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Neoliberalism is a political and economic philosophy that advocates free market, free trade, and limited government intervention in the economy. It is a revival of classical liberal ideas that were popular in the 19th century.

The term “neoliberalism” was first used in 1938 at a meeting in Paris of economists and philosophers who were opposed to the rise of fascism and communism. The meeting, known as the Colloque Walter Lippmann, was attended by Friedrich Hayek, Ludwig von Mises, and other leading classical liberals.

After the Second World War, neoliberalism began to gain popularity in the United States and Europe. It was seen as a way to rebuild the economies of these countries after the war and to prevent the rise of communism.

In the 1970s, neoliberalism began to be implemented in a more systematic way. This was due in part to the economic crisis of the 1970s, which led to a loss of faith in Keynesian economics.

Neoliberalism has been implemented in a variety of ways in different countries. In some cases, it has been implemented through radical reforms, such as the privatization of state-owned enterprises. In other cases, it has been implemented more gradually, through a series of smaller reforms.

Neoliberalism has had a significant impact on the global economy. It has led to increased trade and investment, and it has helped to reduce poverty in some countries. However, it has also led to increased inequality and a decline in the power of labor unions.

Neoliberalism is a controversial ideology. Some people argue that it has led to greater economic prosperity and freedom. Others argue that it has led to increased inequality and a decline in the quality of life for many people.

The debate over neoliberalism is likely to continue for many years to come.