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{{Short description|Political philosophy supporting economic liberalization}}{{For|neoliberalism in international relations|Liberal institutionalism}}{{Neoliberalism sidebar}}{{Capitalism sidebar}}Neoliberalism, also neo-liberalism,BOOK, Vincent, Andrew,books.google.com/books?id=igrwb3rsOOUC&pg=PA337, Modern Political Ideologies, 2009, Wiley-Blackwell, 978-1405154956, Hoboken, New Jersey, 337, Google Books, is a term used to signify the late-20th century political reappearance of 19th-century ideas associated with free-market capitalism.JOURNAL, Peck, Jamie, Neoliberalism, International Encyclopedia of Geography: People, the Earth, Environment and Technology, 2017, 1–12, 10.1002/9781118786352.wbieg0688, 978-0-470-65963-2, JOURNAL, Carlquist, Erik, Phelps, Joshua, Neoliberalism, Encyclopedia of Critical Psychology, 2014, 1231–1237, 10.1007/978-1-4614-5583-7_390, JOURNAL, Mudge, S. L., What is neo-liberalism?, Socio-Economic Review, 2008, 6, 4, 703–731, 10.1093/ser/mwn016, free, 11858/00-001M-0000-0012-4899-8, free, {{sfnp|Haymes|Vidal de Haymes|Miller|2015|p=7}}BOOK, Bloom, Peter, 2017, The Ethics of Neoliberalism: The Business of Making Capitalism Moral, Routledge,www.routledge.com/The-Ethics-of-Neoliberalism-The-Business-of-Making-Capitalism-Moral/Bloom/p/book/9781138667242, 978-1138667242, 3, 16, The term has multiple, competing definitions, and is often used pejoratively.JOURNAL, Babb, Sarah, Kentikelenis, Alexander, 2021, Markets Everywhere: The Washington Consensus and the Sociology of Global Institutional Change, Annual Review of Sociology, en, 47, 47, 521–541, 10.1146/annurev-soc-090220-025543, 0360-0572, 235585418, free, {{sfnp|Mirowski|Plehwe|2009|p=428 |ps=: “[W]e have thus far neglected to “define” neoliberalism. This is because the premier point to be made about neoliberalism is that it cannot adequately be reduced to a set of Ten Commandments or six tenets or (N-1) key protagonists“}} In scholarly use, the term is frequently undefined or used to characterize a vast variety of phenomena,{{sfnp|Boas|Gans-Morse|2009}}{{harv|Springer|Birch|MacLeavy|2016|p=1}}: “Neoliberalism is a slippery concept, meaning different things to different people. Scholars have examined the relationships between neoliberalism and a vast array of conceptual categories.“}}JOURNAL, Rutar, Tibor, 2023, What is neoliberalism really? A global analysis of its real-world consequences for development, inequality, and democracy, Social Science Information, 62, 3, 295–322, 10.1177/05390184231202950, free, but is primarily used to describe the transformation of society due to market-based reforms.{{sfnp|Springer|Birch|MacLeavy|2016|p=2}}As an economic philosophy, neoliberalism emerged among European liberal scholars during the 1930s as they attempted to revive and renew central ideas from classical liberalism as they saw these ideas diminish in popularity, overtaken by a desire to control markets, following the Great Depression and manifested in policies designed with the intention to counter the volatility of free markets.{{sfnp|Mirowski|Plehwe|2009|pp=14–15}} One impetus for the formulation of policies to mitigate capitalist free-market volatility was a desire to avoid repeating the economic failures of the early 1930s, failures sometimes attributed principally to the economic policy of classical liberalism. In policymaking, neoliberalism often refers to what was part of a paradigm shift that followed the perceived failure of the post-war consensus and neo-Keynesian economics to address the stagflation of the 1970s.JOURNAL, Palley, Thomas I., May 5, 2004, From Keynesianism to Neoliberalism: Shifting Paradigms in Economics, Foreign Policy in Focus,fpif.org/from_keynesianism_to_neoliberalism_shifting_paradigms_in_economics/, March 25, 2017, BOOK, Vincent, Andrew,books.google.com/books?id=igrwb3rsOOUC&pg=PA339, Modern Political Ideologies, 2009, Wiley-Blackwell, 978-1405154956, Hoboken, New Jersey, 339, Google Books, The collapse of the USSR and the end of the Cold War also made possible the triumph of neoliberalism in the United States and around the world.{{sfnp|Gerstle|2022|p=10}}BOOK, Bartel, Fritz, 2022, The Triumph of Broken Promises: The End of the Cold War and the Rise of Neoliberalism,www.hup.harvard.edu/catalog.php?isbn=9780674976788, Harvard University Press, 9780674976788, 5–6, The term neoliberalism has become more prevalent in recent decades.{{harvp|Boas|Gans-Morse|2009}}: “Neoliberalism has rapidly become an academic catchphrase. From only a handful of mentions in the 1980s, use of the term has exploded during the past two decades, appearing in nearly 1,000 academic articles annually between 2002 and 2005. Neoliberalism is now a predominant concept in scholarly writing on development and political economy, far outpacing related terms such as monetarism, neoconservatism, the Washington Consensus, and even market reform.“{{harvp|Springer|Birch|MacLeavy|2016|p=1}}: “Neoliberalism is easily one of the most powerful concepts to emerge within the social sciences in the last two decades, and the number of scholars who write about this dynamic and unfolding process of socio-spatial transformation is astonishing.“BOOK, Wilson, Julie,www.routledge.com/Neoliberalism/Wilson/p/book/9781138654631, Neoliberalism, 2017, Routledge, 978-1138654631, 6, In recent decades, neoliberalism has become an important area of study across the humanities and social sciences., BOOK, Castree, Noel,books.google.com/books?id=eYWcAQAAQBAJ&pg=PA339, A Dictionary of Human Geography, Oxford University Press, 2013, 9780199599868, 339, ‘Neoliberalism’ is very much a critics’ term: it is virtually never used by those whom the critics describe as neoliberals., Google Books, {{harvp|Stedman Jones|2014|p=13}}; “Friedman and Hayek are identified as the original thinkers and Thatcher and Reagan as the archetypal politicians of Western neoliberalism. Neoliberalism here has a pejorative connotation”.{{harvp|Hartwich|2009|p={{page needed|date=May 2023}}}}; “People rarely call themselves ‘neoliberal’.” {{verify source|date=May 2023|reason=Did not find quote}} A prominent factor in the rise of conservative and right-libertarian organizations, political parties, and think tanks, and predominantly advocated by them,BOOK, Haas, Eric,www.routledge.com/Global-Neoliberalism-and-Education-and-its-Consequences/Hill-Kumar/p/book/9780415507110, Global Neoliberalism and Education and its Consequences, 2011, Routledge, 978-0415507110, Hill, Dave, 172–175, The News Media and the Conservative Heritage Foundation, Kumar, Ravi, BOOK, Hickel, Jason,www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001, The Handbook of Neoliberalism, 2016, Routledge, 978-1138844001, Springer, Simon, 144, Neoliberalism and the End of Democracy, The Reagan/Bush and Thatcher/Major administrations eventually came to power on platforms that promised to enhance individual freedoms by liberating capitalism from the ‘shackles’ of the state – reducing taxes on the rich, cutting state spending, privatising utilities, deregulating financial markets, and curbing the power of unions. After Reagan and Thatcher, these policies were carried forward by putatively progressive “Third Way” administrations such as Clinton in the United States and Blair in the UK, thus sealing the new economic consensus across party lines., Jason Hickel, Birch, Kean, MacLeavy, Julie,books.google.com/books?id=M5qkDAAAQBAJ&pg=PA142, Google Books, neoliberalism is often associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society.{{harvp|Springer|Birch|MacLeavy|2016|p=2}}; {{harvp|Boas|Gans-Morse|2009}}; {{harvp|Duménil|Lévy|2004|p={{page needed|date=May 2023}}}}; {{harvp|Arac|2013|pp=xvi–xvii}}.Collins English Dictionary – Complete and Unabridged HarperCollins Publishers 1991, 1994, 1998, 2000, 2003WEB, 2004, Neo-Liberal Ideas,www.who.int/trade/glossary/story067/en/, dead,www.who.int/trade/glossary/story067/en/," title="web.archive.org/web/20040806144320www.who.int/trade/glossary/story067/en/,">web.archive.org/web/20040806144320www.who.int/trade/glossary/story067/en/, August 6, 2004, World Health Organization, {{harvp|Jones|Parker|Bos|2005|p=100}}; “Neoliberalism represents a set of ideas that caught on from the mid to late 1970s, and are famously associated with the economic policies introduced by Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States following their elections in 1979 and 1981. The ‘neo’ part of neoliberalism indicates that there is something new about it, suggesting that it is an updated version of older ideas about ‘liberal economics’ which has long argued that markets should be free from intervention by the state. In its simplest version, it reads: markets good, government bad.“JOURNAL, Hathaway, Terry, 2020, Neoliberalism as Corporate Power, Competition & Change, 24, 3–4, 315–337, 10.1177/1024529420910382, free, The neoliberal project is also focused on designing institutions and is political in character rather than only economic.BOOK, Quinn Slobodian, Slobodian, Quinn,books.google.com/books?id=l7pTDwAAQBAJ, Globalists: The End of Empire and the Rise of Neoliberalism, Harvard University Press, 2018, 978-0674979529, 2, In fact, the foundational neoliberal insight is comparable to that of John Maynard Keynes and Karl Polanyi: the market does not and cannot take care of itself. The core of twentieth-century neoliberal theorizing involves what they called the meta-economic or extra-economic conditions for safeguarding capitalism at the scale of the entire world. I show that the neoliberal project focused on designing institutions—not to liberate markets but to encase them, to inoculate capitalism against the threat of democracy, to create a framework to contain often-irrational human behavior, and to reorder the world after empire as a space of competing states in which borders fulfill a necessary function., BOOK, Whyte, Jessica,books.google.com/books?id=nPm0DwAAQBAJ, The Morals of the Market: Human Rights and the Rise of Neoliberalism, Verso Books, 2019, 978-1-78663-311-8, 8, What distinguished the neoliberals of the twentieth century from their nineteenth-century precursors, I argue, was not a narrow understanding of the human as homo economicus, but the belief that a functioning competitive market required an adequate moral and legal foundation., BOOK, Biebricher, Thomas,books.google.com/books?id=q2vZswEACAAJ, The Political Theory of Neoliberalism, 2018, Stanford University Press, 9781503607835, 26–7, What all neoliberals share is the problem of how to identify the factors indispensable to the maintenance of functioning markets, since the option of simply leaving them to themselves is no longer on the table ... What exactly it is that ensures the functioning of markets is a matter of continued dispute between different neoliberal thinkers and varieties of neoliberal thought ... [N]eoliberalism must be understood as a discourse in political economy that explicitly addresses the noneconomic preconditions of functioning markets and the interactive effects between markets and their surroundings ... [A]ddressing these questions obviously and inevitably leads into genuinely political territory, which is the reason I have argued that the neoliberal problematic is an inherently political problematic, {{sfnp|Mirowski|Plehwe|2009|loc=p. 436. “A primary ambition of the neoliberal project is to redefine the shape and functions of the state, not to destroy it ... they are inclined to explore new formats of techno-managerial governance that protect their ideal market from what they perceive as unwarranted political interference ... One should not confuse marketization of government functions with shrinking the state, however: if anything, bureaucracies become more unwieldy under neoliberal regimes. In practice, ‘deregulation’ cashes out as ‘re-regulation’, only under a different set of ukases“}} The term is rarely used by proponents of free-market policies.MAGAZINE, Rowden, Rick, July 6, 2016, The IMF Confronts Its N-Word,foreignpolicy.com/2016/07/06/the-imf-confronts-its-n-word-neoliberalism/, August 25, 2016, Foreign Policy, 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.{{sfnp|Boas|Gans-Morse|2009}}{{sfnp|Springer|Birch|MacLeavy|2016|p=3}}{{sfnp|Gerstle|2022|p=73}} Once the new meaning of neoliberalism became established as a common usage among Spanish-speaking scholars, it diffused into the English-language study of political economy.{{sfnp|Boas|Gans-Morse|2009}} By 1994, with the passage of NAFTA and with the Zapatistas’ reaction to this development in Chiapas, the term entered global circulation. Scholarship on the phenomenon of neoliberalism has grown over the last few decades.

