Neoclassical liberalism (alternatively spelled neo-classical liberalism or 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, stands in opposition to the welfare state and social liberalism.
In the United States, the Arizona School of liberalism, also referred to as "bleeding-heart libertarianism", adopted the term neoclassical liberal to advance certain ideas of Chicago School economist Milton Friedman within the American libertarian movement, including the school voucher system and the negative income tax.
