i was reading through my daily briefing on the NYT when the term “neoliberalism” came up. i know what liberal means in the political sense, and tried googling neoliberalism to get a better understanding, but the explanations didn’t make sense to me. help?
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Neoliberalism is just the currently existing form of capitalism. There’s a ton of complex economic theory and philosophy behind it, but all you really need to know is that it’s the current form of capitalism characterized by laissez-faire free markets, fiscal austerity, deregulation, privatization, free trade, and low taxes on the wealthy. The economic policies of Ronald Reagan and Margaret Thatcher were neoliberalism on steroids, but most mainstream political parties on the left and right in just about every country embrace neoliberism.
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