**NEOLIBERALISM**

Question 1

What is neoliberalism and what does it advocate

Answer 1

**Neoliberalism is a political and economic ideology they aims to revise and update classical liberal ideas, particularly emphasising free markets, limited government interference and individual responsibility. Margret thatcher can be regarded as a neoliberalist. **

Neoliberals strongly oppose state intervention, this view coincides with that of classical liberal ideas.
Welfare in neoliberalism is seen as creating dependency on support so it is disregarded.
Neoliberalism promotes deregulation , global capitalism and competitive individualism.

Neoliberalism is criticised as it increases inequality undermining the community.
Critics argue it leads to market fundamentalism and weakens social cohesion this is a negative impact.

Question 2

Key terms and key points

Answer 2

key points
1-neoliberalism extend classical liberalism into the global economy therefore in certain elements they are interlinked.
2-emphasises market over state, market is more important which will drive innovation if there’s no intervention in their eyes.
3-it faces backlash as it promotes inequality deregulation and erosion of welfare.

key terms
Neoliberalism
Deregulation
Market fundamentalism
Privatisation
Competitive individualism