations were actually imposed and their use by neoliberals.<ref name = NYT>{{cite news|title = John Williamson, 83, Dies; Economist Defined the 'Washington Consensus'|url = https://www.nytimes.com/2021/04/15/business/economy/john-williamson-dead.html|last = Risen|first = Clay|date = April 15, 2021|access-date = April 19, 2021|work = [[The New York Times]]}}</ref>

=== Geneva School ===
Historian [[Quinn Slobodian]] proposed in 2018 the existence of a so-called Geneva School of economics to describe a group of economists and political economists who gravitated in the 1920s and 1930s around the [[Geneva Graduate Institute]], and the [[Geneva]]-based [[General Agreement on Tariffs and Trade]] (GATT) and [[League of Nations]]. The particular strand of political philosophy revolved around renowned economists such as [[Friedrich von Hayek]], [[Wilhelm Röpke]], [[Jacob Viner]], as well as [[Gottfried Haberler]].<ref>{{Cite web |last=Buliamti |date=2024-11-19 |title=OTR—Neoliberalism—A Creative Destruction Disease |url=https://cospolon.substack.com/p/otrneoliberalisma-creative-destruction?utm_campaign=post&utm_medium=web |access-date=2024-12-14 |website=Cospolon}}</ref><ref name="A New Narrative for Neoliberalism">{{Cite web |title=A New Narrative for Neoliberalism |url=https://www.aspeninstitutece.org/article/2018/new-narrative-neoliberalism/ |access-date=2024-12-14 |website=Aspen Institute Central Europe |date=November 10, 2018 |language=cs}}</ref><ref name="Klabbers 369–371">{{Cite journal |last=Klabbers |first=Jan |date=2020-02-01 |title=Globalists: The End of Empire and the Birth of Neoliberalism |url=https://academic.oup.com/ejil/article/31/1/369/5882067 |journal=European Journal of International Law |volume=31 |issue=1 |pages=369–371 |doi=10.1093/ejil/chaa022 |issn=0938-5428|url-access=subscription }}</ref> Slobodian describes them as "ordo-globalists" who promoted the creation of global institutions to safeguard the unimpeded movement of capital across borders.<ref name="Klabbers 369–371"/><ref>{{Cite web |title=Neoliberalism's World Order |url=https://www.dissentmagazine.org/article/neoliberalism-world-order-review-quinn-slobodian-globalists/ |access-date=2024-12-13 |website=Dissent Magazine}}</ref> He argues the school combined the "Austrian emphasis on the limits of knowledge and the global scale with the German ordoliberal emphasis on institutions and the moment of the political decision."<ref name="A New Narrative for Neoliberalism"/><ref>{{Citation |last1=Boos |first1=Tobias |title=Post-neoliberalism |date=2023-10-17 |work=Forced migration |pages=492–498 |url=https://doi.org/10.4337/9781800372122.ch103 |access-date=2024-12-13 |publisher=Edward Elgar Publishing |isbn=978-1-80037-212-2 |last2=Brand |first2=Ulrich|doi=10.4337/9781800372122.ch103 |url-access=subscription }}</ref>

== Political policy aspects ==
Neoliberal policies center around [[economic liberalization]], including reductions to [[trade barriers]] and other policies meant to increase [[free trade]], [[deregulation]] of industry, [[privatization]] of state-owned enterprises, reductions in [[government spending]], and [[monetarism]].{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} Neoliberal theory contends that [[free market]]s encourage [[economic efficiency]], [[economic growth]], and [[technological innovation]]. [[State intervention]], even if aimed at encouraging these phenomena, is generally believed to worsen economic performance.{{sfnp|Kotz|2015|p=12}}

=== Economic and political freedom ===
{{Main|Economic freedom|Political freedom}}
{{quote box|Economic and political freedom are inextricably linked with each other. There cannot be any question of liberty and religious and intellectual tolerance where there is no economic freedom.{{sfnp|Burgin|2012|p=[https://books.google.com/books?id=BnZ1qKdXojoC&pg=PA117 117}}|author=—[[Ludwig von Mises]] |width=35% |align=right |quoted=1 |salign=right}}
Many neoliberal thinkers advance the view that economic and political freedom are inextricably linked. [[Milton Friedman]] argued in his book ''[[Capitalism and Freedom]]'' that [[economic freedom]], while itself an extremely important component of [[freedom|absolute freedom]], is also a necessary condition for [[political freedom]]. He claimed that [[centrally planned economy|centralized control of economic activities]] is always accompanied by [[political repression]]. In his view, the voluntary character of all transactions in an unregulated market economy and the wide diversity of choices that it permits pose fundamental threats to repressive political leaders by greatly diminishing their power to coerce people economically. Through the elimination of centralized control of economic activities, [[economic power]] is separated from political power and each can serve as a counterbalance to the other. Friedman feels that competitive capitalism is especially important to minority groups since impersonal market forces protect people from discrimination in their economic activities for reasons unrelated to their productivity.<ref name="Friedman-2002">{{cite book |first=Milton |last=Friedman |author-link=Milton Friedman |title=Capitalism and freedom |date=2002 |publisher=[[University of Chicago Press]] |isbn=0-226-26421-1 |pages=8–21}}</ref> In ''[[The Road to Serfdom]]'', [[Friedrich Hayek]] offered a similar argument: "Economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends".<ref name="Chicago Press 1944 p.95"/>

=== Free trade ===
{{Main|Free trade}}
A central feature of neoliberalism is the support of free trade,<ref name="Worstall">{{Cite news |last=Worstall |first=Tim |date=March 1, 2012 |title=So What is this Neoliberal Globalisation Free Trade Thing About Anyway? |work=[[Forbes]] |url=https://www.forbes.com/sites/timworstall/2012/03/01/so-what-is-this-neoliberal-globalisation-free-trade-thing-about-anyway/#44a75cc43ec4}}</ref><ref>{{bulleted list|
|{{cite web |last1=Smith |first1=Nicola |title=Neoliberalism |url=https://www.britannica.com/topic/neoliberalism |website=Encyclopædia Britannica |date=18 May 2023}}
|{{cite book |last1=Gertz |first1=Geoffrey |last2=Kharas |first2=Homi |title=Beyond neoliberalism: Insights from emerging markets |date=April 2019 |publisher=The Brookings Institution |url=https://www.brookings.edu/wp-content/uploads/2019/05/beyond-neoliberalism-final-05.01.pdf |archive-url=https://web.archive.org/web/20190502040124/https://www.brookings.edu/wp-content/uploads/2019/05/beyond-neoliberalism-final-05.01.pdf |archive-date=May 2, 2019 |url-status=live}}
|{{cite web |last1=Dieter |first1=Plehwe |title=Neoliberalism |url=https://www.uni-bielefeld.de/cias/wiki/n_Neoliberalism.html |website=Center for InterAmerican Studies |publisher=Universität Bielefeld |date=2012}}
|{{cite news |last1=Cooper |first1=Ryan |title=The decline and fall of neoliberalism in the Democratic Party |url=https://theweek.com/articles/725419/decline-fall-neoliberalism-democratic-party |publisher=[[The Week]] |date=January 8, 2018 |quote=[Neoliberalism's] fundamental economic bedrock is...deregulation, tax and spending cuts, union busting, and free trade.}}
}}</ref> and policies that enable free trade, like the [[North American Free Trade Agreement]], are often associated with neoliberalism.<ref>{{Cite news |last=Rodrik |first=Dani |date=November 14, 2017 |title=The fatal flaw of neoliberalism: it's bad economics |work=[[The Guardian]] |url=https://www.theguardian.com/news/2017/nov/14/the-fatal-flaw-of-neoliberalism-its-bad-economics}}</ref> Neoliberals argue that free trade promotes [[economic growth]],<ref name="Political-Theology">{{Cite journal |last1=Moe-Lobeda |first1=Cynthia |last2=Spencer |first2=Daniel |date=2009 |title=Free Trade Agreements and the Neo-Liberal Economic Paradigm: Economic, Ecological, and Moral Consequences |journal=Political Theology |volume=10 |issue=4 |pages=685–716 |doi=10.1558/poth.v10i4.685 |s2cid=154933948 |quote=The premise undergirding FTAs is that trade liberalization within the neo-liberal global economy produces economic growth and development among all parties, and reduces poverty in poor nations.}}</ref> reduces [[poverty]],<ref name="Political-Theology"/><ref name="Worstall"/> produces gains of trade like lower prices as a result of [[comparative advantage]],<ref>{{Cite web |last=DeLong |first=Brad |date=May 26, 2017 |title=The Benefits of Free Trade: Time to Fly My Neoliberal Freak Flag High!: Hoisted from March 2016 |url=https://equitablegrowth.org/the-benefits-of-free-trade-time-to-fly-my-neoliberal-freak-flag-high-hoisted-from-march-2016/ |website=Washington Center for Equitable Growth}}</ref> maximizes [[consumer choice]],<ref>{{Cite news |last=Mishra |first=Pankaj |date=February 7, 2018 |title=The Rise of China and the Fall of the Fall of the 'Free Trade' Myth |work=[[The New York Times]] Magazine |url=https://www.nytimes.com/2018/02/07/magazine/the-rise-of-china-and-the-fall-of-the-free-trade-myth.html |archive-url=https://web.archive.org/web/20180207114034/https://www.nytimes.com/2018/02/07/magazine/the-rise-of-china-and-the-fall-of-the-free-trade-myth.html |archive-date=February 7, 2018 |url-access=subscription |url-status=live |quote=Free markets, the thinking went, not only generated wealth for all nations but also maximized consumer choice, reduced prices and optimized the use of scarce resources.}}</ref> and is essential to freedom,<ref>{{Cite web |last1=Friedman |first1=Milton |last2=Friedman |first2=Rose D. |date=October 30, 1997 |title=The Case for Free Trade |url=https://www.hoover.org/research/case-free-trade |website=[[The Hoover Institute]] |quote=Few measures that we could take would do more to promote the cause of freedom at home and abroad than complete free trade.}}</ref><ref>{{Cite web |last=North |first=Gary |date=July 9, 2012 |title=Free Trade: The Litmus Test of Economics |url=https://mises.org/library/free-trade-litmus-test-economics |website=[[Mises Institute]] |quote=Free trade means free choice.}}</ref> as they believe voluntary trade between two parties should not be prohibited by government.<ref>{{Cite news |date=March 14, 2018 |title=The Economist Explains: Why is free trade good? |newspaper=[[The Economist]] |url=https://www.economist.com/the-economist-explains/2018/03/14/why-is-free-trade-good}}</ref> Relatedly, neoliberals argue that [[protectionism]] is harmful to [[consumer]]s,<ref>{{Cite web |last1=Friedman |first1=Milton |author1-link=Milton Friedman |last2=Friedman |first2=Rose D. |date=October 30, 1997 |title=The Case for Free Trade |url=https://www.hoover.org/research/case-free-trade |website=[[The Hoover Institute]] |quote='Protection' really means exploiting the consumer.}}</ref> who will be forced to pay higher prices for goods;<ref>{{Cite news |last=Partington |first=Richard |date=August 13, 2018 |title=Is free trade always the answer? |work=[[The Guardian]] |url=https://www.theguardian.com/business/2018/aug/13/is-free-trade-always-the-answer |quote=Economists mostly agree higher tariffs are counterproductive. While they can protect jobs, they also tend to raise the price of goods for consumers and stifle innovation that could benefit the economy.}}</ref> incentivizes individuals to misuse resources;<ref name="Friedman-Trade">{{Cite book |last=Friedman |first=Milton |url=https://archive.org/details/friedman-milton-capitalism-and-freedom/page/n1/mode/2up |title=Capitalism and Freedom |publisher=The [[University of Chicago Press]] |year=1962 |isbn=0-226-26401-7 |location=Chicago |publication-date=1982 |pages=39 |quote=Tariffs and other restrictions on international trade...give individuals an incentive to misuse and misdirect resources, and distort the investment of new savings.}}</ref> distorts investment;<ref name="Friedman-Trade"/> stifles innovation;<ref>{{Cite news |last=Partington |first=Richard |date=August 13, 2018 |title=Is free trade always the answer? |work=[[The Guardian]] |url=https://www.theguardian.com/business/2018/aug/13/is-free-trade-always-the-answer |quote=Economists argue international competition stimulates greater innovation and productivity, while warning protectionism can hinder progress.}}</ref> and props up certain industries at the expense of consumers and other industries.<ref>{{Cite web |last=Lincicome |first=Scott |date=May 2, 2019 |title=The Case for Free Trade |url=https://www.cato.org/publications/commentary/case-free-trade |website=[[The Cato Institute]] |quote=Protectionism invisibly propped up certain industries and workers at most Americans' expense and generated the aforementioned economic and geopolitical problems.}}</ref>

=== Monetarism ===
{{Main |Monetarism}}
Monetarism is an economic theory commonly associated with neoliberalism.{{sfnp|Harvey|2005|p=}} Formulated by [[Milton Friedman]], it focuses on the macroeconomic aspects of the [[supply of money]], paying particular attention to the effects of [[central bank]]ing.<ref>{{cite web |last1=McCallum |first1=Bennett T. |title=Monetarism |url=https://www.econlib.org/library/Enc/Monetarism.html |website=The Library of Economics and Liberty |access-date=July 8, 2019}}</ref> It argues that excessive expansion of the money supply is inherently inflationary and that monetary authorities should focus primarily on maintaining [[price stability]], even at the cost of other macroeconomic factors like [[economic growth]].

Monetarism is often associated with the policies of the [[Federal Reserve System|U.S. Federal Reserve]] under the [[Chair of the Federal Reserve|chairmanship]] of economist [[Paul Volcker]],{{sfnp|Harvey|2005|p=}} which centered around high interest rates that are widely credited with ending the high levels of inflation seen in the United States during the 1970s and early 1980s<ref>{{cite news |last=Hutchinson |first=Martin |date=November 4, 2008 |title=To Treat the Fed as Volcker Did |work=[[The New York Times]] |url-access=subscription |url= https://www.nytimes.com/2008/11/05/business/05views.html}}</ref> as well as contributing to the [[Early 1980s recession in the United States|1980–1982 recession]].<ref>{{cite web |title=Paul Volcker |website=Encyclopædia Britannica |url=https://www.britannica.com/biography/Paul-Adolph-Volcker |access-date=July 8, 2019}}</ref> Monetarism had particular force in Chile, whose central bank raised interest rates to counter inflation that had spiraled to over 600%.<ref name="World Bank-2019"/> This helped to successfully reduce inflation to below 10%,<ref name="World Bank-2019"/> but also resulted in job losses.

== Criticism ==
[[File:Noam Chomsky portrait 2015.jpg|thumb|upright|left|[[Noam Chomsky]]'s 1999 book ''[[Profit over People|Profit Over People: Neoliberalism and Global Order]]'' is an open critique of neoliberalism and the American economic structure.]]{{Undue weight section|date=August 2024}}{{Original research section|date=August 2024}}