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,JOURNAL, Gide, Charles, January 1, 1898, Has Co-operation Introduced a New Principle into Economics?,zenodo.org/record/1449661, The Economic Journal, 8, 32, 490–511, 10.2307/2957091, 2957091, with the term previously existing in French;OED, Neoliberalism, the term was later used by others, including the classical liberal economist Milton Friedman in his 1951 essay “Neo-Liberalism and its Prospects”.{{sfnp|Burgin|2012|p=170}} 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.{{sfnp|Mirowski|Plehwe|2009|pp=12–13}}{{sfnp|Hartwich|2009|p=19}} 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”.{{sfnp|Mirowski|Plehwe|2009|pp=13–14}} 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.BOOK, Rougier, Louis, Les Mystiques économiques, Librairie de Médicis, 1949, 18, BOOK, Hayek, Friedrich, Law, Legislation and Liberty, Vol. 2: The Mirage of Social Justice, 1976, 113, To be neoliberal meant advocating a modern economic policy with state intervention.{{sfnp|Mirowski|Plehwe|2009|p=48}} Neoliberal state interventionism brought a clash with the opposing laissez-faire camp of classical liberals, like Ludwig von Mises.NEWS, Jörg Guido, Hülsmann, Jörg Guido Hülsmann,mises.org/daily/6022/, Against the Neoliberals, Ludwig von Mises Institute, May 2012, 2014-09-13, 2014-09-14,web.archive.org/web/20140914002429/https://mises.org/daily/6022/, dead, 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.{{sfnp|Boas|Gans-Morse|2009}}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).{{sfnp|Boas|Gans-Morse|2009}} Once this new meaning was established among Spanish-speaking scholars, it diffused into the English-language study of political economy.{{sfnp|Boas|Gans-Morse|2009}} 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.{{sfnp|Boas|Gans-Morse|2009}}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.NEWS, David, Brooks, David Brooks (commentator),www.nytimes.com/2007/03/11/opinion/11brooks.html?_r=0, The Vanishing Neoliberal, The New York Times, March 11, 2007, The neoliberals coalesced around two magazines, The New Republic and the Washington Monthly,MAGAZINE,www.jacobinmag.com/2016/04/chait-neoliberal-new-inquiry-democrats-socialism/, The First Neoliberals, Robin, Corey, April 28, 2016, Jacobin (magazine), Jacobin, April 23, 2017, and often supported Third Way policies. The “godfather” of this version of neoliberalism was the journalist Charles Peters,MAGAZINE, Matt, Welch,reason.com/archives/2013/03/25/the-death-of-contrarianism, The Death of Contrarianism. The New Republic returns to its Progressive roots as a cheerleader for state power, Reason Magazine, May 2013, who, in 1983, published “A Neoliberal’s Manifesto”.MAGAZINE, Charles, Peters, A Neoliberal’s Manifesto, The Washington Monthly, May 1983,

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”;JOURNAL, Elizabeth Tandy, Shermer, Review, Journal of Modern History, December 2014, 86, 4, 884–90, 10.1086/678713, economic historian Phillip W. Magness notes its reemergence in academic literature in the mid-1980s, after French philosopher Michel Foucault brought attention to it.NEWS,www.aier.org/article/fairytale-hegemonic-neoliberalism, The Fairytale of Hegemonic Neoliberalism, Magness, Phillip W., June 5, 2019, American Institute for Economic Research, July 6, 2019, Neoliberalism is contemporarily used to refer to market-oriented reform policies such as “eliminating price controls, deregulating capital markets, lowering trade barriers” and reducing, especially through privatization and austerity, state influence in the economy.{{sfnp|Boas|Gans-Morse|2009}} It is also commonly associated with the economic policies introduced by Margaret Thatcher in the United Kingdom and Ronald Reagan in the United States. Some scholars note it has a number of distinct usages in different spheres:{{sfnp|Steger|Roy|2010|p=50}}

