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What does 'neoliberalism' mean?

I've been confused over the last year or two at the liberal use of 'neoliberal' and 'neoliberalism' amongst liberals. Admittedly, definitions can shift, and meanings can be added to established words, so I get that usage here is changing. Still.

As I understand the terms, they denote belief in pure, free-market, market-driven, and laissez faire economics and economic political policies; and support for privitization, deregulation, and free trade. But then there are people who seem to think 'neoliberal' means "establishment", "internationalist", "centrist", "Keynesian", or simply "not as far to the left as me". Some use it as a handy cudgel, a term of clout without semantic content, removing the possibility of meaningful conversation.

I understand these are words with a convoluted history involving multiple schools of shifting thought, so some confusion (and conflation) is understandable. I admit some confusion, myself.

But not too long ago, it was mostly a wonky term often requiring explanation and contextualizing from intellectual elites. Now, it just seems like regurgitated drivel with a side of empty posturing.

But perhaps I have misunderstood its application.

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