Konsep Ekonomi Terbaru untuk Pembangunan Berkelanjutan
Ekonomi hijau merupakan konsep payung yang menaungi konsep Ekonomi Sirkular dan Bioekonomi. Secara khusus, Ekonomi Sirkular dan Bioekonomi ...
neoliberal
Sistem perekonomian <anchor>neoliberal</anchor> yang mengakibatkan kerugian bagi tenaga kerja dan meningkatnya kesenjangan, serta sistem produksi linier “ take, make, use, and dispose” yang menyebabkan peningkatan emisi gas rumah kaca tidak lagi relevan bagi kehidupan manusia di era krisis iklim dan krisis kemanusiaan saat ini.
Neoliberalism | Definition, Ideology, & Examples | Britannica Money
Neoliberalism \| Definition, Ideology, & Examples \| Britannica Money

[History & Society](/History-Society) [Science & Tech](/Science-Tech) [Biographies](/Biographies) [Animals & Nature](/Animals-Nature) [Geography & Travel](/Geography-Travel) [Arts & Culture](/Arts-Culture) [Games & Quizzes](/quiz/browse) [Videos](/videos) [On This Day](/on-this-day) [One Good Fact](/one-good-fact) [Dictionary](/dictionary)

- [Lifestyles & Social Issues](/browse/Lifestyles-Social-Issues)
- [Philosophy & Religion](/browse/Philosophy-Religion)
- [Politics, Law & Government](/browse/Politics-Law-Government)
- [World History](/browse/World-History)

- [Health & Medicine](/browse/Health-Medicine)
- [Science](/browse/Science)
- [Technology](/browse/Technology)

- [Browse Biographies](/browse/biographies)

- [Birds, Reptiles & Other Vertebrates](/browse/Birds-Reptiles-Vertebrates)
- [Bugs, Mollusks & Other Invertebrates](/browse/Bugs-Mollusks-Invertebrates)
- [Environment](/browse/Environment)
- [Fossils & Geologic Time](/browse/Fossil-Geologic-Time)
- [Mammals](/browse/Mammals)
- [Plants](/browse/Plants)

- [Geography & Travel](/browse/Geography-Travel)

- [Entertainment & Pop Culture](/browse/Entertainment-Pop-Culture)
- [Literature](/browse/Literature)
- [Sports & Recreation](/browse/Sports-Recreation)
- [Visual Arts](/browse/Visual-Arts)

[Companions](/stories/companion) [Demystified](/stories/demystified) [Image Galleries](/gallery/browse) [Infographics](https://www.britannica.com/study/infographics) [Lists](/list/browse) [Podcasts](/podcasts) [Spotlight](/stories/spotlight) [Summaries](/summary) [The Forum](/stories/the-forum) [Top Questions](/question) [#WTFact](/stories/wtfact) [100 Women](https://www.britannica.com/explore/100women/) [Britannica Kids](https://kids.britannica.com/) [Saving Earth](https://www.britannica.com/explore/savingearth/) [Space Next 50](https://www.britannica.com/explore/space/) [Student Center](https://www.britannica.com/study/)

[![Britannica Money](https://cdn.britannica.com/money/assets/MoneyLogo-30x236-2x.png)](/money)

[Household Finance](/money/browse/household-finance)

[Investing](/money/browse/investing)

[Trading](/money/browse/Trading)

[Retirement](/money/browse/retirement)

[Companies](/money/browse/Companies)

[Biographies](/money/browse/Biographies)

[Finance & the Economy](/money/browse/history-and-theory)

Table of Contents

* * *

- [Introduction](#ref408890-1)
- [References](#ref408890-references)

Read More

[![World Trade Organization protest](https://cdn.britannica.com/82/205382-050-DA161EA9/Protestors-World-Trade-Organization.jpg?c=crop&h=40&w=50)\
\
neoliberal globalization](/money/neoliberal-globalization) [![New York Stock Exchange](https://cdn.britannica.com/53/68353-050-83DDD422/Trading-floor-New-York-Stock-Exchange-City.jpg?c=crop&h=40&w=50)\
\
capitalism](/money/capitalism) [![Great Depression: breadline](https://cdn.britannica.com/60/194260-050-9FCF22F9/Detail-sculpture-breadline-men-Great-Depression-George.jpg?c=crop&h=40&w=50)\
\
economic system](/money/economic-system)

Table Of Contents

[Finance & the Economy](/money/browse/history-and-theory)[Economic Concepts](/money/browse/Economic-Concepts)

# neoliberalism

political and social science

PrintCiteShareLinks

**Written by** Nicola Smith

[Nicola Smith](/money/author/Nicola-Smith/9346374)

Senior Lecturer, Political Science, University of Birmingham. Author of
_Showcasing Globalisation?: The Political Economy of the Irish Republic_ and coeditor of
_Global Social Justice_ and others. Her contributions to SAGE Publications's
_Encyclopedia of Governance_ (2007) formed the basis of her contributions to Britannica.

**Fact-checked by** The Editors of Encyclopaedia Britannica

[The Editors of Encyclopaedia Britannica](/money/author/The-Editors-of-Encyclopaedia-Britannica/4419)

Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. They write new content and verify and edit content received from contributors.

