Neoliberalism combines politics and economics, favoring private enterprise. Associated with Margaret Thatcher (UK) and Ronald Reagan (US). Emphasizes free market capitalism and limited government intervention
Washington Consensus was a set of economic policies promoted by IMF, World Bank, and WTO. Named by John Williamson in 1989 as a list of widely desired Latin American policies. Focused on reducing government role and promoting neoliberal economic policies
Neoliberalism has been recognized as a controversial and crisis-ridden concept. Recent research has transformed neoliberalism into a rigorous academic subject. Neoliberalism emerged in late 1940s as response to communism, fascism, and social democracy
Precariat refers to people experiencing precarity, lacking predictability and security. Members engage in unpaid work activities to maintain job security. Class is characterized by intermittent employment and precarious existence. Emergence attributed to neoliberal capitalism's entrenchment
Supports market economy based on individualism and private property. Adam Smith is considered primary writer of 19th-century liberalism. Opposes government intervention when it inhibits free trade. Supports government intervention for property rights and market growth
Neoliberalism emerged in 1930s as response to declining classical liberalism. Term first used by Charles Gide in 1898 to describe Italian economist Pantaleoni. Walter Lippmann Colloquium in 1938 established first meeting of neoliberal movement. Mont Pelerin Society formed in 1947 as international neoliberal think-tank