A Brief History of Neoliberalism

But opponents of state intervention didn’t lay down their arms. Fueled by ideological fervor, the fear of communism, and in-depth works by prominent economists, the ideological warfare against state intervention began again right after World War II in the form of neoliberalism[381]. It gained steam because of major societal changes. The rising aspi

The neoliberal reforms we have witnessed over the past decades are no doubt pernicious. The downfall of the welfare state, however, is due not only to neoliberal ideology but also to the general reliance on the generation of capital wealth, which makes the welfare state hostage to economic crises.

Neoliberals’ political analysis was even worse than their economics, with perhaps even graver consequences. Friedman and his acolytes failed to understand an essential feature of freedom: that there are two kinds, positive and negative; freedom to do and freedom from harm. “Free markets” alone fail to provide economic stability or security against