Neoliberalism

Definition

Neoliberalism is an economic philosophy advocating for free trade, open markets, privatization, deregulation, and enhancing the role of private sector in modern society.

Related terms

Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.

Privatization: The transfer of ownership from public sector (government) to private sector (businesses).

Deregulation: The reduction or elimination of government power over certain industries with an aim for more competition within industry itself.