Classical Liberalism vs Neoliberalism

Determine whether the component falls under Classical Liberalism or Neoliberalism

Classical Liberalism

Ideology:

• Political philosophy

• Where economic liberalism was derived.

Neoliberalism

Ideology:

• Socio-economic philosophy

Classical Liberalism

Role of Government in the Economy:

• Limited to no intervention

Neoliberalism

Role of Government in the Economy:

• Government loans to support the economy.

• Limited government spending.

• Privatization of government-owned corporations.

• Progressive taxation and tax cuts to businesses.

Classical Liberalism

Free-market:

• Supports free trade

Neoliberalism

Free-market:

• Supports free trade.

• Economic cooperation among countries.

Both

Freedom:

• More options/choices

• Promotes diversity

Classical Liberalism

Law:

• Law in favors to free-market

Neoliberalism

Law:

• Law and order

• Rule of law in favor to free market