Questions what is the main features of the socialist economy?

Founders of Neoliberalism School!

Key words: Scholars, thoughts, contributions.

Neoliberalism’s gained traction over the last 25 years. The term neoliberalism means a new kind of liberalism. The idea of a liberal economy became prominent in 1776 when a Scottish economist named Adam Smith wrote a book called “The Wealth of Nations.”

In his book, Smith propagated the idea of getting rid of government intervention and claimed that the best way for an economy to flourish is through free trade and deregulation.

Several years later, in the 1930s, another economist named John Keynes challenged the policy of liberalism and inferred that such a policy was suitable for capitalists. Government intervention was deemed crucial for the welfare of the public, and it led to several leaders transitioning and working towards the common good.

However, the concept of neoliberalism is now being practiced on a global level, following the decline in corporate profitability.

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