Neoliberalism and its usual prescriptions – always more markets,always less government – are in fact a perversion of mainstream economics. By Dani RodrikAs even its harshest critics concede, neoliberalism is hard to pin down. In wide terms, or it denotes a preference for markets over government,economic incentives over cultural norms, and private entrepreneurship over collective action. It has been used to record a wide range of phenomena – from Augusto Pinochet to Margaret Thatcher and Ronald Reagan, and from the Clinton Democrats and the UK’s New Labour to the economic opening in China and the reform of the welfare state in Sweden.
The term is used as a catchall for anything that smacks of deregulation,liberalisation, privatisation or fiscal austerity. nowadays it is routinely reviled as a shorthand for the ideas and practices that contain produced growing economic insecurity and inequality, and led to the loss of our political values and ideals,and even precipitated our current populist backlash.
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Source: guardian.co.uk