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'''Neoliberalism''' is a new form of the old economic liberalism laid out in [[Adam Smith]]'s famous capitalist manifesto, ''The Wealth of Nations'', soon after the [[Industrial Revolution]]. Neoliberals believe regulation should not be an impediment to manufacturing or commerce, and that high tariffs can be harmful. These ideas were ''liberal'' in the sense of advocating loose controls. In neoliberalism, profits are sought by lowering costs through improvements in the productive powers of labor. There should be reduced costly and unnecessary government regulation without sacrificing environmental protection and job safety.
'''Neoliberalism''' is a new form of the old economic liberalism laid out in [[Adam Smith]]'s famous capitalist manifesto, ''The Wealth of Nations'', soon after the [[Industrial Revolution]]. Neoliberals believe regulation should not be an impediment to manufacturing or commerce, and that high tariffs can be harmful. These ideas were ''liberal'' in the sense of advocating loose controls. In neoliberalism, profits are sought by lowering costs through improvements in the productive powers of labor. There should be reduced costly and unnecessary government regulation without sacrificing environmental protection and job safety.
However, opponents of neoliberalism argue that unregulated markets can allow unfair advantages to large, well established corporations who can monopolize the market. They also argue that rampant privitization can take away essential services from the poor such as healthcare, education, and access to utilities.