Neoliberalism is a term whose usage and definition have changed over time. Since the 1980s, the term has been used by scholars in a wide variety of social sciences and critics primarily in reference to the resurgence of 19th century ideas associated with laissez-faire economic liberalism. Beginning in the 1970s and 1980s, its advocates supported extensive economic liberalization policies such as privatization, fiscal austerity, deregulation, free trade, and reductions in government spending in order to enhance the role of the private sector in the economy. Neoliberalism is famously associated with the economic policies introduced by Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States. The transition of consensus towards neoliberal policies and the acceptance of neoliberal economic theories in the 1970s are seen by some academics as the root of financialization, with the financial crisis of 2007–08 one of the ultimate results.