Neoliberalism has faced criticism by academics, journalists, religious leaders, and activists from both the [[left-wing politics|political left]] and [[right-wing politics|right]].<ref>{{Citation |title=Higher Degree Research By Numbers: Beyond the Critiques of Neo-liberalism |first1=Timothy |last1=Laurie |first2=Liam |last2=Grealy |journal=[[Higher Education Research & Development]] |volume=36 |issue=3 |pages=458–71 |year=2017 |url=https://www.academia.edu/31833744 |doi=10.1080/07294360.2017.1288710 |hdl=10453/63197 |s2cid=151552617 |hdl-access=free}}</ref><ref name="Neoliberal Hegemony">{{cite book |last1=Plehwe |first1=Dieter |last2=Walpen |first2=Bernhard |last3=Neunhöffer |first3=Gisela |title=Neoliberal hegemony: a global critique |location=London & New York |publisher=[[Routledge]] |year=2006 |isbn=9780203099506 |oclc=646744326 |chapter=Introduction: Reconsidering neoliberal hegemony |chapter-url={{Google books|kiaxAx5l1QEC|page=1|plainurl=yes}} |access-date=July 7, 2018}}</ref> Notable critics of neoliberalism in theory or practice include economists [[Joseph Stiglitz]],<ref>{{cite web |url=http://www.businessinsider.com/joseph-stiglitz-says-neoliberalism-is-dead-2016-8 |title=Nobel Prize-winning economist Stiglitz tells us why 'neoliberalism is dead' |last=Martin |first=Will |date=August 19, 2016 |website=[[Business Insider]] |access-date=February 8, 2017}}</ref> [[Amartya Sen]],<ref>{{cite book |last=Couldry |first=Nick |date=2010 |title=Why Voice Matters: Culture And Politics After Neoliberalism |url=https://books.google.com/books?id=NUdlWiL7iCgC&pg=PA38 |publisher=[[SAGE Publications]] Ltd |page=38 |isbn=978-1848606623}}</ref> [[Michael Hudson (economist)|Michael Hudson]],<ref>{{Cite web |last=Hudson |first=Michael |date=June 18, 2016 |title=Neoliberalism Will Soon Force Americans to Leave the United States |url=https://www.truthdig.com/videos/neoliberalism-will-soon-force-americans-to-leave-the-united-states/ |website=Truthdig}}</ref> [[Ha-Joon Chang]],<ref>{{Cite book |last=Chang |first=Ha-Joon |title=[[Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism]] |publisher=[[Random House]] |year=2008 |isbn=978-1596915985 |location=New York |pages=229}}</ref> [[Robert Pollin]],<ref>{{Cite book |title=Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity |url=https://archive.org/details/contoursofdescen00poll |url-access=registration |last=Pollin |first=Robert |year=2003 |isbn=978-1-84467-534-0 |location=New York |publisher=[[Verso Books]]}}</ref> [[Thomas Piketty]],<ref>{{Cite book|title=[[Capital and Ideology]]|first=Thomas|last=Piketty|publisher=[[Belknap Press]]|date=March 10, 2020|asin=B082DKPPP1}}</ref><ref>{{Cite news |last=Matthaei |first=Julie |date=March 8, 2015 |title=The time for a new economics is at hand |work=[[Al Jazeera Arabic|Al Jazeera]] |url=http://america.aljazeera.com/opinions/2015/3/the-time-for-a-new-economics-is-at-hand.html |access-date=March 9, 2015}}</ref> and [[Richard D. Wolff]];<ref name="RDWolff">{{cite book |author-link=Richard D. Wolff |last=Wolff |first=Richard D. |date=2012 |url=http://www.democracyatwork.info/ |title=Democracy at Work: A Cure for Capitalism |publisher=[[Haymarket Books]] |isbn=978-1608462476 |page=[https://books.google.com/books?id=-QnzAAAAQBAJ&pg=PA37 37]}}</ref> linguist [[Noam Chomsky]];{{sfnp|Chomsky|McChesney|2011}} geographer and anthropologist [[David Harvey (geographer)|David Harvey]];{{sfnp|Harvey|2005|p=}} Slovenian continental philosopher [[Slavoj Žižek]],<ref>{{cite book |last=Žižek |first=Slavoj |author-link=Slavoj Žižek |date=2018 |title=The Courage of Hopelessness: A Year of Acting Dangerously |publisher=Melville House |page=59 |isbn=978-1612190037}}</ref> political activist and public intellectual [[Cornel West]];<ref>{{cite news |first=Cornel |last=West |author-link=Cornel West |url=https://www.theguardian.com/commentisfree/2016/nov/17/american-neoliberalism-cornel-west-2016-election |title=Goodbye, American neoliberalism. A new era is here |work=[[The Guardian]] |date=November 17, 2016}}</ref> Marxist feminist [[Gail Dines]];<ref>Archived at [https://ghostarchive.org/varchive/youtube/20211211/kDcTt0emXhE Ghostarchive]{{cbignore}} and the [https://web.archive.org/web/20121003174506/http://www.youtube.com/watch?v=kDcTt0emXhE&gl=US&hl=en Wayback Machine]{{cbignore}}: {{cite web |last=Dines |first=Gail |title=From the Personal is Political to the Personal is Personal: Neoliberalism and the Defanging of Feminism |url=https://www.youtube.com/watch?v=kDcTt0emXhE |publisher=[[YouTube]] |access-date=August 5, 2013}}{{cbignore}}</ref> British musician and political activist [[Billy Bragg]];<ref>{{Cite book |last=Bragg |first=Billy |title=The Three Dimensions of Freedom |publisher=[[Faber & Faber]] |year=2019 |isbn=9780571353217 |location=London |language=English}}</ref> author, activist and filmmaker [[Naomi Klein]];<ref>{{cite news |url=https://www.theguardian.com/commentisfree/2016/nov/09/rise-of-the-davos-class-sealed-americas-fate |title=It was the Democrats' embrace of neoliberalism that won it for Trump |first=Naomi |last=Klein |author-link=Naomi Klein |work=[[The Guardian]] |date=November 9, 2016 |archive-url=https://web.archive.org/web/20170310213203/https://www.theguardian.com/commentisfree/2016/nov/09/rise-of-the-davos-class-sealed-americas-fate |archive-date=March 10, 2017}}</ref> head of the Catholic Church [[Pope Francis]];<ref>{{Cite news |title=Pope Francis Laments Failures Of Market Capitalism In Blueprint For Post-COVID World |url=https://www.npr.org/2020/10/04/920053203/pope-francis-laments-failures-of-market-capitalism-in-blueprint-for-post-covid-w |access-date=October 5, 2020 |newspaper=[[NPR]] |date=October 4, 2020 |language=en |last1=Poggioli |first1=Sylvia}}</ref> journalist and environmental activist [[George Monbiot]];<ref>{{cite news |first=George |last=Monbiot |author-link=George Monbiot |date=April 15, 2016 |url=https://www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiot |title=Neoliberalism – the ideology at the root of all our problems |work=[[The Guardian]] |access-date=April 16, 2016}}</ref> Belgian psychologist [[Paul Verhaeghe]];<ref>{{cite news |first=Paul |last=Verhaeghe |author-link=Paul Verhaeghe |date=September 29, 2014 |url=https://www.theguardian.com/commentisfree/2014/sep/29/neoliberalism-economic-system-ethics-personality-psychopathicsthic |title=Neoliberalism has brought out the worst in us |work=[[The Guardian]] |access-date=October 6, 2014}}</ref> journalist and activist [[Chris Hedges]];<ref>{{cite web |url=https://www.truthdig.com/videos/video-chris-hedges-on-the-big-lie-of-neoliberalism-and-the-very-real-threat-of-a-president-trump/ |title=VIDEO: Chris Hedges on the Big Lie of Neoliberalism and the Very Real Threat of a President Trump |website=[[Truthdig]] |date=September 14, 2015}}</ref> conservative philosopher [[Roger Scruton]];<ref>{{Cite news |last=Scruton |first=Roger |date=September 10, 2014 |title=Why it's so much harder to think like a Conservative |work=[[The Guardian]] |url=https://www.theguardian.com/commentisfree/2014/sep/10/why-its-harder-to-think-like-a-conservative}}</ref> and the [[alter-globalization]] movement, including groups such as [[ATTAC]]. The impact of the [[Great Recession]] in 2008 also gave rise to a surge in new scholarship that criticized neoliberalism.<ref>
{{cite book |last1=Pradella |first1=Lucia |last2=Marois |first2=Thomas |title=Polarising Development: Alternatives to Neoliberalism and the Crisis |date=2015 |url=https://www.academia.edu/9680429 |publisher=[[Pluto Press]] |location=United Kingdom |isbn=978-0745334691 |pages=1–11}}</ref>

=== Market fundamentalism ===
{{Main |Market fundamentalism}}
{{quote box|The progress of the last 40 years has been mostly cultural, culminating, the last couple of years, in the broad legalization of same-sex marriage. But by many other measures, especially economic, things have gotten worse, thanks to the establishment of neo-liberal principles — anti-unionism, deregulation, market fundamentalism and intensified, unconscionable greed — that began with Richard Nixon and picked up steam under Ronald Reagan. Too many are suffering now because too few were fighting then.|author=—[[Mark Bittman]]<ref>{{cite news |last=Bittman |first=Mark |date=December 13, 2014 |title=Is It Bad Enough Yet? |url=https://www.nytimes.com/2014/12/14/opinion/sunday/mark-bittman-is-it-bad-enough-yet.html?referrer&_r=1 |work=[[The New York Times]] |access-date=August 12, 2020 }}</ref> |width=35% |align=right |quoted=1 |salign=right}}
Neoliberal thought has been criticized for supposedly having an undeserved "faith" in the efficiency of [[Market (economics)|market]]s, in the superiority of markets over [[Economic planning|centralized economic planning]], in the ability of markets to self-correct, and in the market's ability to deliver economic and political freedom.<ref>{{cite news |last1=Fahnbulleh |first1=Miatta |title=The Neoliberal Collapse: Markets Are Not The Answer |url=https://www.foreignaffairs.com/articles/united-kingdom/2019-12-10/neoliberal-collapse |publisher=[[Foreign Affairs]] |date=December 10, 2019 }}</ref>{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} Economist [[Paul Krugman]] has argued that the "[[laissez-faire]] absolutism" promoted by neoliberals "contributed to an intellectual climate in which faith in markets and disdain for government often trumps the evidence".{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} Political theorist [[Wendy Brown (political theorist)|Wendy Brown]] has gone even further and asserted that the overriding objective of neoliberalism is "the economization of all features of life".<ref>{{cite news |last1=Zamora |first1=Daniel |last2=Olsen |first2=Niklas |title=How Decades of Neoliberalism Led to the Era of Right-Wing Populism |url=https://jacobinmag.com/2019/09/in-the-ruins-of-neoliberalism-wendy-brown |publisher=[[Jacobin (magazine)|Jacobin]] |date=September 19, 2019 }}</ref> A number of scholars have argued that, in practice, this "market fundamentalism" has led to a neglect of social goods not captured by [[economic indicators]], an erosion of [[democracy]], an unhealthy promotion of unbridled [[individualism]] and [[social Darwinism]], and economic inefficiency.<ref name=Longview1>{{Cite web |url=http://www.longviewinstitute.org/projects/marketfundamentalism/marketfundamentalism/ |title=Market Fundamentalism |website=[[Longview Institute]]}}</ref>

Some critics contend neoliberal thinking prioritizes [[economic indicators]] like [[economic growth|GDP growth]] and [[inflation]] over social factors that might not be easy to quantify, like [[labor rights]]<ref>{{cite journal |last=Evans |first=Peter |title=National Labor Movements and Transnational Connections: Global Labor's Evolving Architecture Under Neoliberalism |journal=IRLE Working Paper |date=2014 |volume=5 |issue=116–114 |doi=10.15173/glj.v5i3.2283 |url=https://mulpress.mcmaster.ca/globallabour/article/view/2283 |doi-access=free}}</ref> and access to higher education.<ref>{{cite book |last1=Levidow |first1=Les |title=The Virtual University?: Knowledge, Markets, and Management |date=January 30, 2003 |publisher=[[Oxford University Press]] |isbn=0199257930 |pages=227–248}}</ref> This focus on [[economic efficiency]] can compromise other, perhaps more important, factors, or promote [[Exploitation of labour|exploitation]] and social injustice.{{sfnp|Springer|Birch|MacLeavy|2016|p=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA618 618]}} For example, anthropologist Mark Fleming argues that when the performance of a [[public transport|transit system]] is assessed purely in terms of economic efficiency, social goods such as strong [[labor rights|workers' rights]] are considered impediments to maximum performance.<ref>{{cite journal |last1=Fleming |first1=Mark |title=Mass Transit Workers and Neoliberal Time Discipline in San Francisco |journal=[[American Anthropologist]] |date=2016 |volume=118 |issue=4 |pages=784–95 |doi=10.1111/aman.12683}}</ref> He supports this assertion with a case study of the [[San Francisco Municipal Railway]] (Muni), which is one of the slowest major urban transit systems in the US and has one of the worst [[on-time performance]] rates.<ref>{{cite report |title=Transportation Benchmarking |url=https://sfgov.org/scorecards/benchmarking/transportation |publisher=City and County of San Francisco |date=2018 }}</ref><ref>{{cite news |last1=Garfield |first1=Leanna |last2=Nudelman |first2=Mike |title=New York City's subway is falling apart — here's how it compares to other cities around the world |url=https://www.businessinsider.com/public-transit-ranking-cities-nyc-subway-2017-11 |access-date=June 27, 2019 |publisher=[[Business Insider]] |date=November 21, 2017 }}</ref> This poor performance, he contends, stems from structural problems including an aging fleet and maintenance issues. He argues that the neoliberal worldview singled out transit drivers and their [[trade union|labor unions]], blaming drivers for failing to meet impossible transit schedules and considering additional costs to drivers as lost funds that reduce system speed and performance. This produced vicious attacks on the drivers' union and brutal public [[smear campaign]]s, ultimately resulting in the passing of Proposition G, which severely undermined the powers of the Muni drivers' union.

American scholar and cultural critic [[Henry Giroux]] alleges that neoliberal market fundamentalism fosters a belief that market forces should organize every facet of society, including economic and social life, and promotes a [[social Darwinist]] ethic that elevates self-interest over social needs.<ref>{{cite web |first=Michael |last=Nevradakis |date=October 19, 2014 |url=http://truth-out.org/opinion/item/26885-henry-giroux-on-the-rise-of-neoliberalism |title=Henry Giroux on the Rise of Neoliberalism |website=[[Truthout]] |access-date=October 19, 2014 }}</ref><ref>{{cite web |first=C.J. |last=Polychroniou |date=March 27, 2013 |url=http://www.truthdig.com/report/item/the_violence_of_neoliberalism_and_the_attack_on_higher_education_20130327 |title=The Violence of Neoliberalism and the Attack on Higher Education |website=[[Truthdig]] |access-date=February 23, 2014 }}</ref> Giroux states that the United States has entered a [[Second Gilded Age]] "more savage and anti-democratic than its predecessor" as a result of the enforcement of neoliberal policies and adherence to [[market fundamentalist]] principles.<ref name="Giroux">{{cite journal |last1= Giroux|first1=Henry A.|date=24 April 2008 |title=Beyond the biopolitics of disposability: rethinking neoliberalism in the New Gilded Age|url=|journal= Social Identities|volume=14 |issue=5 |pages=587–620|doi=10.1080/13504630802343432|pmc= |pmid= |access-date= |name-list-style=vanc}}</ref><ref>{{cite web |first=Ted |last=Asregadoo |date=June 15, 2014 |url=http://www.truth-out.org/news/item/24367-truthout-interviews-henry-a-giroux-on-neoliberalism |title=Truthout Interviews Henry A. Giroux on Neoliberalism |website=[[Truthout]] |access-date=June 18, 2014 |archive-url=https://web.archive.org/web/20171114015724/http://www.truth-out.org/news/item/24367-truthout-interviews-henry-a-giroux-on-neoliberalism |archive-date=November 14, 2017 |url-status=dead }}</ref> [[Marxist]] economic geographer [[David Harvey]] argues that neoliberalism promotes an unbridled individualism that is harmful to social solidarity.{{sfnp|Harvey|2005|p=82}}

While proponents of [[economic liberalization]] have often pointed out that increasing [[economic freedom]] tends to raise expectations on [[political freedom]],<ref name="Gwartney & Lawson 2003">{{cite journal |last1=Gwartney |first1=James |last2=Lawson |first2=Robert |title=The concept and measurement of economic freedom |journal=European Journal of Political Economy |volume=19 |issue=3 |date=2003 |doi=10.1016/S0176-2680(03)00007-7 |pages=405–430}}</ref> some scholars see the existence of non-[[democracy|democratic]] yet [[free market|market-liberal]] regimes and the seeming undermining of democratic control by market processes as evidence that this characterization is ahistorical.<ref name="WBrown"/> Some scholars contend that neoliberal focuses may even undermine the basic elements of democracy.<ref name="WBrown">{{cite book |author-link=Wendy Brown (political scientist) |first=Wendy |last=Brown |title=Undoing the Demos: Neoliberalism's Stealth Revolution |location=Cambridge, Massachusetts |publisher=[[MIT Press]] |date=2015 |isbn=978-1935408536 |url=https://books.google.com/books?id=r_kXBwAAQBAJ&pg=PA17 |page=17 |via=[[Google Books]]}}</ref><ref>{{bulleted list|
|{{cite book |last1=Hickel |first1=Jason |author1-link=Jason Hickel |chapter=Neoliberalism and the End of Democracy |editor1-last=Springer |editor1-first=Simon |editor2-last=Birch |editor2-first=Kean |editor3-last=MacLeavy |editor3-first=Julie |date=2016 |title=The Handbook of Neoliberalism |url=https://www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001 |publisher=[[Routledge]] |page=[https://books.google.com/books?id=M5qkDAAAQBAJ&pg=PA142 142] |isbn=978-1138844001}}
|{{cite web |url=https://www.thenation.com/article/culture/quinn-slobodian-crack-capitalism-interview/ |title=The Market Radicals Who Want to Put an End to Democracy |last=Steinmetz-Jenkins |first=Daniel |date=October 11, 2023 |website=[[The Nation]] |publisher= |access-date=October 13, 2023 |quote=}}
|{{cite journal |last1=Mexhuani |first1=Burim |title=The Cost of Neoliberalism: How Economic Policies Are Undermining Democracy |journal=[[Capitalism Nature Socialism]] |date=2024 |volume=36 |pages=11–21 |doi=10.1080/10455752.2024.2376669}}
}}</ref> [[Kristen Ghodsee]], ethnographer at the [[University of Pennsylvania]], asserts that the triumphalist attitudes of [[Western world|Western powers]] at the end of the [[Cold War]] and the fixation on linking all [[leftist]] political ideals with the excesses of [[Stalinism]], permitted neoliberal, free-market capitalism to fill the void, which undermined democratic institutions and reforms, leaving a trail of economic misery, [[unemployment]] and rising [[economic inequality]] throughout the former [[Eastern Bloc]] and much of the West that fueled a resurgence of extremist [[nationalism]].<ref name="Ghodsee2017">{{cite book |last=Ghodsee |first=Kristen |date=2017 |title=Red Hangover: Legacies of Twentieth-Century Communism |url=https://www.dukeupress.edu/red-hangover |publisher=[[Duke University Press]] |pages=xix–xx, 134, 197–99 |isbn=978-0822369493 |author-link=Kristen Ghodsee}}</ref> Costas Panayotakis has argued that the economic inequality engendered by neoliberalism creates inequality of political power, undermining democracy and the citizen's ability to meaningfully participate.<ref>{{Cite journal |last=Panayotakis |first=Costas |date=June 1, 2020 |title=Neoliberalism, the Left and the Rise of the Far Right: On the Political and Ideological Implications of Capitalism's Subordination of Democracy |journal=[[Democratic Theory]] |volume=7 |issue=1 |pages=48–72 |doi=10.3167/dt.2020.070104 |s2cid=225838946 |issn=2332-8894 |url=https://www.berghahnjournals.com/view/journals/democratic-theory/7/1/dt070104.xml|url-access=subscription }}</ref>

Despite the focus on economic efficiency, some critics allege that neoliberal policies actually produce [[economic inefficiency|economic inefficiencies]]. The replacement of a government-owned [[monopoly]] with [[privately held company|privately owned companies]] might reduce the efficiencies associated with [[economies of scale]].<ref>Katter, Bob (2012) 'An incredible race of people: a passionate history of Australia', (page numbers to be provided)</ref> Structurally, some economists argue that neoliberalism is a system that [[social ownership|socializes]] costs and [[private property|privatizes]] [[profit (economics)|profits]].<ref name="Berger 2017">{{cite book |last=Berger |first=Sebastian |title=The social costs of neoliberalism : essays on the economics of K. William Kapp |publisher=Spokesman |location=Nottingham |year=2017 |isbn=9780851248646 |oclc=985214685}}</ref>{{Page needed|date=July 2018}}<ref name="Kapp 2016">{{cite book |last=Kapp |first=K. William |title=The heterodox theory of social costs |editor-first=Sebastian |editor-last=Berger |publisher=[[Routledge]] |location=London |year=2016 |isbn=9781138775473 |oclc=915343787}}</ref>{{Page needed|date=July 2018}} They argue this results in an abdication of private responsibility for socially destructive economic choices and may result in regressive governmental controls on the economy to reduce damages by private individuals.

