The economic systems of individual countries have comprehensive consequences, either positive or negative, on the way of life and standard of living of citizens within that system, and even on the world as a whole. Therefore, it is important to examine the impact of the economic theory of neoliberalism, which has, to a greater or lesser extent, affected the entire world, if not directly, then certainly indirectly. Neoliberalism at its core represents the idea of total market freedom, opening borders to capital inflows, privatization, and reducing the role of the state as an institution in almost every aspect. This paper examines the history and fundamental prerequisites that contributed to the emergence of neoliberalism as an economic ideology and how it became the dominant version of capitalism. By analyzing relevant socio-economic parameters, the economic and social conditions in the United States of America, Great Britain, and Chile before and after the establishment of neoliberalism are compared. Additionally, the standard of living in these countries is compared with the Nordic countries, which have a different economic model. In conclusion, neoliberalism as an economic system contributes to increasing social and economic inequality, although it tries to present itself as a system of prosperity and equality.