Neoliberalism

The concept of neoliberalism is an interesting one in that, first, it is a label commonly used by its opponents rather than by its adherents. As with all such labels, the tendency for caricature may at times overtake the need for faithful rendition of the underlying idea. As the term implies, neoliberalism refers to what some view as a new form of liberalism, and what others view as a mere reassertion and ascendancy, in intellectual and policy circles, of classical liberalism. Neoliberalism has its roots in classical liberalism, which on the one hand criticized the constraints inherent in the old and dying feudal and mercantilist orders, and on the other hand advocated for political and economic freedom underpinned by a market economy based on private property rights in the form of the newly emerging capitalist mode of production.