American political theologian [[Adam Kotsko]] argues that contemporary right-wing populism, exemplified by Brexit and the [[First presidency of Donald Trump|Trump Administration]], represent a "heretical" variant of neoliberalism, which accepts its core tenets but pushes them to new, almost "parodic" extremes.{{sfnp|Kotsko|2018|p=10}}

=== Inequality ===
{{See also |List of countries by income equality |Income inequality in the United States}}
[[File:Total US family wealth timeline by wealth group.png|thumb|upright=1.15 |[[Wealth inequality in the United States]] increased from 1989 to 2013.]]
Critics have argued that neoliberal policies have increased [[economic inequality]]{{sfnp|Haymes|Vidal de Haymes|Miller|2015|p=7}}<ref>{{cite book |last=Dean |first=Jodi |date=2012 |title=The Communist Horizon |url=https://archive.org/details/communisthorizon00dean |url-access=limited |publisher=[[Verso Books]] |page=[https://archive.org/details/communisthorizon00dean/page/n128 123] |isbn=978-1844679546 |author-link=Jodi Dean |quote=Pursued through policies of privatization, deregulation, and financialization, and buttressed by an ideology of private property, free markets, and free trade, neoliberalism has entailed cuts in taxes for the rich and cuts in protections and benefits for workers and the poor, resulting in an exponential increase in inequality.}}</ref> and exacerbated global [[poverty]].{{sfnp|Haymes|Vidal de Haymes|Miller|2015|pp=1–2}}<ref>{{harvp|Jones|Parker|Bos|2005|p=101}}; "Critics of neoliberalism have therefore looked at the evidence that documents the results of this great experiment of the past 30 years, in which many markets have been set free. Looking at the evidence, we can see that the total amount of global trade has increased significantly, but that global poverty has increased, with more today living in abject poverty than before neoliberalism."</ref><ref>[[Jason Hickel]] (February 13, 2019). [https://jacobinmag.com/2019/02/steven-pinker-global-poverty-neoliberalism-progress An Open Letter to Steven Pinker (and Bill Gates)]. ''[[Jacobin (magazine)|Jacobin]].'' Retrieved February 13, 2019.</ref> The [[Center for Economic and Policy Research |Center for Economic and Policy Research's]] (CEPR) [[Dean Baker]] argued in 2006 that the driving force behind rising inequality in the United States has been a series of deliberate neoliberal policy choices, including anti-[[inflation]]ary bias, anti-[[Trade union|unionism]] and profiteering in the [[healthcare industry]].<ref>Baker, Dean. 2006. "[http://www.paecon.net/PAEReview/issue40/Baker40.pdf Increasing Inequality in the United States]." Post-autistic Economics Review 40.</ref> The economists David Howell and Mamadou Diallo contend that neoliberal policies have contributed to a [[Economy of the United States|United States economy]] in which 30% of [[Working class in the United States|workers]] earn low wages (less than two-thirds the median wage for full-time workers) and 35% of the [[labor force]] is [[underemployment|underemployed]] while only 40% of the working-age population in the country is adequately employed.<ref>Howell, David R. and Mamadou Diallo. 2007. "Charting U.S. Economic Performance with Alternative Labor Market Indicators: The Importance of Accounting for Job Quality." SCEPA Working Paper 2007-6.</ref> The globalization of neoliberalism has been blamed for the emergence of a "[[precariat]]", a new social class facing acute socio-economic insecurity and alienation.<ref name="Fox OMahony OMahony Hickey 2014 p.25">{{cite book |url={{google books|id=qyIcBQAAQBAJ|page=25|plainurl=yes}} |title=Moral rhetoric and the criminalisation of squatting: vulnerable demons? |last1=Fox O'Mahony |first1=Lorna |last2=O'Mahony |first2=David |last3=Hickey |first3=Robin |publisher=[[Routledge]] |year=2014 |isbn=9781317807940 |location=London |page=25 |oclc=1019606315 |access-date=July 7, 2018}}</ref> In the United States, the "neoliberal transformation" of industrial relations, which considerably diminished the power of [[trade union|unions]] and increased the power of employers, has been blamed by many for increasing [[precarity]], which could be responsible for as many as 120,000 excess deaths per year.<ref>{{cite journal |last=Kinderman |first=Daniel |date=2019 |title=The Neoliberal Revolution in Industrial Relations |journal=Catalyst |volume=2 |issue=4 |pages=117–118 |issn=2475-7365}}</ref> In [[Venezuela]], prior to the [[Crisis in Venezuela|Venezuelan crisis]], deregulation of the [[labor economics|labor market]] resulted in greater [[informal economy|informal employment]] and a considerable increase in [[work accident|industrial accidents]] and [[occupational disease]]s.<ref>{{cite journal |last=Feo |first=Oscar |url=http://www.medicinasocial.info/index.php/socialmedicine/article/viewFile/272/516 |title=Venezuelan Health Reform, Neoliberal Policies and their Impact on Public Health Education: Observations on the Venezuelan Experience |journal=Social Medicine |volume=3 |number=4 |date=November 2008 |page=224 }}</ref> Even in [[Sweden]], in which only 6% of workers are beset with wages the [[OECD]] considers low,<ref>{{cite web |author=[[OECD]] |date=2007 |url=http://www.oecd.org/employment/emp/38749309.pdf |title=OECD Employment Outlook. Statistical Annex }}</ref> some scholars argue that the adoption of neoliberal reforms—in particular the privatization of public services and the reduction of state benefits—is the reason it has become the nation with the fastest growing income inequality in the OECD.<ref>Olsson, Per (28 May 2013). [http://www.socialistworld.net/doc/6330 The reality of Swedish neo-liberalism]. ''[[Socialist Justice Party|CWI Sweden]].'' Retrieved 26 February 2014.</ref><ref>Higgens, Andrew (26 May 2013). [https://www.nytimes.com/2013/05/27/world/europe/swedens-riots-put-its-identity-in-question.html?pagewanted=all&_r=0 In Sweden, Riots Put an Identity in Question]. ''[[The New York Times]].'' Retrieved 26 February 2014.</ref>

[[File:IMF nations.svg|thumb|upright=1.35|Member nations of the [[International Monetary Fund]]]]
A 2016 report by researchers at the [[International Monetary Fund]] (IMF) was critical of neoliberal policies for increasing economic inequality.<ref name="Ostry2016"/> While the report included praise for neoliberalism, saying "there is much to cheer in the neoliberal agenda," it noted that certain neoliberal policies, particularly freedom of capital and fiscal consolidation, resulted in "increasing [[economic inequality|inequality]]", which "in turn jeopardized durable [economic] expansion". The report contends that the implementation of neoliberal policies by economic and political [[elite]]s has led to "three disquieting conclusions":
* The benefits in terms of increased [[economic growth|growth]] seem fairly difficult to establish when looking at a broad group of countries.
* The costs in terms of increased inequality are prominent. Such costs epitomize the trade-off between the growth and [[equity (economics)|equity]] effects of some aspects of the neoliberal agenda.
* Increased inequality in turn hurts the level and sustainability of growth. Even if growth is the sole or main purpose of the neoliberal agenda, advocates of that agenda still need to pay attention to the distributional effects.<ref>[http://www.businessinsider.com/imf-neoliberalism-warnings-2016-5 IMF: The last generation of economic policies may have been a complete failure]. ''Business Insider.'' May 2016.</ref>

A number of scholars see increasing inequality arising out of neoliberal policies as a deliberate effort, rather than a consequence of ulterior motives like increasing [[economic growth]]. [[Marxism|Marxist]] economic geographer [[David Harvey (geographer)|David Harvey]] describes neoliberalism as a "[[social class|class]] project" "carried out by the corporate capitalist class", and argued in his book ''A Brief History of Neoliberalism'' that neoliberalism is designed to increase the class power of economic [[elite]]s.<ref name=Harvey-Jacobin>{{cite magazine |last1=Harvey |first1=David |last2=Risager |first2=Bjarke Skærlund |title=Neoliberalism Is a Political Project |url=https://www.jacobinmag.com/2016/07/david-harvey-neoliberalism-capitalism-labor-crisis-resistance/ |access-date=July 6, 2019 |magazine=[[Jacobin (magazine)|Jacobin]] |date=July 23, 2016 }}</ref><ref name="DavidHarvey">Archived at [https://ghostarchive.org/varchive/youtube/20211211/PkWWMOzNNrQ Ghostarchive]{{cbignore}} and the [https://web.archive.org/web/20091029180337/http://www.youtube.com/watch?v=PkWWMOzNNrQ Wayback Machine]{{cbignore}}: {{cite web |url=https://www.youtube.com/watch?v=PkWWMOzNNrQ |title=A Brief History of Neoliberalism 1/5 |last=Harvey |first=David |author-link=David Harvey (geographer) |website=[[YouTube]] |date=17 July 2007 |access-date=July 7, 2018}}{{cbignore}} Also see {{YouTube|playlist=PLA27CFAD836E1638A|title=David Harvey : A Brief History of Neoliberalism}}.</ref>{{sfnp|Harvey|2005|p=}} Economists [[Gérard Duménil]] and Dominique Lévy posit that "the restoration and increase of the power, income, and wealth of the upper classes" are the primary objectives of the neoliberal agenda.<ref name="Duménil Lévy 2016 p. 551">{{cite book |first1=Gérard |last1=Duménil |author-link=Gérard Duménil |first2=Dominique |last2=Lévy |editor-last=Springer |editor-first=Simon |editor-last2=Birch |editor-first2=Kean |editor-last3=MacLeavy |editor-first3=Julie |title=The handbook of neoliberalism |publisher=[[Routledge]], Taylor & Francis Group |location=New York & London |year=2016 |isbn=978-1317549666 |oclc=953604193 |chapter=The crisis of neoliberalism |chapter-url=https://books.google.com/books?id=6ZmkDAAAQBAJ&pg=PT645 |pages=551–557 |access-date=July 7, 2018 |via=[[Google Books]]}}</ref> Economist David M. Kotz contends that neoliberalism "is based on the thorough domination of [[working class|labor]] by [[Bourgeoisie|capital]]".{{sfnp|Kotz|2015|p=43}} Similarly, [[Elizabeth S. Anderson]] writes that neoliberalism has "shifted economic and political power to private businesses, executives, and the very rich" and that "more and more, these organizations and individuals govern everyone else."{{sfnp|Anderson|2023|p=xi}} Sociologist Thomas Volscho argues that the imposition of neoliberalism in the United States arose from a conscious political mobilization by capitalist [[elite]]s in the 1970s, who faced two self-described crises: the legitimacy of capitalism and a falling rate of [[profit (economics)|profitability]] in industry.<ref name="Volscho pp. 249–266">{{cite journal |last=Volscho |first=Thomas |date=July 28, 2016 |title=The Revenge of the Capitalist Class: Crisis, the Legitimacy of Capitalism and the Restoration of Finance from the 1970s to Present |journal=[[Critical Sociology]] |volume=43 |issue=2 |pages=249–266 |doi=10.1177/0896920515589003 |issn=0896-9205 |ssrn=2602893 |s2cid=220077253 |id={{OCLC|7374542920|6962223812}}}} SSRN Pre-publication is free access {{free access}}; SAGE Journals doi publication is closed access {{closed access}}.</ref> In ''The Global Gamble'', [[Peter Gowan]] argued that "neoliberalism" was not only a free-market ideology but "a social engineering project". Globally, it meant opening a state's political economy to products and financial flows from the core countries. Domestically, neoliberalism meant the remaking of social relations "in favour of creditor and rentier interests, with the subordination of the productive sector to financial sectors, and a drive to shift wealth, power and security away from the bulk of the working population."<ref name="Gowan">{{cite book |title=The Global Gamble: Washington's Faustian Bid for World Dominance |last=Gowan |first=Peter |publisher=[[Verso Books]] |year=1999 |isbn=9781859842713}}</ref>

According to [[Jonathan Hopkin]], the United States took the lead in implementing the neoliberal agenda in the 1980s, making it "the most extreme case of the subjection of society to the brute force of the market." As such, he argues this made the United States an outlier with economic inequality hitting "unprecedented levels for the rich democracies," and notes that even with average incomes "very high by global standards," US citizens "face greater material hardship than their counterparts in much poorer countries." These developments, along with financial instability and limited political choice, have resulted in [[Political polarization in the United States|political polarization]], instability and revolt in the United States.<ref name="Hopkin2020">{{cite book |last=Hopkin|first=Jonathan|author-link= |date=2020 |title=Anti-System Politics: The Crisis of Market Liberalism in Rich Democracies|chapter=American Nightmare: How Neoliberalism Broke US Democracy|url=|chapter-url=https://books.google.com/books?id=IyXTDwAAQBAJ&pg=PA87|location= |publisher=[[Oxford University Press]]|pages=87–88 |isbn=978-0190699765|doi=10.1093/oso/9780190699765.003.0004
}}</ref>

A 2022 study published in ''[[Perspectives on Psychological Science]]'' found that in countries where neoliberal institutions have significant influence over policy the psychology of those populations are molded not only to be more willing to tolerate large levels of income inequality, but actually prefer it over more egalitarian outcomes.<ref>{{cite web |url=https://www.nyu.edu/about/news-publications/news/2022/may/neoliberal-policies--institutions-have-prompted-preference-for-g.html|title=Neoliberal Policies, Institutions Have Prompted Preference for Greater Inequality, New Study Finds|author=<!--Not stated--> |date=May 11, 2022|website=nyu.edu |publisher= |access-date=June 19, 2023 |quote=}}</ref><ref>{{cite journal |last1=Goudarzi|first1=Shahrzad |last2=Badaan|first2=Vivienne |last3=Knowles|first3=Eric D. |date=May 10, 2022|title=Neoliberalism and the Ideological Construction of Equity Beliefs|url= https://psyarxiv.com/pc8zy/|journal=Perspectives on Psychological Science|volume=17 |issue=5 |pages= 1431–1451|doi=10.1177/17456916211053311|pmid=35536556 |s2cid=237727224 |access-date=|url-access=subscription}}</ref>

=== Right-wing populism and nationalism ===
{{See also|Right-wing populism|Nationalism}}
Research by [[Kristen Ghodsee]], ethnographer and Professor of Russian and East European Studies at the [[University of Pennsylvania]], argues that widespread discontent with neoliberal capitalism has led to a "[[Communist nostalgia|red nostalgia]]" in much of the former Communist bloc. She argues that "the political freedoms that came with democracy were packaged with the worst type of unregulated, free-market capitalism, which completely destabilized the rhythms of everyday life and brought crime, corruption and chaos where there had once been comfortable predictability."<ref name="Wamc.org">{{cite web |date=November 1, 2011 |title=Dr. Kristen Ghodsee, Bowdoin College – Nostalgia for Communism |url=http://wamc.org/post/dr-kristen-ghodsee-bowdoin-college-nostalgia-communism |access-date=July 26, 2018 |publisher=Wamc.org |archive-date=November 11, 2020 |archive-url=https://web.archive.org/web/20201111205821/https://www.wamc.org/post/dr-kristen-ghodsee-bowdoin-college-nostalgia-communism |url-status=dead}}</ref> This ultimately fueled a resurgence of [[nationalism|nationalist]] politicians and parties, such as [[Vladimir Putin]] in [[Russia]],<ref>{{Cite book |last=Plokhy |first=Serhii |url=https://books.google.com/books?id=H2F_EAAAQBAJ |title=The Russo-Ukrainian War: From the bestselling author of Chernobyl |date=16 May 2023 |publisher=[[Penguin Books]] |isbn=978-1-80206-179-6 |quote=... If the collapse of the USSR was sudden and largely bloodless, growing strains between its two largest successors would develop into limited fighting in the Donbas in 2014 and then into all-out warfare in 2022, causing death, destruction, and a refugee crisis on a scale not seen in Europe since the Second World War.}}</ref> [[Viktor Orbán]] in [[Hungary]], [[Alexander Lukashenko]] in [[Belarus]], and the [[Law and Justice]] party in [[Poland]].<ref name="Ghodsee2017"/>

The aftermath of the [[Great Recession]] and decline of the [[Rust Belt]] have been cited as contributing to the rise of [[right-wing populism]] in the United States, including the victory of Donald Trump in the [[2016 United States presidential election|2016 U.S. presidential election]].<ref name="Revolt of the Rust Belt">{{cite journal|title=The revolt of the Rust Belt: place and politics in the age of anger|journal=The British Journal of Sociology|volume=68|issue=S1|pages=S120–S152|author=Michael McQuarrie|date=November 8, 2017|doi=10.1111/1468-4446.12328|pmid=29114874|s2cid=26010609 |doi-access=free}}</ref><ref>{{Cite magazine |last=Murphy |first=Chris |date=October 25, 2022 |title=The Wreckage of Neoliberalism |url=https://www.theatlantic.com/ideas/archive/2022/10/democrats-should-reject-neoliberalism/671850/ |access-date=February 22, 2023 |magazine=[[The Atlantic]] |language=en }}</ref><ref>{{Cite magazine |date=February 21, 2023 |title=Inside the New Right's Next Frontier: The American West |url=https://www.vanityfair.com/news/2023/02/new-right-civil-war |access-date=February 22, 2023 |magazine=[[Vanity Fair (magazine)|Vanity Fair]] |language=en-US }}</ref>

=== Corporatocracy ===
{{main|Corporatocracy}}

{{quote box|Instead of citizens, it produces consumers. Instead of communities, it produces shopping malls. The net result is an atomized society of disengaged individuals who feel demoralized and socially powerless.
| source = —[[Robert W. McChesney]]{{sfnp|Chomsky|McChesney|2011|p=11}}
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Some organizations and economists argue that neoliberal policies increase the power of [[corporations]] and shift wealth to the [[upper class]]es.<ref name="RDWolff" /> For instance, [[Jamie Peck]] and Adam Tickell argue that urban citizens are increasingly deprived of the power to shape the basic conditions of daily life, which are instead shaped by corporations involved in the competitive economy.<ref name="Adam Tickell 2002">{{cite journal |first1=Jamie |last1=Peck |first2=Adam |last2=Tickell |title=Neoliberalizing space |journal=Antipode |volume=34 |date=2002 |issue=3 |pages=380–404|doi=10.1111/1467-8330.00247 |bibcode=2002Antip..34..380P |url=https://hal.archives-ouvertes.fr/hal-03142138/file/Bally_F.%20Transition%202020.pdf}}</ref>

