Neoliberalism

Neoliberalism[1] is both a political philosophy and a term used to signify the late-20th-century
political reappearance of 19th-century ideas associated with free-market capitalism.[2][3][4][5][6][7] The
term has multiple, competing definitions, and is often used pejoratively.[8][9] In scholarly use, the
term is often left undefined or used to describe a multitude of phenomena.[10][11][12] However, it is
primarily employed to delineate the societal transformation resulting from market-based reforms.[13]

Neoliberalism is an economic philosophy that originated among European liberal scholars during
the 1930s. It emerged as a response to the perceived decline in popularity of classical liberalism,
which was seen as giving way to a social liberal desire to control markets. This shift in thinking was
shaped by the Great Depression and manifested in policies designed to counter the volatility of free
markets.[14] One motivation for the development of policies designed to mitigate the volatility of
capitalist free markets was a desire to avoid repeating the economic failures of the early 1930s,
which have been attributed, in part, to the economic policy of classical liberalism. In the context of
policymaking, the term neoliberalism is often used to describe a paradigm shift that followed the
failure of the post-war consensus and neo-Keynesian economics to address the stagflation of the
1970s.[15][1] The collapse of the USSR and the end of the Cold War also facilitated the rise of
neoliberalism in the United States and around the world.[16][17]

The term neoliberalism has become increasingly prevalent in recent decades.[18][19][20][21][22][23] It has
been a significant factor in the proliferation of conservative and right-libertarian organizations,
political parties, and think tanks, and predominantly advocated by them.[24][25] Neoliberalism is often
associated with a set of economic liberalization policies, including privatization, deregulation,
consumer choice, globalization, free trade, monetarism, austerity, and reductions in government
spending. These policies are designed to increase the role of the private sector in the economy and
society.[26][27][28][29][30] Additionally, the neoliberal project is oriented towards the establishment of
institutions and is inherently political in nature, extending beyond mere economic
considerations.[31][32][33][34]

The term is rarely used by proponents of free-market policies.[35] When the term entered into
common academic use during the 1980s in association with Augusto Pinochet's economic reforms
in Chile, it quickly acquired negative connotations and was employed principally by critics of market
reform and laissez-faire capitalism. Scholars tended to associate it with the theories of economists
working with the Mont Pelerin Society, including Friedrich Hayek, Milton Friedman, Ludwig von
Mises, and James M. Buchanan, along with politicians and policy-makers such as Margaret
Thatcher, Ronald Reagan, and Alan Greenspan.[10][36][37] Once the new meaning of neoliberalism
became established as common usage among Spanish-speaking scholars, it diffused into the
English-language study of political economy.[10] By 1994 the term entered global circulation and
scholarship about it has grown over the last few decades.[19][20]

Terminology

Origins

An early use of the term in English was in 1898 by the French economist Charles Gide to describe
the economic beliefs of the Italian economist Maffeo Pantaleoni,[38] with the term néo-libéralisme
previously existing in French;[39] the term was later used by others, including the classical liberal
economist Milton Friedman in his 1951 essay "Neo-Liberalism and its Prospects".[40] In 1938 at the
Colloque Walter Lippmann, the term neoliberalism was proposed, among other terms, and ultimately
chosen to be used to describe a certain set of economic beliefs.[41][42] The colloquium defined the
concept of neoliberalism as involving "the priority of the price mechanism, free enterprise, the
system of competition, and a strong and impartial state".[43] According to attendees Louis Rougier
and Friedrich Hayek, the competition of neoliberalism would establish an elite structure of
successful individuals that would assume power in society, with these elites replacing the existing
representative democracy acting on the behalf of the majority.[44][45] To be neoliberal meant
advocating a modern economic policy with state intervention.[46] Neoliberal state interventionism
brought a clash with the opposing laissez-faire camp of classical liberals, like Ludwig von Mises.[47]
Most scholars in the 1950s and 1960s understood neoliberalism as referring to the social market
economy and its principal economic theorists such as Walter Eucken, Wilhelm Röpke, Alexander
Rüstow and Alfred Müller-Armack. Although Hayek had intellectual ties to the German neoliberals,
his name was only occasionally mentioned in conjunction with neoliberalism during this period due
to his more pro-free market stance.[10]

During the military rule under Augusto Pinochet (1973–1990) in Chile, opposition scholars took up
the expression to describe the economic reforms implemented there and its proponents (the
Chicago Boys).[10] Once this new meaning was established among Spanish-speaking scholars, it
diffused into the English-language study of political economy.[10] According to one study of 148
scholarly articles, neoliberalism is almost never defined but used in several senses to describe
ideology, economic theory, development theory, or economic reform policy. It has become used
largely as a term of abuse and/or to imply a laissez-faire market fundamentalism virtually identical
to that of classical liberalism – rather than the ideas of those who attended the 1938 colloquium. As
a result, there is controversy as to the precise meaning of the term and its usefulness as a
descriptor in the social sciences, especially as the number of different kinds of market economies
have proliferated in recent years.[10]

Unrelated to the economic philosophy described in this article, the term "neoliberalism" is also used
to describe a centrist political movement from modern American liberalism in the 1970s. According
to political commentator David Brooks, prominent neoliberal politicians included Al Gore and Bill
Clinton of the Democratic Party of the United States.[48] The neoliberals coalesced around two
magazines, The New Republic and the Washington Monthly,[49] and often supported Third Way
policies. The "godfather" of this version of neoliberalism was the journalist Charles Peters,[50] who,
in 1983, published "A Neoliberal's Manifesto".[51]

Current usage

Historian Elizabeth Shermer argued that the term gained popularity largely among left-leaning
academics in the 1970s to "describe and decry a late twentieth-century effort by policymakers,
think-tank experts, and industrialists to condemn social-democratic reforms and unapologetically
implement free-market policies";[52] economic historian Phillip W. Magness notes its reemergence in
academic literature in the mid-1980s, after French philosopher Michel Foucault brought attention to
it.[53]

Neoliberalism is contemporarily used to refer to market-

At a base level we can say that
oriented reform policies such as "eliminating price controls,
when we make reference to
deregulating capital markets, lowering trade barriers" and
'neoliberalism', we are generally
reducing, especially through privatization and austerity, state
referring to the new political,
influence in the economy.[10] It is also commonly associated
economic and social
with the economic policies introduced by Margaret Thatcher
arrangements within society
in the United Kingdom and Ronald Reagan in the United
that emphasize market
States.[29] Some scholars note it has a number of distinct
relations, re-tasking the role of
usages in different spheres:[54]
the state, and individual
As a development model, it refers to the rejection of responsibility. Most scholars
structuralist economics in favor of the Washington tend to agree that neoliberalism
Consensus. is broadly defined as the
extension of competitive
As an ideology, it denotes a conception of freedom as an
overarching social value associated with reducing state markets into all areas of life,

functions to those of a minimal state. including the economy, politics

and society.
As a public policy, it involves the privatization of public The Handbook of
economic sectors or services, the deregulation of private Neoliberalism[13]
corporations, sharp decrease of government budget deficits
and reduction of spending on public works.

There is debate over the meaning of the term. Sociologists Fred L. Block and Margaret Somers
claim there is a dispute over what to call the influence of free-market ideas which have been used to
justify the retrenchment of New Deal programs and policies since the 1980s: neoliberalism, laissez-
faire or "free market ideology".[55] Other academics such as Susan Braedley, Med Luxton, and Robert
W. McChesney, assert that neoliberalism is a political philosophy which seeks to "liberate" the
processes of capital accumulation.[56] In contrast, Frances Fox Piven sees neoliberalism as
essentially hyper-capitalism.[57] Robert W. McChesney, while defining neoliberalism similarly as
"capitalism with the gloves off", goes on to assert that the term was largely unknown by the general
public in 1998, particularly in the United States.[58] Lester Spence uses the term to critique trends in
Black politics, defining neoliberalism as "the general idea that society works best when the people
and the institutions within it work or are shaped to work according to market principles".[59]
According to Philip Mirowski, neoliberalism views the market as the greatest information processor,
superior to any human being. It is hence considered as the arbiter of truth. Adam Kotsko describes
neoliberalism as political theology, as it goes beyond simply being a formula for an economic policy
agenda and instead infuses it with a moral ethos that "aspires to be a complete way of life and a
holistic worldview, in a way that previous models of capitalism did not."[60]

Neoliberalism is distinct from liberalism insofar as it does not advocate laissez-faire economic
policy, but instead is highly constructivist and advocates a strong state to bring about market-like
reforms in every aspect of society.[61] Anthropologist Jason Hickel also rejects the notion that
neoliberalism necessitates the retreat of the state in favor of totally free markets, arguing that the
spread of neoliberalism required substantial state intervention to establish a global 'free market'.[62]
Naomi Klein states that the three policy pillars of neoliberalism are "privatization of the public
sphere, deregulation of the corporate sector, and the lowering of income and corporate taxes, paid
for with cuts to public spending".[63]

According to some scholars, neoliberalism is commonly used as a pejorative by critics, outpacing

similar terms such as monetarism, neoconservatism, the Washington Consensus and "market
reform" in much scholarly writing.[10] The Handbook of Neoliberalism, for instance, posits that the
term has "become a means of identifying a seemingly ubiquitous set of market-oriented policies as
being largely responsible for a wide range of social, political, ecological and economic problems".[13]
Its use in this manner has been criticized by those who advocate for policies characterized as
neoliberal.[64] The Handbook, for example, further argues that "such lack of specificity [for the term]
reduces its capacity as an analytic frame. If neoliberalism is to serve as a way of understanding the
transformation of society over the last few decades, then the concept is in need of unpacking".[13]
Historian Daniel Stedman Jones has similarly said that the term "is too often used as a catch-all
shorthand for the horrors associated with globalization and recurring financial crises".[65]

Several writers have criticized the term "neoliberal" as an insult or slur used by leftists against
liberals and varieties of liberalism that leftists disagree with.[66][67] British journalist Will Hutton
called neoliberal "an unthinking leftist insult" that "stifle[s] debate."[68] On the other hand, many
scholars believe it retains a meaningful definition. Writing in The Guardian, Stephen Metcalf posits
that the publication of the 2016 IMF paper "Neoliberalism: Oversold?"[69] helps "put to rest the idea
that the word is nothing more than a political slur, or a term without any analytic power".[70] Gary
Gerstle argues that neoliberalism is a legitimate term,[71] and describes it as "a creed that calls
explicitly for unleashing capitalism's power."[72] He distinguishes neoliberalism from traditional
conservatism, as the latter values respect for traditions and bolstering the institutions which
reinforce them, whereas the former seeks to disrupt and overcome any institutions which stand in
the way.[72]

Radhika Desai, director of the Geopolitical Economy Research Group at the University of Manitoba,
argues that global capitalism reached its peak in 1914, just prior to the two great wars, anti-
capitalist revolutions and Keynesian reforms, and the purpose of neoliberalism was to restore
capitalism to the preeminence it once enjoyed. She argues that this process has failed as
contemporary neoliberal capitalism has fostered a "slowly unfolding economic disaster" and
bequeathed to the world increased inequalities, societal divisions, economic misery and a lack of
meaningful politics.[73]

Early history

Walter Lippmann Colloquium

Per capita income during the Great

Depression[74]
The Great Depression in the 1930s, which severely decreased economic output throughout the
world and produced high unemployment and widespread poverty, was widely regarded as a failure
of economic liberalism.[75] To renew the damaged ideology, a group of 25 liberal intellectuals,
including a number of prominent academics and journalists like Walter Lippmann, Friedrich Hayek,
Ludwig von Mises, Wilhelm Röpke, Alexander Rüstow, and Louis Rougier, organized the Walter
Lippmann Colloquium, named in honor of Lippmann to celebrate the publication of the French
translation of Lippmann's pro-market book An Inquiry into the Principles of the Good Society.[76][77]
Meeting in Paris in August 1938, they called for a new liberal project, with "neoliberalism" one name
floated for the fledgling movement.[78] They further agreed to develop the Colloquium into a
permanent think tank based in Paris called the Centre International d'Études pour la Rénovation du
Libéralisme.[79]

While most agreed that the status quo liberalism promoting laissez-faire economics had failed, deep
disagreements arose around the proper role of the state. A group of "true (third way) neoliberals"
centered around Rüstow and Lippmann advocated for strong state supervision of the economy
while a group of old school liberals centered around Mises and Hayek continued to insist that the
only legitimate role for the state was to abolish barriers to market entry. Rüstow wrote that Hayek
and Mises were relics of the liberalism that caused the Great Depression while Mises denounced
the other faction, complaining that the ordoliberalism they advocated really meant "ordo-
interventionism".[80]

Divided in opinion and short on funding, the Colloquium was mostly ineffectual; related attempts to
further neoliberal ideas, such as the effort by Colloque-attendee Wilhelm Röpke to establish a
journal of neoliberal ideas, mostly floundered.[76] Fatefully, the efforts of the Colloquium would be
overwhelmed by the outbreak of World War II and were largely forgotten.[81] Nonetheless, the
Colloquium served as the first meeting of the nascent neoliberal movement and would serve as the
precursor to the Mont Pelerin Society, a far more successful effort created after the war by many of
those who had been present at the Colloquium.[82]
Mont Pelerin Society

Friedrich Hayek

Neoliberalism began accelerating in importance with the establishment of the Mont Pelerin Society
in 1947, whose founding members included Friedrich Hayek, Milton Friedman, Karl Popper, George
Stigler and Ludwig von Mises. Meeting annually, it became a "kind of international 'who's who' of the
classical liberal and neo-liberal intellectuals."[83][84] While the first conference in 1947 was almost
half American, the Europeans dominated by 1951. Europe would remain the epicenter of the
community as Europeans dominated the leadership roles.[85]

