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Neoliberalism is characterized by a strong emphasis on free markets, deregulation, and privatization, advocating for minimal government intervention in the economy. It promotes individual entrepreneurship and competition, positing that these elements drive economic growth and efficiency. Additionally, neoliberalism often includes austerity measures and a reduction in social welfare programs, prioritizing fiscal responsibility over social spending. This ideology has significantly influenced global economic policies since the late 20th century.

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