The [[International Monetary Fund]] (IMF) and [[World Bank]], two major [[international organizations]] which often espouse neoliberal views,<ref>{{cite web |first=Rajesh |last=Makwana |title=Neoliberalism and Economic Globalization |website=STWR |date=November 26, 2006 |url=http://www.stwr.org/globalization/neoliberalism-and-economic-globalization.html |access-date=February 29, 2012 |archive-url=https://web.archive.org/web/20120627035959/http://www.stwr.org/globalization/neoliberalism-and-economic-globalization.html |archive-date=June 27, 2012}}</ref> have been criticized for advancing neoliberal policies around the world.<ref>{{cite magazine |url=http://www.salon.com/2016/05/31/wrong_all_along_neoliberal_imf_admits_neoliberalism_fuels_inequality_and_hurts_growth/ |title=Wrong all along: Neoliberal IMF admits neoliberalism fuels inequality and hurts growth |magazine=[[Salon (magazine)|Salon]] |date=May 31, 2016}}</ref><ref>{{cite news |first=Aditya |last=Chakrabortty |date=May 31, 2016 |title=You're witnessing the death of neoliberalism – from within |work=[[The Guardian]] |url=https://www.theguardian.com/commentisfree/2016/may/31/witnessing-death-neoliberalism-imf-economists}}</ref> Sheldon Richman, editor of the libertarian journal ''[[The Freeman]]'', argues that the IMF has imposed a "corporatist-flavored 'neoliberalism' on the troubled countries of the world."<ref>{{cite web |first=Sheldon |last=Richman |title=End the IMF: What Is It Good For? |website=The Freeman |date=May 20, 2011 |access-date=February 29, 2012 |url=http://www.thefreemanonline.org/columns/tgif/end-imf/ |archive-date=2011-05-23 |archive-url=https://web.archive.org/web/20110523095258/http://www.thefreemanonline.org/columns/tgif/end-imf/}}</ref> He contends that IMF policies of spending cuts and tax increases, as well as subjection to paternalistic supranational bureaucrats, have fostered "long-term dependency, perpetual indebtedness, moral hazard, and politicization" in the developing world, which has undermined "real market reform" and "set back the cause of genuine liberalism." Ramaa Vasudevan, associate professor of economics at Colorado State University, states that trade policies and treaties fostered by the United States in the neoliberal era, along with bailouts brokered by the World Bank and the IMF, have allowed corporate capital to expand around the world unimpeded by trade protections or national borders, "sucking countries in different regions of the world into global corporations' logic of accumulation." This expansion of global corporate capital, Vasudevan says, has buttressed its ability to "orchestrate a global division of labor most conducive to the demands of profitability" which in turn has facilitated "a brutal, global [[race to the bottom]]".<ref>{{cite journal |last=Vasudevan |first=Ramaa |date=2019 |title=The Global Class War |journal=Catalyst |volume=3 |issue=1 |pages=113, 129 |issn=2475-7365}}</ref>

Mark Arthur, a Senior Fellow at the Center for Global Development Research in Denmark, has written that the influence of neoliberalism has given rise to an "[[anti-corporatists|anti-corporatist]]" movement in opposition to it. This "anti-corporatist" movement is articulated around the need to reclaim the power that corporations and global institutions have stripped from governments. He says that [[Adam Smith]]'s "rules for mindful markets" served as a basis for the anti-corporate movement, "following government's failure to restrain corporations from hurting or disturbing the happiness of the neighbor [Smith]".<ref>{{cite book |title=Struggle and the Prospects for World Government |first=Mark |last=Arthur |publisher=[[Trafford Publishing]] |date=2003 |pages=70–71}}</ref>

=== Mass incarceration ===
{{quote box|The invisible hand of the market and the iron fist of the state combine and complement each other to make the lower classes accept desocialized wage labor and the social instability it brings in its wake. After a long eclipse, the prison thus returns to the frontline of institutions entrusted with maintaining the social order.|source=—[[Loïc Wacquant]]<ref>{{cite book |first=Loïc |last=Wacquant |author-link=Loïc Wacquant |editor-last=Roulleau-Berger |editor-first=Laurence |title=Youth and work in the post-industrial city of North America and Europe |location=Leiden; Boston |publisher=[[Brill Publishers|Brill]] |year=2003 |orig-year=2001 |isbn=9789004125339 |oclc=896997072 |chapter=Labour market insecurity and the criminalization of poverty |chapter-url={{Google books|fFJh8wZlDIAC|page=411|plainurl=yes}} |page=411}}</ref> |width=35% |align=right |quoted=1 |salign=right}}

Several scholars have linked [[Incarceration in the United States|mass incarceration of the poor in the United States]] with the rise of neoliberalism.{{sfnp|Haymes|Vidal de Haymes|Miller|2015|pp=3, 346}}<ref>{{cite journal |first=Hadar |last=Aviram |date=September 7, 2014 |title=Are Private Prisons to Blame for Mass Incarceration and its Evils? Prison Conditions, Neoliberalism, and Public Choice |url=https://ir.lawnet.fordham.edu/ulj/vol42/iss2/2/ |journal=[[Fordham Urban Law Journal]] |publisher=[[Fordham University School of Law]] |access-date=December 27, 2014 |ssrn=2492782}}</ref>{{sfnp|Gerstle|2022|pp=130–132}}<ref>{{cite book |first=Marie |last=Gottschalk |author-link=Marie Gottschalk |title=Caught: The Prison State and the Lockdown of American Politics |publisher=[[Princeton University Press]] |date=2014 |isbn=978-0691164052 |url=http://press.princeton.edu/titles/10731.html |page=[https://books.google.com/books?id=CzDFCgAAQBAJ&pg=PA10 10]}}</ref> Sociologist Loïc Wacquant and [[Marxist]] economic geographer [[David Harvey]] have argued that the criminalization of poverty and mass incarceration is a neoliberal policy for dealing with social instability among economically marginalized populations.{{sfnp|Wacquant|2009|pp=125–126, 312}}{{sfnp|Harvey|2005|p=}} According to Wacquant, this situation follows the implementation of other neoliberal policies, which have allowed for the retrenchment of the social [[welfare state]] and the rise of punitive [[workfare]], whilst increasing [[gentrification]] of urban areas, [[privatization]] of public functions, the shrinking of collective protections for the working class via economic [[deregulation]] and the rise of underpaid, [[precarity|precarious wage labor]].{{sfnp|Wacquant|2009|pp=53–54}}<ref>{{cite web |first=Devin Z. |last=Shaw |url=http://notes-taken.blogspot.com/2010/09/loic-wacquant-prisons-of-poverty.html |title=Loïc Wacquant: "Prisons of Poverty" |website=The Notes Taken |date=September 29, 2010}}</ref> By contrast, it is extremely lenient in dealing with those in the upper echelons of society, in particular when it comes to economic crimes of the [[upper class]] and corporations such as [[fraud]], [[embezzlement]], [[insider trading]], credit and [[insurance fraud]], [[money laundering]] and violation of commerce and labor codes.{{sfnp|Wacquant|2009|pp=125–126, 312}}<ref>{{cite web |last=Wacquant |first=Loïc |author-link=Loïc Wacquant |title=The punitive regulation of poverty in the neoliberal age |date=August 1, 2011 |url=http://www.opendemocracy.net/5050/lo%C3%AFc-wacquant/punitive-regulation-of-poverty-in-neoliberal-age |access-date=July 17, 2018 |website=[[openDemocracy]] |archive-date=September 25, 2018 |archive-url=https://web.archive.org/web/20180925115704/https://www.opendemocracy.net/5050/lo%c3%afc-wacquant/punitive-regulation-of-poverty-in-neoliberal-age |url-status=dead}}</ref> According to Wacquant, neoliberalism does not shrink government, but instead sets up a "centaur state" with little governmental oversight for those at the top and strict control of those at the bottom.{{sfnp|Wacquant|2009|pp=125–126, 312}}<ref>{{cite journal |first1=Richard |last1=Mora |first2=Mary |last2=Christianakis |title=Feeding the School-to-Prison Pipeline: The Convergence of Neoliberalism, Conservativism, and Penal Populism |journal=[[Journal of Educational Controversy]] |publisher=Woodring College of Education, [[Western Washington University]] |url=http://cedar.wwu.edu/cgi/viewcontent.cgi?article=1173&context=jec |access-date=February 23, 2014}}</ref>

[[File:U.S. incarceration rates 1925 onwards.png|thumb |upright=1.15|[[United States incarceration rate]] per 100,000 population, 1925–2014<ref name=cpusa2010>{{cite report |date=December 2011 |id=[[National Criminal Justice Reference Service|NCJ]] [http://www.bjs.gov/index.cfm?iid=2237&ty=pbdetail 236319] |title=Correctional Populations in the United States, 2010 |first=Lauren E. |last=Glaze |publisher=[[US Bureau of Justice Statistics]] |url=http://bjs.ojp.usdoj.gov/content/pub/pdf/cpus10.pdf}} See page 2 for an explanation of the difference between the number of prisoners in custody and the number under jurisdiction. See appendix table 3 for "Estimated number of inmates held in custody in state or federal prisons or in local jails per 100,000 U.S. residents, by sex, race and Hispanic/Latino origin, and age, June 30, 2010". See appendix table 2 for "Inmates held in custody in state or federal prisons or in local jails, December 31, 2000, and 2009–2010."</ref><ref name=cpusa2013>{{cite report |id=[[National Criminal Justice Reference Service|NCJ]] [http://www.bjs.gov/index.cfm?ty=pbdetail&iid=5177 248479] |title=Correctional Populations in the United States, 2013 |date=December 2014 |publisher=[[U.S. Bureau of Justice Statistics]] |first1=Lauren E. |last1=Glaze |first2=Danielle |last2=Kaeble |url=http://www.bjs.gov/content/pub/pdf/cpus13.pdf}} See page 1 "HIGHLIGHTS" section for the "1 in ..." numbers. See table 1 on page 2 for adult numbers. See table 5 on page 6 for male and female numbers. See appendix table 5 on page 13, for "Estimated number of persons supervised by adult correctional systems, by correctional status, 2000–2013." See appendix table 2: "Inmates held in custody in state or federal prisons or in local jails, 2000 and 2012–2013".</ref>]]

In expanding upon Wacquant's thesis, sociologist and political economist John L. Campbell of [[Dartmouth College]] suggests that through [[Private prison|privatization]] the prison system exemplifies the centaur state. He states that "on the one hand, it punishes the lower class, which populates the prisons; on the other hand, it profits the upper class, which owns the prisons, and it employs the middle class, which runs them." In addition, he argues that the prison system benefits corporations through outsourcing, as inmates are "slowly becoming a source of low-wage labor for some US corporations". Both through privatization and outsourcing, Campbell argues, the penal state reflects neoliberalism.<ref name="campbell">{{cite journal |title=Neoliberalism's penal and debtor states |first=John L. |last=Campbell |journal=[[Theoretical Criminology]] |date=2010 |volume=14 |issue=1 |pages=59–73 |doi=10.1177/1362480609352783 |s2cid=145694058}}</ref>{{rp|61}} Campbell also argues that while neoliberalism in the United States established a penal state for the poor, it also put into place a debtor state for the middle class and that "both have had perverse effects on their respective targets: increasing rates of incarceration among the lower class and increasing rates of indebtedness—and recently home foreclosure—among the middle class."<ref name="campbell"/>{{rp|68}}

[[David McNally (professor)|David McNally]], Professor of Political Science at [[York University]], argues that while expenditures on social [[welfare spending|welfare programs]] have been cut, expenditures on prison construction have increased significantly during the neoliberal era, with California having "the largest prison-building program in the history of the world".<ref name=McNally>{{cite book |last=McNally |first=David |title=Global Slump: The Economics and Politics of Crisis and Resistance |year=2011 |publisher=Spectre |isbn=978-1-60486-332-1 |url=http://secure.pmpress.org/index.php?l=product_detail&p=271 |page=[https://books.google.com/books?id=_JiLYpjUlAIC&pg=PA119 119] |access-date=March 10, 2015 |archive-date=September 7, 2019 |archive-url=https://web.archive.org/web/20190907002629/https://secure.pmpress.org/index.php?l=product_detail&p=271 |url-status=dead}}</ref> The scholar [[Bernard Harcourt]] contends the neoliberal concept that the state is inept when it comes to [[economic regulation]], but efficient in policing and punishing "has facilitated the slide to mass incarceration".<ref>Scott Horton (September 8, 2011). [http://harpers.org/blog/2011/09/the-illusion-of-free-markets-six-questions-for-bernard-harcourt/ The Illusion of Free Markets: Six Questions for Bernard Harcourt]. ''[[Harper's Magazine]].'' Retrieved December 27, 2014.</ref> Both Wacquant and Harcourt refer to this phenomenon as "Neoliberal Penality".<ref>{{cite journal |title=Marginality, ethnicity and penality in the neo-liberal city: an analytic cartography |first=Loïc |author-link=Loïc Wacquant |last=Wacquant |journal=[[Ethnic and Racial Studies]] |date=2014 |volume=37 |issue=10 |pages=1687–711 |doi=10.1080/01419870.2014.931991 |url=http://www.loicwacquant.net/assets/Papers/MARGINALITYETHNICITYPENALITY-Article-ERS.pdf |url-status=dead |archive-url=https://web.archive.org/web/20151010112131/http://www.loicwacquant.net/assets/Papers/MARGINALITYETHNICITYPENALITY-Article-ERS.pdf |archive-date=October 10, 2015 |citeseerx=10.1.1.694.6299 |s2cid=144879355}}</ref><ref>{{cite web |url=http://www.law.uchicago.edu/video/harcourt-neoliberal-penality |first=Bernard |last=Harcourt |title=Neoliberal Penality: A Genealogy of Excess |archive-url=https://web.archive.org/web/20161231122651/http://www.law.uchicago.edu/video/harcourt-neoliberal-penality |archive-date=December 31, 2016 |website=[[University of Chicago Law School]] |date=May 21, 2009}}</ref>

=== Financialization ===
The implementation of neoliberal policies and the acceptance of neoliberal economic theories in the 1970s are seen by some academics as the root of [[financialization]], with the [[Great Recession]] as one of its results.<ref name="BraedleyLuxton"/><ref>{{harvp|Kotz|2015|p={{page needed|date=May 2023}}}}; {{harvp|Steger|Roy|2010|p=123}}; {{harvp|Lavoie|2012–2013|pp=215–233}}</ref><ref>{{cite book |first1=Gérard |last1=Duménil |author1-link=Gérard Duménil |first2=Dominique |last2=Lévy |author2-link=Dominique Lévy |url=http://www.hup.harvard.edu/catalog.php?isbn=9780674072244 |title=The Crisis of Neoliberalism |publisher=[[Harvard University Press]] |date=2013 |isbn=978-0674072244}}</ref> In particular, various neoliberal ideologies that had long been advocated by elites, such as [[monetarism]] and [[supply-side economics]], were translated into government policy by the [[Presidency of Ronald Reagan|Reagan administration]], which resulted in decreased government regulation and a shift from a tax-financed state to a debt-financed one. While the profitability of industry and the rate of economic growth never recovered to the heyday of the 1960s, the political and economic power of [[Wall Street]] and finance capital vastly increased due to debt-financing by the state.<ref name="Volscho pp. 249–266" /> A 2016 [[International Monetary Fund]] (IMF) report blames certain neoliberal policies for exacerbating financial crises around the world, causing them to grow bigger and more damaging.<ref name="Ostry2016"/><ref>{{cite magazine |last=Foroohar |first=Rana |date=June 3, 2016 |title=Globalization's True Believers Are Having Second Thoughts |magazine=[[Time (magazine)|Time]] |url=https://time.com/4356816/neoliberalism-imf-globalization/?xid=newsletter-brief}}</ref>

=== Globalization ===
{{see also|Criticisms of globalization}}
{{Quote box
|align=right
|width=42%
|quote=If you wanted to convince the public that international trade agreements are a way to let multinational companies get rich at the expense of ordinary people, this is what you would do: give foreign firms a special right to apply to a secretive tribunal of highly paid corporate lawyers for compensation whenever a government passes a law to, say, discourage smoking, protect the environment or prevent a nuclear catastrophe. Yet that is precisely what thousands of trade and investment treaties over the past half century have done, through a process known as 'investor-state dispute settlement', or ISDS.<ref name = "Economist ISDS 2014">{{cite web |title=The arbitration game |url=https://www.economist.com/news/finance-and-economics/21623756-governments-are-souring-treaties-protect-foreign-investors-arbitration |date=14 October 2014 |website=economist.com |access-date=6 February 2016}}</ref>
|source=—''[[The Economist]]'', October 2014
|salign=right
|quoted=yes}}
Neoliberalism is commonly viewed by scholars as encouraging of [[globalization]],<ref>{{cite web |last1=Fuchs |first1=Christian |title=Antiglobalization |url=https://www.britannica.com/event/antiglobalization#ref1180923 |publisher=Britannica |access-date=June 28, 2019}}</ref> which is the subject of much [[Anti-globalization movement|criticism]].