Established during a time when central planning was in the ascendancy worldwide and there were
few avenues for neoliberals to influence policymakers, the society became a "rallying point" for
neoliberals, as Milton Friedman phrased it, bringing together isolated advocates of liberalism and
capitalism. They were united in their belief that individual freedom in the developed world was under
threat from collectivist trends,[82] which they outlined in their statement of aims:

The central values of civilization are in danger. Over large stretches of the
Earth's surface the essential conditions of human dignity and freedom
have already disappeared. In others, they are under constant menace
from the development of current tendencies of policy. The position of the
individual and the voluntary group are progressively undermined by
extensions of arbitrary power. Even that most precious possession of
Western Man, freedom of thought and expression, is threatened by the
spread of creeds which, claiming the privilege of tolerance when in the
position of a minority, seek only to establish a position of power in which
they can suppress and obliterate all views but their own...The group holds
that these developments have been fostered by the growth of a view of
history which denies all absolute moral standards and by the growth of
theories which question the desirability of the rule of law. It holds further
that they have been fostered by a decline of belief in private property and
the competitive market...[This group's] object is solely, by facilitating the
exchange of views among minds inspired by certain ideals and broad
conceptions held in common, to contribute to the preservation and
improvement of the free society.[86]

The society set out to develop a neoliberal alternative to, on the one hand, the laissez-faire economic
consensus that had collapsed with the Great Depression and, on the other, New Deal liberalism and
British social democracy, collectivist trends which they believed posed a threat to individual
freedom.[82] They believed that classical liberalism had failed because of crippling conceptual flaws
which could only be diagnosed and rectified by withdrawing into an intensive discussion group of
similarly minded intellectuals;[87] however, they were determined that the liberal focus on
individualism and economic freedom must not be abandoned to collectivism.[88]

Post–World War II neoliberal currents

For decades after the formation of the Mont Pelerin Society, the ideas of the society would remain
largely on the fringes of political policy, confined to a number of think-tanks and universities[89] and
achieving only measured success with the ordoliberals in Germany, who maintained the need for
strong state influence in the economy. It would not be until a succession of economic downturns
and crises in the 1970s that neoliberal policy proposals would be widely implemented. By this time,
neoliberal thought had evolved. The early neoliberal ideas of the Mont Pelerin Society had sought to
chart a middle way between the trend of increasing government intervention implemented after the
Great Depression and the laissez-faire economics many in the society believed had produced the
Great Depression. Milton Friedman, wrote in his early essay "Neo-liberalism and Its Prospects" that
"Neo-liberalism would accept the nineteenth-century liberal emphasis on the fundamental
importance of the individual, but it would substitute for the nineteenth century goal of laissez-faire
as a means to this end, the goal of the competitive order", which requires limited state intervention
to "police the system, establish conditions favorable to competition and prevent monopoly, provide
a stable monetary framework, and relieve acute misery and distress."[90] By the 1970s, neoliberal
thought—including Friedman's—focused almost exclusively on market liberalization and was
adamant in its opposition to nearly all forms of state interference in the economy.[82]

One of the earliest and most influential turns to neoliberal reform occurred in Chile after an
economic crisis in the early 1970s. After several years of socialist economic policies under
president Salvador Allende, a 1973 coup d'état, which established a military junta under dictator
Augusto Pinochet, led to the implementation of a number of sweeping neoliberal economic reforms
that had been proposed by the Chicago Boys, a group of Chilean economists educated under Milton
Friedman. This "neoliberal project" served as "the first experiment with neoliberal state formation"
and provided an example for neoliberal reforms elsewhere.[91] Beginning in the early 1980s, the
Reagan administration and Thatcher government implemented a series of neoliberal economic
reforms to counter the chronic stagflation the United States and United Kingdom had each
experienced throughout the 1970s. Neoliberal policies continued to dominate American and British
politics until the Great Recession.[82] Following British and American reform, neoliberal policies were
exported abroad, with countries in Latin America, the Asia-Pacific, the Middle East, and China
implementing significant neoliberal reform. Additionally, the International Monetary Fund and World
Bank encouraged neoliberal reforms in many developing countries by placing reform requirements
on loans, in a process known as structural adjustment.[92]

Germany

Ludwig Erhard

Neoliberal ideas were first implemented in West Germany. The economists around Ludwig Erhard
drew on the theories they had developed in the 1930s and 1940s and contributed to West Germany's
reconstruction after the Second World War.[93] Erhard was a member of the Mont Pelerin Society
and in constant contact with other neoliberals. He pointed out that he is commonly classified as
neoliberal and that he accepted this classification.[94]

The ordoliberal Freiburg School was more pragmatic. The German neoliberals accepted the
classical liberal notion that competition drives economic prosperity. However, they argued that a
laissez-faire state policy stifles competition, as the strong devour the weak since monopolies and
cartels could pose a threat to freedom of competition. They supported the creation of a well-
developed legal system and capable regulatory apparatus. While still opposed to full-scale
Keynesian employment policies or an extensive welfare state, German neoliberal theory was marked
by the willingness to place humanistic and social values on par with economic efficiency. Alfred
Müller-Armack coined the phrase "social market economy" to emphasize the egalitarian and
humanistic bent of the idea.[10] According to Boas and Gans-Morse, Walter Eucken stated that
"social security and social justice are the greatest concerns of our time".[10]

Builders in West Berlin, 1952

Erhard emphasized that the market was inherently social and did not need to be made so.[95] He
hoped that growing prosperity would enable the population to manage much of their social security
by self-reliance and end the necessity for a widespread welfare state. By the name of
Volkskapitalismus, there were some efforts to foster private savings. Although average contributions
to the public old age insurance were quite small, it remained by far the most important old age
income source for a majority of the German population, therefore despite liberal rhetoric the 1950s
witnessed what has been called a "reluctant expansion of the welfare state". To end widespread
poverty among the elderly the pension reform of 1957 brought a significant extension of the
German welfare state which already had been established under Otto von Bismarck.[96] Rüstow, who
had coined the label "neoliberalism", criticized that development tendency and pressed for a more
limited welfare program.[95]

Hayek did not like the expression "social market economy", but stated in 1976 that some of his
friends in Germany had succeeded in implementing the sort of social order for which he was
pleading while using that phrase. In Hayek's view, the social market economy's aiming for both a
market economy and social justice was a muddle of inconsistent aims.[97] Despite his controversies
with the German neoliberals at the Mont Pelerin Society, Ludwig von Mises stated that Erhard and
Müller-Armack accomplished a great act of liberalism to restore the German economy and called
this "a lesson for the US".[98] According to different research Mises believed that the ordoliberals
were hardly better than socialists. As an answer to Hans Hellwig's complaints about the
interventionist excesses of the Erhard ministry and the ordoliberals, Mises wrote: "I have no illusions
about the true character of the politics and politicians of the social market economy". According to
Mises, Erhard's teacher Franz Oppenheimer "taught more or less the New Frontier line of" President
Kennedy's "Harvard consultants (Schlesinger, Galbraith, etc.)".[99]

In Germany, neoliberalism at first was synonymous with both ordoliberalism and social market
economy. But over time the original term neoliberalism gradually disappeared since social market
economy was a much more positive term and fit better into the Wirtschaftswunder (economic
miracle) mentality of the 1950s and 1960s.[95]

Latin America

In the 1980s, numerous governments in Latin America adopted neoliberal policies.[100][101][102]

Chile

Chile was among the earliest nations to implement neoliberal reform. Marxist economic geographer
David Harvey has described the substantial neoliberal reforms in Chile beginning in the 1970s as
"the first experiment with neoliberal state formation", which would provide "helpful evidence to
support the subsequent turn to neoliberalism in both Britain... and the United States."[103] Similarly,
Vincent Bevins says that Chile under Augusto Pinochet "became the world's first test case for
'neoliberal' economics."[104]

The turn to neoliberal policies in Chile originated with the Chicago Boys, a select group of Chilean
students who, beginning in 1955, were invited to the University of Chicago to pursue postgraduate
studies in economics. They studied directly under Milton Friedman and his disciple, Arnold
Harberger, and were exposed to Friedrich Hayek. Upon their return to Chile, their neoliberal policy
proposals—which centered on widespread deregulation, privatization, reductions to government
spending to counter high inflation, and other free-market policies[105]—would remain largely on the
fringes of Chilean economic and political thought for a number of years, as the presidency of
Salvador Allende (1970–1973) brought about a socialist reorientation of the economy.[106]

Chilean (orange) and average Latin

American (blue) rates of growth of GDP
(1971–2007)

During the Allende presidency, Chile experienced a severe economic crisis, in which inflation peaked
near 150%.[107] Following an extended period of social unrest and political tension, as well as
diplomatic, economic, and covert pressure from the United States,[108] the Chilean armed forces and
national police overthrew the Allende government in a coup d'état.[109] They established a repressive
military junta, known for its violent suppression of opposition, and appointed army chief Augusto
Pinochet Supreme Head of the nation.[110] His rule was later given legal legitimacy through a
controversial 1980 plebiscite, which approved a new constitution drafted by a government-
appointed commission that ensured Pinochet would remain as president for a further eight years—
with increased powers—after which he would face a re-election referendum.[111]

The Chicago Boys were given significant political influence within the military dictatorship, and they
implemented sweeping economic reform. In contrast to the extensive nationalization and centrally
planned economic programs supported by Allende, the Chicago Boys implemented rapid and
extensive privatization of state enterprises, deregulation, and significant reductions in trade barriers
during the latter half of the 1970s.[112] In 1978, policies that would further reduce the role of the
state and infuse competition and individualism into areas such as labor relations, pensions, health
and education were introduced.[10]> Additionally, the central bank raised interest rates from 49.9% to
178% to counter high inflation.[113]

Pamphlet calling for a protest of

economic policy in 1983 following the
economic crisis[114][115]

These policies amounted to a shock therapy, which rapidly transformed Chile from an economy with
a protected market and strong government intervention into a liberalized, world-integrated economy,
where market forces were left free to guide most of the economy's decisions.[116] Inflation was
tempered, falling from over 600% in 1974, to below 50% by 1979, to below 10% right before the
economic crisis of 1982;[117] GDP growth spiked (see chart) to 10%.[118] however, inequality widened
as wages and benefits to the working class were reduced.[119][120]

In 1982, Chile again experienced a severe economic recession. The cause of this is contested but
most scholars believe the Latin American debt crisis—which swept nearly all of Latin America into
financial crisis—was a primary cause.[121] Some scholars argue the neoliberal policies of the
Chicago boys heightened the crisis (for instance, percent GDP decrease was higher than in any
other Latin American country) or even caused it;[121] for instance, some scholars criticize the high
interest rates of the period which—while stabilizing inflation—hampered investment and contributed
to widespread bankruptcy in the banking industry. Other scholars fault governmental departures
from the neoliberal agenda; for instance, the government pegged the Chilean peso to the US dollar,
against the wishes of the Chicago Boys, which economists believe led to an overvalued
peso.[122][123]

Unemployment in Chile and South America

(1980–1990)

After the recession, Chilean economic growth rose quickly, eventually hovering between 5% and 10%
and significantly outpacing the Latin American average (see chart). Additionally, unemployment
decreased[124] and the percent of the population below the poverty line declined from 50% in 1984
to 34% by 1989.[125] This led Milton Friedman to call the period the "Miracle of Chile", and he
attributed the successes to the neoliberal policies of the Chicago boys. Some scholars attribute the
successes to the re-regulation of the banking industry and a number of targeted social programs
designed to alleviate poverty.[125] Others say that while the economy had stabilized and was growing
by the late 1980s, inequality widened: nearly 45% of the population had fallen into poverty while the
wealthiest 10% had seen their incomes rise by 83%.[126] According to Chilean economist Alejandro
Foxley, when Pinochet finished his 17-year term by 1990, around 44% of Chilean families were living
below the poverty line.[127][128]

Despite years of suppression by the Pinochet junta, a presidential election was held in 1988, as
dictated by the 1980 constitution (though not without Pinochet first holding another plebiscite in an
attempt to amend the constitution).[111] In 1990, Patricio Aylwin was democratically elected,
bringing an end to the military dictatorship. The reasons cited for Pinochet's acceptance of
democratic transition are numerous. Hayek, echoing arguments he had made years earlier in The
Road to Serfdom,[129] argued that the increased economic freedom he believed the neoliberal
reforms had brought had put pressure on the dictatorship over time, resulting in a gradual increase
in political freedom and, ultimately, the restoration of democracy. The Chilean scholars Javier
Martínez and Alvaro Díaz reject this argument, pointing to the long tradition of democracy in Chile.
They assert that the defeat of the Pinochet regime and the return of democracy came primarily from
large-scale mass rebellion that eventually forced party elites to use existing institutional
mechanisms to restore democracy.[130]
GDP per capita in Chile and Latin America
1950–2010 (time under Pinochet
highlighted)

In the 1990s, neoliberal economic policies broadened and deepened, including unilateral tariff
reductions and the adoption of free trade agreements with a number of Latin American countries
and Canada.[131] At the same time, the decade brought increases in government expenditure on
social programs to tackle poverty and poor quality housing.[132] Throughout the 1990s, Chile
maintained high growth, averaging 7.3% from 1990 to 1998.[131] Eduardo Aninat, writing for the IMF
journal Finance & Development, called the period from 1986 to 2000 "the longest, strongest, and
most stable period of growth in [Chile's] history."[131] In 1999, there was a brief recession brought
about by the Asian financial crisis, with growth resuming in 2000 and remaining near 5% until the
Great Recession.[133]

