Neoliberalism

Neoliberalism is a political and economic approach that favors market competition, privatization, and limited economic regulation. It applies market principles to areas often organized through public provision or collective rules.

Privatization: The transfer of ownership or operation of assets and services from public authorities to private entities. Selling or contracting public services is a direct way neoliberal policies introduce market provision.
Colloque Walter Lippmann: A 1938 Paris conference where intellectuals debated a renewal of liberalism amid the rise of authoritarianism and economic planning. Participants helped establish the intellectual setting from which the term neoliberalism emerged.
Chile under Pinochet: The Chilean dictatorship led by Augusto Pinochet from 1973 to 1990, which implemented extensive market-oriented reforms. The regime became an early and consequential setting for policies influenced by Chicago-trained economists.
Social democracy: A political tradition combining democratic government with social protections, public services, and regulation of capitalism. It accepts markets while defending a larger role for redistribution and public provision.
Income inequality: The unequal distribution of income among individuals or groups within a population. Critics link market-oriented reforms to widening gaps in income and bargaining power.
Deregulation: The reduction or removal of government rules governing economic activity. Reducing regulatory constraints is a central route to expanding competition in neoliberal programs.
Friedrich Hayek: An Austrian-born economist and political philosopher known for defending markets and criticizing centralized economic planning. Hayek became one of neoliberalism's most influential theorists and organizers.
Thatcherism: The political program associated with British prime minister Margaret Thatcher, emphasizing privatization, market competition, and reduced union power. It brought neoliberal reforms into the center of British politics during the 1980s.
Economic planning: The coordination of production, investment, or distribution through deliberate plans rather than relying primarily on market prices. Neoliberal arguments commonly oppose extensive planning as less efficient and less compatible with individual choice.
Trade union: An organization formed by workers to represent their shared interests in employment and collective bargaining. Limits on union power have been a notable consequence of several neoliberal reform programs.

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