Neither liberalism nor neoliberalism can be grasped coherently without talking about capitalism and democracy. If liberalism names the political ideology aligned to the historical emergence of “free market” capitalism and Western-style representative democracy, neoliberalism signifies a particular regime of liberalism, capitalism, and democracy that has been globalized since the 1970s, in the form of an active state promotion of market and competition principles that critics see as antithetical to democracy.
- Liberalism and Neoliberalism (Sean Phelan, PhD and Simon Dawes, PhD)