Neoliberalism is a political and economic philosophy that emphasizes free trade, deregulation, globalization, and a reduction in government spending. It is a policy model that encompasses both politics and economics, favoring private enterprise and seeking to transfer the control of economic factors from the government to the private sector. Neoliberalism is related to laissez-faire economics, which prescribes a minimal amount of government interference in the economic issues of individuals and society. The key features of neoliberalism include free enterprise, competition, deregulation, and the importance of individual responsibility. It also involves minimizing government control of industry and boosting private sector ownership of business and property.

In simple terms, neoliberalism is an economic model or philosophy that emphasizes that, in a free society, greater economic and social progress can be made when there is greater economic freedom. It supports the idea that the market regulates itself and that the less interference by the state, the better for everyone. However, critics argue that neoliberalism is anti-democratic, can lead to exploitation and social injustice, and may criminalize poverty.

It is important to note that the term "neoliberalism" is used in different ways and has been the subject of substantial scholarly debate. While some scholars associate it with laissez-faire economics, others argue that it is a political program aimed at establishing the rule of the capitalist class. Nonetheless, most scholars tend to agree that neoliberalism is broadly defined as the extension of competitive markets into all areas of life, including the economy, politics, and society.