The best way to understand Neoliberalism is an ideology that came about in response to the economic stagnation and high debt of the 1970s. As a result of this a group of economists, the chiefest amongst which were Milton Friedman and Friedrich Hayek, called for a return to classical liberalism, which helps explain the name, neoliberalism, neo meaning in this case, a revived form of something. But what’s classical Liberalism?
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Classical Liberalism is generally associated with an ideology that became popular in the 19th century, that stressed individual freedom and democracy, that is the right of the people to choose their own government. However in the early 20th century acro
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