Neo-Liberalism Law and Legal Definition

Neoliberalism is an ideology that asserts social progress can occur as a result of economic liberalism. Fundamentally it is a globalistic economic agenda. It is a program of reducing trade barriers and internal market restrictions. Neoliberalism seeks to transfer control of the economy from public to the private sector under the belief that it will produce a more efficient government and improve the economic health of the nation.

The definitive statement of the concrete policies advocated by neoliberalism is often taken to be John Williamson's "Washington Consensus," a list of policy proposals that appeared to have gained consensus approval among the Washington-based international economic organizations like the International Monetary Fund (IMF) and World Bank.