The emergence of the "[[precariat]]", a new class facing acute socio-economic insecurity and alienation due to [[offshoring]] and a global [[race to the bottom]], has been attributed to the globalization of neoliberalism.<ref name="Fox OMahony OMahony Hickey 2014 p.25"/>

In a 2022 article for the journal ''[[Global Environmental Change]]'', [[Jason Hickel]] et al. argued that [[unequal exchange]] between the [[Global North and Global South]] in the era of neoliberal globalization led to a quantified $242 trillion in net appropriation of raw materials, energy and labor from the latter to the former (constant 2010 USD) between 1990 and 2015.<ref>{{cite journal |last1=Hickel |first1=Jason |author1-link=Jason Hickel |last2=Dorninger |first2=Christian |last3=Wieland |first3=Hanspeter |last4=Suwandi |first4=Intan |date=2022 |title=Imperialist appropriation in the world economy: Drain from the global South through unequal exchange, 1990–2015 |url= |journal=[[Global Environmental Change]] |volume=73 |issue=102467 |page=102467 |doi=10.1016/j.gloenvcha.2022.102467 |s2cid=246855421 |access-date= |doi-access=free|bibcode=2022GEC....7302467H }}</ref>

====Economic nationalism====
Some critics of neoliberalism view it as weakening the [[sovereignty]] of nations in favor of [[cosmopolitanism]] and [[globalization]]. Neoliberalism favors immigration, in contrast to [[right-wing populism|right-wing populist]] political parties that [[opposition to immigration|oppose immigration]].<ref name="Mylonas">{{cite journal |last1=Mylonas |first1=Harris |last2=Tudor |first2=Maya |title=Nationalism: What We Know and What We Still Need to Know |journal=Annual Review of Political Science |date=11 May 2021 |volume=24 |issue=1 |pages=109–132|doi-access=free |doi=10.1146/annurev-polisci-041719-101841 }}</ref><ref>{{Cite book|last=Gilpin|first=Robert|url=https://press.princeton.edu/books/paperback/9780691022628/the-political-economy-of-international-relations|title=The Political Economy of International Relations|publisher=Princeton University Press|year=1987|isbn=978-0-691-02262-8|pages=31–34|language=en}}</ref>

Neoliberalism also favors [[investor–state dispute settlement]] in free trade agreements, which has been criticized as violating [[sovereign immunity]] and the capacity of governments to implement reforms and legislative programs related to [[public health]], [[environmental protection]], and [[human rights]].<ref>{{Cite book |last=Titi |first=Catharine |title=The Right to Regulate in International Investment Law |publisher=Nomos and Hart |year=2014 |isbn=9781849466110}}</ref><ref>Dupuy, P.M., Petersmann, E.U., Francioni, F., eds. (February 2010). "Human Rights in International Investment Law and Arbitration", Oxford Scholarship Online. {{ISBN|978-0-19-957818-4}} {{doi|10.1093/acprof:oso/9780199578184.001.0001}}</ref>

=== Imperialism ===
A number of scholars have alleged neoliberalism encourages or covers for [[imperialism]].<ref>{{cite journal |last1=Spector |first1=Alan J. |title=Globalization or Imperialism? Neoliberal Globalization in the Age of Capitalist Imperialism |journal=[[International Review of Modern Sociology]] |date=2007 |volume=33 |pages=7–26 |jstor=41421286}}</ref><ref>{{cite journal |last1=Hahn |first1=Niels S.C. |title=Neoliberal Imperialism and Pan-African Resistance |journal=[[Journal of World-Systems Research]] |date=2007 |volume=13 |issue=2 |url=https://jwsr.pitt.edu/ojs/index.php/jwsr/article/view/354 |access-date=June 30, 2019}}</ref><ref>{{cite journal |last1=Godfrey |first1=Richard |title=The private military industry and neoliberal imperialism: Mapping the terrain |journal=[[Organization (journal)|Organization]] |volume=21 |pages=106–125 |date=January 3, 2013 |s2cid=145260433 |doi=10.1177/1350508412470731 |hdl=2381/27608 |url=http://oro.open.ac.uk/62351/1/62351.pdf |archive-url=https://web.archive.org/web/20191107192548/http://oro.open.ac.uk/62351/1/62351.pdf |archive-date=2019-11-07 |url-status=live}}</ref> For instance, Ruth J Blakeley, Professor of Politics and International Relations at the [[University of Sheffield]], accuses the United States and its allies of fomenting [[state terrorism]] and mass killings during the [[Cold War]] as a means to buttress and promote the expansion of [[capitalism]] and neoliberalism in the developing world.<ref name="Blakeley">{{cite book |last=Blakeley |first=Ruth |date=2009 |title=State Terrorism and Neoliberalism: The North in the South |url=http://www.routledge.com/books/details/9780415462402/ |publisher=[[Routledge]] |pages=4, 20–23, [https://books.google.com/books?id=rft8AgAAQBAJ&lpg=PA92&pg=PA85#v=onepage&q&f=false 85–96]|isbn=978-0415686174}}</ref> As an example of this, Blakeley says the case of Indonesia demonstrates that the U.S. and the UK put the interests of capitalist [[elite]]s over the [[human rights]] of hundreds of thousands of Indonesians by supporting the [[Indonesian Army]] as it waged a [[Indonesian mass killings of 1965–66|campaign of mass killings]], which resulted in the annihilation of the [[Communist Party of Indonesia]] and its civilian supporters.<ref name="Blakeley"/> Historian Bradley R. Simpson posits that this campaign of mass killings was "an essential building block of the neoliberal policies that the West would attempt to impose on Indonesia after Sukarno's ouster."<ref>{{cite book |last=Simpson |first=Bradley |date=2010 |title=Economists with Guns: Authoritarian Development and U.S.–Indonesian Relations, 1960–1968 |url=https://www.sup.org/books/title/?id=7853 |publisher=[[Stanford University Press]] |page=193 |isbn=978-0804771825 |quote="Washington did everything in its power to encourage and facilitate the army-led massacre of alleged PKI members, and U.S. officials worried only that the killing of the party's unarmed supporters might not go far enough, permitting Sukarno to return to power and frustrate the [Johnson] Administration's emerging plans for a post-Sukarno Indonesia. This was efficacious terror, an essential building block of the neoliberal policies that the West would attempt to impose on Indonesia after Sukarno's ouster"}}</ref>
Geographer [[David Harvey]] argues neoliberalism encourages an indirect form of imperialism that focuses on the extraction of resources from developing countries via financial mechanisms.{{sfnp|Harvey|2005|pp=73–74}}

This is practiced through international institutions like the [[International Monetary Fund]] (IMF) and [[World Bank]] who negotiate debt relief with developing nations. He alleges that these institutions prioritize the financial institutions that grant the loans over the debtor countries and place requirements on loans that, in effect, act as financial flows from debtor countries to developed countries (for example, to receive a loan a state must have sufficient foreign exchange reserves—requiring the debtor state to buy US Treasury bonds, which have interest rates lower than those on the loan). Economist [[Joseph Stiglitz]], [[Chief Economist of the World Bank]] from 1997 to 2000, has said of this: "What a peculiar world in which poor countries are in effect subsidizing the richest."{{sfnp|Harvey|2005|p=74}}

=== Global health ===
{{update section|date=July 2023}}
{{see also|Structural adjustment#Criticisms}}
The neoliberal approach to global health advocates [[privatization]] of the [[healthcare industry]] and [[deregulation|reduced government interference]] in the market, and focuses on [[non-governmental organization]]s (NGOs) and international organizations like the [[International Monetary Fund]] (IMF) and the [[World Bank]] rather than government.<ref>{{Cite journal |last=Smith |first=James |date=September 17, 2016 |title='Blind Spot: How Neoliberalism Infiltrated Global Health' Book Review |url=https://academic.oup.com/jpubhealth/article-pdf/38/3/624/8518513/fdv082.pdf |archive-url=https://web.archive.org/web/20181030193428/https://academic.oup.com/jpubhealth/article-pdf/38/3/624/8518513/fdv082.pdf |archive-date=2018-10-30 |url-status=live |journal=[[Journal of Public Health]] |volume=38 |issue=3 |pages=624 |doi=10.1093/pubmed/fdv082 |doi-access=free}}</ref><ref>{{cite journal |last1=Coburn |first1=David |title=Neoliberalism and Health |journal=The Wiley Blackwell Encyclopedia of Health, Illness, Behavior, and Society |date=2014 |pages=1678–1683 |doi=10.1002/9781118410868.wbehibs149 |isbn=9781118410868}}</ref> This approach has faced considerable criticism, such as the [[TRIPS Agreement]] hampering access to essential medicines in the [[Global South]] (i.e. during the [[AIDS]] and [[COVID-19]] pandemics).<ref>{{Cite journal |last1=Baru |first1=Rama |last2=Mohan |first2=Malu |date=October 9, 2018 |title=Globalisation and neoliberalism as structural drivers of health inequities |journal=[[Health Research Policy and Systems]] |volume=16 |issue=Suppl 1 |pages=91 |doi=10.1186/s12961-018-0365-2 |pmid=30301457 |pmc=6178247 |doi-access=free }}</ref><ref name="Rowden-2009">{{Cite book |title=The Deadly Ideas of Neoliberalism: How the IMF has Undermined Public Health and the Fight Against AIDS |last=Rowden |first=Rick |publisher=[[Zed Books]] |year=2009 |isbn=978-1848132856|location=London}}</ref><ref>{{Cite book |title=Blind Spot: How Neoliberalism Infiltrated Global Health |last=Keshavjee |first=Salmaan |publisher=[[University of California Press]] |year=2014 |isbn=9780520282841}}</ref>

James Pfeiffer, Professor of Global Health at the [[University of Washington]], has criticised the use of [[Structural adjustment|Structural Adjustment Programs]] (SAPs) by the World Bank and IMF in [[Mozambique]], which resulted in reduced government health spending, leading international NGOs to fill service holes previously filled by government.<ref>{{cite journal |last1=Pfeiffer |first1=J. |year=2003 |title=International NGOs and primary health care in Mozambique: the need for a new model of collaboration |journal=[[Social Science & Medicine]] |volume=56 |issue=4 |pages=725–38 |doi=10.1016/s0277-9536(02)00068-0 |pmid=12560007}}</ref> Rick Rowden, a Senior Economist at Global Financial Integrity, has criticised the IMF's [[monetarism|monetarist]] approach of prioritising [[price stability]] and fiscal restraint, which he alleges was unnecessarily restrictive and prevented developing countries from scaling up long-term [[investment]] in public health infrastructure.<ref name="Rowden-2009" />

Within the developed capitalist world, according to Dylan Sullivan and [[Jason Hickel]], neoliberal countries like the United States have inferior health outcomes and more poverty compared to [[Social democracy|social democracies]] with universalist [[welfare states]], in particular the [[Nordic model|Nordics]].<ref>{{cite journal |last1=Sullivan |first1=Dylan |last2=Hickel |first2=Jason |author2-link=Jason Hickel |date=2023 |title=Capitalism and extreme poverty: A global analysis of real wages, human height, and mortality since the long 16th century |url= |journal=[[World Development (journal)|World Development]] |volume=161 |issue= |page=106026 |doi=10.1016/j.worlddev.2022.106026 |s2cid=252315733 |access-date= |doi-access=free}}</ref> Some commentators have blamed neoliberalism for various social ills,<ref name="Berdayes">{{cite book |editor1-last=Berdayes |editor1-first=Vicente |editor2-last=Murphy |editor2-first=John W. |date=2016 |title=Neoliberalism, Economic Radicalism, and the Normalization of Violence |url=https://books.google.com/books?id=G64vCwAAQBAJ&pg=PA2 |publisher=Springer |page=2 |isbn=978-3-319-25169-1 |via=[[Google Books]]}}</ref><ref>{{cite book |last1=Collins |first1=Victoria E. |last2=Rothe |first2=Dawn L. |date=2019 |title=The Violence of Neoliberalism: Crime, Harm and Inequality |url=https://books.google.com/books?id=us2gDwAAQBAJ&pg=PT11 |page=11 |publisher=[[Routledge]] |isbn=9781138584778 |via=[[Google Books]]}}</ref> including [[mass shootings]],<ref name="Berdayes"/><ref>{{cite news |last=McIntyre |first=Niamh |date=April 16, 2015 |title=This Theorist Believes That Capitalism Creates Mass Murderers by Causing People to 'Malfunction' |url=https://www.vice.com/en/article/berardi-interview/|work=Vice |access-date=August 11, 2019}}</ref><ref>{{cite news |last1=Wolff |first1=Richard D. |author1-link=Richard D. Wolff |last2=Fraad |first2=Harriet |author2-link=Harriet Fraad |date=November 8, 2017 |title=American hyper-capitalism breeds the lonely, alienated men who become mass killers |work=[[Salon (magazine)|Salon]] |url=https://www.salon.com/2017/11/08/american-hyper-capitalism-breeds-the-lonely-alienated-men-who-become-mass-killers_partner/ |access-date=August 11, 2019}}</ref> increased [[Homelessness in the United States|homelessness]],<ref>{{cite book |last=Mitchell|first=Don |author-link=Don Mitchell (geographer)|date=2020 |title=Mean Streets: Homelessness, Public Space, and the Limits of Capital|url=https://ugapress.org/book/9780820356907/mean-streets/|location= |publisher=[[University of Georgia Press]]|page=62 |isbn=9-780-8203-5690-7}}</ref><ref>{{cite book |editor1-last = Berdayes |editor1-first = Vicente |editor2-last = Murphy |editor2-first = John W. |date = 2016 |title = Neoliberalism, Economic Radicalism, and the Normalization of Violence |url = https://books.google.com/books?id=G64vCwAAQBAJ&pg=PA26 |publisher = [[Springer Science+Business Media|Springer]] |page = 27 |isbn = 978-3-319-25169-1 |access-date = October 23, 2020 |archive-date = February 22, 2023 |archive-url = https://web.archive.org/web/20230222152237/https://books.google.com/books?id=G64vCwAAQBAJ&pg=PA26 |url-status = live }}</ref> and [[deaths of despair]] in the United States,<ref>{{cite journal |last=Zeira |first=Anna |date=2022 |title=Mental Health Challenges Related to Neoliberal Capitalism in the United States |journal=[[Community Mental Health Journal]] |volume=58 |issue=2 |pages=205–212 |pmid=34032963 |pmc=8145185 |doi=10.1007/s10597-021-00840-7}}</ref> sense of [[Social isolation|social disconnection]], [[competition]], and [[loneliness]].<ref>{{cite journal |last1=Becker |first1=Julia C. |last2=Hartwich |first2=Lea |last3=Haslam |first3=S. Alexander |title=Neoliberalism can reduce well-being by promoting a sense of social disconnection, competition, and loneliness |journal=[[British Journal of Social Psychology]] |date=2021 |volume=60 |issue=3 |pages=947–965 |doi=10.1111/bjso.12438 |doi-access=free|pmid=33416201 }}</ref><ref>{{cite journal |last1=Card |first1=Kiffer G. |last2=Hepburn |first2=Kirk J. |title=Is Neoliberalism Killing Us? A Cross Sectional Study of the Impact of Neoliberal Beliefs on Health and Social Wellbeing in the Midst of the COVID-19 Pandemic |journal=International Journal of Social Determinants of Health and Health Services |date=2023 |volume=53 |issue=3 |pages=363–373 |doi=10.1177/00207314221134040 |pmid=36278290 |doi-access=free |pmc=9605858}}</ref>

=== Environmental impact ===
[[File:Press conference EU-Mercosul on June 26, 2019 (VII).jpg|thumb|The [[European Union–Mercosur free trade agreement]], which would form one of the world's largest [[free trade]] areas, has been denounced by environmental activists and indigenous rights campaigners.]]
It has been argued that trade-led, unregulated economic activity and lax state [[regulation of pollution]] have led to [[environmental degradation]].<ref>{{cite journal |last=Peet |first=Richard |title=Neoliberalism and Nature: The Case of the WTO |journal=[[Annals of the American Academy of Political and Social Science]] |volume=590 |date=November 2003 |issue=1 |pages=188–211|doi=10.1177/0002716203256721 |bibcode=2003AAAPS.590..188H |s2cid=154566692 }}</ref><ref>{{cite journal |last1=Faber |first1=Daniel |title=Global Capitalism, Reactionary Neoliberalism, and the Deepening of Environmental Injustices |journal=[[Capitalism Nature Socialism]] |date=2018 |volume=29 |issue=2 |pages=8–28 |doi=10.1080/10455752.2018.1464250 |doi-access=free}}</ref> Furthermore, modes of production encouraged under neoliberalism may reduce the availability of natural resources over the long term, and may therefore not be sustainable within the world's [[resource depletion|limited geographical space]].<ref>{{Cite journal |last=Moore |first=Jason W. |date=2011 |title=Transcending the metabolic rift: a theory of crises in the capitalist worldecology |journal=[[Journal of Peasant Studies]] |volume=38 |number=1 |pages=1–46 |doi=10.1080/03066150.2010.538579 |s2cid=55640067}}</ref>

In Robert Fletcher's 2010 piece, "Neoliberal Environmentality: Towards a Poststructuralist Political Ecology of the Conservation Debate"<ref>{{Cite journal |last=Fletcher |first=Robert |date=2010 |title=Neoliberal environmentality: Towards a poststructuralist political ecology of the conservation debate |journal=[[Conservation and Society]] |volume=8 |issue=3 |pages=171 |doi=10.4103/0972-4923.73806 |issn=0972-4923 |doi-access=free|hdl=10535/8301 |hdl-access=free }}</ref> his premise is that there is a conflict of ideas in conservation; that on one side of things you have deep ecology and protectionist paradigms and on the other side you have community based conservation efforts. There are problems with both approaches, and on either side they frequently fail to do conservation work in a substantial way. In the middle, Fletcher sees a space where social sciences are able to critique both sides of and blend the approaches, forming not a triangle of ideologies, but a spectrum. The relationship between capitalism and conservation is one that has to be reckoned with due to an overarching neoliberal framework guiding most conservation efforts.