Updated: Sep. 10, 2024

Table of Contents

* * *

- [Introduction](#ref408890-1)
- [References](#ref408890-references)

Read More

[![World Trade Organization protest](https://cdn.britannica.com/82/205382-050-DA161EA9/Protestors-World-Trade-Organization.jpg?c=crop&h=40&w=50)\
\
neoliberal globalization](/money/neoliberal-globalization) [![New York Stock Exchange](https://cdn.britannica.com/53/68353-050-83DDD422/Trading-floor-New-York-Stock-Exchange-City.jpg?c=crop&h=40&w=50)\
\
capitalism](/money/capitalism) [![Great Depression: breadline](https://cdn.britannica.com/60/194260-050-9FCF22F9/Detail-sculpture-breadline-men-Great-Depression-George.jpg?c=crop&h=40&w=50)\
\
economic system](/money/economic-system)

Table Of Contents

**neoliberalism**, [ideology](/topic/ideology-society) and policy model that emphasizes the value of [free market](/money/free-market) competition. Although there is considerable debate as to the defining features of neoliberal thought and practice, it is most commonly associated with [laissez-faire](/money/laissez-faire) [economics](/money/economics). In particular, neoliberalism is often characterized in terms of its belief in sustained [economic growth](/money/economic-growth) as the means to achieve human progress, its confidence in free markets as the most-efficient [allocation of resources](/money/allocation-of-resources), its emphasis on minimal state intervention in economic and social affairs, and its commitment to the freedom of [trade](/money/international-trade) and capital.

Although the terms are similar, neoliberalism is distinct from modern [liberalism](/topic/liberalism). Both have their ideological roots in the classical liberalism of the 19th century, which championed economic laissez-faire and the freedom (or liberty) of individuals against the excessive power of government. That variant of liberalism is often associated with the economist [Adam Smith](/biography/Adam-Smith), who argued in _The Wealth of Nations_ (1776) that markets are governed by an “invisible hand” and thus should be subject to minimal government interference. But liberalism evolved over time into a number of different (and often competing) traditions. Modern liberalism developed from the social-liberal tradition, which focused on impediments to individual freedom—including [poverty](/topic/poverty) and inequality, disease, discrimination, and ignorance—that had been created or exacerbated by unfettered [capitalism](/money/capitalism) and could be ameliorated only through direct state intervention. Such measures began in the late 19th century with [workers’ compensation](/money/workers-compensation) schemes, the public funding of schools and hospitals, and regulations on [working hours](/money/hours-of-labour) and conditions and eventually, by the mid-20th century, encompassed the broad range of social services and benefits characteristic of the so-called [welfare state](/money/welfare-state).

By the 1970s, however, economic stagnation and increasing [public debt](/money/public-debt) prompted some economists to advocate a return to [classical liberalism](/topic/classical-liberalism), which in its revived form came to be known as neoliberalism. The intellectual foundations of that revival were primarily the work of the Austrian-born British economist [Friedrich von Hayek](/money/F-A-Hayek), who argued that interventionist measures aimed at the redistribution of wealth lead inevitably to [totalitarianism](/topic/totalitarianism), and of the American economist [Milton Friedman](/money/Milton-Friedman), who rejected government fiscal policy as a means of influencing the [business cycle](/money/business-cycle) ( _see also_ [monetarism](/money/monetarism)). Their views were enthusiastically embraced by the major conservative political parties in Britain and the [United States](/place/United-States), which achieved power with the lengthy administrations of British Prime Minister [Margaret Thatcher](/biography/Margaret-Thatcher) (1979–90) and U.S. Pres. [Ronald Reagan](/biography/Ronald-Reagan) (1981–89).

Neoliberal ideology and policies became increasingly influential, as illustrated by the [British Labour Party](/topic/Labour-Party-political-party)’s official abandonment of its commitment to the “common ownership of the means of production” in 1995 and by the cautiously pragmatic policies of the Labour Party and the U.S. [Democratic Party](/topic/Democratic-Party) from the 1990s. As national economies became more interdependent in the new era of economic globalization, neoliberals also promoted [free-trade](/money/free-trade) policies and the free movement of international capital ( _see_ [neoliberal globalization](/money/neoliberal-globalization)). The clearest sign of the new importance of neoliberalism, however, was the emergence of [libertarianism](/topic/libertarianism-politics) as a political force, as evidenced by the increasing prominence of the [Libertarian Party](/topic/Libertarian-Party) in the United States and by the creation of assorted [think tanks](/topic/think-tank) in various countries, which sought to promote the libertarian ideal of markets and sharply limited governments.

Beginning in 2007, the [financial crisis](/money/financial-crisis-of-2007-2008) and [Great Recession](/money/great-recession) in the United States and western Europe led some economists and political leaders to reject the neoliberals’ insistence on maximally free markets and to call instead for greater government regulation of the financial and [banking](/money/bank) industries.
[Nicola Smith](/money/author/Nicola-Smith/9346374)[The Editors of Encyclopaedia Britannica](/money/author/The-Editors-of-Encyclopaedia-Britannica/4419)

## References

Manfred B. Steger and Ravi K. Roy, _Neoliberalism: A Very Short Introduction_ (2010); David Harvey, _A Brief History of Neoliberalism_ (2005, reprinted 2007).

[The Editors of Encyclopaedia Britannica](/money/author/The-Editors-of-Encyclopaedia-Britannica/4419)

[![Britannica Money Logo](https://cdn.britannica.com/money/assets/Money-475x60-footer-2x.png?h=47&w=390)](/money)

[About Us](/money/about) [Privacy Policy](https://corporate.britannica.com/privacy-policy-2) [Terms & Conditions](https://corporate.britannica.com/termsofuse.html)

© 2024 Encyclopædia Britannica, Inc.