Neoliberalism is a dominant economic belief system and political ideology that advocates for free market forces as the primary route to economic growth and prosperity, achieved by minimizing government restrictions and interventions on business and the economy. Key tenets of neoliberalism include deregulation, privatisation of state-owned enterprises, reduced government spending on social programs, free trade, and fiscal austerity. This ideology gained prominence in the late 20th century and has influenced economic policies in many countries around the world, often leading to increased globalisation and a greater role for the private sector in the economy. While proponents argue that neoliberal policies promote efficiency, innovation, and economic growth, critics point to potential negative consequences such as increased income inequality, social instability, and environmental degradation due to the prioritisation of market forces over social and environmental concerns.