In sum, the neoliberal policies of the 1980s and 1990s—initiated by a repressive authoritarian
government—transformed the Chilean economy from a protected market with high barriers to trade
and hefty government intervention into one of the world's most open free-market
economies.[134][116] Chile experienced the worst economic bust of any Latin American country
during the Latin American debt crisis (several years into neoliberal reform), but also had one of the
most robust recoveries,[135] rising from the poorest Latin American country in terms of GDP per
capita in 1980 (along with Peru) to the richest in 2019.[136] Average annual economic growth from
the mid-1980s to the Asian crisis in 1997 was 7.2%, 3.5% between 1998 and 2005, and growth in per
capita real income from 1985 to 1996 averaged 5%—all outpacing Latin American averages.[135][137]
Inflation was brought under control.[117] Between 1970 and 1985 the infant mortality rate in Chile fell
from 76.1 per 1000 to 22.6 per 1000,[138] the lowest in Latin America.[139] Unemployment from 1980
to 1990 decreased, but remained higher than the South American average (which was stagnant).
And despite public perception among Chileans that economic inequality has increased, Chile's Gini
coefficient has in fact dropped from 56.2 in 1987 to 46.6 in 2017.[136][140] While this is near the Latin
American average, Chile still has one of the highest Gini coefficients in the OECD, an organization of
mostly developed countries that includes Chile but not most other Latin American countries.[141]
Furthermore, the Gini coefficient measures only income inequality; Chile has more mixed inequality
ratings in the OECD's Better Life Index, which includes indexes for more factors than only income,
like housing and education.[142][136] Additionally, the percentage of the Chilean population living in
poverty rose from 17% in 1969 to 45% in 1985[143] at the same time government budgets for
education, health and housing dropped by over 20% on average.[144] The era was also marked by
economic instability.[145]

Overall, scholars have mixed opinions on the effects of the neoliberal reforms. The CIA World
Factbook states that Chile's "sound economic policies", maintained consistently since the 1980s,
"have contributed to steady economic growth in Chile and have more than halved poverty rates,"[146]
and some scholars have even called the period the "Miracle of Chile". Other scholars have called it a
failure that led to extreme inequalities in the distribution of income and resulted in severe
socioeconomic damage.[115] It is also contested how much these changes were the result of
neoliberal economic policies and how much they were the result of other factors;[145] in particular,
some scholars argue that after the Crisis of 1982 the "pure" neoliberalism of the late 1970s was
replaced by a focus on fostering a social market economy that mixed neoliberal and social welfare
policies.[147][148]

As a response to the 2019–20 Chilean protests, a national plebiscite was held in October 2020 to
decide whether the Chilean constitution would be rewritten. The "approve" option for a new
constitution to replace the Pinochet-era constitution, which entrenched certain neoliberal principles
into the country's basic law, won with 78% of the vote.[149][150] However, in September 2022, the
referendum to approve a rewritten the constitution was rejected with 61% of the vote.

Peru

Peruvian economist Hernando de Soto, the founder of one of the first neoliberal organizations in
Latin America, Institute for Liberty and Democracy (ILD), began to receive assistance from Ronald
Reagan's administration, with the National Endowment for Democracy's Center for International
Private Enterprise (CIPE) providing his ILD with funding.[151][152][153] The economic policy of
President Alan García distanced Peru from international markets, resulting in lower foreign
investment in the country.[154] Under García, Peru experienced hyperinflation and increased
confrontations with the guerrilla group Shining Path, leading the country towards high levels of
instability.[155] The Peruvian armed forces grew frustrated with the inability of the García
administration to handle the nation's crises and began to draft an operation – Plan Verde – to
overthrow his government.[155]

The military's Plan Verde involved the "total extermination" of impoverished and indigenous
Peruvians perceived as a drain on the economy, the control or censorship of media in the nation and
the establishment of a neoliberal economy in Peru.[156][155] During his campaigning for the 1990
Peruvian general election, Alberto Fujimori initially expressed concern against the proposed
neoliberal policies of his opponent Mario Vargas Llosa.[157] Peruvian magazine Oiga reported that,
following the election, the armed forces were unsure of Fujimori's willingness to fulfill the plan's
objectives, though they planned to convince Fujimori to agree to the operation prior to his
inauguration.[158] After taking office, Fujimori abandoned his campaign's economic platform,
adopting more aggressive neoliberal policies than those espoused by his election competitor
Vargas Llosa.[159] With Fujimori's compliance, plans for a coup as designed in Plan Verde were
prepared for two years and finally executed during the 1992 Peruvian coup d'état, which ultimately
established a civilian-military regime.[160][158]

Shortly after the inauguration of Fujimori, his government received a $715 million grant from United
States Agency for International Development (USAID) on 29 September 1990 for the Policy Analysis,
Planning and Implementation Project (PAPI) that was developed "to support economic policy reform
in the country".[161] De Soto proved to be influential to Fujimori, who began to repeat de Soto's
advocacy for deregulating the Peruvian economy.[162] Under Fujimori, de Soto served as "the
President's personal representative", with The New York Times describing de Soto as an "overseas
salesman", while others dubbed de Soto as the "informal president" for Fujimori.[163][151] In a
recommendation to Fujimori, de Soto called for a "shock" to Peru's economy.[151] The policies
included a 300% tax increase, unregulated prices and privatizing two-hundred and fifty state-owned
entities.[151] The policies of de Soto led to the immediate suffering of poor Peruvians who saw
unregulated prices increase rapidly.[151] Those living in poverty saw prices increase so much that
they could no longer afford food.[151] The New York Times wrote that de Soto advocated for the
collapse of Peru's society, with the economist saying that a civil crisis was necessary to support the
policies of Fujimori.[164] Fujimori and de Soto would ultimately break their ties after de Soto
recommended increased involvement of citizens within the government, which was received with
disapproval by Fujimori.[165] USAID would go on to assist the Fujimori government with rewriting the
1993 Peruvian constitution, with the agency concluding in 1997 that it helped with the "preparation
of legislative texts" and "contributed to the emergence of a private sector advisory role".[166][161] The
policies promoted by de Soto and implemented by Fujimori eventually caused macroeconomic
stability and a reduction in the rate of inflation, though Peru's poverty rate remained largely
unchanged with over half of the population living in poverty in 1998.[151][167][168]

According to the Foundation for Economic Education, USAID, the United Nations Population Fund
(UNFPA) and the Nippon Foundation also supported the sterilization efforts of the Fujimori
government.[169] E. Liagin reported that from 1993 to 1998, USAID "basically took charge of the
national health system of Peru" during the period of forced sterilizations.[169] At least 300,000
Peruvians were victims of forced sterilization by the Fujimori government in the 1990s, with the
majority being affected by the PNSRPF.[156] The policy of sterilizations resulted in a generational
shift that included a smaller younger generation that could not provide economic stimulation to rural
areas, making such regions more impoverished.[170]

Though economic statistics show improved economic data in Peru in recent decades, the wealth
earned between 1990 and 2020 was not distributed throughout the country; living standards
showed disparities between the more-developed capital city of Lima and similar coastal regions
while rural provinces remained impoverished.[171][172][173] Sociologist Maritza Paredes of the
Pontifical Catholic University of Peru stated, "People see that all the natural resources are in the
countryside but all the benefits are concentrated in Lima."[171] In 2020, the COVID-19 pandemic in
Peru compounded these disparities,[172][173] with political scientist Professor Farid Kahhat of the
Pontifical Catholic University of Peru stating that, "market reforms in Peru have yielded positive
results in terms of reducing poverty ... But what the pandemic has laid bare, particularly in Peru, is
that poverty was reduced while leaving the miserable state of public services unaltered – most
clearly in the case of health services."[172] The candidacy of Pedro Castillo in the 2021 Peruvian
general election brought attention to the disparities between urban and rural Peruvians, with much
of his support being earned in the exterior portions of the country.[173] Castillo ultimately won the
election, with The New York Times reporting his victory as the "clearest repudiation of the country's
establishment".[174][175]

Argentina

In the 1960s, Latin American intellectuals began to notice the ideas of ordoliberalism; they often
used the Spanish term "neoliberalismo" to refer to this school of thought. They were particularly
impressed by the social market economy and the Wirtschaftswunder ("economic miracle") in
Germany and speculated about the possibility of accomplishing similar policies in their own
countries. Neoliberalism in 1960s Argentina meant a philosophy that was more moderate than
entirely Laissez-faire free-market capitalism and favored using state policy to temper social
inequality and counter a tendency towards monopoly.[10]

In 1976, the military dictatorship's economic plan led by José Alfredo Martínez de Hoz was the first
attempt at establishing a neoliberal program in Argentina. They implemented a fiscal austerity plan
that reduced money printing in an attempt to counter inflation. In order to achieve this, salaries were
frozen; however, they were unable to reduce inflation, which led to a drop in the real salary of the
working class. They also liberalized trade policy so that foreign goods could freely enter the country.
Argentina's industry, which had been on the rise for 20 years after the economic policies of former
president Arturo Frondizi, rapidly declined as it was not able to compete with foreign goods.
Following the measures, there was an increase in poverty from 9% in 1975 to 40% at the end of
1982.[119]
From 1989 to 2001, more neoliberal policies were implemented by Domingo Cavallo. This time, the
privatization of public services was the main focus, although financial deregulation and free trade
with foreign nations were also re-implemented. Along with an increased labour market flexibility, the
unemployment rate dropped to 18.3%.[176] Public perception of the policies was mixed; while some
of the privatization was welcomed, much of it was criticized for not being in the people's best
interests. Protests resulted in the death of 29 people at the hands of police.[177]

Mexico

Along with many other Latin American countries in the early 1980s, Mexico experienced a debt
crisis. In 1983 the Mexican government ruled by the PRI, the Institutional Revolutionary Party,
accepted loans from the IMF. Among the conditions set by the IMF were requirements for Mexico to
privatize state-run industries, devalue their currency, decrease trade barriers, and restrict
governmental spending.[178] These policies were aimed at stabilizing Mexico's economy in the short
run. Later, Mexico tried to expand these policies to encourage growth and foreign direct investment
(FDI).

The decision to accept the IMF's neoliberal reforms split the PRI between those on the right who
wanted to implement neoliberal policies and those the left who did not.[179] Carlos Salinas de
Gortari, who took power in 1988, doubled down on neoliberal reforms. His policies opened up the
financial sector by deregulating the banking system and privatizing commercial banks.[178][179]
Though these policies did encourage a small amount of growth and FDI, the growth rate was below
what it had been under previous governments in Mexico, and the increase in foreign investment was
largely from existing investors.[179]

U.S. President Bush, Canadian PM

Mulroney, and Mexican President
Salinas participate in the ceremonies
to sign the North American Free Trade
Agreement (NAFTA).

On 1 January 1994 the Zapatista Army of National Liberation, named for Emiliano Zapata, a leader
in the Mexican revolution, launched an armed rebellion against the Mexican government in the
Chiapas region.[180] Among their demands were rights for indigenous Mexicans as well as
opposition to the North American Free Trade Agreement (NAFTA), which solidified a strategic
alliance between state and business.[181] NAFTA, a trade agreement between the United States,
Canada, and Mexico, significantly aided in Mexico's efforts to liberalize trade.

In 1994, the same year of the Zapatista rebellion and the enactment of NAFTA, Mexico faced a
financial crisis. The crisis, also known as the "Tequila Crisis" began in December 1994 with the
devaluation of the peso.[179][182] When investors' doubts led to negative speculation they fled with
their capital. The central bank was forced to raise interest rates which in turn collapsed the banking
system as borrowers could no longer pay back their loans.[182]

After Salinas, Ernesto Zedillo (1995–2000) maintained similar economic policies to his predecessor.
Despite the crisis, Zedillo continued to enact neoliberal policies and signed new agreements with
the World Bank and the IMF.[179] As a result of these policies and the 1994 recession, Mexico's
economy did gain stability. Neither the 2001 or 2008 recessions were caused by internal economic
forces in Mexico. Trade increased dramatically, as well as FDI; however, as Mexico's business cycle
synced with that of the United States, it was much more vulnerable to external economic
pressures.[178] FDI benefited the Northern and Central regions of Mexico while the Southern region
was largely excluded from the influx of investment. The crisis also left the banks mainly in the
hands of foreigners.

