Neoliberalism
Political and social science
Written by Nicola Smith
Last Updated 3-23-2016
neoliberalism, ideology and policy model that emphasizes the value of free market competition.
Although there is considerable debate as to the defining features of neoliberal thought and practice, it is most commonly associated with
laissez-faire economics. In particular, neoliberalism is often characterized in terms of its belief in sustained economic growth as the means to achieve human progress, its confidence in free markets as the most-efficient allocation of resources, its emphasis on minimal state intervention in economic and social affairs, and its commitment to the freedom of trade and capital...
http://global.britannica.com/topic/neoliberalism
Laissez-faire
Economics
Written by The Editors of Encyclopædia Britannica
laissez-faire, (French: allow to do), policy of minimum governmental interference in the economic affairs of individuals and society...
... Laissez-faire was a political as well as an economic doctrine. The pervading theory of the 19th century was that the individual, pursuing his own desired ends, would thereby achieve the best results for the society of which he was a part. The function of the state was to maintain order and security and to avoid interference with the initiative of the individual in pursuit of his own desired goals. But laissez-faire advocates nonetheless argued that government had an essential role in enforcing contracts as well as ensuring civil order.
The philosophys popularity reached its peak around 1870. In the late 19th century the acute changes caused by industrial growth and the adoption of mass-production techniques proved the laissez-faire doctrine insufficient as a guiding philosophy...
http://global.britannica.com/topic/laissez-faire