Question

What is Neoliberalism and why do some scholars consider it a "cultural" description of our time?

Answer 1

Neoliberalism, can be defined as 'the maximization of entrepreneurial freedoms within an institutional framework characterized by private property rights, individual liberty, free markets and free trade". It is characterized by the revival of free-market liberal ideas and it emphasizes deregulated markets, privatization, and a diminished welfare state.

Neoliberalism can be considered as cultural description of our time because it is a dominant ideology that is shaping the world today . In majoriy of the world economies, there has been a trend towards reforming the public sectors which is largely inspired by neoliberalism.