Neoliberalism is associated with the policies in the Western world during the 1980s, mostly under Thatcher and Reagan. The emphasis is on financial deregulation

Neoliberalism is associated with the policies in the Western world during the 1980s, mostly under Thatcher and Reagan. The emphasis is on financial deregulation, globalisation and privatisation. Classical liberalism is rooted in 17th-century philosophy, best represented by John Locke and Adam Smith. The emphasis there is on individual economic freedom, natural property rights and limited government.