neoliberalism
nee-oh-LIB-ruh-lih-zum
Definition
A political and economic philosophy advocating for free-market capitalism, deregulation, privatization of state-owned industries, and the reduction of government spending on social services.
Etymology
Derived from 'neo-' (new) and 'liberalism' (in the sense of classical economic liberalism), the term emerged in the 20th century to describe a revival of free-market principles that gained prominence in the 1970s and 80s.
In the news
The article mentions that Gabriel Boric was elected on a platform promising to 'bury neoliberalism,' but the author argues his administration instead reinforced the existing economic system that contributed to the mine disaster.
How Chile’s “progressive” government and union bureaucracy covered up the El Teniente disaster
Read the full article ↗World Socialist Web Site