The term "neoliberalism" is used to describe a variety of movements away from state control or protection of the economy and toward corporate control of the market, particularly beginning in the 1970s.
As described by UC Berkeley economic historian and defender of neoliberalism Professor Brad DeLong, this "ism" has two main tenets:
"The first is that close economic contact between the industrial core of the capitalist world economy and the developing periphery is the best way to accelerate the transfer of technology which is the sine qua non for making poor economies rich (hence all barriers to international trade should be eliminated as fast as possible). The second is that governments in general lack the capacity to run large industrial and commercial enterprises. Hence, except for core missions of income distribution, public-good infrastructure, administration of justice, and a few others, governments should shrink and privatize."
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