Not to be confused with "New liberalism" - Social liberalism

Neoliberalism is a contemporary political movement advocating economic liberalizations, free trade and open markets. Neoliberalism supports the privatization of state-owned enterprises, deregulation of markets, and enhancing the role of the private sector in modern society. It is commonly informed by neoclassical or Austrian economics. The central pillars of neoliberalism are the individual's role as a market participant. The central neoliberal goal is to 'roll back the frontiers of the state', in the belief that unregulated market capitalism will deliver efficiency, growth and widespread prosperity for all. In this view the 'dead hand' of the state saps initiative and discourages enterprise; government, however well-intentioned, invariably has a damaging effect upon human affairs. This is reflected in the liberal New Right's concern with the politics of ownership and its preference for private enterprise over nationalisation. Such ideas are associated with Margaret Thatcher and Ronald Reagan. Thatcher viewed the 'nanny-state' as breeding a culture of dependency and undermining freedom - freedom that is understood as freedom of choice in the marketplace. The term neoliberal today is often used as a general condemnation of economic liberalization policies and advocates.