Neoliberalism or neo-liberalism[1] refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism.[2]:7Those ideas include economic liberalization policies such as privatization, austerity, deregulation, free trade[3] and reductions in government spending in order to increase the role of the private sector in the economy and society.[11] These market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war Keynesian consensus which lasted from 1945 to 1980.[12][13]
English-speakers have used the term "neoliberalism" since the start of the 20th century with different meanings,[14] but it became more prevalent in its current meaning in the 1970s and 1980s, used by scholars in a wide variety of social sciences[15][16] as well as by critics.[17][18] Modern advocates of free market policies avoid the term "neoliberal"[19] and some scholars have described the term as meaning different things to different people[20][21] as neoliberalism "mutated" into geopolitically distinct hybrids as it travelled around the world.[4] As such, neoliberalism shares many attributes with other concepts that have contested meanings, including democracy.[22]
The definition and usage of the term have changed over time.[5] As an economic philosophy, neoliberalism emerged among European liberal scholars in the 1930s as they attempted to trace a so-called "third" or "middle" way between the conflicting philosophies of classical liberalism and socialist planning.[23]:14–5 The impetus for this development arose from a desire to avoid repeating the economic failures of the early 1930s, which neoliberals mostly blamed on the economic policy of classical liberalism. In the decades that followed, the use of the term "neoliberal" tended to refer to theories which diverged from the more laissez-faire doctrine of classical liberalism and which promoted instead a market economy under the guidance and rules of a strong state, a model which came to be known as the social market economy.
Counterpoints to neoliberalism:
American scholar and cultural critic Henry Giroux alleges neoliberalism holds that market forces should organize every facet of society, including economic and social life; and promotes a social Darwinist ethic which elevates self-interest over social needs.[161][162][163]
According to the economists Howell and Diallo, neoliberal policies have contributed to a United States economy in which 30% of workers earn low wages (less than two-thirds the median wage for full-time workers) and 35% of the labor force is underemployed as only 40% of the working-age population in the country is adequately employed.[164]
According to the research, optimists are prone to overestimate their own abilities and underestimate potential risks, unlike a pessismist who is more realistic and cautious in their decision making.
<<If you earn a living and want to keep your money to support your family and such you are considered evil is appears by some.>>
I don't know about "evil", but if enough money isn't returned back to the society, through taxation on the income of those who have benefited more from it -- particularly on the income of those who have benefited most from it -- to keep the economy working, few people will be earning much of a living to support their families with. Left to itself, without highly progressive taxation, and with tax laws that favor capital (or investment income) over labor (or earned income), and that exact little or no cost on great amounts of wealth transferred from generation to generation (as in Estate Taxes), wealth and income tends to concentrate more and more into the hands of a tiny elite -- one that doesn't produce anything, but simply collects the income from inherited investments. Income, btw, that grows at twice the rate of income growth (GDP) in general, but that is taxed at a much lower rate than earned income.The large, hugely prosperous American middle class -- with its well-distributed income and wealth -- that marked the years between WWII and the onset of Reagan's "supply-side" economics, did not happen by accident, or by any consequence of the laws of economics, but despite them. It was the result of deliberate government policies, including middle class support systems like Social Security, Medicare, Medicaid, unemployment insurance, the 40 hour workweek, the Minimum Wage, 1 1/2 times overtime pay, etc, but especially those that encouraged the growth of labor unions and collective bargaining, and tax laws that took a large bite out of incomes over a certain very large level (including the corporate income tax) -- with top marginal rates between 1917 and 1983 of between 70% to 94% -- and redistributed back into building the physical and social infrastructure that allowed business to thrive, and income at all levels to be created and increase.
Because the economy is consumer-driven, what matters to its vitality is not how much those at the top can save, but how much consumers (ie, the middle class) are able to spend. That spending itself creates the money needed (upfront in the form of business loans) for the formation of capital investment in jobs-producing business. But wealth that is simply saved in the stock market (which is about the dollar value of a company, not necessarily its value in producing jobs or real wealth -- and nearly 90% of the value of which is owned by the top 1%), or in financial instruments like derivatives, is not money that is plowed back into general prosperity.
To put it another way: neoliberalism/laissez-faire/trickle-down economics -- whatever you want to call it -- does not work. It results in a super-elite, oligarchic, congenital class (actually a caste) of super-rich families that simply collect the rent from the rest of us, and pass it on to their families' next generations, with the wealth even more concentrated, and the middle class driven even more into poverty. Nor does pure Socialism, which redistributes wealth but discourages its production. But free enterprise, leavened with a healthy dose of "socialist" laws, regulations, and policies -- as existed back during our nation's middle class, economic Golden Age, before GOPernomics took control -- not only does work, but produced the most prosperous society in human history -- one that has been and is being dismantled, piece by piece, before our very eyes, by Republicans in charge of the economy.