neoliberalism

Etymology

From neo- + liberalism.

noun

1. A political ideology or ideological trend based on neoclassical economics that espouses economic liberalism, favouring trade liberalisation, financial deregulation, a small government, privatisation and liberalisation of government businesses, passive antitrust enforcement, accepting greater economic inequality and disfavouring unionisation.
   The age of Obama was the last gasp of neoliberalism. Despite some progressive words and symbolic gestures, Obama chose to ignore Wall Street crimes, reject bailouts for homeowners, oversee growing inequality and facilitate war crimes like US drones killing innocent civilians abroad. November 17, 2016, Cornel West, “Goodbye, American neoliberalism. A new era is here”, in The Guardian
2. (US) The ideology associated with the New Democrats and the Democratic Leadership Council.