Įnglish speakers have used the term neoliberalism since the start of the 20th century with different meanings, but it became more prevalent in its current meaning in the 1960s, 1970s and 1980s, used by scholars in a wide variety of social sciences as well as by critics. In policymaking, neoliberalism often refers to what was part of a paradigm shift that followed the alleged failure of the Keynesian consensus in economics to address the stagflation of the 1970s. The term has multiple, competing definitions, and a pejorative valence. : 7 A significant factor in the rise of conservative and libertarian organizations, political parties, and think tanks, and predominately advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, austerity and reductions in government spending in order to increase the role of the private sector in the economy and society however, the defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. Neoliberalism, or neo-liberalism, is a term used to describe the 20th-century resurgence of 19th-century ideas associated with free-market capitalism.
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