• As a development model, it refers to the rejection of structuralist economics in favor of the Washington Consensus.
• As an ideology, it denotes a conception of freedom as an overarching social value associated with reducing state functions to those of a minimal state.
• As a public policy, it involves the privatization of public economic sectors or services, the deregulation of private 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”.BOOK, Fred L., Block, Fred L. Block, Margaret R., Somers,www.hup.harvard.edu/catalog.php?isbn=9780674050716, The Power of Market Fundamentalism: Karl Polanyi’s Critique, Harvard University Press, 2014, 978-0674050716, 3, 2014-11-13, 2021-04-29,web.archive.org/web/20210429085412/https://www.hup.harvard.edu/catalog.php?isbn=9780674050716, dead, Other academics such as Susan Braedley and Med Luxton assert that neoliberalism is a political philosophy which seeks to “liberate” the processes of capital accumulation.Susan Braedley and Meg Luxton, Neoliberalism and Everyday Life, (McGill-Queen’s University Press, 2010), {{ISBN|0773536922}}, p. 3 In contrast, Frances Fox Piven sees neoliberalism as essentially hyper-capitalism.Frances Goldin, Debby Smith, Michael Smith (2014). Imagine: Living in a Socialist USA. Harper Perennial. {{ISBN|0062305573}} p. 125 Robert W. McChesney, while defining neoliberalism similarly as “capitalism with the gloves off”, goes on to assert that the term is largely unknown by the general public, particularly in the United States.{{sfnp|Chomsky|McChesney|2011|pp=7–8}} 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”.BOOK, Lester, Spence, Lester Spence, Knocking the Hustle: Against the Neoliberal Term in Black Politics, Punctum Books, 2016, 3, 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.“{{sfnp|Kotsko|2018|p=6}}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.WEB,www.the-utopian.org/post/53360513384/the-thirteen-commandments-of-neoliberalism, The Thirteen Commandments of Neoliberalism, Mirowski, Philip, The Utopian, March 26, 2018, 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’.BOOK, The Divide: A Brief Guide to Global Inequality and its Solutions, Hickel, Jason, 2018, Windmill Books, 978-1786090034, 218, “People commonly think of neoliberalism as an ideology that promotes totally free markets, where the state retreats from the scene and abandons all interventionist policies. But if we step back a bit, it becomes clear that the extension of neoliberalism has entailed powerful new forms of state intervention. The creation of a global ‘free market’ required not only violent coups and dictatorships backed by Western governments, but also the invention of a totalizing global bureaucracy – the World Bank, the IMF, the WTO and bilateral free-trade agreements – with reams of new laws, backed up by the military power of the United States.”, 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”.BOOK, This Changes Everything: Capitalism vs the Climate, This Changes Everything (book), Klein, Naomi, 2014, Simon & Schuster, 978-1451697391, 72–73, Naomi Klein, 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.{{sfnp|Boas|Gans-Morse|2009}} 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”.{{sfnp|Springer|Birch|MacLeavy|2016|p=2}} Its use in this manner has been criticized by those who advocate for policies characterized as neoliberal.{{sfnp|Kotz|2015|p=74}} 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”.{{sfnp|Springer|Birch|MacLeavy|2016|p=2}} 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”.{{sfnp|Stedman Jones|2014|p=2}}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.MAGAZINE, Iber, Patrick, 2018-04-23, Worlds Apart, The New Republic,newrepublic.com/article/147810/worlds-apart-neoliberalism-shapes-global-economy, 2023-06-19, 0028-6583, WEB, Chait, Jonathan, 2017-07-16, How ‘Neoliberalism’ Became the Left’s Favorite Insult of Liberals,nymag.com/intelligencer/2017/07/how-neoliberalism-became-the-lefts-favorite-insult.html, 2023-06-19, Intelligencer, en-us, British journalist Will Hutton called neoliberal “an unthinking leftist insult” that “stifle[s] debate.“NEWS, Hutton, Will, 2019-12-29, ‘Neoliberal’ is an unthinking leftist insult. All it does is stifle debate, en-GB, The Observer,www.theguardian.com/commentisfree/2019/dec/29/neoliberal-is-unthinking-leftist-insult-all-it-does-it-stifle-debate, 2023-06-19, 0029-7712, 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?“JOURNAL, Ostry, Jonathan D., Loungani, Prakash, Furceri, Davide, 2016, Neoliberalism: Oversold?,www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf,www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf," title="web.archive.org/web/20160527151805www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf,">web.archive.org/web/20160527151805www.imf.org/external/pubs/ft/fandd/2016/06/pdf/ostry.pdf, May 27, 2016, live, International Monetary Fund, IMF Finance & Development, 53, 2, helps “put to rest the idea that the word is nothing more than a political slur, or a term without any analytic power”.NEWS, Metcalf, Stephen, August 18, 2017, Neoliberalism: the idea that swallowed the world,www.theguardian.com/news/2017/aug/18/neoliberalism-the-idea-that-changed-the-world, The Guardian, August 22, 2017, Gary Gerstle argues that neoliberalism is a legitimate term,NEWS, Steinmetz-Jenkins, Daniel, April 13, 2022, Has Neoliberalism Really Come to an End?,www.thenation.com/article/politics/neoliberalism-gary-gerstle/, The Nation, July 1, 2022, and describes it as “a creed that calls explicitly for unleashing capitalism’s power.“{{sfnp|Gerstle|2022|pp=4–5}} 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.{{sfnp|Gerstle|2022|pp=4–5}}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.{{sfnp|Desai|2022|pp=6–8}}

Early history

Walter Lippmann Colloquium

File:Graph charting income per capita throughout the Great Depression.svg|thumb|upright=1.15|Per capita income during the Great DepressionInternational data from WEB, Angus, Maddison, Angus Maddison, Historical Statistics for the World Economy: 1–2003 AD, July 27, 2016,www.ggdc.net/maddison/Maddison.htm, . Gold dates culled from historical sources, principally BOOK, Golden Fetters: The Gold Standard and the Great Depression, 1919–1939, Barry Eichengreen, Barry, Eichengreen, Oxford University PressOxford University PressThe 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.WEB, van Otten, George, The End of Economic Liberalism,www.e-education.psu.edu/geog597i_02/node/767, GEOG 597i: Critical Geospatial Thinking and Applications, Penn State Department of Geography, July 6, 2019, 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.NEWS, Solow, Robert M., Hayek, Friedman, and the Illusions of Conservative Economics,newrepublic.com/article/110196/hayek-friedman-and-the-illusions-conservative-economics, August 14, 2019, The New Republic, November 15, 2012, {{sfnp|Burgin|2012|pp=58–62}} Meeting in Paris in August 1938, they called for a new liberal project, with “neoliberalism” one name floated for the fledgling movement.{{sfnp|Hartwich|2009|pp=18–19}} 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.{{sfnp|Burgin|2012|p=56}}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”.{{sfnp|Hartwich|2009|pp=19–20}}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. Fatefully, the efforts of the Colloquium would be overwhelmed by the outbreak of World War II and were largely forgotten.JOURNAL, Jackson, Ben, At the Origins of Neo-Liberalism: The Free Economy and the Strong State, 1930–1947, The Historical Journal, 53, 1, January 29, 2010, 0018-246X, 10.1017/s0018246x09990392, 129–51, 154994025, 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.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}}

Mont Pelerin Society

File:Friedrich Hayek portrait.jpg|thumb|upright|Friedrich HayekFriedrich HayekNeoliberalism 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.“BOOK, George H. Nash, Nash, George H., The Conservative Intellectual Movement in America Since 1945, Thirtieth-Anniversary Edition, Intercollegiate Studies Institute, 2006, 978-1-933859-12-5,books.google.com/books?id=etQ6AwAAQBAJ, 35, {{sfnp|Mirowski|Plehwe|2009|p=5 |ps=: “The Mont Pèlerin Society and related networks of neoliberal partisan think tanks can serve as a directory of organized neoliberalism“}} 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.{{sfnp|Mirowski|Plehwe|2009|pp=16–17}}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,{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} 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.WEB, Statement of Aims, April 8, 1947,www.montpelerin.org/statement-of-aims/, The Mont Pelerin Society, July 16, 2019, October 14, 2021,web.archive.org/web/20211014133354/https://www.montpelerin.org/statement-of-aims/, dead, 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.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} 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;{{sfnp|Mirowski|Plehwe|2009|p=16}} however, they were determined that the liberal focus on individualism and economic freedom must not be abandoned to collectivism.NEWS, The birth of neoliberalism,www.economist.com/books-and-arts/2012/10/13/new-brooms, July 25, 2019, The Economist, October 13, 2012,

