academic definition of neoliberalism

Neoliberalism (also sometimes spelled as ‘neo-liberalism’) as term in popular discussion has gained traction over the last few years. Using Google Trends (a tool by Google that lets us know the relative popularity of a search term over time), we get the following results:

Search volume peaked in November 2019, the most it has ever been historically, though Google Trends does not tell us the number of searches performed — only the relative popularity within a particular period.

As is common with popular terms, its definition is highly problematic.

Alfredo Filho, S. and Johnston, D., 2005. Neoliberalism: A critical reader. University of Chicago Press.

It won’t be an academic explanation without problematising the concept at hand. Here, Filho and Johnston aid us greatly in the introductory chapter of their editorial work.

“It is impossible to define neoliberalism purely theoretically, for several reasons. First, methodologically, although neoliberal experiences share important commonalities …, neoliberalism is not a mode of production … Second, … neoliberalism is inseparable from imperialism and globalisation…Third, historical analysis of neoliberalism requires a multi-level approach. The roots of neoliberalism are long and varied, and its emergence cannot be dated precisely.” (pp.1–2)

On the next page they talk about the ‘basic feature’ of neoliberalism:

“The most basic feature of neoliberalism is the systematic use of state power to impose (financial) market…