New liberalism

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New liberalism (also pejoratively called revisionist liberalism or welfare-state liberalism), is a stance in political economy that argues for extended state regulation and partial intervention in a capitalist background.

It is named by opposition to classical liberalism, and serves as a intellectual backing to political liberalism, liberal-democracy or social democracy.

In Europe and the United States, starting with the increase in government intervention in the economy with the Great Depression during the 1930s, new liberals such as John Maynard Keynes advocated government programs as a solution to many economic and societal problems, believing that classical free-market liberalism had failed to protect the basic rights of citizens.

See also liberalism, capitalism, United States Democratic Party.

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