Which term denotes the economic ideology that advocates minimal government involvement and emphasizes free markets?

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This question is about an economic stance that wants the government to step back as much as possible and lets markets operate freely. Neoliberalism is defined by that idea: reduce state involvement in the economy through deregulation, privatization of state-owned enterprises, and opening up trade and investment. It emphasizes that competition and market signals lead to better efficiency, innovation, and growth, with government intervention kept to a minimum.

Liberalism, in economic terms, covers a range from individual rights and civil liberties to varying levels of government role in the economy, so it isn’t automatically about minimal intervention. Democratic capitalism describes a system where democracy and capitalism coexist, but it doesn’t automatically insist on minimizing government involvement. Socialism centers on greater public ownership or strong state control of the economy, the opposite of minimal government involvement.

So the term that best fits the idea of minimal government involvement paired with free markets is neoliberalism.