The PRI's 71-year rule ended when Vicente Fox of the PAN, the National Action Party, won the
election in 2000. Fox and his successor, Felipe Calderón, did not significantly diverge from the
economic policies of the PRI governments. They continued to privatize the financial system and
encourage foreign investment.[179] Despite significant opposition, Enrique Peña Nieto, president
from 2012 to 2018, pushed through legislation that would privatize the oil and electricity industries.
These reforms marked the conclusion to the neoliberal goals that had been envisioned in Mexico in
the 1980s.[179]

Brazil

Brazil adopted neoliberal policies in the late 1980s, with support from the worker's party on the left.
For example, tariff rates were cut from 32% in 1990 to 14% in 1994. During this period, Brazil
effectively ended its policy of maintaining a closed economy focused on import substitution
industrialization in favor of a more open economic system with a much higher degree of
privatization. The market reforms and trade reforms ultimately resulted in price stability and a faster
inflow of capital but had little effect on income inequality and poverty. Consequently, mass protests
continued during the period.[183][184]
United Kingdom

During her tenure as Conservative Prime Minister from 1979 to 1990, Margaret Thatcher oversaw a
number of neoliberal policies, including tax reduction, exchange rate reform, deregulation, and
privatisation.[54] These policies were continued and supported by her successor John Major.
Although opposed by the Labour Party, the policies were, according to some scholars, largely
accepted and left unaltered when Labour returned to power in 1997 during the New Labour era
under Tony Blair.[25][185]

The Adam Smith Institute, a United Kingdom–based free-market think tank and lobbying group
formed in 1977 which was a major driver of the aforementioned neoliberal policies,[186] officially
changed its libertarian label to neoliberal in October 2016.[187]

According to economists Denzau and Roy, the "shift from Keynesian ideas toward neoliberalism
influenced the fiscal policy strategies of New Democrats and New Labour in both the White House
and Whitehall.... Reagan, Thatcher, Clinton, and Blair all adopted broadly similar neoliberal
beliefs."[188][189]

United States

While a number of recent histories of neoliberalism[190][191][192] in the United States have traced its
origins back to the urban renewal policies of the 1950s, Marxist economic geographer David Harvey
argues the rise of neoliberal policies in the United States occurred during the 1970s energy
crisis,[193] and traces the origin of its political rise to Lewis Powell's 1971 confidential memorandum
to the Chamber of Commerce in particular.[194] A call to arms to the business community to counter
criticism of the free enterprise system, it was a significant factor in the rise of conservative and
libertarian organizations and think-tanks which advocated for neoliberal policies, such as the
Business Roundtable, The Heritage Foundation, the Cato Institute, Citizens for a Sound Economy,
Accuracy in Academia and the Manhattan Institute for Policy Research.[195] For Powell, universities
were becoming an ideological battleground, and he recommended the establishment of an
intellectual infrastructure to serve as a counterweight to the increasingly popular ideas of Ralph
Nader and other opponents of big business.[196][197][193] The original neoliberals included, among
others, Michael Kinsley, Charles Peters, James Fallows, Nicholas Lemann, Bill Bradley, Bruce
Babbitt, Gary Hart, and Paul Tsongas. Sometimes called "Atari Democrats", these were the men who
helped to remake American liberalism into neoliberalism, culminating in the election of Bill Clinton in
1992. These new liberals disagreed with the policies and programs of mid-century figures like
progressive labor organizer Walter Reuther, economist John Kenneth Galbraith or even noted
historian Arthur Schlesinger.[198]

Early roots of neoliberalism were laid in the 1970s during the Nixon administration, with
appointment of associates of Milton Friedman to Departments of Treasury, Agriculture and Justice,
and the Council of Economic Advisors and encouraged funding of the American Enterprise Institute
and defunding of the more centrist Brookings Institution,[199] and during the Carter administration,
with deregulation of the trucking, banking and airline industries,[200][201][202] the appointment of Paul
Volcker to chairman of the Federal Reserve[203] as well as increased military spending at the end of
his term leading to fiscal austerity in US nonmilitary budget diverting funds away from social
programs.[204] This trend continued into the 1980s under the Reagan administration, which included
tax cuts, increased defense spending, financial deregulation and trade deficit expansion.[205]
Likewise, concepts of supply-side economics, discussed by the Democrats in the 1970s, culminated
in the 1980 Joint Economic Committee report "Plugging in the Supply Side". This was picked up and
advanced by the Reagan administration, with Congress following Reagan's basic proposal and
cutting federal income taxes across the board by 25% in 1981.[206]

The Clinton administration embraced neoliberalism[25] by supporting the passage of the North
American Free Trade Agreement (NAFTA), continuing the deregulation of the financial sector
through passage of the Commodity Futures Modernization Act and the repeal of the Glass–Steagall
Act and implementing cuts to the welfare state through passage of the Personal Responsibility and
Work Opportunity Act.[205][207][208] The American historian Gary Gerstle writes that while Reagan was
the ideological architect of the neoliberal order which was formulated in the 1970s and 1980s, it
was Clinton who was its key facilitator, and as such this order achieved dominance in the 1990s and
early 2000s.[209] The neoliberalism of the Clinton administration differs from that of Reagan as the
Clinton administration purged neoliberalism of neoconservative positions on militarism, family
values, opposition to multiculturalism and neglect of ecological issues.[210] Writing in New York,
journalist Jonathan Chait disputed accusations that the Democratic Party had been hijacked by
neoliberals, saying that its policies have largely stayed the same since the New Deal. Instead, Chait
suggested these accusations arose from arguments that presented a false dichotomy between free-
market economics and socialism, ignoring mixed economies.[211] American feminist philosopher
Nancy Fraser says the modern Democratic Party has embraced a "progressive neoliberalism", which
she describes as a "progressive-neoliberal alliance of financialization plus emancipation".[212]
Historian Walter Scheidel says that both parties shifted to promote free-market capitalism in the
1970s, with the Democratic Party being "instrumental in implementing financial deregulation in the
1990s".[213] Historians Andrew Diamond and Thomas Sugrue argue that neoliberalism became a
"'dominant rationality' precisely because it could not be confined to a single partisan identity."[214]
Economic and political inequalities in schools, universities, and libraries and an undermining of
democratic and civil society institutions influenced by neoliberalism has been explored by
Buschman.[215]

Asia-Pacific

Scholars who emphasized the key role of the developmental state in the early period of fast
industrialization in East Asia in the late 19th century now argue that South Korea, Taiwan and
Singapore have transformed from developmental to close-to-neoliberal states. Their arguments are
matter of scholarly debate.[216]

China

Following the death of Mao Zedong in 1976, Deng Xiaoping led the country through far ranging
market-centered reforms, with the slogan of Xiǎokāng, that combined neoliberalism with centralized
authoritarianism. These focused on agriculture, industry, education and science/defense.[103]

Experts debate the extent to which traditional Maoist communist doctrines have been transformed
to incorporate the new neoliberal ideas. In any case, the Chinese Communist Party remains a
dominant force in setting economic and business policies.[217][218] Throughout the 20th century,
Hong Kong was the outstanding neoliberal exemplar inside China.[219]

Taiwan

Taiwan exemplifies the impact of neoliberal ideas. The policies were pushed by the United States
but were not implemented in response to a failure of the national economy, as in numerous other
countries.[220]

Japan

Neoliberal policies were at the core of the leading party in Japan, the Liberal Democratic Party
(LDP), after 1980. These policies had the effect of abandoning the traditional rural base and
emphasizing the central importance of the Tokyo industrial-economic region.[221] Neoliberal
proposals for Japan's agricultural sector called for reducing state intervention, ending the protection
of high prices for rice and other farm products, and exposing farmers to the global market. The
1993 Uruguay Round of the General Agreement on Tariffs and Trade negotiations opened up the rice
market. Neoconservative leaders called for the enlargement, diversification, intensification, and
corporatization of the farms receiving government subsidies. In 2006, the ruling LDP decided to no
longer protect small farmers with subsidies. Small operators saw this as favoritism towards big
corporate agriculture and reacted politically by supporting the Democratic Party of Japan (DPJ),
helping to defeat the LDP in nationwide elections.[222]

South Korea

In South Korea, neoliberalism had the effect of strengthening the national government's control over
economic policies. These policies were popular to the extent that they weakened the historically
very powerful chaebol family-owned conglomerates.[223]

India

In India, Prime Minister Narendra Modi took office in 2014 with a commitment to implement
neoliberal economic policies. This commitment would shape national politics and foreign affairs
and put India in a race with China and Japan for economic supremacy in East Asia.[224][225]

Australia

In Australia, neoliberal economic policies (known at the time as "economic rationalism"[226] or

"economic fundamentalism") have been embraced by governments of both the Labor Party and the
Liberal Party since the 1980s. The Labor governments of Bob Hawke and Paul Keating from 1983 to
1996 pursued a program of economic reform focused on economic liberalisation. These
governments privatised government corporations, deregulated factor markets, floated the Australian
dollar and reduced trade protections.[227] Another key policy was the accords which was an
agreement with unions to agree to a reduction in strikes, wage demands and a real wage cut in
exchange for the implementation of social policies, such as Medicare and superannuation.[228] The
Howard government continued these policies, whilst also acting to reduce union power, cut welfare
and reduce government spending.[229]

Keating, building on policies he had introduced while federal treasurer, implemented a compulsory
superannuation guarantee system in 1992 to increase national savings and reduce future
government liability for old age pensions.[230] The financing of universities was deregulated,
requiring students to contribute to university fees through a repayable loan system known as the
Higher Education Contribution Scheme (HECS) and encouraging universities to increase income by
admitting full-fee-paying students, including foreign students.[231] The admission of domestic full-
fee-paying students to public universities was abolished in 2009 by the Rudd Labor government.[232]

Immigration to the mainland capitals by refugees have seen capital flows follow soon after, such as
from war-torn Lebanon and Vietnam. Later economic migrants from mainland China also, up to
recent restrictions, had invested significantly in the property markets.[233]
New Zealand

In New Zealand, neoliberal economic policies were implemented under the Fourth Labour
Government led by Prime Minister David Lange. These neoliberal policies are commonly referred to
as Rogernomics, a portmanteau of "Roger" and "economics", after Lange appointed Roger Douglas
minister of finance in 1984.[234]

Lange's government had inherited a severe balance of payments crisis as a result of the deficits
from the previously implemented two-year freeze on wages and prices by preceding Prime Minister
Robert Muldoon, who had also maintained an exchange rate many economists now believe was
unsustainable.[235] The inherited economic conditions lead Lange to remark "We ended up being run
very similarly to a Polish shipyard."[236] On 14 September 1984, Lange's government held an
Economic Summit to discuss the underlying problems with New Zealand's economy, which lead to
calls for dramatic economic reforms previously proposed by the Treasury Department.[237]

A reform program consisting of deregulation and the removal of tariffs and subsidies was put in
place. This had an immediate effect on New Zealand's agricultural community, who were hit hard by
the loss of subsidies to farmers.[238] A superannuation surcharge was introduced, despite having
promised not to reduce superannuation, resulting in Labour losing support from the elderly. The
financial markets were also deregulated, removing restrictions on interests rates, lending and
foreign exchange. In March 1985, the New Zealand dollar was floated.[239] Additionally, a number of
government departments were converted into state-owned enterprises, which lead to significant job
losses: 3,000 within the Electricity Corporation; 4,000 within the Coal Corporation; 5,000 within the
Forestry Corporation; and 8,000 within the New Zealand Post.[238]

New Zealand became a part of the global economy. The focus in the economy shifted from the
productive sector to finance as a result of zero restrictions on overseas money coming into the
country. Finance capital outstripped industrial capital and the manufacturing industry suffered
approximately 76,000 job losses.[240]

Middle East

Beginning in the late 1960s, a number of neoliberal reforms were implemented in the Middle
East.[241][242] For instance, Egypt is frequently linked to the implementation of neoliberal policies,
particularly with regard to the 'open-door' policies of President Anwar Sadat throughout the
1970s,[243] and Hosni Mubarak's successive economic reforms between 1981 and 2011.[244] These
measures, known as al-Infitah, were later diffused across the region. In Tunisia, neoliberal economic
policies are associated with former president and de facto dictator[245] Zine El Abidine Ben Ali;[246]
his reign made it clear that economic neoliberalism can coexist and even be encouraged by
authoritarian states.[247] Responses to globalisation and economic reforms in the Gulf have also
been approached via a neoliberal analytical framework.[248]

International organizations

The adoption of neoliberal policies in the 1980s by international institutions such as the
International Monetary Fund (IMF) and the World Bank had a significant impact on the spread of
neoliberal reform worldwide.[249] To obtain loans from these institutions, developing or crisis-
wracked countries had to agree to institutional reforms, including privatization, trade liberalization,
enforcement of strong private property rights, and reductions to government spending.[250][103] This
process became known as structural adjustment, and the principles underpinning it the Washington
Consensus.[251]

European Union

The European Union (EU), created in 1992, is sometimes considered a neoliberal organization, as it
facilitates free trade and freedom of movement, erodes national protectionism and limits national
subsidies.[252] Others underline that the EU is not completely neoliberal as it leaves the development
of welfare policies to its constituent states.[253][254]

Traditions

Austrian School

The Austrian School is a school of economic thought originating in late-19th and early-20th century
Vienna which bases its study of economic phenomena on the interpretation and analysis of the
purposeful actions of individuals.[255][256][257] In the 21st century, the term has increasingly been
used to denote the free-market economics of Austrian economists Ludwig von Mises and Friedrich
Hayek,[258][259][260] including their criticisms of government intervention in the economy,[261] which
has tied the school to neoliberal thought.[262][263][264][265]

Economists associated with the school, including Carl Menger, Eugen Böhm von Bawerk, Friedrich
von Wieser, Friedrich Hayek, and Ludwig von Mises, have been responsible for many notable
contributions to economic theory, including the subjective theory of value, marginalism in price
theory, Friedrich von Wieser's theories on opportunity cost, Eugen von Böhm-Bawerk's theories on
time preference, the formulation of the economic calculation problem, as well as a number of
criticisms of Marxian economics.[266][267] Former Federal Reserve Chairman Alan Greenspan,
speaking of the originators of the School, said in 2000 that "the Austrian School have reached far
into the future from when most of them practiced and have had a profound and, in my judgment,
probably an irreversible effect on how most mainstream economists think in [the United
States]".[268]

Chicago School

The Chicago school of economics is a neoclassical school of thought within the academic
community of economists, with a strong focus around the faculty of the University of Chicago.
Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s,
when it turned to new classical macroeconomics heavily based on the concept of rational
expectations.[269] The school is strongly associated with University of Chicago economists such as
Milton Friedman, George Stigler, Ronald Coase and Gary Becker.[270] In the 21st century, economists
such as Mark Skousen refer to Friedrich Hayek as a key economist who influenced this school in the
20th century having started his career in Vienna and the Austrian school of economics.[259]

The school emphasizes non-intervention from government and generally rejects regulation in
markets as inefficient, with the exception of the regulation of the money supply by central banks (in
the form of monetarism). Although the school's association with neoliberalism is sometimes
resisted by its proponents,[269] its emphasis on reduced government intervention in the economy
and a laissez-faire ideology have brought about an affiliation between the Chicago school and
neoliberal economics.[15][271]

