At some point, economics advocated for the abolition of government intervention in economic matters and there were no restrictions whatsoever on economic matters. This paved way for free trade and competition allowing capitalists to maximize profits, as they desired.
In the US, this type of liberalism prevailed through the 1800s and the early 1900s. US experienced a capitalist crisis much later on that was coupled with shrinking profits rates. This motivated the elite economists to revive economic liberalism hence neoliberalism, which has been met with criticism. In the United States, it has been said to destroy welfare programs, cutting back social problems as well as attacking the rights of laborers (Shah, 2010). The supporters and those benefiting from neoliberalism are a minority, compared to the world’s population and for the majority; it has brought suffering and denied protection of children, youth women as well as the globe itself. The minority who are benefiting from this new liberalism fail to realize that they are contributing to the undermining of the rights and privileges of the majority.
Free trade leads to social damages since no restrictions will mean reduced wages following de-unionizing of workers and eliminating their rights. Supporters of this will claim that it will lead to increased growth. They fail to realize that it will not benefit everyone bit will oppress the majority.
Expenses for infrastructure and social amenities such as hospitals and schools as well maintenance costs of infrastructure of road is minimised in the name of reducing government role. This is done but benefits received by the government such as subsidies and taxes are not minimised.
Privatization of state owned enterprises and services such as banks, key industries, social amenities and electricity as well as fresh water supply. This will of course lead to concentrating the wealth only for the minority and the major populace