According to ecologist [[William E. Rees]], the "neoliberal paradigm contributes significantly to planetary unraveling" by treating the economy and the ecosphere as totally separate systems, and by neglecting the latter.<ref>{{cite journal |last1=Rees|first1=William E.|author-link=William E. Rees|date=2020 |title=Ecological economics for humanity's plague phase|url=http://www.fraw.org.uk/data/limits/rees_2020.pdf|journal=[[Ecological Economics (journal)|Ecological Economics]]|volume=169 |issue= |pages=106519 |doi=10.1016/j.ecolecon.2019.106519|bibcode=2020EcoEc.16906519R |s2cid=209502532 |access-date=}}</ref> [[Marxism|Marxist]] economic geographer [[David Harvey]] argues neoliberalism is to blame for [[Holocene extinction|increased rates of extinction]].{{sfnp|Harvey|2005|p=173}} Notably, he observes that "the era of neoliberalization also happens to be the era of the fastest mass extinction of species in the Earth's recent history." American philosopher and animal rights activist [[Steven Best]] argues that three decades of neoliberal policies have "marketized the entire world" and intensified "the assault on every ecosystem on the earth as a whole".<ref>{{cite book |last=Best |first=Steven |date=2014 |title=The Politics of Total Liberation: Revolution for the 21st Century |chapter=Conclusion: Reflections on Activism and Hope in a Dying World and Suicidal Culture |publisher=[[Palgrave Macmillan]] |page=160 |isbn=978-1137471116 |doi=10.1057/9781137440723_7 |author-link=Steven Best}}</ref> Neoliberalism reduces the "[[tragedy of the commons]]" to an argument for private ownership.<ref>{{Cite web |title=Debunking the Tragedy of the Commons |url=https://news.cnrs.fr/opinions/debunking-the-tragedy-of-the-commons |access-date=December 11, 2020 |website=[[French National Centre for Scientific Research|CNRS News]] |date=January 5, 2018}}</ref>

The [[Friedman doctrine]], which Nicolas Firzli has argued defined the neoliberal era,<ref name="Analyse Financière">{{cite news |first1=M. Nicolas J. |last1=Firzli |title=Beyond SDGs: Can Fiduciary Capitalism and Bolder, Better Boards Jumpstart Economic Growth? |url=https://www.academia.edu/28982570 |access-date=November 1, 2016 |work=Analyse Financière |date=October 2016}}</ref> may lead companies to neglect concerns for the environment.<ref>{{Cite web |date=September 13, 2020 |title=Why Milton Friedman was right and wrong |website=[[Australian Financial Review]] |url=https://www.afr.com/policy/economy/business-real-social-responsibility-is-to-be-a-rule-taker-not-a-maker-20200913-p55v3x |access-date=December 12, 2020}}</ref> Firzli insists that prudent, [[fiduciary]]-driven long-term investors cannot ignore the [[environmental, social and corporate governance]] consequences of actions taken by the CEOs of the companies whose shares they hold as "the long-dominant Friedman stance is becoming culturally unacceptable and financially costly in the boardrooms of pension funds and industrial firms in Europe and North America".<ref name="Analyse Financière"/>

Critics like Noel Castree focus on the relationship between neoliberalism and the biophysical environment explain that critics of neoliberals see the free market as the best way to mediate the relationship between producers and consumers, as well as maximize freedom in a more general sense which they view as inherently good. Castree also asserts that the assumption that markets will allow for the maximization of individual freedom is incorrect.<ref>{{Cite journal |last=Castree |first=Noel |date=December 2010 |title=Neoliberalism and the Biophysical Environment 1: What 'Neoliberalism' is, and What Difference Nature Makes to it |journal=[[Geography Compass]] |volume=4 |issue=12 |pages=1725–1733 |doi=10.1111/j.1749-8198.2010.00405.x |bibcode=2010GComp...4.1725C |issn=1749-8198|url=https://pure.manchester.ac.uk/ws/files/25441023/POST-PEER-REVIEW-NON-PUBLISHERS.DOC }}</ref>

Conservation and management of natural resources has also been impacted by neoliberal policies and development. Prior to the neoliberalization of conservation efforts, conservation was done on the part of governmental and regulatory entities. Although conservation has typically been considered the "antithesis of production",<ref name=":0">{{Cite journal |last=Sodikoff |first=Genese |date=December 2009 |title=The Low-Wage Conservationist: Biodiversity and Perversities of Value in Madagascar |url=https://anthrosource.onlinelibrary.wiley.com/doi/10.1111/j.1548-1433.2009.01154.x |journal=American Anthropologist |language=en |volume=111 |issue=4 |pages=443–455 |doi=10.1111/j.1548-1433.2009.01154.x |issn=0002-7294}}</ref> with the global shift towards neoliberalization, conservation programs have also shifted towards becoming a "mode of capitalist production".<ref name=":0" /> It's done so through the reliance on private entities, non-governmental organizations, resource commodification and entrepreneurship (big and small). Access to the market through natural resource commodification became a neoliberal tool for communities and regions to further develop.

One scholar and critic of neoliberal conservation, Dan Klooster, published a study on forest certification in Mexico which demonstrated the socio-environmental consequences of neoliberal conservation networks.<ref>{{Cite journal |last=Klooster |first=Dan |date=September 2006 |title=Environmental Certification of Forests in Mexico: The Political Ecology of a Nongovernmental Market Intervention |url=http://www.tandfonline.com/doi/abs/10.1111/j.1467-8306.2006.00705.x |journal=Annals of the Association of American Geographers |language=en |volume=96 |issue=3 |pages=541–565 |doi=10.1111/j.1467-8306.2006.00705.x |s2cid=153930831 |issn=0004-5608|url-access=subscription }}</ref> In this example, global markets and a desire for sustainably-sourced products led to the adoption of forest certification programs, such as the Forest Conservation Fund, by Mexican companies. These certifications require that forest managers make improvements to the environmental and social aspects of harvesting wood and in return they gain access to international markets that prefer the consumption of certified wood. Today, 12 percent of Mexico's logged forests do so under a certification. However, many small logging businesses aren't able to successfully compete amongst the global market forces without accepting inaccessible costs to certification and unsatisfactory market prices and demand. Klooster uses this conservation example to demonstrate how the social impacts of conservation commodification can be both positive and negative. On the one hand the certification can create networks of producers, certifiers and consumers that oppose the socio-environmental disparities caused by the forestry industry, but on the other hand they might also widen further the north–south divisions.

=== Religious opposition ===

Catholic political scientist Albert Bikaj considers the neoliberal concept of free market "fundamentally nihilistic" because it's profit-oriented, neglecting Christian ethics and undermining human dignity, common good, environment, and civilisation.<ref>{{cite web |last1=Bikaj |first1=Albert |title=Not Everything is for Sale: A Critique of Neoliberalism |url=https://europeanconservative.com/articles/essay/not-everything-is-for-sale-a-critique-of-neoliberalism/ |website=The European Conservative |date=19 February 2022 |access-date=11 September 2023}}</ref> In his 84-page [[apostolic exhortation]] {{lang|la|[[Evangelii gaudium]]}}, [[Pope|Catholic Pope]] [[Pope Francis|Francis]] described unfettered capitalism as "a new tyranny" and called on world leaders to fight rising poverty and inequality, stating:<ref>{{cite news|last=O'Leary|first=Naomi|date=26 November 2013|title=Pope attacks 'tyranny' of markets in manifesto for papacy|url=https://www.reuters.com/article/us-pope-document/pope-attacks-tyranny-of-markets-in-manifesto-for-papacy-idUSBRE9AP0EQ20131126|url-status=live|department=Business News|work=Reuters|archive-url=https://archive.today/20180406170738/https://www.reuters.com/article/us-pope-document/pope-attacks-tyranny-of-markets-in-manifesto-for-papacy-idUSBRE9AP0EQ20131126|archive-date=6 April 2018|access-date=6 April 2018|quote=Pope Francis attacked unfettered capitalism as 'a new tyranny' and beseeched global leaders to fight poverty and growing inequality, in a document on Tuesday setting out a platform for his papacy and calling for a renewal of the Catholic Church.}}</ref>
{{blockquote|Some people continue to defend [[Trickle-down economics|trickle-down theories]] which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system. Meanwhile, the excluded are still waiting.<ref>{{cite news|last1=Goldfarb|first1=Zachary A.|last2=Boorstein|first2=Michelle|date=26 November 2013|title=Pope Francis denounces 'trickle-down' economic theories in sharp criticism of inequality|url=https://www.washingtonpost.com/business/economy/pope-francis-denounces-trickle-down-economic-theories-in-critique-of-inequality/2013/11/26/e17ffe4e-56b6-11e3-8304-caf30787c0a9_story.html|url-status=live|department=Business|newspaper=The Washington Post|archive-url=https://web.archive.org/web/20180406171743/https://www.washingtonpost.com/business/economy/pope-francis-denounces-trickle-down-economic-theories-in-critique-of-inequality/2013/11/26/e17ffe4e-56b6-11e3-8304-caf30787c0a9_story.html|archive-date=6 April 2018|access-date=6 April 2018}}</ref>}}

=== Political opposition ===
{{See also|Anti-neoliberalism}}
In political science, disillusionment with neoliberalism is seen as a cause of de-[[politicization]] and the growth of anti-political sentiment, which can in turn encourage [[populist]] politics and re-politicization.<ref>{{cite book |editor1-last=Fawcett |editor1-first=Paul |editor2-last=Flinders |editor2-first=Matthew |editor3-last=Hay |editor3-first=Colin |editor4-last=Wood |editor4-first=Matthew |title=Anti-Politics, Depoliticization, and Governance |date=2017 |volume=1 |publisher=[[Oxford University Press]] |location=Oxford |pages=3–9 |isbn=978-0-19-874897-7 |doi=10.1093/oso/9780198748977.001.0001}}</ref>

Instances of political opposition to neoliberalism from the late 1990s onward include:
* Research by [[Kristen Ghodsee]], ethnographer and Professor of Russian and East European Studies at the [[University of Pennsylvania]], argues that widespread discontent with neoliberal capitalism has led to a "[[Communist nostalgia|red nostalgia]]" in much of the former Communist bloc. She argues that "the political freedoms that came with democracy were packaged with the worst type of unregulated, free-market capitalism, which completely destabilized the rhythms of everyday life and brought crime, corruption and chaos where there had once been comfortable predictability",<ref name="Wamc.org"/> which ultimately fueled a resurgence of extremist [[nationalism]].<ref name="Ghodsee2017"/>
* In Latin America, the "[[pink tide]]" that swept leftist governments into power at the turn of the millennium can be seen as a reaction against neoliberal hegemony and the notion that "[[there is no alternative]]" (TINA) to the [[Washington Consensus]].<ref>{{Cite book |title=Neoliberal Hegemony and the Pink Tide in Latin America: Breaking Up With TINA? (International Political Economy Series) |last=Chodor |first=Tom |year=2014 |isbn=978-1137444677 |url=http://www.palgrave.com/page/detail/neoliberal-hegemony-and-the-pink-tide-in-latin-america-tom-chodor/?K=9781137444677 |publisher=[[Palgrave Macmillan]] |access-date=November 23, 2014 |archive-date=September 30, 2015 |archive-url=https://web.archive.org/web/20150930102542/http://www.palgrave.com/page/detail/neoliberal-hegemony-and-the-pink-tide-in-latin-america-tom-chodor/?K=9781137444677 |url-status=dead}}</ref>
* In protest against neoliberal globalization, South Korean farmer and former president of the Korean Advanced Farmers Federation [[Lee Kyung-hae]] committed suicide by stabbing himself in the heart during a meeting of the [[World Trade Organization]] in Cancun, Mexico, in 2003.<ref>{{cite book |url=https://books.google.com/books?id=IR9woMrfFs4C&pg=PA147 |title=The Rhetoric of Food: Discourse, Materiality, and Power |date=2013 |publisher=[[Routledge]] |isbn=978-0415727563 |editor1-last=Frye |editor1-first=Joshua |page=147 |editor2-last=Bruner |editor2-first=Michael |via=[[Google Books]]}}</ref> He was protesting against the decision of the South Korean government to reduce subsidies to farmers.{{sfnp|Jones|Parker|Bos|2005|p=96}}
*The rise of anti-austerity parties in Europe and [[SYRIZA]]'s victory in the [[Greek legislative election, January 2015|Greek legislative elections of January 2015]] have some proclaiming "the end of neoliberalism".<ref>{{cite news |first=Paul |last=Mason |date=25 January 2015 |url=https://www.theguardian.com/commentisfree/2015/jan/25/greece-shows-what-can-happen-when-young-revolt-against-corrupt-elites |title=Greece shows what can happen when the young revolt against corrupt elites |work=[[The Guardian]] |access-date=25 January 2015}}</ref>
*In the [[2016 United States presidential election|2016 U.S. presidential election]], both [[Donald Trump]] from the [[Republican Party (United States)|Republican Party]] and [[Bernie Sanders]] from the [[Democratic Party (United States)|Democratic Party]] ran on platforms opposing neoliberalism, including opposition to the [[Trans Pacific Partnership]] and [[offshoring]].<ref name="Revolt of the Rust Belt"/>{{sfn|Gerstle|2022|p=}}{{page needed|date=December 2023}}<ref name="Hopkin2020"/>
*In 2018, the [[yellow vests protests]] in France and the [[2019–2021 Chilean protests]] emerged in direct opposition to neoliberal governments and policies, including [[privatization]] and [[austerity]], that were blamed for the rising [[cost of living]], surging personal debts, and increased [[economic inequality]].<ref>{{cite news |last=Haskins
|first=Caroline|date=December 14, 2018 |title=The Paris 'Yellow Vest' Protests Show the Flaws of Capitalism |url=https://www.vice.com/en/article/the-paris-yellow-vest-protests-show-the-flaws-of-capitalism/ |work=[[Vice Media|Vice]] |access-date=November 3, 2019}}</ref><ref>{{cite news |url=https://www.washingtonpost.com/nation/2019/10/21/chile-protests-santiago-dead-state-emergency/ |title='We are at war': 8 dead in Chile's violent protests over social inequality |date=October 21, 2019 |newspaper=[[The Washington Post]] |access-date=November 3, 2019 |archive-url=https://web.archive.org/web/20191024130721/https://www.washingtonpost.com/nation/2019/10/21/chile-protests-santiago-dead-state-emergency/ |archive-date=October 24, 2019 |url-status=live}}</ref> In 2019, protests against neoliberal reforms, policies and governments have taken place in scores of countries on 5 continents, with opposition to austerity, privatization and tax hikes on the working classes being a common theme among many of them.<ref>{{cite news |last=Ehrenreich |first=Ben |date=November 25, 2019 |title=Welcome to the Global Rebellion Against Neoliberalism |url=https://www.thenation.com/article/archive/global-rebellions-inequality/ |work=[[The Nation]] |access-date=November 29, 2019 |author-link=Ben Ehrenreich}}</ref> 
* During the [[2021 Chilean general election]], president-elect [[Gabriel Boric]] promised to end the country's neoliberal economic model, stating that "if Chile was the cradle of neoliberalism, it will also be its grave."<ref>{{cite news |last=Cambero |first=Fabian |date=December 20, 2021 |title=Student protest leader to president-elect: Gabriel Boric caps rise of Chile's left |url=https://www.reuters.com/world/americas/student-protest-leader-president-elect-gabriel-boric-caps-rise-chiles-left-2021-12-20/ |work=[[Reuters]] |access-date=December 21, 2021}}</ref>

=== Repression of worker's union ===
While neoliberalism itself doesn't directly imply the repression of worker's union, global trading benefits from the repression of trade unions.<ref>
1. Dean A. Open Democracies: How Labor Repression Facilitates Trade Liberalization. In: Opening Up by Cracking Down: Labor Repression and Trade Liberalization in Democratic Developing Countries. Political Economy of Institutions and Decisions. Cambridge University Press; 2022:13-28.</ref> [[Margaret Thatcher]], a former UK prime minister and known prominent leader of neoliberalism (while [[Ronald Reagan]] in the [[United States]] promoted a set of [[neoliberal]] reforms known as "Reaganomics"),{{sfnm|1a1=Li|1y=2013|1p=221|2a1=Gerstle|2y=2022|2p=150|3a1=Roy|3y=2012|3p=155}} introduced a series of policies to reduce the power and influence of [[trade unions]] and various social benefits.<ref name="thatcher-cw">{{Cite news |title=Margaret Thatcher |publisher=CNN |url=http://www.cnn.com/SPECIALS/cold.war/kbank/profiles/thatcher |access-date=29 October 2008 |archive-url=https://web.archive.org/web/20080703072749/http://www.cnn.com/SPECIALS/cold.war/kbank/profiles/thatcher |archive-date=3 July 2008}}</ref> According to BBC News, Thatcher reportedly "managed to destroy the power of the trade unions for almost a generation".<ref name="bbcstrike">{{Cite news |last=Wilenius |first=Paul |date=5 March 2004 |title=Enemies within: Thatcher and the unions |work=BBC News |url=http://news.bbc.co.uk/1/hi/uk_politics/3067563.stm |url-status=live |access-date=29 October 2008 |archive-url=https://web.archive.org/web/20090430144439/http://news.bbc.co.uk/1/hi/uk_politics/3067563.stm |archive-date=30 April 2009}}</ref>

== See also ==
{{Portal|Liberalism|Conservatism|Politics|Economics|United States|United Kingdom}}
{{div col|colwidth=18em}}
* [[Anarcho-capitalism]]
* [[Capitalism]]
* [[Capitalist realism]]
* [[Classical liberalism]]
* [[Conservative liberalism]]<ref>{{cite book |editor-first=David |editor-last=Cayla |title=Populism and Neoliberalism |url=https://books.google.com/books?id=pDAXEAAAQBAJ&dq=Neoliberalism+%22conservative+liberalism%22&pg=PA62 |quote=He demonstrates that the concept of "neoliberalism" did not emerge in the American context and that it was thereby not invented to distinguish Paul Krugman's left-wing liberalism from Milton Friedman's conservative liberalism. |date=2021 |page=62 |publisher=[[Routledge]] |isbn=9781000366709 |via=[[Google Books]]}}</ref>
* [[Cultural globalization]]
* [[Economic globalization]]
* [[Economic liberalism]]
* [[Elite theory]]
* [[Globalism]]
* [[Globalization]]
* [[History of macroeconomic thought]]
* [[Inverted totalitarianism]]
* [[Neoclassical economics]]
* [[Neoclassical liberalism]]
* [[Neoconservatism]]
* [[Neo-libertarianism]]
* [[Political Economy]]
* [[Reagan Democrat]]
* [[Right libertarianism]]
* [[Shock therapy (economics)]]
* [[Third Way]]
* [[Triangulation (politics)|Triangulation]]
{{div col end}}

