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With collectivism on the rise, a group of liberal philosophers, economists, and journalists met in Paris at the Walter Lippmann Colloquium in 1938 to discuss the future prospects of liberalism. While the participants could not agree on a comprehensive programme, there was universal agreement that a new liberal (neoliberal) project, able to resist the tendency towards ever more state control without falling back into the dogma of complete laissez-faire, was necessary.

Neoliberalism does not all subscribe to a single comprehensive philosophy but instead finds common ground in shared sentiments and approaches to public policy.

1. Individual choice and markets are of paramount importance both as an expression of individual liberty and driving force of economic prosperity.

2. The state serves an important role in establishing conditions favorable to competition through preventing monopoly, providing a stable monetary framework, and relieving acute misery and distress.

3. Free exchange and movement between countries makes the world richer and has led to an unparalleled decline in global poverty.

4. Public policy has global ramifications and should take into account the effect it has on people around the world regardless of nationality.

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