Final answer:
The term neoliberalism refers to an economic and political ideology emphasizing the free market and minimal government intervention, diverging from classical liberalism's focus on individual rights by prioritizing corporate freedoms and shrinking public welfare programs. The correct option is D.
Step-by-step explanation:
The term neoliberalism is best defined as a conservative economic and political worldview that sees the free market as the primary mechanism for ensuring economic growth, with a significantly minimized role for government interference. This ideology advocates for policies that promote laissez-faire capitalism, which in turn influences global economic relationships, trade, and the functioning of national economies. Originating from classical liberalism, which emphasized natural rights and limited government, neoliberalism shifts the focus toward the protection of corporate freedoms, sometimes seen as superseding the rights of individuals.
Notably, the term 'neo' in neoliberalism can be misleading, because while it springs from liberalism's roots, it champions corporate powers and free market principles above traditional liberal values of individual rights and social welfare. Neoliberalism advocates for policies like currency devaluation to reduce trade deficits, austerity measures, deregulation, and cutting back public services, which form part of a broader outlook known as the Washington Consensus. This set of policies is often employed by international institutions to promote economic openness and integration on a global scale.
Neoliberalism, therefore, stands in stark contrast to ideologies such as communism and socialism, which prioritize government intervention and control over the economy. It is divergent from more modern liberal stances that may advocate for more balanced roles of both the government and the market in ensuring economic stability and growth.