Question

Similarities and differences between liberalism and neoliberalism

Answer 1

Classical liberalism is a political philosophy which holds that the most important value is individual liberty. Classical liberals believe that the utmost priority would be to maximise individual liberty, while restricting the use of force and coercion (ie government) in order to achieve this. Classical liberalism encompasses the social/economic/political)aspects, defining the basis and the role of government (the legitimacy of a government is with the people, and governments should minimise intervention and adhere to the rule of law), economics (many classical liberals would defend some type of free market system as to maximise individual freedom in the economic sphere) and society (mutual toleration, open discussion, freedom to act as long as nobody else is harmed). Famous examples of classical liberals include Adam Smith and William Gladstone.

Neoliberalism is more about laissez faire economics, so economically it is very similar to classical liberalism. Neoliberalism is like a modern take on classical liberalism; but it focuses on the markets. This means it is about deregulation, ending protectionism, and freeing up the markets. While classical liberalism is more of a political philosophy, neoliberalism bases its ideas on neoclassical economics, so it is really a set of ideas for how a free market, as advocated by classical liberalism, can be achieved and maintained. In addition, neoliberalism is quite a modern phenomenon, being associated with economic ideas in the 19th/20th century proposing laissez faire economics.

I hope this answers your question, at least in part.

Answer 2

Hope you understand the given matter.

THANK YOU .