Neoliberalism
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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. Neoliberalists believe that there should be no restrictions on manufacturing, no barriers to commerce and no tariffs. These ideas were liberal in the sense of advocating no controls. In neoliberalism, profits are sought through lowering costs, whether through improved productivity, laying off workers, or seeking workers who accept lower wages. There should be reduced government regulation of anything that might diminish profits, including matters of environmental protection and job safety.