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{{sfnp|Harvey|2005|p=40}} 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.“NEWS, Friedman, Milton, Neo-Liberalism and Its Prospects,miltonfriedman.hoover.org/objects/57816/neoliberalism-and-its-prospects?ctx=b8c0f32e-f5a4-4e53-ba3d-cf017b993579&idx=0, July 25, 2019, Farmand, February 17, 1951, 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.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}}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.{{sfnp|Harvey|2005|p=7}} 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.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} 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.{{sfnp|Harvey|2005|p=29}}

Germany

File:Bundesarchiv B 145 Bild-F015320-0010, Ludwig Erhard.jpg|thumb|upright|Ludwig ErhardLudwig ErhardNeoliberal 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.{{sfnp|Hartwich|2009|p=22}} 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.BOOK, Ludwig, Erhard, Ludwig Erhard,www.franz-oppenheimer.de/le64a.htm, Franz Oppenheimer, dem Lehrer und Freund, de, Franz Oppenheimer, the teacher and friend, Ludwig, Erhard, Ludwig Erhard, Gedanken aus fünf Jahrzehnten, Reden und Schriften, Thoughts from five decades, speeches and writings, Karl Hohmann, Düsseldorf, 1988, 861, Rede zu Oppenheimers 100. Geburtstag, gehalten in der Freien Universität Berlin (1964)., Speech on Oppenheimer’s 100th birthday, held at the Freie Universität Berlin (1964)., 9783430125390, 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.{{sfnp|Boas|Gans-Morse|2009}} According to Boas and Gans-Morse, Walter Eucken stated that “social security and social justice are the greatest concerns of our time”.{{sfnp|Boas|Gans-Morse|2009}}File:Marshallplanhilfe.gif|thumb|left|upright|Builders in West BerlinWest BerlinErhard emphasized that the market was inherently social and did not need to be made so.{{sfnp|Hartwich|2009|p={{page needed|date=May 2023}} }} 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.BOOK, Werner, Abelshauser, Deutsche Wirtschaftsgeschichte seit 1945, de, German economic history since 1945, C.H. Beck, 2011, 978-3-406-510946, 192, Rüstow, who had coined the label “neoliberalism”, criticized that development tendency and pressed for a more limited welfare program.{{sfnp|Hartwich|2009|p={{page needed|date=May 2023}}}}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.BOOK, Josef, Drexl, Die wirtschaftliche Selbstbestimmung des Verbrauchers, de, The economic self-determination of the consumer, J.C.B. Mohr, 1998, 3-16-146938-0, Freiheitssicherung auch gegen den Sozialstaat, Safeguarding freedom also against the welfare state, 144, 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”.BOOK, Ralf, Ptak, Vom Ordoliberalismus zur Sozialen Marktwirtschaft: Stationen des Neoliberalismus in Deutschland, de, From Ordoliberalism to the Social Market economy: Stations of Neoliberalism in Germany, 2004, 18–19, 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.)”.BOOK, Jörg Guido, Hülsmann, Jörg Guido Hülsmann, Mises: The Last Knight of Liberalism, 2007, 978-1933550183, 1007–08, Ludwig von Mises Institute, 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 (economic miracle) mentality of the 1950s and 1960s.{{sfnp|Hartwich|2009|p={{page needed|date=May 2023}}}}

Latin America

In the 1980s, numerous governments in Latin America adopted neoliberal policies.BOOK, Peter, Kingstone, The Rise and Fall (and Rise Again?) of Neoliberalism in Latin America, SAGE Publications Ltd, 2018, JOURNAL, Otero, Gerardo, The neoliberal food regime in Latin America: state, agribusiness transnational corporations and biotechnology, Canadian Journal of Development Studies/Revue canadienne d’études du développement, Informa UK Limited, 33, 3, 2012, 0225-5189, 10.1080/02255189.2012.711747, 282–294, 59042471, 4912306096, BOOK, Ben Ross, Schneider, The material bases of technocracy: Investor confidence and neoliberalism in Latin America, The politics of expertise in Latin America, Miguel A., Centeno, Patricio, Silva, Palgrave Macmillan, 1998, 77–95,www.palgrave.com/gp/book/9780312210267,web.archive.org/web/20191102140153/https://www.palgrave.com/gp/book/9780312210267, November 2, 2019,