== References ==
{{reflist}}

=== Bibliography ===
{{refbegin|30em}}
* {{cite book |last= Anderson|first=Elizabeth|author-link=Elizabeth S. Anderson|date=2023 |title=Hijacked: How Neoliberalism Turned the Work Ethic against Workers and How Workers Can Take It Back|url= |location= |publisher=[[Cambridge University Press]]|page= |isbn= 978-1009275439}}
* {{cite book |last=Arac |first=Jonathan |editor1-first=Peter A. |editor1-last=Hall |editor2-first=Michèle |editor2-last=Lamont |title=Social Resilience in the Neoliberal Era |date=2013 |pages=xvi–xvii |quote=The term is generally used by those who oppose it. People do not call themselves neoliberal; instead, they tag their enemies with the term.}}
* {{cite journal |last1=Boas |first1=Taylor C. |last2=Gans-Morse |first2=Jordan |date=June 2009 |title=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan |journal=[[Studies in Comparative International Development]] |volume=44 |issue=2 |pages=137–161 |doi=10.1007/s12116-009-9040-5 |doi-access=free |s2cid=4811996}}
* {{cite book |last=Burgin |first=Angus |date=2012 |title=The Great Persuasion: Reinventing Free Markets since the Depression |publisher=[[Harvard University Press]] |url=https://books.google.com/books?id=BnZ1qKdXojoC |isbn=978-0-674-06743-1 |via=[[Google Books]]}}
* {{cite book |last1=Chomsky |first1=Noam |author1-link=Noam Chomsky |last2=McChesney |first2=Robert W. |author2-link=Robert W. McChesney |chapter=Introduction |title=Profit over People: Neoliberalism and Global Order |publisher=[[Seven Stories Press]] |year=2011 |isbn=978-1888363821 |url=https://books.google.com/books?id=NrLv4surz7UC}}
* {{cite book |last=Desai|first=Radhika |date=2022 |title=Capitalism, Coronavirus and War: A Geopolitical Economy |location=London |url=https://www.routledge.com/Capitalism-Coronavirus-and-War-A-Geopolitical-Economy/Desai/p/book/9781032059501 |publisher=[[Routledge]] |isbn=978-1032059501 |doi=10.4324/9781003200000 |s2cid=254306409}}
* {{cite book |last1=Duménil |first1=Gérard |last2=Lévy |first2=Dominique |date=2004 |title=Capital Resurgent: Roots of the Neoliberal Revolution |publisher=[[Harvard University Press]] |isbn=0674011589}}
* {{cite book |last=Gerstle |first=Gary |author-link=Gary Gerstle |date=2022 |title=The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era |url=https://global.oup.com/academic/product/the-rise-and-fall-of-the-neoliberal-order-9780197519646?cc=us&lang=en& |publisher=[[Oxford University Press]] |isbn=978-0197519646}}
* {{cite web |last=Hartwich |first=Oliver Marc |author-link=Oliver Marc Hartwich |date=21 May 2009 |title=Neoliberalism: The Genesis of a Political Swearword |publisher=[[Centre for Independent Studies]] |id=CIS Occasional Paper 114 |url=http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf |url-status=dead |archive-url=https://web.archive.org/web/20140724120736/http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf |archive-date=2014-07-24}}
** Book version: {{cite book |ref=none |last=Hartwich |first=Oliver Marc |author-link=Oliver Marc Hartwich |year=2009b |title=Neoliberalism: The Genesis of a Political Swearword |publisher=[[Centre for Independent Studies]] |isbn=978-1-86432-185-2}}
* {{Cite book |last=Harvey |first=David |author-link=David Harvey (geographer) |year=2005 |title=A Brief History of Neoliberalism |publisher=[[Oxford University Press]] |isbn=978-0-19-928326-2 |url=https://global.oup.com/academic/product/a-brief-history-of-neoliberalism-9780199283279?cc=us&lang=en&}}
* {{cite book |editor1-last=Haymes |editor1-first=Stephen |editor2-last=Vidal de Haymes |editor2-first=Maria |editor3-last=Miller |editor3-first=Reuben |title=The Routledge Handbook of Poverty in the United States |date=2015 |publisher=[[Routledge]] |isbn=978-0415673440 |location=London |url=http://www.routledge.com/books/details/9780415673440}}
* {{cite book |last1=Jones |first1=Campbell |last2=Parker |first2=Martin |last3=Bos |first3=Rene Ten |date=2005 |title=For Business Ethics |publisher=[[Routledge]] |url=https://archive.org/details/forbusinessethic00jone |url-access=limited |isbn=978-0415311359}}
* {{cite book |last=Kotsko |first=Adam |author-link=Adam Kotsko |date=2018 |title=Neoliberalism's Demons: On the Political Theology of Late Capital |url=https://www.sup.org/books/title/?id=29538 |publisher=[[Stanford University Press]] |isbn=978-1503607125}}
* {{cite book |last=Kotz |first=David M. |year=2015 |title=The Rise and Fall of Neoliberal Capitalism |publisher=[[Harvard University Press]] |isbn=978-0674725652 |url=http://www.hup.harvard.edu/catalog.php?isbn=9780674980013}}
* {{cite journal |last=Lavoie |first=Marc |author-link=Marc Lavoie |date=Winter 2012–2013 |title=Financialization, neo-liberalism, and securitization |journal=Journal of Post Keynesian Economics |volume=35 |issue=2 |pages=215–33 |doi=10.2753/pke0160-3477350203 |jstor=23469991 |s2cid=153927517}}
* {{cite journal |last=Li |first=Jinhua |year=2013 |title=Analysis of the High Unemployment Rate in the USA |journal=World Review of Political Economy |volume=4 |issue=2 |pages=218–229 |doi=10.13169/worlrevipoliecon.4.2.0218 |jstor=10.13169/worlrevipoliecon.4.2.0218|doi-access=free }}
* {{cite book |last1=Peck |first1=Jamie |title=Constructions of Neoliberal Reason |date=2010 |publisher=[[Oxford University Press]] |location=Oxford |isbn=9780199580576 |url=https://academic.oup.com/book/36167}}
* {{cite book |last1=Mirowski |first1=Philip |author1-link=Philip Mirowski |last2=Plehwe |first2=Dieter |year=2009 |title=The Road from Mont Pèlerin: The Making of the Neoliberal Thought Collective |publisher=[[Harvard University Press]] |isbn=978-0-674-03318-4 |url=https://www.hup.harvard.edu/books/9780674088344}}
* {{cite book |last=Roy |first=Ravi K. |editor-last1=Anheier |editor-first1=Helmut |editor-link1=Helmut Anheier |editor-last2=Juergensmeyer |editor-link2=Mark Juergensmeyer |editor-first2=Mark |year=2012 |chapter=Capitalism |title=Encyclopedia of Global Studies |url=https://books.google.com/books?id=wJB2AwAAQBAJ |publisher=[[SAGE Publications]] |pages=153–158 |isbn=978-1-4129-9422-4}}
* {{cite book |editor1-last=Springer |editor1-first=Simon |editor2-last=Birch |editor2-first=Kean |editor3-last=MacLeavy |editor3-first=Julie |date=2016 |title=The Handbook of Neoliberalism |url=https://www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001 |publisher=[[Routledge]] |isbn=978-1138844001 |oclc=1020671216}}
* {{cite book |last=Stedman Jones |first=Daniel |title-link=Masters of the Universe (book) |title=Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics |date=July 21, 2014 |publisher=[[Princeton University Press]] |isbn=978-1-4008-5183-6}}
* {{cite book |last1=Steger |first1=Manfred B. |author1-link=Manfred B. Steger |last2=Roy |first2=Ravi K. |year=2010 |title=Neoliberalism: A Very Short Introduction |publisher=[[Oxford University Press]] |isbn=978-0199560516 |url=https://academic.oup.com/book/705?login=false |page=[https://books.google.com/books?id=pkMFxvXvukwC&pg=PA50 50–51], [https://books.google.com/books?id=pkMFxvXvukwC&pg=PA123 123]}}
* {{cite book |last=Wacquant |first=Loïc |author-link=Loïc Wacquant |year=2009 |title=Punishing the Poor: The Neoliberal Government of Social Insecurity |publisher=[[Duke University Press]] |location=Durham NC |isbn=9780822392255 |oclc=404091956 |url=https://read.dukeupress.edu/books/book/1399/Punishing-the-PoorThe-Neoliberal-Government-of}}
{{refend}}

== Further reading ==
=== Summaries and histories ===
{{refbegin|colwidth=30em}}
* Albo, Gregory. "Neoliberalism from Reagan to Clinton." ''Monthly Review'' 52.11 (2001): 81–89, in US. [http://cf.linnbenton.edu/artcom/social_science/clarkd/upload/neo.pdf online] {{Webarchive|url=https://web.archive.org/web/20220527020453/https://cf.linnbenton.edu/artcom/social_science/clarkd/upload/Neo.pdf |date=2022-05-27 }}
* {{cite book |last1=Appel |first1=Hilary |last2=Orenstein |first2=Mitchell A. |date=2018 |title=From Triumph to Crisis: Neoliberal Economic Reform in Postcommunist Countries |publisher=[[Cambridge University Press]] |isbn=978-1108435055}}
* {{cite book |last1=Baccaro |first1=Lucio |last2=Howell |first2=Chris |date=2017 |title=Trajectories of Neoliberal Transformation: European Industrial Relations Since the 1970s |url=https://www.cambridge.org/core/books/trajectories-of-neoliberal-transformation/23D812E2CC6DD50EC043285A9C6576C7#fndtn-information |publisher=[[Cambridge University Press]] |isbn=978-1107603691 }}
* {{cite book |last=Bartel |first=Fritz |date=2022 |title=The Triumph of Broken Promises: The End of the Cold War and the Rise of Neoliberalism |url=https://www.hup.harvard.edu/catalog.php?isbn=9780674976788 |publisher=[[Harvard University Press]] |isbn=978-0674976788 }}
* Budd, John M. and Bart M. Harloe."Higher Learning and the American Academic Library in the Twilight Era of Neoliberalism." ''Progressive Librarian'' 46 Winter 2017/2018: 159–178.
* {{cite book |last1=Cahill |first1=Damien |last2=Cooper |first2=Melinda |last3=Konings |first3=Martijn |last4=Primrose |first4=David |title=The SAGE Handbook of Neoliberalism |date=2018 |publisher=[[Sage Publishing|Sage Publications]] |isbn=9781412961721 |pages=720 |url=https://uk.sagepub.com/en-gb/eur/the-sage-handbook-of-neoliberalism/book245419 |language=en}}
* {{cite book |last1=Cahill |first1=Damien |last2=Konings |first2=Martijn |title=Neoliberalism |date=2017 |publisher=[[Polity (publisher)|Polity]] |location=Cambridge |isbn=978-0-745-69552-5 |url=https://www.wiley.com/en-us/Neoliberalism-p-9780745695525}}
* Campbell, John L., and Ove K. Pedersen, eds. ''The Rise of Neoliberalism and Institutional Analysis'' Princeton University Press, 2001. 288 pp.
* {{cite journal |last1=Davies |first1=William |title=Neoliberalism: A Bibliographic Review |journal=[[Theory, Culture & Society]] |date=2014 |volume=31 |issue=7–8 |pages=309–317 |doi=10.1177/0263276414546383 |doi-access=free}}
* {{cite book |last=Eagleton-Pierce |first=Matthew |year=2015 |title=Neoliberalism: The Key Concepts |publisher=Routledge |isbn=978-0415837545 |url=http://www.routledge.com/books/details/9780415837545/ }}
* {{cite book |last1=Harvey |first1=David |title=A Brief History of Neoliberalism |date=2007 |publisher=[[Oxford University Press]] |isbn=978-0199283279}}
* {{cite book |last=Kingstone |first=Peter |title=The Rise and Fall (and Rise Again?) of Neoliberalism in Latin America |publisher=SAGE Publications Ltd |year=2018}}
* {{cite book |last=Mirowski |first=Philip |date=2014 |title=Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown |publisher=[[Verso Books]] |isbn=978-1781683026 |author-link=Philip Mirowski}}
* {{cite book |last=Plant |first=Raymond |title=The Neo-liberal State |year=2009 |publisher=[[Oxford University Press]] |url=https://global.oup.com/academic/product/the-neo-liberal-state-9780199650576?cc=us&lang=en&# |isbn=978-0-19-928175-6 }}
* {{cite journal |last=Prasad |first=Monica |title=The popular origins of neoliberalism in the Reagan tax cut of 1981 |journal=Journal of Policy History |volume=24 |issue=3 |date=2012 |pages=351–383|doi=10.1017/S0898030612000103 |s2cid=154910974 |doi-access=free }}
* {{cite book |last=Springer |first=Simon |date=2016 |url=http://www.rowmaninternational.com/books/the-discourse-of-neoliberalism |title=The Discourse of Neoliberalism: An Anatomy of a Powerful Idea |series=Discourse, Power and Society |archive-url=https://web.archive.org/web/20170108185959/http://www.rowmaninternational.com/books/the-discourse-of-neoliberalism |archive-date=January 8, 2017 |publisher=[[Rowman & Littlefield]] International |isbn=978-1783486526 }}
* {{cite journal |last1=Stewart |first1=Iain |year=2020 |title=On Recent Developments in the New Historiography of (Neo) Liberalism |url=https://discovery.ucl.ac.uk/id/eprint/10099007/1/Stewart%20-%20On%20Recent%20Developments%20in%20the%20New%20Historiography%20of%20Liberalism%20-%20final.pdf |archive-url=https://web.archive.org/web/20201107131133/https://discovery.ucl.ac.uk/id/eprint/10099007/1/Stewart%20-%20On%20Recent%20Developments%20in%20the%20New%20Historiography%20of%20Liberalism%20-%20final.pdf |archive-date=2020-11-07 |url-status=live |journal=[[Contemporary European History]] |volume=29 |issue=1 |pages=116–124 |doi=10.1017/S0960777319000158 |s2cid=210501346 }}
* {{cite journal |last1=Thorsen |first1=Dag Einer |title=The Neoliberal Challenge: What is Neoliberalism? |journal=Addleton Academic Publishers |date=October 10, 2009 |url=http://folk.uio.no/daget/neoliberalism2.pdf |url-status=live |archive-url=https://web.archive.org/web/20110607060521/http://folk.uio.no/daget/neoliberalism2.pdf |archive-date=2011-06-07 }}
{{refend}}

