Neoliberalism is an economic policy based on free-market competition. It is an ideology of laissez-faire economy; the market should not be controlled by the government. It demands free trade and capital destroying the barriers, tariffs, trade union etc. It rests on the belief that the government should have minimal intervention and the market should have a decisive role in sustaining economic growth.
Since the domestic market cannot compete with the international market, neoliberalism creates conflict between domestic and international capitalism. So, it is not merely an economic ideology. It should also be perceived as a political strategy which shifts and maintains power.
Neoliberalism promotes the one-size-fits-all model. It has created deep inequalities among peoples. It mainly favours high classes and neglects the lower and middle classes. When the global market is incorporated into local, it automatically replaces domestic investments and products. It discourages local skills and causes unemployment. It disempowers peasants and disrupts families by welcoming products which destroy the foundation of the locality.
At the macro level, neoliberalism seems like a neutral economic policy but at the micro-level, it works as a political strategy to gain power over low and middle-class people. Ultimately, it weakens the domestic economy and prevents to reach into self-development by creating inequalities and crises.