The defining characteristics of neoliberalism include an emphasis on free markets, deregulation, and minimal state intervention in the economy. This economic philosophy advocates for the privatization of state-owned enterprises and the reduction of public spending on social services, promoting the idea that market forces can efficiently allocate resources. Neoliberalism prioritizes individual entrepreneurship and consumer choice, often viewing state welfare programs as impediments to economic growth. Its influence can shape public policy, impacting areas such as trade, labor rights, and environmental regulation, leading to significant societal implications and debates about inequality.