America deviated from the neoliberal model, moving to the left.
What exactly is Neoliberalism?
- Modern usage of the term "neoliberalism" refers to market-oriented reform initiatives such "eliminating price controls, deregulating capital markets, lowering trade barriers," and "cutting state power in the economy," particularly through privatization and austerity measures.
- 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 has drawn a lot of criticism, including claims that it poses a threat to the rights of workers, democracy, and sovereign states to determine their own course of action.
- Additionally, it has been charged for increasing economic inequality and giving companies too much influence.
- On the other hand, neoliberal policies in the areas of free trade, industry deregulation, income tax cuts, and capital gains tax reductions all enjoyed bipartisan support.
America deviated from the neoliberal model, moving to the left.
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