Since the late 1970s, most capitalist economies have been marching to the tunes of neoliberalism – a term originally coined in the 1930s as a moderate alternative to classical liberalism but used in our own times to signify preference for a set of economic policies favoring privatization, deregulation and a "minimal" state. This is the version of neoliberalism developed by Milton Friedman and the so-called Chicago School and is usually associated with the Pinochet regime in Chile and later on with the so-called "free-market" policies of Margaret Thatcher and Ronald Reagan. In more popular usage, it can simply be referred to as predatory capitalism. The neoliberal transition is associated with financial capital’s rise to dominance and sharp changes in the social structure of capital accumulation, with developments in the US economy leading the way among advanced capitalist economies.
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