How does new federalism relate to fiscal federalism?

New federalism refers to the political philosophy aimed at transferring certain powers and responsibilities from the federal government back to the states, promoting greater autonomy and local governance. Fiscal federalism, on the other hand, focuses on the financial relationships and distribution of resources between different levels of government, particularly concerning taxation and grant systems. Together, new federalism and fiscal federalism emphasize the need for a more decentralized approach to governance, where states have greater control over their financial resources and decision-making, aligning with the principles of autonomy and local accountability.