'What is Neoliberalism? And What Has it Meant?': A Primer

Abstract

'What is Neoliberalism? And What Has it Meant?': A Primer endeavors to offer the reader a broad understanding of what has in recent years become the controversial idea, neoliberalism, on the basis of four claims it makes, explains and defends. These are, namely, 1. Neoliberalism is a distinct phenomenon, extending but also distinct from classical liberalism; and while broadly identifiable with certain prescriptions (deregulation, privatization, etc.) ultimately taking the form of the economic model here termed Neoliberal Financialization (distinguishable from the preceding Keynesian Fordism). 2. Neoliberalism, while developing over the course of the twentieth century, became an effective political force amid the crisis of the 1970s, primarily as a response to economic developments rather than the intellectual fashions emphasized by many of its chroniclers. 3. Neoliberalism's economic results have consistently fallen short of the promises made for them over past decades, whether the issue is industrial renewal, economic development, economic growth, the attainment of sounder government finances or anything else, but that policymakers and elites (who have done well out of the era) have remained committed to the model in spite of its disappointments. 4. Neoliberalism has never enjoyed broad public appeal, and been the object of popular backlashes during the decades in which it has prevailed, up to the present. Recent years have seen stronger challenges, identifiable with such events as Brexit and recent presidential elections in the U.S., but especially from the right the challenge has been limited, and overall the neoliberal model remains dominant.