Upon its formation, neoliberalism was a philosophical idea without a commonly accepted philosophy. However, since the late twentieth century, it has been refined and redefined in such a way that it has become a distinct economic and political theory. As now commonly defined, neoliberalism focuses on developing free-market capitalism, where the control of the economy is in the hands of the private sector, with limited interference from restrictive government regulations or ownership (Manning,... więcej

Salem Press Encyclopedia, 2023. 3p.