Neoclassical liberalism

Neoclassical liberalism (alternatively spelled neo-classical liberalism and also known as new classical liberalism) is a tradition of the liberal thought that, with the premises of John Locke's classical liberalism applied to industrialized societies, opposes the welfare state and left-leaning social liberalism.^: 596 In the United States, the Arizona School liberalism (also known as bleeding-heart libertarianism) co-opted the term neoclassical liberal to promote some ideas of Chicago School economist Milton Friedman, such as the school voucher system and the negative income tax.^{: 571–572}