This linguistic transition is a major case of C. Wright Mills’ liberal practicality, a.k.a. dunder-headed chickening-out by would-be lefties.
It is also a major vector of conceptual error and misdirection.
Not the least of such errors is the presumption that the word “neoliberalism” is “very common, recognizable.”
Balderdash. The word is certainly rampant in the sphere of what remains of the left, but we all know, or at least ought to know, how isolated and ignored we are. In the wider world, to use the term “neoliberalism” is to speak a foreign tongue, as well as to suggest that one’s ideas and claims are so confusing as to need their own special introductions.
Everybody drawing breath knows what capitalism is. “Neoliberalism,” meanwhile, always requires at least a long, convoluted paragraph of explanation as a preface to its further usage.
So, one has to ask: Are we trying to stay moribund?
And while we’re at it, pray tell: When was it that capitalists ever favored or pursued anything but the package of things that supposedly define “neoliberalism”? There remains the powerful, long-running liberal myth of the post-WWII Golden Age of caipitalist acceptance of equality and welfare state programs. That, however, is simply false history. At the level of overclass motives and policy prescriptions, there was then and is now nothing “neo” going in the boardrooms and the private jets.
The Reagan Restoration was — and remains — a real thing (even though it started under Carter), but redoubling is not invention, and laissez faire/free trade (the liberalism of the concept, as distinct from the newer, wider modern meaning as a tag for those who think capitalism isn’t perfect and needs some public correction) has never been the only, or even the main, practical essence of capitalism. The state, despite the ideology and the fake history, has always been right in there, and massively so.
This whole “neoliberalism” thing is, to lift a phrase from E.P. Thompson, an orrery of errors. The sooner we drop it in favor of simplicity, clarity, and directness, the better. Kind of like “consumer.”