Chile

{{further|Crisis of 1982|Miracle of Chile|2019–2021 Chilean protests}}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.“{{sfnp|Harvey|2005|p=}} Similarly, Vincent Bevins says that Chile under Augusto Pinochet “became the world’s first test case for ‘neoliberal’ economics.“BOOK, Bevins, Vincent, Vincent Bevins, (The Jakarta Method, The Jakarta Method: Washington’s Anticommunist Crusade and the Mass Murder Program that Shaped Our World), 2020, PublicAffairs, 207, 978-1541742406, 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 policiesNEWS, Opazo, Tania, The Boys Who Got to Remake an Economy,slate.com/business/2016/01/in-chicago-boys-the-story-of-chilean-economists-who-studied-in-america-and-then-remade-their-country.html, July 6, 2019, Slate (magazine), Slate, January 12, 2016, —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.MAGAZINE,www.time.com/time/magazine/article/0,9171,907929,00.html, CHILE: The Bloody End of a Marxist Dream, Time (magazine), Time,www.time.com/time/magazine/article/0,9171,907929,00.html," title="web.archive.org/web/20080925065855www.time.com/time/magazine/article/0,9171,907929,00.html,">web.archive.org/web/20080925065855www.time.com/time/magazine/article/0,9171,907929,00.html, September 25, 2008, ....Allende’s downfall had implications that reached far beyond the borders of Chile. His had been the first democratically elected Marxist government in Latin America..., File:Economic growth of Chile.PNG|thumb|upright=1.15 |Chilean (orange) and average Latin American (blue) rates of growth of GDPGDPDuring the Allende presidency, Chile experienced a severe economic crisis, in which inflation peaked near 150%.NEWS,news.bbc.co.uk/2/hi/americas/63821.stm, BBC News, Pinochet’s rule: Repression and economic success, January 7, 2001, May 12, 2010, Following an extended period of social unrest and political tension, as well as diplomatic, economic, and covert pressure from the United States,WEB,www2.gwu.edu/~nsarchiv/NSAEBB/NSAEBB8/nsaebb8i.htm, Chile and the United States: Declassified Documents Relating to the Military Coup, September 11, 1973, Peter, Kornbluh, the Chilean armed forces and national police overthrew the Allende government in a coup d’état.MAGAZINE,www.csmonitor.com/2006/1211/p00s01-woam.html, Controversial legacy of former Chilean dictator Augusto Pinochet, ...Gen. Augusto Pinochet, who overthrew Chile’s democratically elected Communist government in a 1973 coup ...,www.csmonitor.com/2006/1211/p00s01-woam.html," title="web.archive.org/web/20080516194106www.csmonitor.com/2006/1211/p00s01-woam.html,">web.archive.org/web/20080516194106www.csmonitor.com/2006/1211/p00s01-woam.html, May 16, 2008, The Christian Science Monitor, December 11, 2006, They established a repressive military junta, known for its violent suppression of opposition, and appointed army chief Augusto Pinochet Supreme Head of the nation.BOOK, Genaro Arriagada, Herrera, Pinochet: The Politics of Power,books.google.com/books?id=7F8VAAAAIAAJ&pg=PA36, 1988, Allen & Unwin, 978-0-04-497061-3, 36, Google Books, 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.WEB, Drake, Paul W., Johnson, John J., Caviedes, César N., Carmagnani, Marcello A., The military dictatorship, from 1973,www.britannica.com/place/Chile/The-military-dictatorship-from-1973, Encyclopædia Britannica, July 11, 2019, 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.NEWS, Explainer: Chile’s ‘Chicago Boys,’ a model for Brazil now?,www.reuters.com/article/us-brazil-politics-chicagoboys-explainer/explainer-chiles-chicago-boys-a-model-for-brazil-now-idUSKCN1OY1OU, July 6, 2019, Reuters, January 4, 2019, 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.{{sfnp|Boas|Gans-Morse|2009}}> Additionally, the central bank raised interest rates from 49.9% to 178% to counter high inflation.BOOK, Anil, Hira, Ideas and Economic Policy in Latin America, Praeger Publishers, 1998, 0-275-96269-5, 81, File:Panfleto Tercera Jornada Protesta Nacional.jpg|thumb|left |Pamphlet calling for a protest of economic policy in 1983 following the economic crisisBOOK, Historia contemporánea de Chile III. La economía: mercados empresarios y trabajadores, es, Contemporary history of Chile III. The economy: business and worker markets, 2002, Gabriel, Salazar, Gabriel Salazar, Julio, Pinto, Julio Pinto, 49–62, WEB, Konrad Adenauer FoundationKonrad Adenauer FoundationThese 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.JOURNAL, K., Remmer, 1979, Public Policy and Regime Consolidation: The First Five Years of the Chilean Junta, Journal of the Developing Areas, 441–461, Inflation was tempered, falling from over 600% in 1974, to below 50% by 1979, to below 10% right before the economic crisis of 1982;WEB, Inflation, GDP deflator (annual %),data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG?locations=CL, World Bank, July 8, 2019, GDP growth spiked (see chart) to 10%.WEB,data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=CL, GDP Growth (annual %), World Bank, July 7, 2019, however, inequality widened as wages and benefits to the working class were reduced.BOOK, Peter, Winn, Peter Winn,www.dukeupress.edu/Victims-of-the-Chilean-Miracle/, Victims of the Chilean Miracle: Workers and Neoliberalism in the Pinochet Era, 1973–2002, Duke University Press, 2004, 082233321X, BOOK, Pamela, Constable, Pamela Constable, Arturo, Valenzuela, Arturo Valenzuela, A Nation of Enemies: Chile Under Pinochet, W. W. Norton & Company, 1993, 0393309851, 219, 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.Historia contemporánea de Chile III. La economía: mercados empresarios y trabajadores. 2002. Gabriel Salazar and Julio Pinto. pp. 49–-62. 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; 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.JOURNAL, 1990, The Political Economy of Unilateral Trade Liberalization,www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf,www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf," title="web.archive.org/web/20040730125426www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf,">web.archive.org/web/20040730125426www.anderson.ucla.edu/faculty/sebastian.edwards/W6510.pdf, July 30, 2004, live, UCLA, December 6, 2010, BOOK, 1998, Two Lucky People,archive.org/details/twoluckypeopleme00frie, registration, sergio de castro., April 8, 2011, University of Chicago Press, 9780226264158, Friedman, Milton, Milton Friedman, Friedman, Rose D., (File:Unemployment Chile.png|thumb|upright=1.15 |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 decreasedWEB, Unemployment Rate: Aged 15 and Over: All Persons for Chile,fred.stlouisfed.org/series/LRUNTTTTCLA156N, FRED, January 1986, Organization for Economic Co-operation and Development, July 8, 2019, and the percent of the population below the poverty line declined from 50% in 1984 to 34% by 1989.NEWS,www.hoover.org/research/what-pinochet-did-chile, What Pinochet Did for Chile, Packenham, Robert A., January 30, 2007, Hoover Institution, July 7, 2019, Ratliff, William, 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. 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%.BOOK, Naomi Klein, Klein, Naomi, 2008, (The Shock Doctrine: The Rise of Disaster Capitalism), Picador (imprint), Picador, 978-0312427993, 105, 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.JOURNAL, Hojman, David E., 1996, Poverty and Inequality in Chile: Are Democratic Politics and Neoliberal Economics Good for You?,www.jstor.org/stable/166361, Journal of Interamerican Studies and World Affairs, 38, 2/3, 73–96, 10.2307/166361, 166361, 0022-1937, NEWS,www.pbs.org/wgbh/commandingheights/shared/minitext/int_alejandrofoxley.html#2, PBS Interview with Alejandro Foxley conducted March 26, 2001, (The Commanding Heights: The Battle for the World Economy), December 4, 2014, {{Primary source inline|date=August 2022}}Despite years of suppression by the Pinochet junta, in 1988 a presidential election was held, as dictated by the 1980 constitution (though not without Pinochet first holding another plebiscite in an attempt to amend the constitution). 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,BOOK, Friedrich, Hayek, Friedrich Hayek, The Road to Serfdom, 1944, University of Chicago Press, 50th Anniversary edition (1944), 0-226-32061-8, 95, 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.{{citation needed|date=July 2019}} 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.BOOK, Alvaro Díaz, Eco, Javier Martínez, Bengoa, Diaz, Martinez, Dharam, Ghai, Chile: The Great Transformation, Brookings Institution Press, 1996, 0-8157-5478-7, 3–4, (File:GDP per capita LA-Chile-2.png|thumb|upright=1.15 |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.JOURNAL, Aninat, Eduardo, Chile in the 1990s: Embracing Development Opportunities, Finance & Development, March 2000, 37, 1,www.imf.org/external/pubs/ft/fandd/2000/03/aninat.htm, July 11, 2019, At the same time, the decade brought increases in government expenditure on social programs to tackle poverty and poor quality housing.BOOK, Dominguez, Jorge, Constructing democratic governance in Latin America, 2003, Johns Hopkins University Press, 1421409798, Throughout the 1990s, Chile maintained high growth, averaging 7.3% from 1990 to 1998. 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.” 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.WEB, GDP growth (annual %),data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=CL, The World Bank, July 11, 2019, 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.WEB, 2019, Index of Economic Freedom,www.heritage.org/index/ranking, The Heritage Foundation, July 8, 2019, October 26, 2017,www.heritage.org/index/ranking," title="web.archive.org/web/20171026110910www.heritage.org/index/ranking,">web.archive.org/web/20171026110910www.heritage.org/index/ranking, dead, 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, rising from the poorest Latin American country in terms of GDP per capita in 1980 (along with Peru) to the richest in 2019.WEB, Edwards, Sebastian, Chile’s insurgency and the end of neoliberalism,voxeu.org/article/chile-s-insurgency-and-end-neoliberalism, Vox (website), VOX, Center for Economic and Policy Research, November 30, 2019, 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.NEWS, Buc, Hernán Büchi, How Chile Successfully Transformed Its Economy,www.heritage.org/international-economies/report/how-chile-successfully-transformed-its-economy, July 8, 2019, The Heritage Foundation, September 18, 2006, JOURNAL, Becker, Gary S., Gary Becker, 1997, Robinson, Peter, What Latin America Owes to the “Chicago Boys”,www.hoover.org/publications/hoover-digest/article/7743, dead, Hoover Institution#Publications, Hoover Digest, 4, 1088-5161,www.hoover.org/publications/hoover-digest/article/7743," title="web.archive.org/web/20100724040917www.hoover.org/publications/hoover-digest/article/7743,">web.archive.org/web/20100724040917www.hoover.org/publications/hoover-digest/article/7743, July 24, 2010, October 3, 2010, Inflation was brought under control. Between 1970 and 1985 the infant mortality rate in Chile fell from 76.1 per 1000 to 22.6 per 1000,WEB, World Bank, April 2010, Washington, DC, October 1, 2010,data.worldbank.org, World Development Indicators database, the lowest in Latin America.BOOK, Economic Reforms in Chile: From Dictatorship to Democracy, French-Davis, Ricardo, University of Michigan Press, Ann Arbor, MI, 188, 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.WEB, GINI index (World Bank estimate) – Chile,data.worldbank.org/indicator/SI.POV.GINI?locations=CL, The World Bank, 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.WEB, Income inequality,data.oecd.org/inequality/income-inequality.htm, OECD Data, Organisation for Economic Co-operation and Development, January 22, 2020,web.archive.org/web/20190918094533/https://data.oecd.org/inequality/income-inequality.htm, September 18, 2019, dead, 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.WEB, OECD Better Life Index,www.oecdbetterlifeindex.org/, Organisation for Economic Co-operation and Development, Additionally, the percentage of the Chilean population living in poverty rose from 17% in 1969 to 45% in 1985Ricardo Ffrench-Davis, Economic Reforms in Chile: From Dictatorship to Democracy, University of Michigan Press, 2002, {{ISBN|978-0472112326}}, p. 193 at the same time government budgets for education, health and housing dropped by over 20% on average.JOURNAL, Petras, James, Vieux, Steve, July 1990, The Chilean “economic miracle”: an empirical critique, Critical Sociology (journal), Critical Sociology, 17, 2, 57–72, 10.1177/089692059001700203, 143590493, The era was also marked by economic instability.BOOK, Hunger and Public Action, Sen, Amartya, Oxford University Press, 1991, 9780198283652, 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,“Chile. The World Factbook. Central Intelligence Agency. 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. 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; 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.{{sfnp|Harvey|2005|p=74}}JOURNAL, Silvia, Borzutzky, From Chicago to Santiago: Neoliberalism and social security privatization in Chile, Governance (journal), Governance, 18, 4, 2005, 655–674, 10.1111/j.1468-0491.2005.00296.x,www.researchgate.net/publication/229866806, 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.NEWS, October 26, 2020, Jubilation as Chile votes to rewrite constitution,www.bbc.com/news/world-latin-america-54687090, BBC News, NEWS, Bonnefoy, Pascale, October 25, 2020, ‘An End to the Chapter of Dictatorship’: Chileans Vote to Draft a New Constitution,www.nytimes.com/2020/10/25/world/americas/chile-constitution-plebiscite.html,web.archive.org/web/20201025171006/https://www.nytimes.com/2020/10/25/world/americas/chile-constitution-plebiscite.html, October 25, 2020, subscription, live, November 22, 2020, The New York Times, However, in September 2022, the referendum to approve a rewritten the constitution was rejected with 61% of the vote.

