%0 Journal Article
%T Liberalism or neoliberalism in the economic policy
%A Ładyka, Stanisław
%J International Business and Global Economy
%V 2012
%R 10.4467/23539496IB.12.001.2626
%N Volume 31(2)
%P 11-23
%K liberalism, neoliberalism, interventionism, “invisible hand of the market”, economic policy
%@ 2300-6102
%D 2014
%U https://ejournals.eu/en/journal/ibage/article/liberalizm-czy-neoliberalizm-w-polityce-gospodarczej-panstwa
%X Socio-economic development is driven both by the external circumstances and economic policy, which has a distinct history. Neoliberalism, which favours radical variant of the free-market economy, has underpinned the economic policy in developed countries. The proponents of neoliberalism often refer back to the origins of liberal economic thought and to Adam Smith. Yet, the fact remains that they go further than the father of liberalism. The aim of the article is to discuss liberalism and neoliberalism in the context of theory and social practice. It presents the evolution of the interpretation of the notion of economic liberalism. Neoliberalism, as practised in the globalised world economy, has made economic contradictions and imbalances even more acute, which is borne out by the current crisis. This fact is highlighted by many politicians and economists.