The term 'neoliberalism' came into existence in 1938, but started to get used during the 1960s. It is another label for 'economic liberalism.' However, the leftists use neoliberalism as a pejorative term, showing discontent with the ideologies that neoliberalism brings to the table. The term is also used neutrally though by many political organizations [ source ]. The essence of neoliberalism is quite straight forward - economic control of resources should be transferred (even if partially) from the government to the private sector. The belief is that such actions will make for a better economic system with improved economic productivity, and in the process create an efficient government. However as Dutta & Pal (in press) suggests, ideologies such as neoliberalism is supported and promoted by certain organizations (MNCs, TNCs, certain governments) because it helps them maintain the power structure in their favor, and thus continue to exert control over the alrea...