Peru

{{Further|Plan Verde}}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.BOOK, Pee, Robert, The Reagan Administration, the Cold War, and the Transition to Democracy Promotion, Palgrave Macmillan, 2018, 978-3319963815, 178–180, BOOK, Pee, Robert, The Reagan Administration, the Cold War, and the Transition to Democracy Promotion, Palgrave Macmillan, 2018, 978-3319963815, 168–187, JOURNAL, Mitchell, Timothy, 2005, The work of economics: how a discipline makes its world, European Journal of Sociology, 46, 2, 299–310, 10.1017/S000397560500010X, free, The economic policy of President Alan García distanced Peru from international markets, resulting in lower foreign investment in the country.WEB, June 2, 2010, Welcome, Mr. Peruvian President: Why Alan García is no hero to his people,www.coha.org/welcome-mr-peruvian-president-why-alan-garcia-is-no-hero-to-his-people/, April 18, 2019, live,www.coha.org/welcome-mr-peruvian-president-why-alan-garcia-is-no-hero-to-his-people/," title="web.archive.org/web/20190418150551www.coha.org/welcome-mr-peruvian-president-why-alan-garcia-is-no-hero-to-his-people/,">web.archive.org/web/20190418150551www.coha.org/welcome-mr-peruvian-president-why-alan-garcia-is-no-hero-to-his-people/, April 18, 2019, Council on Hemispheric Affairs, Under García, Peru experienced hyperinflation and increased confrontations with the guerrilla group Shining Path, leading the country towards high levels of instability.JOURNAL, Burt, Jo-Marie, September–October 1998, Unsettled accounts: militarization and memory in postwar Peru, NACLA, NACLA Report on the Americas, Taylor & Francis, 32, 2, 35–41, 10.1080/10714839.1998.11725657, the military’s growing frustration over the limitations placed upon its counterinsurgency operations by democratic institutions, coupled with the growing inability of civilian politicians to deal with the spiraling economic crisis and the expansion of the Shining Path, prompted a group of military officers to devise a coup plan in the late 1980s. The plan called for the dissolution of Peru’s civilian government, military control over the state, and total elimination of armed opposition groups. The plan, developed in a series of documents known as the “Plan Verde,” outlined a strategy for carrying out a military coup in which the armed forces would govern for 15 to 20 years and radically restructure state-society relations along neoliberal lines., 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.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.JOURNAL, Gaussens, Pierre, 2020, The forced serilization of indigenous population in Mexico in the 1990s, Canadian Journal of Bioethics, 3, 3, 180+, 10.7202/1073797ar, 234586692, a government plan, developed by the Peruvian army between 1989 and 1990s to deal with the Shining Path insurrection, later known as the ‘Green Plan’, whose (unpublished) text expresses in explicit terms a genocidal intention, free, 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.WEB, April 14, 1990, La frugalidad de “Cambio 90” y el derroche de Fredemo, The frugality of “Cambio 90” and the waste of Fredemo, El Proceso,www.proceso.com.mx/154825/la-frugalidad-de-cambio-90-y-el-derroche-de-fredemo, December 27, 2017, September 20, 2018,web.archive.org/web/20180920122715/https://www.proceso.com.mx/154825/la-frugalidad-de-cambio-90-y-el-derroche-de-fredemo, dead, es, 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.MAGAZINE, July 12, 1993, El “Plan Verde” Historia de una traición, The “Green Plan” Story of a betrayal,www.scribd.com/document/310286817/El-Plan-Verde, Oiga (magazine), Oiga, 647, es, After taking office, Fujimori abandoned his campaign’s economic platform, adopting more aggressive neoliberal policies than those espoused by his election competitor Vargas Llosa.BOOK, Gouge, Thomas, Exodus from Capitalism: The End of Inflation and Debt, 2003, 363, 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.JOURNAL, Cameron, Maxwell A., June 1998, Latin American Autogolpes: Dangerous Undertows in the Third Wave of Democratisation, Third World Quarterly, Taylor & Francis, 19, 2, 228, 10.1080/01436599814433, the outlines for Peru’s presidential coup were first developed within the armed forces before the 1990 election. This Plan Verde was shown to President Fujimorti after the 1990 election before his inauguration. Thus, the president was able to prepare for an eventual self-coup during the first two years of his administration, 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”.WEB, May 1997, Evaluation of the Policy Analysis, Planning and Implementation (PAPI) Project USAID/Peru,pdf.usaid.gov/pdf_docs/PDABR060.pdf,pdf.usaid.gov/pdf_docs/PDABR060.pdf," title="web.archive.org/web/20061007061521pdf.usaid.gov/pdf_docs/PDABR060.pdf,">web.archive.org/web/20061007061521pdf.usaid.gov/pdf_docs/PDABR060.pdf, October 7, 2006, live, United States Agency of International Development, De Soto proved to be influential to Fujimori, who began to repeat de Soto’s advocacy for deregulating the Peruvian economy.NEWS, March 4, 1991, Peru’s Fujimori Weighs In On Behalf of Street Sellers Nation’s informal economy is protected in president’s economic plan, The Christian Science Monitor, 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.NEWS, Brooke, James, November 27, 1990, A Peruvian Is Laying Out Another Path, en-US, The New York Times,www.nytimes.com/1990/11/27/world/a-peruvian-is-laying-out-another-path.html, September 26, 2020, 0362-4331, In a recommendation to Fujimori, de Soto called for a “shock” to Peru’s economy. The policies included a 300% tax increase, unregulated prices and privatizing two-hundred and fifty state-owned entities. The policies of de Soto led to the immediate suffering of poor Peruvians who saw unregulated prices increase rapidly. Those living in poverty saw prices increase so much that they could no longer afford food. 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.NEWS, Nash, Nathaniel C., February 24, 1991, The World; Fujimori In the Time Of Cholera, Section 4, Page 2, The New York Times,www.nytimes.com/1991/02/24/weekinreview/the-world-fujimori-in-the-time-of-cholera.html, August 5, 2021, 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.NEWS, Robinson, Eugene, March 23, 1991, Peruvians Puzzle Over President; Popularity Plummets As ‘Fujishock’ Felt, a12, The Washington Post, But when de Soto announced a program of administrative reform to involve the public in government decisions, Fujimori’s cabinet undercut him., 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”.BOOK, Rendón, Silvio, La intervención de los Estados Unidos en el Perú, es, The intervention of the United States in Peru, Editorial Sur, 2013, 9786124574139, 150–152, 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.JOURNAL, Stokes, Susan, Are Parties What’s Wrong with Democracy in Latin America?, XX International Congress of the Latin American Studies Association, Guadalajara, Mexico, April 17–19, 1997, 1997, 10.1.1.569.1490, BOOK, Pee, Robert, The Reagan Administration, the Cold War, and the Transition to Democracy Promotion, Palgrave Macmillan, 2018, 978-3319963815, 187–188, 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.WEB, McMaken, Ryan, October 26, 2018, How the U.S. Government Led a Program That Forcibly Sterilized Thousands of Poor Peruvian Women in the 1990s {{!, Ryan McMaken |url=https://fee.org/articles/the-us-government-led-a-program-that-forcibly-sterilized-thousands-of-peruvian-women/ |access-date=August 4, 2021 |website=Foundation for Economic Education |language=en}} 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. 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. 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.NEWS, July 24, 2002, Mass sterilisation scandal shocks Peru, en-GB, BBC News,news.bbc.co.uk/2/hi/americas/2148793.stm, August 4, 2021, 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.WEB, June 3, 2021, Buenos Aires Times {{!, Inequality fuels rural teacher’s unlikely bid to upend Peru |url=https://batimes.com.ar/news/latin-america/inequality-fuels-a-rural-teachers-unlikely-bid-to-upend-peru.phtml |url-status=live |archive-url=https://web.archive.org/web/20210604101055batimes.com.ar/news/latin-america/inequality-fuels-a-rural-teachers-unlikely-bid-to-upend-peru.phtml |archive-date=June 4, 2021 |access-date=June 4, 2021 |website=Buenos Aires Times |publisher=Bloomberg}}MAGAZINE, Allen, Nicolas, June 1, 2021, Pedro Castillo Can Help End Neoliberalism in Peru,jacobinmag.com/2021/06/pedro-castillo-peru-libre-keiko-fujimori-runoff-election-june-6-neoliberalism, live,web.archive.org/web/20210618113630/https://www.jacobinmag.com/2021/06/pedro-castillo-peru-libre-keiko-fujimori-runoff-election-june-6-neoliberalism, June 18, 2021, June 3, 2021, Jacobin (magazine), Jacobin, WEB, O’Boyle, Brendan, May 3, 2021, Pedro Castillo and the 500-Year-Old Lima vs Rural Divide,www.americasquarterly.org/article/pedro-castillo-and-the-500-year-old-lima-vs-rural-divide/, live,web.archive.org/web/20210603100944/https://www.americasquarterly.org/article/pedro-castillo-and-the-500-year-old-lima-vs-rural-divide/, June 3, 2021, June 3, 2021, Americas Quarterly, en-US, 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.” In 2020, the COVID-19 pandemic in Peru compounded these disparities, 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{{snd}}most clearly in the case of health services.” 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. Castillo ultimately won the election, with The New York Times reporting his victory as the “clearest repudiation of the country’s establishment”.NEWS, Tegel, Simeon, Presumed President-elect Pedro Castillo faces challenges in Peru,www.aljazeera.com/news/2021/6/18/who-is-pedro-castillo-perus-presumed-president-elect, June 22, 2021, Al Jazeera Arabic, Al Jazeera, en, NEWS, Taj, Mitra, Turkewitz, Julie, July 20, 2021, Pedro Castillo, Leftist Political Outsider, Wins Peru Presidency, The New York Times,www.nytimes.com/2021/07/19/world/americas/peru-election-pedro-castillo.html,ghostarchive.org/archive/20211228/https://www.nytimes.com/2021/07/19/world/americas/peru-election-pedro-castillo.html, December 28, 2021, limited, July 20, 2021, {{cbignore}}

