<Institution>
Introduction
Neoliberalism is both an economic and political ideology which proposes a new way in which states are restricted from interfering with the economic affairs and general day to day dealings of their private citizens. This concept was developed by Adam Smith in 1770 when he posited that government should not be allowed to be involved in the economy of the country and initially it was called liberalism. This stance borrowed heavily from the laissez faire principle which required that traders should be let free to negotiate their own terms of engagement. Adam’s conception was challenged in ...
