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Market fundamentalism (also known as free market fundamentalism ) is a pejorative term applied to a strong belief in the ability of laissez-faire or free market economy views or policies to solve economic and social problems. [ 1 ] Critics of free market economy have used the term to denote what they perceive as a misguided belief, or deliberate deception, that free markets provide the greatest possible equity and prosperity, [ 2 ] and that any interference with the market process decreases social well being. Users of the term include adherents of interventionist , mixed economy and protectionist positions, [ 3 ] as well as billionaires such as George Soros , [ 4 ] and economists such as Nobel Laureates Joseph Stiglitz [ 5 ] and Paul Krugman .
Neoliberalism is a political philosophy whose advocates support economic liberalization , free trade and open markets , privatization , deregulation , and decreasing the size of the public sector while increasing the role of the private sector in modern society . The term was introduced in the late thirties by European liberal scholars to promote a new form of liberalism after interest in classical liberalism had declined in Europe. In the decades that followed, neoliberal theory tended to be at variance with the more laissez-faire doctrine of classical liberalism and promoted instead a market economy under the guidance and rules of a strong state, a model which came to be known as the social market economy .
Siri Stafford/Thinkstock Images. This article arises from Future Tense , a collaboration among Arizona State University, the New America Foundation, and Slate . On Feb. 29, Future Tense will host an event on the Make movement and do-it-yourself innovation in Washington, D.C. For more information and to sign up for the event, please visit the NAF website .
Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks , or other forms of dirigisme . [ 1 ] Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals. The term "crony capitalism" made a significant impact in the public arena as an explanation of the Asian financial crisis . [ 2 ] It is also used world wide to describe virtually any governmental decisions favoring "cronies" of governmental officials.