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Neoliberalism often promotes privatization, free trade, deregulation, fiscal austerity, and a decrease in government spending. The economic philosophies of Ronald Reagan in the US and Margaret Thatcher in the UK are frequently linked to neoliberalism.
Neoliberalism is a word used to describe the political resurgence of 19th-century theories of free-market capitalism in the late 20th century after it had declined after World War II. It is typically associated with policies of economic liberalization, such as privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society. It was a significant factor in the rise of conservative and libertarian organizations, political parties, and think tanks, and was primarily advocated by them. There has been extensive scholarly discussion about the characteristics of neoliberalism in both thinking and practice. "Privatization of the public realm, deregulation of the corporate sector, and the lowering of income and corporation taxes, paid for through cuts to public spending," according to Naomi Klein, are the three policy pillars of neoliberalism. Neoliberalism is a free market economic ideology that supports deregulating markets and industries, lowering taxes and tariffs, and privatizing public services so that they are carried out by private companies.
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