Washington Consensus

The Washington Consensus is a set of standardized policy prescriptions often associated with
neoliberalism that were developed by the International Monetary Fund (IMF), the World Bank, and
the US Department of Treasury for crisis-wracked developing countries.[272][273][274] These
prescriptions, often attached as conditions for loans from the IMF and World Bank, focus on market
liberalization, and in particular on lowering barriers to trade, controlling inflation, privatizing state-
owned enterprises, and reducing government budget deficits. Williamson has rejected any
association with neoliberalism and has publicly stated his regret with the term itself, saying that the
original 10 points were supposed to be a model for fiscal discipline and macroeconomic
stabilization, not monetarism, supply-side economics, or a minimal state (which Williamson argues
are the important elements of the Neoliberal model).[275]

Political policy aspects

Neoliberal policies center around economic liberalization, including reductions to trade barriers and
other policies meant to increase free trade, deregulation of industry, privatization of state-owned
enterprises, reductions in government spending, and monetarism.[82] Neoliberal theory contends
that free markets encourage economic efficiency, economic growth, and technological innovation.
State intervention, even if aimed at encouraging these phenomena, is generally believed to worsen
economic performance.[276]

Economic and political freedom

Many neoliberal thinkers advance the view that economic and

Economic and political freedom
political freedom are inextricably linked. Milton Friedman
are inextricably linked with each
argued in his book Capitalism and Freedom that economic
other. There cannot be any
freedom, while itself an extremely important component of
question of liberty and religious
absolute freedom, is also a necessary condition for political
and intellectual tolerance where
freedom. He claimed that centralized control of economic
there is no economic
activities is always accompanied by political repression. In his
freedom.[277]
view, the voluntary character of all transactions in an
unregulated market economy and the wide diversity of —Ludwig von Mises
choices that it permits pose fundamental threats to repressive
political leaders by greatly diminishing their power to coerce people economically. Through the
elimination of centralized control of economic activities, economic power is separated from political
power and each can serve as a counterbalance to the other. Friedman feels that competitive
capitalism is especially important to minority groups since impersonal market forces protect people
from discrimination in their economic activities for reasons unrelated to their productivity.[278] In The
Road to Serfdom, Friedrich Hayek offered a similar argument: "Economic control is not merely
control of a sector of human life which can be separated from the rest; it is the control of the means
for all our ends".[129]
Free trade

A central feature of neoliberalism is the support of free trade,[279][280][281][282][283] and policies that
enable free trade, like the North American Free Trade Agreement, are often associated with
neoliberalism.[284] Neoliberals argue that free trade promotes economic growth,[285] reduces
poverty,[285][279] produces gains of trade like lower prices as a result of comparative advantage,[286]
maximizes consumer choice,[287] and is essential to freedom,[288][289] as they believe voluntary trade
between two parties should not be prohibited by government.[290] Relatedly, neoliberals argue that
protectionism is harmful to consumers,[291] who will be forced to pay higher prices for goods;[292]
incentivizes individuals to misuse resources;[293] distorts investment;[293] stifles innovation;[294] and
props up certain industries at the expense of consumers and other industries.[295]

Monetarism

Monetarism is an economic theory commonly associated with neoliberalism.[103] Formulated by

Milton Friedman, it focuses on the macroeconomic aspects of the supply of money, paying
particular attention to the effects of central banking.[296] It argues that excessive expansion of the
money supply is inherently inflationary and that monetary authorities should focus primarily on
maintaining price stability, even at the cost of other macroeconomic factors like economic growth.

Monetarism is often associated with the policies of the U.S. Federal Reserve under the
chairmanship of economist Paul Volcker,[103] which centered around high interest rates that are
widely credited with ending the high levels of inflation seen in the United States during the 1970s
and early 1980s[297] as well as contributing to the 1980–1982 recession.[298] Monetarism had
particular force in Chile, whose central bank raised interest rates to counter inflation that had
spiraled to over 600%.[117] This helped to successfully reduce inflation to below 10%,[117] but also
resulted in job losses.
Criticism

Noam Chomsky's 1999 book

Profit Over People:
Neoliberalism and Global
Order is an open critique of
neoliberalism and the
American economic
structure.

Neoliberalism has faced criticism by academics, journalists, religious leaders, and activists from
both the political left and right.[299][300] Notable critics of neoliberalism in theory or practice include
economists Joseph Stiglitz,[301] Amartya Sen,[302] Michael Hudson,[303] Ha-Joon Chang,[304] Robert
Pollin,[305] Thomas Piketty,[306][307] and Richard D. Wolff;[308] linguist Noam Chomsky;[309] geographer
and anthropologist David Harvey;[103] Slovenian continental philosopher Slavoj Žižek,[310] political
activist and public intellectual Cornel West;[311] Marxist feminist Gail Dines;[312] British musician and
political activist Billy Bragg;[313] author, activist and filmmaker Naomi Klein;[314] head of the Catholic
Church Pope Francis;[315] journalist and environmental activist George Monbiot;[316] Belgian
psychologist Paul Verhaeghe;[317] journalist and activist Chris Hedges;[318] conservative philosopher
Roger Scruton;[319] and the alter-globalization movement, including groups such as ATTAC.

The impact of the Great Recession in 2008 has given rise to a surge in new scholarship that
criticizes neoliberalism.[320]

Market fundamentalism

Neoliberal thought has been criticized for supposedly having

The progress of the last 40
an undeserved "faith" in the efficiency of markets, in the
years has been mostly cultural,
superiority of markets over centralized economic planning, in
culminating, the last couple of
the ability of markets to self-correct, and in the market's ability
years, in the broad legalization
[322][82]
to deliver economic and political freedom. Economist
of same-sex marriage. But by
Paul Krugman has argued that the "laissez-faire absolutism"
promoted by neoliberals "contributed to an intellectual climate many other measures,
in which faith in markets and disdain for government often especially economic, things
trumps the evidence".[82] Political theorist Wendy Brown has have gotten worse, thanks to
gone even further and asserted that the overriding objective the establishment of neo-liberal
of neoliberalism is "the economization of all features of principles — anti-unionism,
life".[323] A number of scholars have argued that, in practice, deregulation, market
this "market fundamentalism" has led to a neglect of social fundamentalism and
goods not captured by economic indicators, an erosion of intensified, unconscionable
democracy, an unhealthy promotion of unbridled individualism greed — that began with
[324]
and social Darwinism, and economic inefficiency. Richard Nixon and picked up
steam under Ronald Reagan.
Some critics contend neoliberal thinking prioritizes economic
Too many are suffering now
indicators like GDP growth and inflation over social factors
because too few were fighting
that might not be easy to quantify, like labor rights[325] and
then.
access to higher education.[326] This focus on economic
efficiency can compromise other, perhaps more important, —Mark Bittman[321]
factors, or promote exploitation and social injustice.[327] For
example, anthropologist Mark Fleming argues that when the performance of a transit system is
assessed purely in terms of economic efficiency, social goods such as strong workers' rights are
considered impediments to maximum performance.[328] He supports this assertion with a case
study of the San Francisco Municipal Railway (Muni), which is one of the slowest major urban
transit systems in the US and has one of the worst on-time performance rates.[329][330] This poor
performance, he contends, stems from structural problems including an aging fleet and
maintenance issues. He argues that the neoliberal worldview singled out transit drivers and their
labor unions, blaming drivers for failing to meet impossible transit schedules and considering
additional costs to drivers as lost funds that reduce system speed and performance. This produced
vicious attacks on the drivers' union and brutal public smear campaigns, ultimately resulting in the
passing of Proposition G, which severely undermined the powers of the Muni drivers' union.

American scholar and cultural critic Henry Giroux alleges that neoliberal market fundamentalism
fosters a belief that market forces should organize every facet of society, including economic and
social life, and promotes a social Darwinist ethic that elevates self-interest over social
needs.[331][332][333] Marxist economic geographer David Harvey argues that neoliberalism promotes
an unbridled individualism that is harmful to social solidarity.[334]

While proponents of economic liberalization have often pointed out that increasing economic
freedom tends to raise expectations on political freedom, some scholars see the existence of non-
democratic yet market-liberal regimes and the seeming undermining of democratic control by
market processes as evidence that this characterization is ahistorical.[335] Some scholars contend
that neoliberal focuses may even undermine the basic elements of democracy.[335][336][337][338]
Kristen Ghodsee, ethnographer at the University of Pennsylvania, asserts that the triumphalist
attitudes of Western powers at the end of the Cold War and the fixation on linking all leftist political
ideals with the excesses of Stalinism, permitted neoliberal, free-market capitalism to fill the void,
which undermined democratic institutions and reforms, leaving a trail of economic misery,
unemployment and rising economic inequality throughout the former Eastern Bloc and much of the
West that fueled a resurgence of extremist nationalism.[339] Costas Panayotakis has argued that the
economic inequality engendered by neoliberalism creates inequality of political power, undermining
democracy and the citizen's ability to meaningfully participate.[340]

Despite the focus on economic efficiency, some critics allege that neoliberal policies actually
produce economic inefficiencies. The replacement of a government-owned monopoly with privately
owned companies might reduce the efficiencies associated with economies of scale.[341]
Structurally, some economists argue that neoliberalism is a system that socializes costs and
privatizes profits.[342][343] They argue this results in an abdication of private responsibility for socially
destructive economic choices and may result in regressive governmental controls on the economy
to reduce damages by private individuals.

American political theologian Adam Kotsko argues that contemporary right-wing populism,
exemplified by Brexit and the Trump Administration, represent a "heretical" variant of neoliberalism,
which accepts its core tenets but pushes them to new, almost "parodic" extremes.[344]

Inequality

Wealth inequality in the United States

increased from 1989 to 2013.

Critics have argued that neoliberal policies have increased economic inequality[6][345] and
exacerbated global poverty.[346][347][348] The Center for Economic and Policy Research's (CEPR) Dean
Baker argued in 2006 that the driving force behind rising inequality in the United States has been a
series of deliberate neoliberal policy choices, including anti-inflationary bias, anti-unionism and
profiteering in the healthcare industry.[349] The economists David Howell and Mamadou Diallo
contend that neoliberal policies have contributed to a United States economy in which 30% of
workers earn low wages (less than two-thirds the median wage for full-time workers) and 35% of the
labor force is underemployed while only 40% of the working-age population in the country is
adequately employed.[350] The globalization of neoliberalism has been blamed for the emergence of
a "precariat", a new social class facing acute socio-economic insecurity and alienation.[351] In the
United States, the "neoliberal transformation" of industrial relations, which considerably diminished
the power of unions and increased the power of employers, has been blamed by many for
increasing precarity, which could be responsible for as many as 120,000 excess deaths per year.[352]
In Venezuela, prior to the Venezuelan crisis, deregulation of the labor market resulted in greater
informal employment and a considerable increase in industrial accidents and occupational
diseases.[353] Even in Sweden, in which only 6% of workers are beset with wages the OECD
considers low,[354] some scholars argue that the adoption of neoliberal reforms—in particular the
privatization of public services and the reduction of state benefits—is the reason it has become the
nation with the fastest growing income inequality in the OECD.[355][356]

Member nations of the International Monetary Fund

A 2016 report by researchers at the International Monetary Fund (IMF) was critical of neoliberal
policies for increasing economic inequality.[69] While the report included praise for neoliberalism,
saying "there is much to cheer in the neoliberal agenda," it noted that certain neoliberal policies,
particularly freedom of capital and fiscal consolidation, resulted in "increasing inequality", which "in
turn jeopardized durable [economic] expansion". The report contends that the implementation of
neoliberal policies by economic and political elites has led to "three disquieting conclusions":

The benefits in terms of increased growth seem fairly difficult to establish when looking at a
broad group of countries.

The costs in terms of increased inequality are prominent. Such costs epitomize the trade-off
between the growth and equity effects of some aspects of the neoliberal agenda.

