Definition Of Neoliberalism

Neoliberalism is an ideology based on economic liberalism. The ideology favours economic policies based on neoclassical theories of economics that minimize the role of the state and maximize the private business sector. The term 'neoliberalism' has also come into wide use in cultural studies to describe social, cultural, and political practices and policies that use the language of markets, efficiency, consumer choice, transactional thinking and individual autonomy to shift risk from governments and corporations onto individuals and to extend this kind of market logic into the realm of social and affective relationships.