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For the school of international relations, see Neoliberalism (international relations).

Neoliberalism refers to a set of economic theories and principles that adapt Adam Smith and neo-classical economic theory (i.e marginalism) to the problems facing developing countries, and international trade between developing and developed countries.

The term "neoliberal" is often used by opponents of these theories and can be seen as perjorative. Some people associated with neoliberalism have identified themselves with the philosophy, however^[1].

Neoliberalism is associated with the theories of Friedrich Hayek, economics departments such as that at the University of Chicago (and such professors as Milton Friedman and Arnold Harberger), and international organizations such as the International Monetary Fund (none of whom use the name "neoliberal"). In general, neoliberalism represents a move away from the Keynesian economics that were dominant immediately after World War II. In some parts of the Third World, such as Latin America, neoliberalism provided a critique of and alternative to dependency theory. In general, it promotes a "liberalization" of capital markets (thus called "neoliberal reform").

More specifically, neoliberalism promotes a stable currency, a balanced budget, free market capitalism, and free trade. Characteric aspects include expansion of the market to a 24-hour global trading cycle, contract maximalization, increase in the frequency of contracts, continuous assessment, and derivative markets.

Opponents argue that neoliberalism is the implementation of global capitalism through government/military interventionism to protect the interests of multinational corporations, as well as the effects of so-called "free trade" on wages and social structures. Notable opponents to neoliberalism in theory or practice include economists Joseph Stiglitz and Amartya Sen, Noam Chomsky,^[2] and the anti-globalization movement.

References

^ Ronald D. Asmus and Kenneth M. Pollack. The Neoliberal Take on the Middle East. Washington Post. 22 July 2003.
^ Profit Over People: Neoliberalism and Global Order. Seven Stories Press. November, 1998. [1]

External links

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[1] Ronald D. Asmus and Kenneth M. Pollack. The Neoliberal Take on the Middle East. Washington Post. 22 July 2003.

[2] Profit Over People: Neoliberalism and Global Order. Seven Stories Press. November, 1998. [1]

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[2]

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 {{liberalism}}
+{{cleanup|February 2007}}
 :''For the school of international relations, see [[Neoliberalism (international relations)]].''
+'''Neoliberalism''' refers to a set of economic theories and principles that adapt [[Adam Smith]] and neo-classical economic theory (i.e [[marginalism]]) to the problems facing developing countries, and [[international trade]] between developing and developed countries.
-'''Neoliberalism''' is a [[political philosophy]] that combines, at the least, elements of [[capitalism]] and [[libertarianism]]. Although some people associated with neoliberalism have identified themselves with the philosophy,<ref>Ronald D. Asmus and Kenneth M. Pollack. [http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&contentId=A26009-2003Jul21 The Neoliberal Take on the Middle East]. ''Washington Post''. 22 July 2003.</ref> the term is primarily used pejoratively by the [[left-wing]]. In this context, neoliberalism refers to the implementation of global capitalism through government/military [[Economic interventionism|interventionism]] to protect the interests of [[multinational corporations]], as well as the effects of so-called "[[free trade]]" on wages and social structures.
+The term "neoliberal" is often used by opponents of these theories and can be seen as perjorative.  Some people associated with neoliberalism have identified themselves with the philosophy, however<ref>Ronald D. Asmus and Kenneth M. Pollack. [http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&contentId=A26009-2003Jul21 The Neoliberal Take on the Middle East]. ''Washington Post''. 22 July 2003.</ref>.
-Opponents use neoliberalism to refer to those economic theories and principles that adapt [[Adam Smith]] and neo-classical economic theory (i.e [[marginalism]]) to the problems facing developing countries, and [[international trade]] between developing and developed countries.  It is associated with the theories of [[Friedrich Hayek]], economics departments such as that at the [[University of Chicago]] (and such professors as [[Milton Friedman]] and [[Arnold Harberger]]), and international organizations such as the [[International Monetary Fund]] (None of whom use the name "neoliberal").  In general, neoliberalism represents a move away from the [[John Maynard Keynes|Keynesian]] economics that were dominant immediately after World War II. In some parts of the Third World, such as Latin America, neoliberalism provided a critique of and alternative to [[dependency theory]].  In general, it promotes a "liberalization" of capital markets (thus called "neoliberal reform").
+Neoliberalism is associated with the theories of [[Friedrich Hayek]], economics departments such as that at the [[University of Chicago]] (and such professors as [[Milton Friedman]] and [[Arnold Harberger]]), and international organizations such as the [[International Monetary Fund]] (none of whom use the name "neoliberal").  In general, neoliberalism represents a move away from the [[John Maynard Keynes|Keynesian]] economics that were dominant immediately after World War II. In some parts of the Third World, such as Latin America, neoliberalism provided a critique of and alternative to [[dependency theory]].  In general, it promotes a "liberalization" of capital markets (thus called "neoliberal reform").
 More specifically, neoliberalism promotes a stable currency, a [[balanced budget]], [[free market]] [[capitalism]], and [[free trade]].  Characteric aspects include expansion of the market to a 24-hour global trading cycle, contract maximalization, increase in the frequency of contracts, continuous assessment, and derivative markets.
-Opponents to neoliberalism in theory or practice include economists [[Joseph Stiglitz]] and [[Amartya Sen]], [[Noam Chomsky]],<ref>''Profit Over People: Neoliberalism and Global Order''. Seven Stories Press. November, 1998. [http://www.sevenstories.com/Book/index.cfm?GCOI=58322100100330]</ref> and the [[anti-globalization movement]].
+Opponents argue that neoliberalism is the implementation of global capitalism through government/military [[Economic interventionism|interventionism]] to protect the interests of [[multinational corporations]], as well as the effects of so-called "[[free trade]]" on wages and social structures.  Notable opponents to neoliberalism in theory or practice include economists [[Joseph Stiglitz]] and [[Amartya Sen]], [[Noam Chomsky]],<ref>''Profit Over People: Neoliberalism and Global Order''. Seven Stories Press. November, 1998. [http://www.sevenstories.com/Book/index.cfm?GCOI=58322100100330]</ref> and the [[anti-globalization movement]].
 ==See also==