Argentina

{{further|José Alfredo Martínez de Hoz|Domingo Cavallo}}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.{{sfnp|Boas|Gans-Morse|2009}}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.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%.JOURNAL, 2005, Poster Child or Victim of Imperialist Globalization? Explaining Argentina’s December 2001 Political Crisis and Economic Collapse, 30040267, Latin American Perspectives, 32, 6, 65–89, Carranza, Mario E., 10.1177/0094582X05281114, 144975029, 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.JOURNAL, Malamud, Andrés, 2015, Social Revolution or Political Takeover? The Argentine Collapse of 2001 Reassessed, Latin American Perspectives, 42, 10, 10.1177/0094582X13492710, 153480464,

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 (Institutional Revolutionary Party#:~:text=The Institutional Revolutionary Party (Spanish,, PNR), then as 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.JOURNAL, Musacchio, Aldo, May 8, 2012, Mexico’s Financial Crisis of 1994–1995,nrs.harvard.edu/urn-3:HUL.InstRepos:9056792, Harvard Business School, Harvard Business School Working Paper, 12–101, Digital Access to Scholarship at Harvard, 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.JOURNAL, Laurell, Asa Cristina, 2015, Three Decades of Neoliberalism in Mexico: The Destruction of Society,journals.sagepub.com/doi/10.1177/0020731414568507, International Journal of Health Services, 45, 2, 246–264, 10.1177/0020731414568507, 25813500, 35915954, SAGE, 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. 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. (File:President Bush, Canadian Prime Minister Brian Mulroney and Mexican President Carlos Salinas participate in the... - NARA - 186460.jpg|thumb|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.NEWS, Godelmann, Iker Reyes, July 30, 2014, The Zapatista Movement: The Fight for Indigenous Rights in Mexico, Australian Institute for International Affairs,www.internationalaffairs.org.au/news-item/the-zapatista-movement-the-fight-for-indigenous-rights-in-mexico/, 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.JOURNAL, Bensabat Kleinberg, Remonda, 1999, Strategic Alliances: State-Business Relations in Mexico Under Neo-Liberalism and Crisis, Bulletin of Latin American Research, 18, 1, 71–87, 10.1111/j.1470-9856.1999.tb00188.x,   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.JOURNAL, Sachs, Jeffrey, November 1996, The Mexican peso crisis: Sudden death or death foretold?,www.nber.org/papers/w5563.pdf, Journal of International Economics, 41, 3–4, 265–283, 10.1016/S0022-1996(96)01437-7, 154060545, Science Direct, 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.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. 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. 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. 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.

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.Edmund Amann, and Werner Baer, “Neoliberalism and its consequences in Brazil.” Journal of Latin American Studies 34.4 (2002): 945–959. OnlineJOURNAL, Saad-Filho, Alfredo, 2013, Mass protests under ‘left neoliberalism’: Brazil, June–July 2013, Critical Sociology, 39, 5, 657–669, 10.1177/0896920513501906, 144667014,

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.{{sfnp|Steger|Roy|2010|p=50}} 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.JOURNAL, Gray, John, 2004, Blair’s Project in Retrospect, International Affairs (journal), International Affairs, 80, 1, 39–48, 10.1111/j.1468-2346.2004.00364.x, 3569292, 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,{{sfnp|Springer|Birch|MacLeavy|2016|p=374}} officially changed its libertarian label to neoliberal in October 2016.WEB,www.adamsmith.org/blog/coming-out-as-neoliberals, Coming Out as Neoliberals, The Adam Smith Institute, October 11, 2016, 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.“Denzau, Arthur T., and Ravi K. Roy, Fiscal Policy Convergence from Reagan to Blair: The Left Veers Right (Routledge, 2003). p. xvi. {{ISBN|978-0415324137}}.Daniel Stedman Jones. Chapter 13: “The Neoliberal Origins of the Third Way: How Chicago, Virginia and Bloomington Shaped Clinton and Blair”. In Damien Cahill et al. eds. The SAGE Handbook of Neoliberalism (2018): 167ff. {{doi|10.4135/9781526416001.n14}}

