The difference between modern neoliberalism and liberalism is that neoliberalism advocates an idealized "hands-off" free-market system while modern economic liberalism calls for government regulation to control the excesses of free-market capitalism. Modern liberalism, or the "Keynesian school" of economics, named for its main proponent John Maynard Keynes and differing from classical liberalism, developed in the aftermath of the 1930s failure of the free-market system known as the Great Depression. Neoliberalism, sometimes referred to as the "Chicago school" of economics and named after the University of Chicago, rose to prominence in response to the breakdown of the international money system and the fiscal contradictions viewed as inherent in the welfare system.Know More
The term "neoliberalism" has taken on variations in meaning since its first appearance during the 1930s as a "third way" alternative to collectivist central planning and classical liberalism. Neoliberalism now tends to be associated with the economic theories of Milton Friedman and Friedrich Hayek. Ronald Reagan in the United States and Margaret Thatcher in the United Kingdom famously promoted the economic policies of modern neoliberalism. Author Robert W. McChesney has defined neoliberalism as "capitalism with the gloves off."
The term "liberalism" in its various forms has seen an overextension of its use and become a somewhat amorphous identity as an umbrella term. Classical liberalism shares more in common with the laissez-faire concept of modern neoliberalism than it does with the modern Keynesian school of liberalism. In its present context, modern liberalism is generally accepted as a justification for government intervention as a means to reduce the harmful effects of unrestrained free-market capitalism.Learn more about Economics
In business, "revenue" is a term that refers to all the money a company makes. Income, on the other hand, is the net profit of that company. In other words, income is the money left over after business costs have been covered.Full Answer >
Simply speaking, inbound tourism is when a non-resident or foreigner visits a given country, and outbound tourism is when a resident of a given country leaves that country to visit another one.Full Answer >
Feudalism is refers to an overall structure of society such as that which existed in Western Europe during the Middle Ages, while manorialism refers to the type of economic system that controlled the means of production during that era. Manorialism is the economic component of the larger societal system generally called feudalism. The terms feudalism and manorialism have been exchanged for each other at times, such as in the case of Adam Smith, who in his influential work, "The Wealth of Nations," uses the term feudalism in more of an economic sense than as a reference to the societal and political structure that was prevalent during the Middle Ages.Full Answer >
Inflation means that the value of money decreases, whereas deflation means that the value of money increases. In a period of inflation, the costs of goods and services increases over time. In a period of deflation, the costs of goods and services decreases over time.Full Answer >