Today, neoliberal economic doctrine is the ruling economic doctrine in most countries of the world. This paper examines its development since the 1930s and analyzes the fundamental assumptions of this direction of economic thought and some of its social consequences, such as growing consumerism and ever-present social inequality. The scientific work and reflections of some of the most important neoliberal theoreticians are also presented. On the other hand, economic crises are a chronic feature of the capitalist system, so the paper presents the concept of international financial crises and a concise overview of economic trends since the 1930s. The peculiarities of the two most significant economic crises in modern history, the one from the 1930s and the one from 2008, are analyzed in more detail. The aim of the paper is to point out the connection between neoliberal ideology and economic crises and the impossibility of the market mechanism to achieve the desired economic results and the necessary corrections through independent action. The paper also discusses the contribution of corporations, rating agencies, international financial institutions and the growing consumerist culture to the development of the crisis. At the end of the paper, a critique of neoliberalism by some of the most important authors dealing with the subject is presented, as well as proposals for building an alternative economic and social model, as well as concrete measures that these experts consider necessary to achieve the transformation of the existing dysfunctional system into its fairer and more humane version.