Neoliberalism and its crisis

The term “neoliberalism” is now commonly used to refer to the phase of capitalism that began in the transition between the 1970s and 1980s. The functioning of capitalism was thoroughly transformed. Nearly 30 years later, as of 2007, many had already heralded the “end of history.” But the first symptoms of the “crisis of neoliberalism” were observed in August 2007. ¹