=== Criticisms ===
{{refbegin|colwidth=30em}}

* {{cite journal |last1=Adams |first1=Glenn |last2=Estrada-Villalta |first2=Sara |last3=Sullivan |first3=Daniel |last4=Markus |first4=Hazel Rose |title=The Psychology of Neoliberalism and the Neoliberalism of Psychology |journal=[[Journal of Social Issues]] |date=2019 |volume=75 |issue=1 |pages=189–216 |doi=10.1111/josi.12305}}
* {{cite journal |last1=Bettache |first1=Karim |last2=Chiu |first2=Chi-Yue |title=The Invisible Hand is an Ideology: Toward a Social Psychology of Neoliberalism |journal=[[Journal of Social Issues]] |date=2019 |volume=75 |issue=1 |pages=8–19 |doi=10.1111/josi.12308}}
* {{cite news |last1=Bourdieu |first1=Pierre |title=The essence of neoliberalism |url=https://mondediplo.com/1998/12/08bourdieu |publisher=Le Monde diplomatique |date=December 1998}}
* Brady, David. 2008. ''Rich Democracies, Poor People: How Politics Explain Poverty''. New York: Oxford University Press.
* [[Wendy Brown (political scientist)|Brown, Wendy]] (2005). "Neoliberalism and the End of Liberal Democracy" in ''Edgework: critical essays on knowledge and politics'' Princeton University Press, ch 3. [http://www.oxfordscholarship.com/view/10.1093/acprof:oso/9780195385878.001.0001/acprof-9780195385878 Abstract]
* {{cite book |last=Brown |first=Wendy |date=2019 |title=In the Ruins of Neoliberalism: The Rise of Antidemocratic Politics in the West |url=https://cup.columbia.edu/book/in-the-ruins-of-neoliberalism/9780231193856 |publisher=[[Columbia University Press]] |isbn=978-0231193856 |author-link=Wendy Brown (political scientist)}}
* Buschman, John. ''Libraries, Classrooms, and the Interests of Democracy: Marking the Limits of Neoliberalism''. The Scarecrow Press. Rowman & Littlefield. 2012. 239 pp. notes. bibliog. index. {{ISBN|978-0810885288}}.
* {{cite book |last1=Collins |first1=Victoria E. |last2=Rothe |first2=Dawn L. |date=2019 |title=The Violence of Neoliberalism: Crime, Harm and Inequality |url=https://www.routledge.com/The-Violence-of-Neoliberalism-Crime-Harm-and-Inequality-1st-Edition/Collins-Rothe/p/book/9781138584778 |publisher=[[Routledge]] |isbn=978-1138584778}}
* Crouch, Colin. ''[https://archive.today/20130421053539/https://www.polity.co.uk/book.asp?ref=9780745651200 The Strange Non-death of Neo-liberalism]'', Polity Press, 2011. {{ISBN|0-7456-5221-2}} (Reviewed in ''[http://www.themontrealreview.com/2009/The-Strange-Non-Death-of-Neoliberalism-by-Colin-Crouch.php The Montreal Review]'')
* {{cite book |last1=Dardot |first1=Pierre |last2=Laval |first2=Christian |title=Never Ending Nightmare: The Neoliberal Assault on Democracy |date=2019 |publisher=[[Verso Books]] |isbn=9781786634740 |url=https://www.versobooks.com/products/616-never-ending-nightmare?pr_prod_strat=e5_desc&pr_rec_id=9d0a8631a&pr_rec_pid=6904939774013&pr_ref_pid=6904939806781&pr_seq=uniform}}
* Davies, William. ''[https://web.archive.org/web/20151223044125/https://us.sagepub.com/en-us/nam/the-limits-of-neoliberalism/book240650 The Limits of Neoliberalism: Authority, Sovereignty and the Logic of Competition.]'' [[SAGE Publications]], 2014. {{ISBN|1446270688}}
* {{cite book |last=Dean |first=Jodi |date=2009 |title=Democracy and Other Neoliberal Fantasies: Communicative Capitalism and Left Politics |url=https://www.dukeupress.edu/democracy-and-other-neoliberal-fantasies |publisher=[[Duke University Press]] |isbn=978-0822345053 |author-link=Jodi Dean}}
* {{cite web |last=Diaz Molaro |first=Lucas |title=End Neoliberalism, Tax & Regulate The One Percent |year=2012 |url=http://www.endneoliberalism.org/books/}}
* {{cite journal |last1=Fekete |first1=Liz |title=Flying the flag for neoliberalism |journal=[[Race & Class]] |date=January 2017 |volume=58 |issue=3 |pages=3–22 |doi=10.1177/0306396816670088 |s2cid=151385881}}
* {{cite journal |last1=Ferragina |first1=E. |last2=Arrigoni |first2=A. |year=2016 |title=The Rise and Fall of Social Capital: Requiem for a Theory |journal=[[Political Studies Review]] |volume=15 |issue=3 |pages=355–367 |doi=10.1177/1478929915623968 |s2cid=156138810}}
* {{cite journal |last1=Gandesha |first1=Samir |title=The Brazilian Matrix: Between Fascism and Neo-Liberalism |journal=[[Krisis (journal)|Krisis]] |date=December 11, 2020 |volume=40 |issue=1 |pages=215–233 |doi=10.21827/krisis.40.1.37054|s2cid=230563556 |doi-access=free}}
* {{cite book |last=Gill |first=Rosalind |author-link=Rosalind Gill |contribution=Breaking the silence: the hidden injuries of the neoliberal university. |editor-last=Gill |editor-first=Rosalind |editor2-last=Ryan-Flood |editor2-first=Róisín |title=Secrecy and silence in the research process: feminist reflections |pages=228–244 |publisher=[[Routledge]] |location=London |year=2010 |isbn=978-0415605175 |ref=none}}
* [[Henry Giroux|Giroux, Henry]] (2008). ''Against the Terror of Neoliberalism: Politics Beyond the Age of Greed (Cultural Politics and the Promise of Democracy).'' [[Paradigm Publishers]]. {{ISBN|1594515212}}
* Giroux, Henry (2013). [https://web.archive.org/web/20180813111445/https://philosophersforchange.org/2013/11/12/public-intellectuals-against-the-neoliberal-university/ ''Public Intellectuals Against the Neoliberal University'']. ''philosophersforchange.org''.
* Giroux, Henry (2014). ''Neoliberalism's War on Higher Education.'' [[Haymarket Books]]. {{ISBN|1608463346}}
* [[Bernard Harcourt|Harcourt, Bernard]] (2012). ''[http://www.hup.harvard.edu/catalog.php?isbn=9780674066168 The Illusion of Free Markets: Punishment and the Myth of Natural Order].'' Harvard University Press. {{ISBN|0674066162}}
* {{cite journal |last1=Lazzarato |first1=Maurizio |year=2009 |title=Neoliberalism in Action: Inequality, Insecurity and the Reconstitution of the Social |journal=[[Theory, Culture & Society]] |volume=26 |issue=6 |pages=109–33 |doi=10.1177/0263276409350283 |s2cid=145758386}}
* {{cite news |last1=Lehmann |first1=Chris |title=Neoliberalism, the Revolution in Reverse |url=https://thebaffler.com/salvos/neoliberalism-the-revolution-in-reverse |issue=24 |publisher=The Baffler |date=January 2014}}
* {{cite book |last=Lyon-Callo |first=Vincent |date=2004 |url=https://utorontopress.com/ca/inequality-poverty-and-neoliberal-governance-3 |title=Inequality, Poverty, and Neoliberal Governance: Activist Ethnography in the Homeless Sheltering Industry |archive-url=https://web.archive.org/web/20180805112805/https://utorontopress.com/ca/inequality-poverty-and-neoliberal-governance-3 |archive-date=August 5, 2018 |publisher=[[University of Toronto Press]] |isbn=1442600861}}
* {{cite news |last1=Mishra |first1=Pankaj |title=The Rise of Jeremy Corbyn and the Death Throes of Neoliberalism |url=https://www.nytimes.com/2017/06/20/magazine/the-rise-of-jeremy-corbyn-and-the-death-throes-of-neoliberalism.html |work=[[The New York Times]] |date=June 20, 2017}}
* {{cite news |last1=Monbiot |first1=George |title=Neoliberalism is creating loneliness. That's what's wrenching society apart |url=https://www.theguardian.com/commentisfree/2016/oct/12/neoliberalism-creating-loneliness-wrenching-society-apart|work=[[The Guardian]] |date=October 12, 2016}}
* {{cite book |last1=Monbiot|first1=George |last2=Hutchison|first2=Peter |date=2024 |title=Invisible Doctrine: The Secret History of Neoliberalism|url= |location= |publisher=Crown |page= |isbn=978-0593735152|access-date=}}
* {{cite news |last=Murphy |first=Chris |author-link=Chris Murphy |date=October 25, 2022 |title=The Wreckage of Neoliberalism |url=https://www.theatlantic.com/ideas/archive/2022/10/democrats-should-reject-neoliberalism/671850/ |work=[[The Atlantic]]}}
* [[Vicente Navarro|Navarro, Vicente]], ed. ''Neoliberalism, Globalization, and Inequalities: Consequences for Health and Quality of Life (Policy, Politics, Health, and Medicine Series).'' Baywood Publishing Company, 2007. {{ISBN|0895033380}}
* {{cite journal |last1=Navarro |first1=Vicente |title=Neoliberalism as a Class Ideology; Or, the Political Causes of the Growth of Inequalities |journal=[[International Journal of Health Services]] |date=2007 |volume=37 |issue=1 |pages=47–62 |doi=10.2190/AP65-X154-4513-R520|pmid=17436985 }}
* Overbeek, Henk and Bastiaan van Apeldoorn (2012). ''[http://www.palgrave.com/page/detail/neoliberalism-in-crisis-henk-overbeek/?K=9780230301634 Neoliberalism in Crisis].'' Palgrave Macmillan. {{ISBN|0230301630}}
* {{Cite journal |last=Pavón-Cuellar |first=David |year=2020 |title=Turning from Neoliberalism to Neo-Fascism: Universalization and Segregation in the Capitalist System |journal=Desde el Jardín de Freud |publisher=[[National University of Colombia]] |volume=20 |pages=19–38 |doi=10.15446/djf.n20.90161 |s2cid=226731094 |doi-access=free}}
* {{cite journal |last1=Poruthiyil |first1=Prabhir Vishnu |title=Big Business and Fascism: A Dangerous Collusion |journal=[[Journal of Business Ethics]] |date=January 2021 |volume=168 |issue=1 |pages=121–135 |doi=10.1007/s10551-019-04259-9 |s2cid=201323963}}
* {{cite book |last=Schram |first=Sanford F. |title=The Return of Ordinary Capitalism: Neoliberalism, Precarity, Occupy |year=2015 |publisher=[[Oxford University Press]] |url=https://global.oup.com/academic/product/the-return-of-ordinary-capitalism-9780190253011?cc=us&lang=en& |isbn=978-0190253028}}
* {{cite book |last=Slobodian|first=Quinn |author-link=Quinn Slobodian|date=2023 |title=Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy|url=https://us.macmillan.com/books/9781250753892/crackupcapitalism|location= |publisher=[[Henry Holt and Company|Metropolitan Books]]|page= |isbn=978-1250753892}}
* Springer, Simon (2015). ''[http://www.palgrave.com/la/book/9781137485328 Violent Neoliberalism: Development, Discourse, and Dispossession in Cambodia].'' Palgrave Macmillan. {{ISBN|978-1137485328}}
* Stiglitz, Joseph (13 May 2019). [https://www.marketwatch.com/story/three-decades-of-neoliberal-policies-have-decimated-the-middle-class-our-economy-and-our-democracy-2019-05-13 "Three decades of neoliberal policies have decimated the middle class, our economy, and our democracy"]. Market Watch.
* {{cite book |last=Vallelly |first=Neil |date=2021 |title=Futilitarianism: Neoliberalism and the Production of Uselessness |url=https://mitpress.mit.edu/books/futilitarianism |publisher=[[Goldsmiths Press]] |isbn=978-1912685905}}
* [[Paul Verhaeghe|Verhaeghe, Paul]] (2014). ''What About Me? The Struggle for Identity in a Market-Based Society.'' Scribe Publications. {{ISBN|1922247375}}
* [[Loïc Wacquant|Wacquant, Loïc]] (2009). ''[https://www.upress.umn.edu/book-division/books/prisons-of-poverty Prisons of Poverty].'' [[University of Minnesota Press]]. {{ISBN|0816639019}}
* {{cite book |last=Whyte |first=Jessica |date=2019 |title=The Morals of the Market: Human Rights and the Rise of Neoliberalism |url=https://www.versobooks.com/books/3087-the-morals-of-the-market |publisher=[[Verso Books]] |isbn=978-1786633118}}
{{refend}}

=== Other academic articles ===
{{refbegin|colwidth=30em}}
* {{cite journal |last=Arnswald |first=Ulrich |year=2022 |title=Neoliberalism: The Metamorphosis of a Key Concept in the History of Ideas of Economics Theory and its Consequences for Applied Political Ethics As Related to Political Theorie of Justice |journal=[[International Journal of Applied Philosophy]] |volume=36 |issue=2 |pages=165–177 |doi=10.5840/ijap2023710183|s2cid=259879177 }}
* {{cite journal |last1=Bowles |first1=Samuel |last2=Gordon |first2=David M. |last3=Weisskopf |first3=Thomas E. |year=1989 |title=Business Ascendancy and economic Impasse: A Structural Retrospective on Conservative Economics, 1979–87 |journal=[[Journal of Economic Perspectives]] |volume=3 |issue=1 |pages=107–134 |jstor=1942967 |doi=10.1257/jep.3.1.107 |doi-access=free}}
* Cahill, Damien. "The End of Laissez-Faire?: On the Durability of Embedded Neoliberalism". Edward Elgar Publishing. 2014. {{ISBN|978-1785366437}}
* {{cite journal |last=Clavé |first=Francis |year=2015 |title=Comparative Study of Lippmann's and Hayek's Liberalisms (or neo-liberalisms) |journal=[[The European Journal of the History of Economic Thought]] |volume=22 |issue=6 |pages=978–999 |doi=10.1080/09672567.2015.1093522 |s2cid=146137987}}
* Cooper, Melinda (2017). ''Family Values: Between Neoliberalism and the New Social Conservatism.'' Zone Books. {{ISBN|978-1935408840}}
* {{cite journal |last1=Ferragina |first1=Emanuele |year=2019 |title=The Political Economy of Family Policy Expansion. Fostering neoliberal capitalism or promoting gender equality supporting social reproduction? |journal=[[Review of International Political Economy]] |volume=26 |issue=6 |pages=1238–1265 |doi=10.1080/09692290.2019.1627568 |s2cid=198659118}}
* Ferris, Timothy. ''The Science of Liberty'' (2010) HarperCollins 384 pages
* Foucault, Michel. ''The Birth of Biopolitics'' Lectures at the College de France, 1978–1979. London: Palgrave, 2008.
* Griffiths, Simon, and Kevin Hickson, eds. ''British Party Politics and Ideology after New Labour'' (2009) Palgrave Macmillan 256 pp.
* {{cite book |last=Hackworth |first=Jason |title=The Neoliberal City: Governance, Ideology, and Development in American Urbanism |isbn=978-0801473036 |url=http://www.cornellpress.cornell.edu/book/?GCOI=80140100771590 |publisher=[[Cornell University Press]] |year=2006}}
* {{cite journal |last1=Larner |first1=Wendy |year=2000 |title=Neo-liberalism: policy, ideology, governmentality |url=http://spe.library.utoronto.ca/index.php/spe/article/view/6724 |journal=[[Studies in Political Economy]] |volume=63 |pages=5–25 |doi=10.1080/19187033.2000.11675231 |hdl=1983/1011 |s2cid=218621238 |hdl-access=free}}
* {{cite journal |last1=Peck |first1=Jamie |title=Neoliberalism |journal=International Encyclopedia of Geography |date=2017 |pages=1–12 |doi=10.1002/9781118786352.wbieg0688 |isbn=9781118786352}}
* {{cite journal |last1=Peters |first1=Michael A. |title=The early origins of neoliberalism: Colloque Walter Lippman (1938) and the Mt Perelin Society (1947) |journal=[[Educational Philosophy and Theory]] |date=2023 |volume=55 |issue=14 |pages=1574–1581 |doi=10.1080/00131857.2021.1951704 |doi-access=free}}
* {{cite journal |last=Rottenberg |first=Catherine |title=The Rise of Neoliberal Feminism |url=http://www.bgu.ac.il/~rottenbe/The%20rise%20of%20neoliberal%20feminism.pdf |journal=[[Cultural Studies (journal)|Cultural Studies]] |volume=28 |issue=3 |pages=418–437 |doi=10.1080/09502386.2013.857361 |year=2013 |s2cid=144882102 |archive-url=https://web.archive.org/web/20161008175615/http://www.bgu.ac.il/~rottenbe/The%20rise%20of%20neoliberal%20feminism.pdf |archive-date=October 8, 2016 |url-status=dead}}
* [[Ingar Solty|Solty, Ingar]] (2012). "After Neoliberalism: Left versus right projects of leadership in the global crisis," in [[Stephen Gill (political scientist)|Stephen Gill]] (Ed) (2012). ''Global Crises and the Crisis of Global Leadership'' (Cambridge University Press), pp.&nbsp;199–214.
* {{cite encyclopedia |last1=Sparke |first1=Matthew |title=Neoliberalism Revisited |encyclopedia=International Encyclopedia of Geography |date=2024 |pages=1–7 |doi=10.1002/9781118786352.wbieg2202 |isbn=9781118786352}}
* Stahl, Garth; "Identity, Neoliberalism and Aspiration: Educating White Working-Class Boys" (London, Routledge, 2015).
* {{cite journal |last1=Venugopal |first1=Rajesh |title=Neoliberalism as concept |journal=[[Economy and Society (journal)|Economy and Society]] |date=2015 |volume=44 |issue=2 |pages=165–187 |doi=10.1080/03085147.2015.1013356|url=http://eprints.lse.ac.uk/60471/1/__lse.ac.uk_storage_LIBRARY_Secondary_libfile_shared_repository_Content_Venugopal%2C%20R_Neoliberalism%20as%20concept_Venugopal_Neoliberalism%20as%20concept_2015.pdf }}
{{refend}}

== External links ==
{{Wikiquote}} 
{{external media
| float = right
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| video1 = {{YouTube|DLtxUiwY6j8|Neoliberalism: The story of a big economic bust up, A–Z of ISMs Episode 14 – BBC Ideas}}}}
* [https://www.britannica.com/topic/neoliberalism Neoliberalism] – entry at ''[[Encyclopædia Britannica]]'' 
* [https://www.cato.org/multimedia/cato-daily-podcast/neoliberalism-101 "Neoliberalism 101"] – podcast by [[The Cato Institute]]
* [https://www.youtube.com/watch?v=7kL4p3llmHk "What is Neoliberalism?"] – video by the [[Barnard Center for Research on Women]]
* [https://web.archive.org/web/20070821085549/http://cepa.newschool.edu/het/schools/monetar.htm "Monetarism"] – The New School's Economics Department's History of Economic Thought website
* [https://socialistproject.ca/leftstreamed-video/ls1/ "Neoliberalism and the State"] – discussion between [[Toronto Metropolitan University|Ryerson University]] professors John Shields and Bryan Evans
* [https://www.democracynow.org/2010/11/12/a_look_at_argentinas_economic_rebellion "A Look at Argentina's 2001 Economic Rebellion"] – video report by ''[[Democracy Now!]]''
* [https://www.cepr.net/documents/publications/scorecard-2011-04.pdf "The Scorecard on Development, 1960–2010: Closing the Gap?"] – report by the [[Center for Economic and Policy Research]], April 2011
* [https://therealnews.com/stories/gdumenilneolib0216pt1 "The crisis of neoliberalism"] – 2010 interview with economist Gérard Duménil on ''[[The Real News]]''
* [https://billmoyers.com/2014/02/21/henry-giroux-on-resisting-the-neoliberal-revolution/ "Henry Giroux on Resisting the Neoliberal Revolution"] – interview with Henry Giroux by Bill Moyers, February 21, 2014.
* [https://bostonreview.net/science-nature/duncan-kelly-politics-anthropocene-world-after-neoliberalism The Politics of the Anthropocene in a World After Neoliberalism]. ''[[Boston Review]]''. March 10, 2021.
* [https://www.npr.org/2021/06/28/1011062075/capitalism-what-makes-us-free Capitalism: What Makes Us Free?] [[NPR]]. July 1, 2021.
* [https://www.theguardian.com/news/2021/sep/02/covid-and-the-crisis-of-neoliberalism Has Covid ended the neoliberal era?] ''The Guardian''. September 2, 2021
* [https://nymag.com/intelligencer/2021/10/neoliberalism-died-of-covid-long-live-neoliberalism.html Neoliberalism Died of COVID. Long Live Neoliberalism! How the predominant ideology of our time survived the pandemic.]. ''[[New York (magazine)|New York]]''. October 14, 2021.

=== Online lectures ===
* [https://www.youtube.com/watch?v=rfd5kHb-Hc8 "The Neoliberal City"]. [[David Harvey]]. [[University Channel]]. October 4, 2010.
* [https://www.democracynow.org/2008/10/6/naomi_klein "Wall St. Crisis Should Be for Neoliberalism What Fall of Berlin Wall Was for Communism"]. [[Naomi Klein]]. [[University of Chicago]]. ''[[Democracy Now!]]''. October 2008.
* [https://www.youtube.com/watch?v=U7EyfO0TRm4 "Neo-Liberalism: An Accounting"]. [[Noam Chomsky]]. [[University of Massachusetts Amherst]]. April 19, 2017.

{{Neoliberalism}}
{{Aspects of capitalism}}
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{{Liberalism}}
{{Schools of economic thought}}
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