Is Neoliberalism the same as capitalism?

Capitalism is an economic system where the means of production and distribution of goods and services for profit are owned by a few as opposed to the state. The means of production are entrepreneurship, labour, capital goods, and natural resources. Capitalism requires a free market economy in which to operate.

Neoliberalism is both an economic and a political system. It embraces laissez-faire (unregulated) capitalism, removal of all constraints to trade, globalisation (removal of international trade barriers), and privatisation of state-owned services. Like capitalism, it requires a free market to operate, but also needs a favourable political system to ensure it meets its objectives.

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