Neoliberalism is a political and economic ideology that emphasizes free market principles, deregulation, privatization, and limited government intervention in the economy. It emerged in the late 20th century as a response to Keynesian economics and the welfare state, advocating for individual responsibility and market-driven solutions to social and economic issues. Neoliberalism has had a significant impact on global economic policy, leading to the spread of free trade agreements, austerity measures, and the shrinking of the welfare state. Critics argue that neoliberal policies often exacerbate inequality and prioritize profit over the well-being of individuals and communities.