A Brief History of Neoliberalism

Description

Neoliberalism is in the first instance a theory of political economic practices that proposes that human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong
private property rights, free markets, and free trade.

• Volcker, Reagan, Thatcher, and Deng Xaioping all took minority arguments that had long been in circulation and made them majoritarian.
• Reagan brought to life the minority tradition that stretched back within the Republican Party to Barry Goldwater in the early 1960s.
• Deng saw the rising tide of wealth and influence in Japan, Taiwan, Hong Kong, Singapore, and South Korea and sought to mobilize market socialism instead of central planning to protect and advance the interests of the Chinese state.
• Volcker and Thatcher both plucked from the shadows of relative obscurity a particular doctrine that went under the name of ‘neoliberalism’ and transformed it into the central guiding principle of economic thought and management.
• And it is with this doctrine––its origins, rise, and implications––that we are here primarily concerned

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