Neoliberalism - The United States
"The nine most terrifying words in the English language are: I'm from the government and I'm here to help." - Ronald Reagan
Neoliberalism is an economic and social theory that rose to preeminence throughout the late 20th century, particularly in the United States and the United Kingdom. Inspired by many of the principles of classical liberalism, neoliberalism is generally hostile to government intervention, and views "the free market" as the most efficient method of resource allocation. This can be contrasted with the Keynesian consensus that existed during the post-war era, which was less skeptical of government regulation and taxation. In the United States, the Keynesian era was marked by steep progressive taxation and sweeping government programs like the New Deal, which entailed direct government presence in the economy. The neoliberal era, on the other hand, was a time of privatization, deregulation, and so-called liberalization. A mixture of these two worldviews, which is known as the "Washington Consensus," currently reigns supreme.
To this day, the legacy of the neoliberal wave is viciously disputed. Critics allege that it made the economy increasingly volatile, led to rampant income inequality, trashed the environment, and ushered in an era of alienation and ruthless individualism. Members of the country's right-wing, who look fondly upon the Reagan days, could not disagree more. In spite of these individuals, discontentment with neoliberal ideology seems to be on the rise, with politicians like Elizabeth Warren running on a return to the postwar economic structure, and others advocating for the abandonment of capitalism altogether. Without a doubt, the future of neoliberal policies in the United States is unclear. The only certainty is that neither side will go down without a fight.
Neoliberalism is an economic and social theory that rose to preeminence throughout the late 20th century, particularly in the United States and the United Kingdom. Inspired by many of the principles of classical liberalism, neoliberalism is generally hostile to government intervention, and views "the free market" as the most efficient method of resource allocation. This can be contrasted with the Keynesian consensus that existed during the post-war era, which was less skeptical of government regulation and taxation. In the United States, the Keynesian era was marked by steep progressive taxation and sweeping government programs like the New Deal, which entailed direct government presence in the economy. The neoliberal era, on the other hand, was a time of privatization, deregulation, and so-called liberalization. A mixture of these two worldviews, which is known as the "Washington Consensus," currently reigns supreme.
To this day, the legacy of the neoliberal wave is viciously disputed. Critics allege that it made the economy increasingly volatile, led to rampant income inequality, trashed the environment, and ushered in an era of alienation and ruthless individualism. Members of the country's right-wing, who look fondly upon the Reagan days, could not disagree more. In spite of these individuals, discontentment with neoliberal ideology seems to be on the rise, with politicians like Elizabeth Warren running on a return to the postwar economic structure, and others advocating for the abandonment of capitalism altogether. Without a doubt, the future of neoliberal policies in the United States is unclear. The only certainty is that neither side will go down without a fight.
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