Neoliberal ideology consists of a constellation of ideas, beliefs, and values that supports the practice of capitalism in a free market economy. Its foundational idea is that free, meritocratic market competition with minimal government intervention is the best way to organize society. Its component ideas include personal responsibility and self-governance, individualism, justification of social inequality, and meritocracy. Neoliberal ideology became the mainstream ideology in the West in the 1970s when Thatcherism and Reaganomics responded “effectively” to end the 1973–1975 recession. Neoliberal ideology grew in global dominance with the acceleration of economic and cultural globalization. This ideology has been criticized for tolerating social inequality, endorsing an entrepreneurial self-concept, reducing adjustment problems to personal inadequacy and proscribing progressive social reforms. Identification with neoliberal ideology is associated with self-interest and system justification beliefs. Post-neoliberalism presents an alternative ideology that acknowledges social psychological interdependence and supports progressive social reforms.