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Neoliberalism was developed in 1938 as a response to rising totalitarianism in the forms of fascism and communism. The goal was to revive liberalism while addressing the failures of both laissez-faire capitalism and centrally planned economies. What was sketched out was a modernized liberalism with an active but limited state to maintain free enterprise and a basic welfare.
Neoliberals understand that free-market capitalism creates unparalleled growth, opportunity, and innovation, but may fail to allocate wealth efficiently or fairly. Therefore, the state serves vital roles in correcting market failure, ensuring a minimum standard of living, and […]
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