Question

What is neoliberalism? Mention the different perspectives that one can define neoliberalism through. What do they all have in common?

Answer 1

Neoliberalism:

• Neoliberalism refers to political and economic system which stresses on economic and political freedoms. It emerged in 19th century which advocated laissez faire. Economic efficiency can be achieved through economic and political freedoms and liberties.

Different perspectives:

• Some supporters of Neo-Liberalism advised to reduce government expenditures and some call for reducing taxes.
• Some Supporters, during the economic recession accepted minimal government intervention in economic activities.

Common:

• All scholars associated with the Neo Liberalism call for reducing government intervention in economic activities and they regard that intervention by government reduce economic efficiencies.