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'''Neoliberalism''' is a new form of extreme, unregulated capitalism that was 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 [[market]]s 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. These are services that they would be unable to afford under normal conditions. Also with less government regulation, opponents argue that there is no incentive for companies to engage in environmental regulation or to pay a decent wage to its workers. Good wages and environment protection cost money and it would not be in a company's interest to engage in these practices if it did not have too. Leftists and some Centrists blame neoliberalism for contributing to [[poverty ]] worldwide and for causing many jobs in America to be outsourced to third world countries. Even some social conservatives such as [[Pat Buchanan ]] are critical of extreme capitalism/neoliberalism.
[[Category:Economics]]
[[Category:Politics]]