Increased inequality in turn hurts the level and sustainability of growth. Even if growth is the sole
or main purpose of the neoliberal agenda, advocates of that agenda still need to pay attention to
the distributional effects.[357]

A number of scholars see increasing inequality arising out of neoliberal policies as a deliberate
effort, rather than a consequence of ulterior motives like increasing economic growth. Marxist
economic geographer David Harvey describes neoliberalism as a "class project" "carried out by the
corporate capitalist class", and argued in his book A Brief History of Neoliberalism that neoliberalism
is designed to increase the class power of economic elites.[193][358][103] Economists Gérard Duménil
and Dominique Lévy posit that "the restoration and increase of the power, income, and wealth of the
upper classes" are the primary objectives of the neoliberal agenda.[359] Economist David M. Kotz
contends that neoliberalism "is based on the thorough domination of labor by capital".[360] Similarly,
Elizabeth S. Anderson writes that neoliberalism has "shifted economic and political power to private
businesses, executives, and the very rich" and that "more and more, these organizations and
individuals govern everyone else."[361] Sociologist Thomas Volscho argues that the imposition of
neoliberalism in the United States arose from a conscious political mobilization by capitalist elites
in the 1970s, who faced two self-described crises: the legitimacy of capitalism and a falling rate of
profitability in industry.[362] In The Global Gamble, Peter Gowan argued that "neoliberalism" was not
only a free-market ideology but "a social engineering project". Globally, it meant opening a state's
political economy to products and financial flows from the core countries. Domestically,
neoliberalism meant the remaking of social relations "in favour of creditor and rentier interests, with
the subordination of the productive sector to financial sectors, and a drive to shift wealth, power and
security away from the bulk of the working population."[363]

According to Jonathan Hopkin, the United States took the lead in implementing the neoliberal
agenda in the 1980s, making it "the most extreme case of the subjection of society to the brute
force of the market." As such, he argues this made the United States an outlier with economic
inequality hitting "unprecedented levels for the rich democracies," and notes that even with average
incomes "very high by global standards," US citizens "face greater material hardship than their
counterparts in much poorer countries." These developments, along with financial instability and
limited political choice, have resulted in political polarization, instability and revolt in the United
States.[364]

A 2022 study published in Perspectives on Psychological Science found that in countries where
neoliberal institutions have significant influence over policy the psychology of those populations are
molded not only to be more willing to tolerate large levels of income inequality, but actually prefer it
over more egalitarian outcomes.[365][366]
Right-wing populism and nationalism

Research by Kristen Ghodsee, ethnographer and Professor of Russian and East European Studies at
the University of Pennsylvania, argues that widespread discontent with neoliberal capitalism has led
to a "red nostalgia" in much of the former Communist bloc. She argues that "the political freedoms
that came with democracy were packaged with the worst type of unregulated, free-market
capitalism, which completely destabilized the rhythms of everyday life and brought crime, corruption
and chaos where there had once been comfortable predictability."[367] This ultimately fueled a
resurgence of extremist nationalism such as Vladimir Putin in Russia,[368] Viktor Orbán in Hungary,
Alexander Lukashenko in Belarus, and the Law and Justice party in Poland.[339]

The aftermath of the Great Recession and decline of the Rust Belt have been cited as contributing to
the rise of right-wing populism in the United States, including the victory of Donald Trump in the
2016 U.S. presidential election.[369][370][371]

Corporatocracy

Some organizations and economists argue that neoliberal

Instead of citizens, it produces
policies increase the power of corporations and shift wealth
consumers. Instead of
to the upper classes.[308] For instance, Jamie Peck and Adam
communities, it produces
Tickell argue that urban citizens are increasingly deprived of
shopping malls. The net result
the power to shape the basic conditions of daily life, which are
is an atomized society of
instead shaped by corporations involved in the competitive
disengaged individuals who
economy.[373]
feel demoralized and socially
The International Monetary Fund (IMF) and World Bank, two powerless.
major international organizations which often espouse
—Robert W. McChesney[372]
[374]
neoliberal views, have been criticized for advancing
neoliberal policies around the world.[375][376] Sheldon Richman,
editor of the libertarian journal The Freeman, argues that the IMF has imposed a "corporatist-
flavored 'neoliberalism' on the troubled countries of the world."[377] He contends that IMF policies of
spending cuts and tax increases, as well as subjection to paternalistic supranational bureaucrats,
have fostered "long-term dependency, perpetual indebtedness, moral hazard, and politicization" in
the developing world, which has undermined "real market reform" and "set back the cause of
genuine liberalism." Ramaa Vasudevan, associate professor of economics at Colorado State
University, states that trade policies and treaties fostered by the United States in the neoliberal era,
along with bailouts brokered by the World Bank and the IMF, have allowed corporate capital to
expand around the world unimpeded by trade protections or national borders, "sucking countries in
different regions of the world into global corporations' logic of accumulation." This expansion of
global corporate capital, Vasudevan says, has buttressed its ability to "orchestrate a global division
of labor most conducive to the demands of profitability" which in turn has facilitated "a brutal, global
race to the bottom".[378]

Mark Arthur, a Senior Fellow at the Center for Global Development Research in Denmark, has written
that the influence of neoliberalism has given rise to an "anti-corporatist" movement in opposition to
it. This "anti-corporatist" movement is articulated around the need to reclaim the power that
corporations and global institutions have stripped from governments. He says that Adam Smith's
"rules for mindful markets" served as a basis for the anti-corporate movement, "following
government's failure to restrain corporations from hurting or disturbing the happiness of the
neighbor [Smith]".[379]

Mass incarceration

Several scholars have linked mass incarceration of the poor in

The invisible hand of the
the United States with the rise of neoliberalism.[381][382][383][384]
market and the iron fist of the
Sociologist Loïc Wacquant and Marxist economic geographer
state combine and complement
David Harvey have argued that the criminalization of poverty
each other to make the lower
and mass incarceration is a neoliberal policy for dealing with
classes accept desocialized
social instability among economically marginalized
wage labor and the social
populations.[385][103] According to Wacquant, this situation
instability it brings in its wake.
follows the implementation of other neoliberal policies, which
After a long eclipse, the prison
have allowed for the retrenchment of the social welfare state
thus returns to the frontline of
and the rise of punitive workfare, whilst increasing
institutions entrusted with
gentrification of urban areas, privatization of public functions,
maintaining the social order.
the shrinking of collective protections for the working class
via economic deregulation and the rise of underpaid, —Loïc Wacquant[380]
precarious wage labor.[386][387] By contrast, it is extremely
lenient in dealing with those in the upper echelons of society, in particular when it comes to
economic crimes of the upper class and corporations such as fraud, embezzlement, insider trading,
credit and insurance fraud, money laundering and violation of commerce and labor codes.[385][388]
According to Wacquant, neoliberalism does not shrink government, but instead sets up a "centaur
state" with little governmental oversight for those at the top and strict control of those at the
bottom.[385][389]
United States incarceration rate per
100,000 population, 1925–2014[390][391]

In expanding upon Wacquant's thesis, sociologist and political economist John L. Campbell of
Dartmouth College suggests that through privatization the prison system exemplifies the centaur
state. He states that "on the one hand, it punishes the lower class, which populates the prisons; on
the other hand, it profits the upper class, which owns the prisons, and it employs the middle class,
which runs them." In addition, he argues that the prison system benefits corporations through
outsourcing, as inmates are "slowly becoming a source of low-wage labor for some US
corporations". Both through privatization and outsourcing, Campbell argues, the penal state reflects
neoliberalism.[392]: 61 Campbell also argues that while neoliberalism in the United States established
a penal state for the poor, it also put into place a debtor state for the middle class and that "both
have had perverse effects on their respective targets: increasing rates of incarceration among the
lower class and increasing rates of indebtedness—and recently home foreclosure—among the
middle class."[392]: 68

David McNally, Professor of Political Science at York University, argues that while expenditures on
social welfare programs have been cut, expenditures on prison construction have increased
significantly during the neoliberal era, with California having "the largest prison-building program in
the history of the world".[393] The scholar Bernard Harcourt contends the neoliberal concept that the
state is inept when it comes to economic regulation, but efficient in policing and punishing "has
facilitated the slide to mass incarceration".[394] Both Wacquant and Harcourt refer to this
phenomenon as "Neoliberal Penality".[395][396]

Financialization

The implementation of neoliberal policies and the acceptance of neoliberal economic theories in the
1970s are seen by some academics as the root of financialization, with the Great Recession as one
of its results.[56][397][398] In particular, various neoliberal ideologies that had long been advocated by
elites, such as monetarism and supply-side economics, were translated into government policy by
the Reagan administration, which resulted in decreased government regulation and a shift from a
tax-financed state to a debt-financed one. While the profitability of industry and the rate of economic
growth never recovered to the heyday of the 1960s, the political and economic power of Wall Street
and finance capital vastly increased due to debt-financing by the state.[362] A 2016 International
Monetary Fund (IMF) report blames certain neoliberal policies for exacerbating financial crises
around the world, causing them to grow bigger and more damaging.[69][399]

Globalization

Neoliberalism is commonly viewed by scholars as

If you wanted to convince the public
encouraging of globalization,[401] which is the subject
that international trade agreements
of much criticism.
are a way to let multinational
The emergence of the "precariat", a new class facing companies get rich at the expense of

acute socio-economic insecurity and alienation due to ordinary people, this is what you would
offshoring and a global race to the bottom, has been do: give foreign firms a special right to
attributed to the globalization of neoliberalism.[351] apply to a secretive tribunal of highly
paid corporate lawyers for
In a 2022 article for the journal Global Environmental compensation whenever a government
Change, Jason Hickel et al. argued that unequal passes a law to, say, discourage
exchange between the Global North and Global South smoking, protect the environment or
in the era of neoliberal globalization led to a quantified prevent a nuclear catastrophe. Yet that
$242 trillion in net appropriation of raw materials, is precisely what thousands of trade
energy and labor from the latter to the former and investment treaties over the past
[402]
(constant 2010 USD) between 1990 and 2015. half century have done, through a
process known as 'investor-state
Economic nationalism
dispute settlement', or ISDS.[400]
Some critics of neoliberalism view it as weakening the
sovereignty of nations in favor of cosmopolitanism and —The Economist, October 2014

globalization. Neoliberalism favors immigration, in

contrast to right-wing populist political parties that oppose immigration.[403][404]

Neoliberalism also favors investor–state dispute settlement in free trade agreements, which has
been criticized as violating sovereign immunity and the capacity of governments to implement
reforms and legislative programs related to public health, environmental protection, and human
rights.[405][406]
Imperialism

A number of scholars have alleged neoliberalism encourages or covers for imperialism.[407][408][409]

For instance, Ruth J Blakeley, Professor of Politics and International Relations at the University of
Sheffield, accuses the United States and its allies of fomenting state terrorism and mass killings
during the Cold War as a means to buttress and promote the expansion of capitalism and
neoliberalism in the developing world.[410] As an example of this, Blakeley says the case of
Indonesia demonstrates that the U.S. and the UK put the interests of capitalist elites over the human
rights of hundreds of thousands of Indonesians by supporting the Indonesian Army as it waged a
campaign of mass killings, which resulted in the annihilation of the Communist Party of Indonesia
and its civilian supporters. Historian Bradley R. Simpson posits that this campaign of mass killings
was "an essential building block of the neoliberal policies that the West would attempt to impose on
Indonesia after Sukarno's ouster."[411] Geographer David Harvey argues neoliberalism encourages an
indirect form of imperialism that focuses on the extraction of resources from developing countries
via financial mechanisms.[412]

This is practiced through international institutions like the International Monetary Fund (IMF) and
World Bank who negotiate debt relief with developing nations. He alleges that these institutions
prioritize the financial institutions that grant the loans over the debtor countries and place
requirements on loans that, in effect, act as financial flows from debtor countries to developed
countries (for example, to receive a loan a state must have sufficient foreign exchange reserves—
requiring the debtor state to buy US Treasury bonds, which have interest rates lower than those on
the loan). Economist Joseph Stiglitz, Chief Economist of the World Bank from 1997 to 2000, has
said of this: "What a peculiar world in which poor countries are in effect subsidizing the richest."[147]

Global health

The neoliberal approach to global health advocates privatization of the healthcare industry and
reduced government interference in the market, and focuses on non-governmental organizations
(NGOs) and international organizations like the International Monetary Fund (IMF) and the World
Bank rather than government.[413] This approach has faced considerable criticism, such as the
TRIPS Agreement hampering access to essential medicines in the Global South (i.e. during the AIDS
and COVID-19 pandemics).[414][415][416]

James Pfeiffer, Professor of Global Health at the University of Washington, has criticised the use of
Structural Adjustment Programs (SAPs) by the World Bank and IMF in Mozambique, which resulted
in reduced government health spending, leading international NGOs to fill service holes previously
filled by government.[417] Rick Rowden, a Senior Economist at Global Financial Integrity, has
criticised the IMF's monetarist approach of prioritising price stability and fiscal restraint, which he
alleges was unnecessarily restrictive and prevented developing countries from scaling up long-term
investment in public health infrastructure.[415]

Within the developed capitalist world, according to Dylan Sullivan and Jason Hickel, neoliberal
countries like the United States have inferior health outcomes and more poverty compared to social
democracies with universalist welfare states, in particular the Nordics.[418] Some commentators
have blamed neoliberalism for various social ills,[419][420] including mass shootings,[419][421][422]
increased homelessness,[423][424] and deaths of despair in the United States,[425] sense of social
disconnection, competition, and loneliness.[426]

Environmental impact

The European Union–Mercosur free

trade agreement, which would form
one of the world's largest free trade
areas, has been denounced by
environmental activists and
indigenous rights campaigners.

It has been argued that trade-led, unregulated economic activity and lax state regulation of pollution
have led to environmental degradation.[427][428] Furthermore, modes of production encouraged under
neoliberalism may reduce the availability of natural resources over the long term, and may therefore
not be sustainable within the world's limited geographical space.[429]

In Robert Fletcher's 2010 piece, "Neoliberal Environmentality: Towards a Poststructuralist Political

Ecology of the Conservation Debate"[430] his premise is that there is a conflict of ideas in
conservation; that on one side of things you have deep ecology and protectionist paradigms and on
the other side you have community based conservation efforts. There are problems with both
approaches, and on either side they frequently fail to do conservation work in a substantial way. In
the middle, Fletcher sees a space where social sciences are able to critique both sides of and blend
the approaches, forming not a triangle of ideologies, but a spectrum. The relationship between
capitalism and conservation is one that has to be reckoned with due to an overarching neoliberal
framework guiding most conservation efforts.

