Neoliberalism is an economic and political ideology that advocates for free market capitalism and limited government intervention in the economy.
Criticism:
* Income inequality: neoliberal policies lead to greater income inequality, as the wealthy are able to capture a larger share of the economic gains and the less well-off are left behind.
* Financial instability: Neoliberal policies lead to financial instability, as seen in the 2008 global financial crisis. The deregulation of financial markets and the increased reliance on debt-fueled growth creates financial bubbles and subsequent crashes.
* Environmental degradation: The emphasis on economic growth leads to environmental degradation, as companies and countries prioritize short-term profits over sustainability and the health of the planet.
* Loss of public goods and services: Neoliberal policies lead to cuts in government spending on public goods and services, such as education, healthcare, and social safety nets. This has a negative impact on the most vulnerable members of society.
* Reduced political and economic power for labour: Neoliberal policies result in a reduction of the bargaining power of labour, leading to declining wages and job security for workers.