Neoliberalism vs. Classical Liberalism

And why so many people vote against their own interests.

Neoliberalism versus Classical Liberalism. Why is it important to understand the difference?

Proponents of neoliberalism might use classical liberal logic to rationalize neoliberal policies. Neoliberalism is characterized by the privatization of virtually every industry and the complete commercialization of culture. It’s responsible for the rapidly increasing cost of healthcare, higher education, and hospitality. The cost of living — housing, transportation, and consumer goods — is increasing far faster than the rate of inflation. Instead of being reinvested to stimulate the economy, neoliberal profits are concentrated among executives.

Neoliberalism is an economic philosophy turned into a social ideology; money comes first. Classical liberalism, on the other hand, began as a social philosophy and then turned into an economic framework. Classical liberal philosophers were writing about individual liberty during the era of monarchies; personal self-determination came first. Yet neoliberal sophists use this classical liberal language to justify economic policies that overwhelmingly infringe on individual liberties for the majority of the…