neoliberal ideas are basically fine and hold several valid critiques of the preceding keynesian-derived ideas.
the big problems with neoliberalism were threefold:
- the obvious marxist class interest stuff any other drone here will tell you about
- the more interesting public choice theory problem, e.g. a neoliberal theory will tell you why neoliberalism went bad: because the incentives of politicians to implement the good ideas (like more competition between firms to benefit consumers) are weak, while the incentives to implement the less important stuff (like tax cuts) are strong. thus, instead of getting an optimal implementation (mid-high tax to fund transfers to those who lose out from competition + very competitive markets keeping prices down) you get a bad one (nothing for losers, no funding for public services + uncompetitive monopolies protected by lobbying)
- the psychological problem that most neoliberal sympathisers were sociopaths who'd always choose hurting people over the (actually quite humanitarian) implications of the theory.
much of the worst of "neoliberalism" comes from those who never followed the theories at all. Thatcher, for example, may have privatised British industry but she did so into markets that were
more state controlled, regulated and red-taped than the nationalised industries they replaced. She handed over state assets as electoral bribes rather than selling them at a fair market price. She crushed the coal miners in a brutal and unnecessary way that was economically irrational purely as emotional vengeance for the collapse of the Heath government and of course as class warfare. Much of the IMF's fuckups came from being used as part of US policy apparatus, rather than actually trying to promote global trade.
if you want to feel better about the implications of this, tell yourself softly: deng was right. you don't have to love neoliberalism, you just have to think the chinese were onto something. (trade trade trade, trade is the single most important part-and-thing. civilization is trade and urbanisation.)