According to ecologist William E. Rees, the "neoliberal paradigm contributes significantly to

planetary unraveling" by treating the economy and the ecosphere as totally separate systems, and
by neglecting the latter.[431] Marxist economic geographer David Harvey argues neoliberalism is to
blame for increased rates of extinction.[432] Notably, he observes that "the era of neoliberalization
also happens to be the era of the fastest mass extinction of species in the Earth's recent history."
American philosopher and animal rights activist Steven Best argues that three decades of neoliberal
policies have "marketized the entire world" and intensified "the assault on every ecosystem on the
earth as a whole".[433] Neoliberalism reduces the "tragedy of the commons" to an argument for
private ownership.[434]

The Friedman doctrine, which Nicolas Firzli has argued defined the neoliberal era,[435] may lead
companies to neglect concerns for the environment.[436] Firzli insists that prudent, fiduciary-driven
long-term investors cannot ignore the environmental, social and corporate governance
consequences of actions taken by the CEOs of the companies whose shares they hold as "the long-
dominant Friedman stance is becoming culturally unacceptable and financially costly in the
boardrooms of pension funds and industrial firms in Europe and North America".[435]

Critics like Noel Castree focus on the relationship between neoliberalism and the biophysical
environment explain that critics of neoliberals see the free market as the best way to mediate the
relationship between producers and consumers, as well as maximize freedom in a more general
sense which they view as inherently good. Castree also asserts that the assumption that markets
will allow for the maximization of individual freedom is incorrect.[437]

Conservation and management of natural resources has also been impacted by neoliberal policies
and development. Prior to the neoliberalization of conservation efforts, conservation was done on
the part of governmental and regulatory entities. Although conservation has typically been
considered the "antithesis of production",[438] with the global shift towards neoliberalization,
conservation programs have also shifted towards becoming a "mode of capitalist production".[438]
It's done so through the reliance on private entities, non-governmental organizations, resource
commodification and entrepreneurship (big and small). Access to the market through natural
resource commodification became a neoliberal tool for communities and regions to further develop.

One scholar and critic of neoliberal conservation, Dan Klooster, published a study on forest
certification in Mexico which demonstrated the socio-environmental consequences of neoliberal
conservation networks.[439] In this example, global markets and a desire for sustainably-sourced
products led to the adoption of forest certification programs, such as the Forest Conservation Fund,
by Mexican companies. These certifications require that forest managers make improvements to
the environmental and social aspects of harvesting wood and in return they gain access to
international markets that prefer the consumption of certified wood. Today, 12 percent of Mexico's
logged forests do so under a certification. However, many small logging businesses aren't able to
successfully compete amongst the global market forces without accepting inaccessible costs to
certification and unsatisfactory market prices and demand. Klooster uses this conservation
example to demonstrate how the social impacts of conservation commodification can be both
positive and negative. On the one hand the certification can create networks of producers, certifiers
and consumers that oppose the socio-environmental disparities caused by the forestry industry, but
on the other hand they might also widen further the north–south divisions.

Religious opposition

Catholic political scientist Albert Bikaj considers the neoliberal concept of free market
"fundamentally nihilistic" because it's profit-oriented, neglecting Christian ethics and undermining
human dignity, common good, environment, and civilisation.[440] In his 84-page apostolic exhortation
Evangelii gaudium, Catholic Pope Francis described unfettered capitalism as "a new tyranny" and
called on world leaders to fight rising poverty and inequality, stating:[441]

Some people continue to defend trickle-down theories which assume that economic
growth, encouraged by a free market, will inevitably succeed in bringing about
greater justice and inclusiveness in the world. This opinion, which has never been
confirmed by the facts, expresses a crude and naive trust in the goodness of those
wielding economic power and in the sacralized workings of the prevailing
economic system. Meanwhile, the excluded are still waiting.[442]

Political opposition

In political science, disillusionment with neoliberalism is seen as a cause of de-politicization and the
growth of anti-political sentiment, which can in turn encourage populist politics and re-
politicization.[443]

Instances of political opposition to neoliberalism from the late 1990s onward include:

Research by Kristen Ghodsee, ethnographer and Professor of Russian and East European Studies
at the University of Pennsylvania, argues that widespread discontent with neoliberal capitalism
has led to a "red nostalgia" in much of the former Communist bloc. She argues that "the political
freedoms that came with democracy were packaged with the worst type of unregulated, free-
market capitalism, which completely destabilized the rhythms of everyday life and brought crime,
corruption and chaos where there had once been comfortable predictability",[444] which ultimately
fueled a resurgence of extremist nationalism.[339]

In Latin America, the "pink tide" that swept leftist governments into power at the turn of the
millennium can be seen as a reaction against neoliberal hegemony and the notion that "there is
no alternative" (TINA) to the Washington Consensus.[445]

In protest against neoliberal globalization, South Korean farmer and former president of the
Korean Advanced Farmers Federation Lee Kyung-hae committed suicide by stabbing himself in
the heart during a meeting of the World Trade Organization in Cancun, Mexico, in 2003.[446] He
was protesting against the decision of the South Korean government to reduce subsidies to
farmers.[447]

The rise of anti-austerity parties in Europe and SYRIZA's victory in the Greek legislative elections
of January 2015 have some proclaiming "the end of neoliberalism".[448]

In the 2016 U.S. presidential election, both Donald Trump from the Republican Party and Bernie
Sanders from the Democratic Party ran on platforms opposing neoliberalism, including opposition
to the Trans Pacific Partnership and offshoring.[449][450][364]

In 2018, the yellow vests protests in France and the 2019–2021 Chilean protests emerged in
direct opposition to neoliberal governments and policies, including privatization and austerity, that
were blamed for the rising cost of living, surging personal debts, and increased economic
inequality.[451][452] In 2019, protests against neoliberal reforms, policies and governments have
taken place in scores of countries on 5 continents, with opposition to austerity, privatization and
tax hikes on the working classes being a common theme among many of them.[453]

During the 2021 Chilean general election, president-elect Gabriel Boric promised to end the
country's neoliberal economic model, stating that "if Chile was the cradle of neoliberalism, it will
also be its grave."[454]

Repression of worker's union

While neoliberalism itself doesn't directly imply the repression of worker's union, global trading
benefits from the repression of trade unions.[455] Margaret Thatcher, a former UK prime minister and
known prominent leader of neoliberalism (while Ronald Reagan in the United States promoted a set
of neoliberal reforms known as "Reaganomics"),[456] introduced a series of policies to reduce the
power and influence of trade unions and various social benefits.[457] According to BBC News,
Thatcher reportedly "managed to destroy the power of the trade unions for almost a generation".[458]
See also

Anarcho-capitalism
Liberalism portal
Beltway libertarianism
Politics portal

Capitalism
Economics portal

Capitalist realism United States portal

United Kingdom
Classical liberalism portal

Conservative liberalism[459]

Cultural globalization

Economic globalization

Economic liberalism

Elite theory

Free market

Globalism

Globalization

History of macroeconomic thought

Inverted totalitarianism

Late capitalism

Neoclassical economics

Neoclassical liberalism

Neoconservatism

Neo-libertarianism

Objectivism

Political Economy

Reagan Democrat

Reaganomics

Reason magazine
Right libertarianism Third Way

Shock therapy (economics) Triangulation

Thatcherism Trickle-down economics

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"neoliberalism" did not emerge in the American context and that it was thereby not invented to
distinguish Paul Krugman's left-wing liberalism from Milton Friedman's conservative liberalism."

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Anderson, Elizabeth (2023). Hijacked: How Neoliberalism Turned the Work Ethic against Workers
and How Workers Can Take It Back. Cambridge University Press. ISBN 978-1009275439.

Arac, Jonathan (2013). Hall, Peter A.; Lamont, Michèle (eds.). Social Resilience in the Neoliberal
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themselves neoliberal; instead, they tag their enemies with the term."

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Gerstle, Gary (2022). The Rise and Fall of the Neoliberal Order: America and the World in the Free
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Hartwich, Oliver Marc (21 May 2009). "Neoliberalism: The Genesis of a Political Swearword" (http
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a-brief-history-of-neoliberalism-9780199283279?cc=us&lang=en&) . Oxford University Press.
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poliecon.4.2.0218) .

Mirowski, Philip; Plehwe, Dieter (2009). The road from Mont Pèlerin: the making of the neoliberal
thought collective ([Link] . Harvard
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s://[Link]/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/97811
38844001) . Routledge. ISBN 978-1138844001. OCLC 1020671216 ([Link]
oclc/1020671216) .

Stedman Jones, Daniel (July 21, 2014). Masters of the Universe: Hayek, Friedman, and the Birth of
Neoliberal Politics. Princeton University Press. ISBN 978-1-4008-5183-6.

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books?id=pkMFxvXvukwC&pg=PA50) , 123 ([Link]
C&pg=PA123) . ISBN 978-0199560516.

Wacquant, Loïc (2009). Punishing the Poor: The Neoliberal Government of Social Insecurity (https://
[Link]/books/book/1399/Punishing-the-PoorThe-Neoliberal-Government-of) .
Durham NC: Duke University Press. ISBN 9780822392255. OCLC 404091956 ([Link]
[Link]/oclc/404091956) .

Further reading

Summaries and histories

Albo, Gregory. "Neoliberalism from Reagan to Clinton." Monthly Review 52.11 (2001): 81–89, in US.
online ([Link] Archived (http
s://[Link]/web/20220527020453/[Link]
kd/upload/[Link]) 2022-05-27 at the Wayback Machine

Appel, Hilary; Orenstein, Mitchell A. (2018). From Triumph to Crisis: Neoliberal Economic Reform in
Postcommunist Countries. Cambridge University Press. ISBN 978-1108435055.

Baccaro, Lucio; Howell, Chris (2017). Trajectories of Neoliberal Transformation: European Industrial
Relations Since the 1970s ([Link]
formation/23D812E2CC6DD50EC043285A9C6576C7#fndtn-information) . Cambridge University
Press. ISBN 978-1107603691.
Bartel, Fritz (2022). The Triumph of Broken Promises: The End of the Cold War and the Rise of
Neoliberalism ([Link] . Harvard
University Press. ISBN 978-0674976788.

Budd, John M. and Bart M. Harloe."Higher Learning and the American Academic Library in the
Twilight Era of Neoliberalism." Progressive Librarian 46 Winter 2017/2018: 159–178.

Cahill, Damien, et al., eds. The SAGE handbook of neoliberalism (Sage, 2018).

Cahill, Damien and Konings, Martijn. Neoliberalism. John Wiley & Sons. 2017. ISBN 978-
0745695563

Campbell, John L., and Ove K. Pedersen, eds. The Rise of Neoliberalism and Institutional Analysis
Princeton University Press, 2001. 288 pp.

Davies, William (2014). "Neoliberalism: A Bibliographic Review" ([Link]

276414546383) . Theory, Culture & Society. 31 (7–8): 309–317. doi:10.1177/0263276414546383
([Link] .

Eagleton-Pierce, Matthew (2015). Neoliberalism: The Key Concepts ([Link]

oks/details/9780415837545/) . Routledge. ISBN 978-0415837545.

Harvey, David (2007). A Brief History of Neoliberalism. Oxford University Press. ISBN 978-
0199283279.

Kingstone, Peter (2018). The Rise and Fall (and Rise Again?) of Neoliberalism in Latin America.
SAGE Publications Ltd.

Mirowski, Philip (2014). Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the
Financial Meltdown. Verso Books. ISBN 978-1781683026.

Plant, Raymond (2009). The Neo-liberal State ([Link]

iberal-state-9780199650576?cc=us&lang=en&#) . Oxford University Press. ISBN 978-0-19-
928175-6.

Prasad, Monica (2012). "The popular origins of neoliberalism in the Reagan tax cut of 1981" (http
s://[Link]/10.1017%2FS0898030612000103) . Journal of Policy History. 24 (3): 351–383.
doi:10.1017/S0898030612000103 ([Link] .
S2CID 154910974 ([Link] .
Springer, Simon (2016). The Discourse of Neoliberalism: An Anatomy of a Powerful Idea ([Link]
[Link]/web/20170108185959/[Link]
of-neoliberalism) . Discourse, Power and Society. Rowman & Littlefield International. ISBN 978-
1783486526. Archived from the original ([Link]
rse-of-neoliberalism) on January 8, 2017.

Stewart, Iain (2020). "On Recent Developments in the New Historiography of (Neo) Liberalism" (htt
ps://[Link]/id/eprint/10099007/1/Stewart%20-%20On%20Recent%20Development
s%20in%20the%20New%20Historiography%20of%20Liberalism%20-%[Link]) (PDF).
Contemporary European History. 29 (1): 116–124. doi:10.1017/S0960777319000158 ([Link]
rg/10.1017%2FS0960777319000158) . S2CID 210501346 ([Link]
usID:210501346) . Archived ([Link]
[Link]/id/eprint/10099007/1/Stewart%20-%20On%20Recent%20Developments%20in%20the%2
0New%20Historiography%20of%20Liberalism%20-%[Link]) (PDF) from the original on
2020-11-07.

Thorsen, Dag Einer (October 10, 2009). "The Neoliberal Challenge: What is Neoliberalism?" (http://
[Link]/daget/[Link]) (PDF). Addleton Academic Publishers. Archived ([Link]
[Link]/web/20110607060521/[Link] (PDF) from
the original on 2011-06-07.

Criticisms

Bourdieu, Pierre (December 1998). "The essence of neoliberalism" ([Link]

8/12/08bourdieu) . Le Monde diplomatique.

Brady, David. 2008. Rich Democracies, Poor People: How Politics Explain Poverty. New York: Oxford
University Press.

Brown, Wendy (2005). "Neoliberalism and the End of Liberal Democracy" in Edgework: critical
essays on knowledge and politics Princeton University Press, ch 3. Abstract ([Link]
[Link]/view/10.1093/acprof:oso/9780195385878.001.0001/acprof-9780195385878)

Brown, Wendy (2019). In the Ruins of Neoliberalism: The Rise of Antidemocratic Politics in the West
([Link] . Columbia
University Press. ISBN 978-0231193856.

Buschman, John. Libraries, Classrooms, and the Interests of Democracy: Marking the Limits of
Neoliberalism. The Scarecrow Press. Rowman & Littlefield. 2012. 239 pp. notes. bibliog. index.
ISBN 978-0810885288.
Collins, Victoria E.; Rothe, Dawn L. (2019). The Violence of Neoliberalism: Crime, Harm and
Inequality ([Link]
1st-Edition/Collins-Rothe/p/book/9781138584778) . Routledge. ISBN 978-1138584778.

