The neoliberal experiment has been a spectacular failure. Growth is lower than it was in the quarter-century after World War II, and most of it has accrued to the very top of the income scale. After decades of stagnant or even falling incomes for those below them, neoliberalism must be pronounced dead and buried. Vying to succeed it are at least three major political alternatives: far-right nationalism, center-left reform-ism, and the progressive left (with the center-right representing the neoliberal failure).
What kind of economic system is most conducive to human well-being? That question has come to define the current era, because, after 40 years of neoliberalism in the United States and other advanced economies, we know what doesn’t work. – Joseph E Stiglitz【 co-winner of the 2001 Nobel Memorial Prize, former chairman of the President’s Council of Economic Advisers, and former Chief Economist of the World Bank.】https://www.business-standard.com/article/opinion/after-neoliberalism-119060400056_1.html
Ideology and policy model that emphasizes the value of free market competition. Although there is considerable debate as to the defining features of neoliberal thought and practice, it is most commonly associated with laissez-faire economics. In particular, neoliberalism is often characterized in terms of its belief in sustained economic growth as the means to achieve human progress, its confidence in free markets as the most-efficient allocation of resources, its emphasis on minimal state intervention in economic and social affairs, and its commitment to the freedom of trade and capital.