Neoliberalism has had an interesting trajectory. It was initially formulated as an intellectual‐cum‐political project in 1938; enjoyed growing acceptance as an economic and political strategy in the 1970s; witnessed panic‐stricken meetings in New York and Washington a generation later at the height of the global financial crisis; and, most recently, seems to be undergoing a return to business as usual. There have been many efforts over these long decades to promote (or defend) “neoliberal” institutions and practices as the best basis for economic, legal, political, social, and moral order in complex social formations. There is an even wider range of commentaries and criticisms concerned with neoliberalism, its core features, social bases of support, and its impact on various sites and scales from the local to the global. This contribution addresses some of these issues. It has five main aims: to offer a baseline definition of neoliberalism; to discuss different social scientific approaches to neoliberalism; to distinguish four main types of neoliberalism from a critical political economy viewpoint and relate them to the world market, geopolitics, and global governance; to review the contradictory aspects of neoliberalism in actually existing capitalism; and to assess its prospects after the first global financial crisis and first great recession of the twenty‐first century.