Crouch, Colin. The Strange Non-death of Neo-liberalism ([Link]

ps://[Link]/[Link]?ref=9780745651200) , Polity Press, 2011. ISBN 0-7456-5221-2
(Reviewed in The Montreal Review ([Link]
[Link]) )

Davies, William. The Limits of Neoliberalism: Authority, Sovereignty and the Logic of Competition. (ht
tps://[Link]/web/20151223044125/[Link]
beralism/book240650) SAGE Publications, 2014. ISBN 1446270688

Dean, Jodi (2009). Democracy and Other Neoliberal Fantasies: Communicative Capitalism and Left
Politics ([Link] . Duke
University Press. ISBN 978-0822345053.

Diaz Molaro, Lucas (2012). "End Neoliberalism, Tax & Regulate The One Percent" ([Link]
[Link]/books/) .

Fekete, Liz (January 2017). "Flying the flag for neoliberalism". Race & Class. 58 (3): 3–22.
doi:10.1177/0306396816670088 ([Link] .
S2CID 151385881 ([Link] .

Ferragina, E.; Arrigoni, A. (2016). "The Rise and Fall of Social Capital: Requiem for a Theory".
Political Studies Review. 15 (3): 355–367. doi:10.1177/1478929915623968 ([Link]
77%2F1478929915623968) . S2CID 156138810 ([Link]
38810) .

Gandesha, Samir (December 11, 2020). "The Brazilian Matrix: Between Fascism and Neo-
Liberalism" ([Link] . Krisis. 40 (1): 215–233.
doi:10.21827/krisis.40.1.37054 ([Link] .
S2CID 230563556 ([Link] .

Gill, Rosalind (2010). "Breaking the silence: the hidden injuries of the neoliberal university.". In Gill,
Rosalind; Ryan-Flood, Róisín (eds.). Secrecy and silence in the research process: feminist
reflections. London: Routledge. pp. 228–244. ISBN 978-0415605175.

Giroux, Henry (2008). Against the Terror of Neoliberalism: Politics Beyond the Age of Greed (Cultural
Politics and the Promise of Democracy). Paradigm Publishers. ISBN 1594515212
Giroux, Henry (2013). Public Intellectuals Against the Neoliberal University ([Link]
web/20180813111445/[Link]
st-the-neoliberal-university/) . [Link].

Giroux, Henry (2014). Neoliberalism's War on Higher Education. Haymarket Books.

ISBN 1608463346

Harcourt, Bernard (2012). The Illusion of Free Markets: Punishment and the Myth of Natural Order
([Link] . Harvard University Press.
ISBN 0674066162

Lazzarato, Maurizio (2009). "Neoliberalism in Action: Inequality, Insecurity and the Reconstitution
of the Social". Theory, Culture & Society. 26 (6): 109–33. doi:10.1177/0263276409350283 (https://
[Link]/10.1177%2F0263276409350283) . S2CID 145758386 ([Link]
orpusID:145758386) .

Lehmann, Chris (January 2014). "Neoliberalism, the Revolution in Reverse" ([Link]

m/salvos/neoliberalism-the-revolution-in-reverse) . No. 24. The Baffler.

Lyon-Callo, Vincent (2004). Inequality, Poverty, and Neoliberal Governance: Activist Ethnography in
the Homeless Sheltering Industry ([Link]
[Link]/ca/inequality-poverty-and-neoliberal-governance-3) . University of Toronto Press.
ISBN 1442600861. Archived from the original ([Link]
nd-neoliberal-governance-3) on August 5, 2018.

Mishra, Pankaj (June 20, 2017). "The Rise of Jeremy Corbyn and the Death Throes of
Neoliberalism" ([Link]
[Link]) . The New York Times.

Monbiot, George (October 12, 2016). "Neoliberalism is creating loneliness. That's what's
wrenching society apart" ([Link]
sm-creating-loneliness-wrenching-society-apart) . The Guardian.

Murphy, Chris (October 25, 2022). "The Wreckage of Neoliberalism" ([Link]

ideas/archive/2022/10/democrats-should-reject-neoliberalism/671850/) . The Atlantic.

Navarro, Vicenç, ed. Neoliberalism, Globalization, and Inequalities: Consequences for Health and
Quality of Life (Policy, Politics, Health, and Medicine Series). Baywood Publishing Company, 2007.
ISBN 0895033380

Overbeek, Henk and Bastiaan van Apeldoorn (2012). Neoliberalism in Crisis ([Link]
om/page/detail/neoliberalism-in-crisis-henk-overbeek/?K=9780230301634) . Palgrave Macmillan.
ISBN 0230301630
Pavón-Cuellar, David (2020). "Turning from Neoliberalism to Neo-Fascism: Universalization and
Segregation in the Capitalist System" ([Link] . Desde el
Jardín de Freud. 20. National University of Colombia: 19–38. doi:10.15446/djf.n20.90161 (https://
[Link]/10.15446%2Fdjf.n20.90161) . S2CID 226731094 ([Link]
sID:226731094) .

Poruthiyil, Prabhir Vishnu (January 2021). "Big Business and Fascism: A Dangerous Collusion".
Journal of Business Ethics. 168 (1): 121–135. doi:10.1007/s10551-019-04259-9 ([Link]
0.1007%2Fs10551-019-04259-9) . S2CID 201323963 ([Link]
201323963) .

Schram, Sanford F. (2015). The Return of Ordinary Capitalism: Neoliberalism, Precarity, Occupy (http
s://[Link]/academic/product/the-return-of-ordinary-capitalism-9780190253011?cc=us&l
ang=en&) . Oxford University Press. ISBN 978-0190253028.

Slobodian, Quinn (2023). Crack-Up Capitalism: Market Radicals and the Dream of a World Without
Democracy ([Link] .
Metropolitan Books. ISBN 978-1250753892.

Springer, Simon (2015). Violent Neoliberalism: Development, Discourse, and Dispossession in

Cambodia ([Link] . Palgrave Macmillan. ISBN 978-
1137485328

Stiglitz, Joseph (13 May 2019). "Three decades of neoliberal policies have decimated the middle
class, our economy, and our democracy" ([Link]
neoliberal-policies-have-decimated-the-middle-class-our-economy-and-our-democracy-2019-05-1
3) . Market Watch.

Vallelly, Neil (2021). Futilitarianism: Neoliberalism and the Production of Uselessness ([Link]
[Link]/books/futilitarianism) . Goldsmiths Press. ISBN 978-1912685905.

Verhaeghe, Paul (2014). What About Me? The Struggle for Identity in a Market-Based Society. Scribe
Publications. ISBN 1922247375

Wacquant, Loïc (2009). Prisons of Poverty ([Link]

ns-of-poverty) . University of Minnesota Press. ISBN 0816639019

Whyte, Jessica (2019). The Morals of the Market: Human Rights and the Rise of Neoliberalism (http
s://[Link]/books/3087-the-morals-of-the-market) . Verso Books. ISBN 978-
1786633118.

Other academic articles

Arnswald Ulrich (2022) "Neoliberalism: The Metamorphosis of a Key Concept in the History of
Arnswald, Ulrich (2022). Neoliberalism: The Metamorphosis of a Key Concept in the History of
Ideas of Economics Theory and its Consequences for Applied Political Ethics As Related to
Political Theorie of Justice". International Journal of Applied Philosophy. 36 (2): 165–177.
doi:10.5840/ijap2023710183 ([Link] . S2CID 259879177
([Link] .

Bowles, Samuel; Gordon, David M.; Weisskopf, Thomas E. (1989). "Business Ascendancy and
economic Impasse: A Structural Retrospective on Conservative Economics, 1979–87" ([Link]
[Link]/10.1257%2Fjep.3.1.107) . Journal of Economic Perspectives. 3 (1): 107–134.
doi:10.1257/jep.3.1.107 ([Link] . JSTOR 1942967 ([Link]
[Link]/stable/1942967) .

Cahill, Damien. "The End of Laissez-Faire?: On the Durability of Embedded Neoliberalism". Edward
Elgar Publishing. 2014. ISBN 978-1785366437

Clavé, Francis (2015). "Comparative Study of Lippmann's and Hayek's Liberalisms (or neo-
liberalisms)". The European Journal of the History of Economic Thought. 22 (6): 978–999.
doi:10.1080/09672567.2015.1093522 ([Link] .
S2CID 146137987 ([Link] .

Cooper, Melinda (2017). Family Values: Between Neoliberalism and the New Social Conservatism.
Zone Books. ISBN 978-1935408840

Ferragina, Emanuele (2019). "The Political Economy of Family Policy Expansion. Fostering
neoliberal capitalism or promoting gender equality supporting social reproduction?". Review of
International Political Economy. 26 (6): 1238–1265. doi:10.1080/09692290.2019.1627568 (http
s://[Link]/10.1080%2F09692290.2019.1627568) . S2CID 198659118 ([Link]
[Link]/CorpusID:198659118) .

Ferris, Timothy. The Science of Liberty (2010) HarperCollins 384 pages

Foucault, Michel. The Birth of Biopolitics Lectures at the College de France, 1978–1979. London:
Palgrave, 2008.

Griffiths, Simon, and Kevin Hickson, eds. British Party Politics and Ideology after New Labour
(2009) Palgrave Macmillan 256 pp.

Hackworth, Jason (2006). The Neoliberal City: Governance, Ideology, and Development in American
Urbanism ([Link] . Cornell
University Press. ISBN 978-0801473036.
Larner, Wendy (2000). "Neo-liberalism: policy, ideology, governmentality" ([Link]
[Link]/[Link]/spe/article/view/6724) . Studies in Political Economy. 63: 5–25.
doi:10.1080/19187033.2000.11675231 ([Link]
1) . hdl:1983/1011 ([Link] . S2CID 218621238 ([Link]
[Link]/CorpusID:218621238) .

Peters, Michael A. (2023). "The early origins of neoliberalism: Colloque Walter Lippman (1938)
and the Mt Perelin Society (1947)" ([Link] .
Educational Philosophy and Theory. 55 (14): 1574–1581. doi:10.1080/00131857.2021.1951704 (h
ttps://[Link]/10.1080%2F00131857.2021.1951704) .

Rottenberg, Catherine (2013). "The Rise of Neoliberal Feminism" ([Link]

161008175615/[Link]
f) (PDF). Cultural Studies. 28 (3): 418–437. doi:10.1080/09502386.2013.857361 ([Link]
g/10.1080%2F09502386.2013.857361) . S2CID 144882102 ([Link]
pusID:144882102) . Archived from the original ([Link]
of%20neoliberal%[Link]) (PDF) on October 8, 2016.

Solty, Ingar (2012). "After Neoliberalism: Left versus right projects of leadership in the global
crisis," in Stephen Gill (Ed) (2012). Global Crises and the Crisis of Global Leadership (Cambridge
University Press), pp. 199–214.

Stahl, Garth; "Identity, Neoliberalism and Aspiration: Educating White Working-Class Boys"
(London, Routledge, 2015).

Venugopal, Rajesh (2015). "Neoliberalism as concept". Economy and Society. 44 (2): 165–187.
doi:10.1080/03085147.2015.1013356 ([Link] .

External links

Neoliberalism ([Link]
External videos
ic/neoliberalism) – entry at Encyclopædia
Britannica Neoliberalism: The story of a big economic
bust up, A–Z of ISMs Episode 14 – BBC Ideas
"Neoliberalism 101" ([Link]
([Link]
imedia/cato-daily-podcast/neoliberalism-101)
Y6j8) on YouTube
– podcast by The Cato Institute

"What is Neoliberalism?" ([Link] – video by the

Barnard Center for Research on Women
"Monetarism" ([Link]
hools/[Link]) – The New School's Economics Department's History of Economic Thought
website

"Neoliberalism and the State" ([Link] – discussion

between Ryerson University professors John Shields and Bryan Evans

"A Look at Argentina's 2001 Economic Rebellion" ([Link]

look_at_argentinas_economic_rebellion) – video report by Democracy Now!

"The Scorecard on Development, 1960–2010: Closing the Gap?" ([Link]

s/publications/[Link]) – report by the Center for Economic and Policy
Research, April 2011

"The crisis of neoliberalism" ([Link] – 2010

interview with economist Gérard Duménil on The Real News

"Henry Giroux on Resisting the Neoliberal Revolution" ([Link]

giroux-on-resisting-the-neoliberal-revolution/) – interview with Henry Giroux by Bill Moyers,
February 21, 2014.

The Politics of the Anthropocene in a World After Neoliberalism ([Link]

-nature/duncan-kelly-politics-anthropocene-world-after-neoliberalism) . Boston Review. March 10,
2021.

Capitalism: What Makes Us Free? ([Link]

t-makes-us-free) NPR. July 1, 2021.

Has Covid ended the neoliberal era? ([Link]

d-the-crisis-of-neoliberalism) The Guardian. September 2, 2021

Neoliberalism Died of COVID. Long Live Neoliberalism! How the predominant ideology of our time
survived the pandemic. ([Link]
[Link]) . New York. October 14, 2021.

Online lectures

"The Neoliberal City" ([Link] . David Harvey.

University Channel. October 4, 2010.

"Wall St. Crisis Should Be for Neoliberalism What Fall of Berlin Wall Was for Communism" (https://
[Link]/2008/10/6/naomi_klein) . Naomi Klein. University of Chicago.
Democracy Now!. October 2008.
"Neo-Liberalism: An Accounting" ([Link] . Noam
Chomsky. University of Massachusetts Amherst. April 19, 2017.