Neoliberalism is a philosophy which construes profit making as the essence of democracy and consuming as the only operable form of citizenship. It also provides a rationale for a handful of private interests to control as much as possible of social, economic, and political life in order to maximize their personal profit. Neoliberalism is marked by a shift from the manufacturing to the service sector, the rise of temporary and part-time work, growth of the financial sphere and speculative activity, the spread of mass consumerism, the commodification of practically everything.
Neoliberalism combines free market ideology with the privatization of public wealth, the elimination of the social state and social protections, and the deregulation of economic activity. Core narratives of neoliberalism are: privatization, deregulation, commodification, and the selling off of state functions. Neoliberalism advocates lifting the government oversight of free enterprise/trade thereby not providing checks and balances to prevent or mitigate social damage that might occur as a result of the policy of “no governmental interference”; eliminating public funding of social services; deregulating governmental involvement in anything that could cut into the profits of private enterprise; privatizing such enterprises as schools, hospitals, community-based organizations, and other entities traditionally held in the public trust; and eradicating the concept of “the public good” or “community” in favor of “individual responsibility.”
It is a form of terrorism because it abstracts economics from ethics and social costs, makes a mockery of democracy, works to dismantle the welfare state, thrives on militarization, undermines any public sphere not governed by market values, and transforms people into commodities. Neoliberalism’s rigid emphasis on unfettered individualism, competitiveness and flexibility displaces compassion, sharing and a concern for the welfare of others. In doing so, it dissolves crucial social bonds and undermines the profound nature of social responsibility and its ensuing concern for others. In removing individuals from broader social obligations, it not only tears up social solidarities, it also promotes a kind of individualism that is almost pathological in its disdain for public goods, community, social provisions, and public values. Given its tendency to instrumentalize knowledge, it exhibits mistrust for thoughtfulness, complexity, and critical dialogue and in doing so contributes to a culture of stupidity and cruelty in which the dominant ethic is organized around the discourse of war and a survival of the fittest mentality. Neoliberalism is the antithesis of democracy. (Source)
Yes. Our idea of political freedom has devolved into an idea of consumerist choice. It should be rather rooted in an older republican tradition which stipulates that free men and women rule themselves. We've have allowed ourselves to become serfs in a world dominated by corporate warlords who have convinced us we are free because we have the choice to shop at Wal-Mart or Target or Costco.