United States

{{see also|Reaganomics|Reagan Era|New Democrats (United States)}}While a number of recent histories of neoliberalismWEB, themetropoleblog, June 5, 2019, Neoliberalism: Kim Phillips-Fein and Tracy Neumann Unpack the Knotty Realities and History of the Ubiquitous Term, The Metropole, en,themetropole.blog/2019/06/05/neoliberalism-kim-phillips-fein-and-tracy-neumann-unpack-the-knotty-realities-and-history-of-the-ubiquitous-term/, September 4, 2020, BOOK, Diamond, Andrew,www.ucpress.edu/book/9780520286498/chicago-on-the-make, Chicago on the Make, University of California Press, 2017, 9780520286498, en, WEB, Remaking the Rust Belt {{!, Tracy Neumann |url=https://www.upenn.edu/pennpress/book/15517.html |access-date=September 4, 2020 |website=www.upenn.edu}} 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, and traces the origin of its political rise to Lewis Powell’s 1971 confidential memorandum to the Chamber of Commerce in particular.{{sfnp|Harvey|2005|p=43}} 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.{{sfnp|Gerstle|2022|pp=108–110}} 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.Kevin Doogan (2009). New Capitalism. Polity. {{ISBN|0745633250}} p. 34.WEB, Powell, Lewis F. Jr., Attack of American Free Enterprise System, PBS,www.pbs.org/wnet/supremecourt/personality/sources_document13.html, August 23, 1971, March 1, 2016,www.pbs.org/wnet/supremecourt/personality/sources_document13.html," title="web.archive.org/web/20120104052451www.pbs.org/wnet/supremecourt/personality/sources_document13.html,">web.archive.org/web/20120104052451www.pbs.org/wnet/supremecourt/personality/sources_document13.html, January 4, 2012, dead, The original neoliberals on the left 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.MAGAZINE, The First Neoliberals,jacobinmag.com/2016/04/chait-neoliberal-new-inquiry-democrats-socialism/, Corey, Robin, April 27, 2021, Jacobin (magazine), Jacobin, en-US, Early roots of neoliberalism were laid in the 1970s during the Carter administration, with deregulation of the trucking, banking and airline industries,WEB, William L., Anderson, Rethinking Carter, October 25, 2000,mises.org/library/rethinking-carter, WEB, Andrew, Leonard, June 4, 2009, No, Jimmy Carter did it,www.salon.com/2009/06/04/jimmy_carter_did_it/, WEB, Firey, Thomas A., February 20, 2011, A salute to Carter, deregulation’s hero,articles.herald-mail.com/2011-02-20/opinion/28614285_1_jimmy-carter-deregulation-peanut-farmer, January 20, 2017,articles.herald-mail.com/2011-02-20/opinion/28614285_1_jimmy-carter-deregulation-peanut-farmer," title="web.archive.org/web/20170114225036articles.herald-mail.com/2011-02-20/opinion/28614285_1_jimmy-carter-deregulation-peanut-farmer,">web.archive.org/web/20170114225036articles.herald-mail.com/2011-02-20/opinion/28614285_1_jimmy-carter-deregulation-peanut-farmer, January 14, 2017, dead, as well as the appointment of Paul Volcker to chairman of the Federal Reserve.{{sfnp|Stedman Jones|2014|p=5}} This trend continued into the 1980s under the Reagan administration, which included tax cuts, increased defense spending, financial deregulation and trade deficit expansion. 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.BOOK, Darrell M., West, Congress and Economic Policy Making,books.google.com/books?id=h64et3mOxH8C&pg=PA71, 1987, 71, University of Pittsburgh Pre, 978-0822974352, Google Books, The Clinton administration embraced neoliberalism 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.BOOK, Nikolaos, Karagiannis, Zagros, Madjd-Sadjadi, Swapan, Sen,www.routledge.com/The-US-Economy-and-Neoliberalism-Alternative-Strategies-and-Policies/Karagiannis-Madjd-Sadjadi-Sen/p/book/9780415645058, The US Economy and Neoliberalism: Alternative Strategies and Policies, Routledge, 2013, 978-1138904910, 58, NEWS,www.democracynow.org/1997/8/25/food_stamps, Food Stamps, Democracy Now!, August 25, 1997, August 16, 2013, NEWS, Alan S., Blinder, Alan Blinder: Five Years Later, Financial Lessons Not Learned,www.wsj.com/articles/SB10001424127887323623304579059070153371410?mod=WSJ_hps_sections_opinion, Wall Street Journal, September 10, 2013, (Blinder summarizing causes of the “Great Recession”: “Disgracefully bad mortgages created a problem. But wild and woolly customized derivatives—totally unregulated due to the odious Commodity Futures Modernization Act of 2000—blew the problem up into a catastrophe. Derivatives based on mortgages were a principal source of the reckless leverage that backfired so badly during the crisis, imposing huge losses on investors and many financial firms.“), 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.{{sfnp|Gerstle|2022|p=1}} 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.{{sfnp|Steger|Roy|2010|pp=50–51}}{{Disputed inline|Clinton does not neglect ecological issues?|date=August 2016}} 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.WEB, Chait, Jonathan, July 16, 2017,nymag.com/daily/intelligencer/2017/07/how-neoliberalism-became-the-lefts-favorite-insult.html, How ‘Neoliberalism’ Became the Left’s Favorite Insult of Liberals, New York (magazine), New York, January 18, 2018, 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”.WEB,www.dissentmagazine.org/online_articles/nancy-fraser-against-progressive-neoliberalism-progressive-populism, Against Progressive Neoliberalism, A New Progressive Populism, Fraser, Nancy, February 28, 2017, Dissent (American magazine), Dissent, June 13, 2019, 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”.BOOK, Scheidel, Walter, Walter Scheidel, The Great Leveler: Violence and the History of Inequality from the Stone Age to the Twenty-First Century, Princeton University Press, 2017, 978-0691165028, 416,press.princeton.edu/titles/10921.html, In the United States, both of the dominant parties have shifted toward free-market capitalism. Even though analysis of roll call votes show that since the 1970s, Republicans have drifted farther to the right than Democrats have moved to the left, the latter were instrumental in implementing financial deregulation in the 1990s and focused increasingly on cultural issues such as gender, race, and sexual identity rather than traditional social welfare policies., 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.“WEB, Neoliberal Cities,nyupress.org/9781479832378/neoliberal-cities, September 4, 2020, NYU Press, en-US, 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.JOURNAL, Buschman, John, 2020, Education, the Public Sphere, and Neoliberalism: Libraries’ Contexts., Library Quarterly, 90, 2, 154–61, 10.1086/707671, 216334602, Support for neoliberalism declined in the United States after the Great Recession, with some believing that Trump’s 2016 presidential campaign succeeded by promising a revolt against neoliberal globalization, and pundits on the left have called for the Democratic party to similarly mobilize against it.MAGAZINE, Murphy, Chris, October 25, 2022, The Wreckage of Neoliberalism,www.theatlantic.com/ideas/archive/2022/10/democrats-should-reject-neoliberalism/671850/, February 22, 2023, The Atlantic, en, MAGAZINE, February 21, 2023, Inside the New Right’s Next Frontier: The American West,www.vanityfair.com/news/2023/02/new-right-civil-war, February 22, 2023, Vanity Fair (magazine), Vanity Fair, en-US, {{sfn|Gerstle|2022}}{{pn|date=December 2023}}

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.JOURNAL, Wade, Robert H., 2018, The developmental state: dead or alive?.,eprints.lse.ac.uk/87356/, Development and Change, 49, 2, 518–546, 10.1111/dech.12381,

China

{{See also|Chinese economic reform}}Following the death of Mao Zedong in 1976, Deng Xiaoping led the country through far ranging market-centered reforms, with the slogan of XiÇŽokāng, that combined neoliberalism with centralized authoritarianism. These focused on agriculture, industry, education and science/defense.{{sfnp|Harvey|2005|p=}}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.JOURNAL, Niv, Horesh, Kean Fan, Lim, China: an East Asian alternative to neoliberalism?, The Pacific Review, Pacific Review, 30, 4, 2017, 425–442, 10.1080/09512748.2016.1264459, 157838428,dro.dur.ac.uk/25972/1/25972.pdf,dro.dur.ac.uk/25972/1/25972.pdf," title="web.archive.org/web/20190427115432dro.dur.ac.uk/25972/1/25972.pdf,">web.archive.org/web/20190427115432dro.dur.ac.uk/25972/1/25972.pdf, 2019-04-27, live, JOURNAL, Zhou, Yu, Lin, George C.S., Zhang, Jun, 2019, Urban China through the lens of neoliberalism: Is a conceptual twist enough?., Urban Studies (journal), Urban Studies, 56, 1, 33–43, 10.1177/0042098018775367, 2019UrbSt..56...33Z, 158354394, Throughout the 20th century, Hong Kong was the outstanding neoliberal exemplar inside China.JOURNAL, Tang, Gary, Hau-yin Yuen, Raymond, 2016, Hong Kong as the ‘neoliberal exception’of China: Transformation of Hong Kong citizenship before and after the transfer of sovereignty, Journal of Chinese Political Science, 21, 4, 469–484, 10.1007/s11366-016-9438-7, 157215962,

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.JOURNAL, Tsai, Ming-Chang, 2001, Dependency, the state and class in the neoliberal transition of Taiwan, Third World Quarterly, 22, 3, 359–379, 10.1080/01436590120061651, 154037027,

Japan

{{See also|Developmental state}}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.JOURNAL, Tsukamoto, Takashi, 2012, Neoliberalization of the developmental state: Tokyo’s bottom-up politics and state rescaling in Japan, International Journal of Urban and Regional Research, 36, 1, 71–89, 10.1111/j.1468-2427.2011.01057.x, 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.JOURNAL, Miyake, Yoshitaka, 2016, Neoliberal Agricultural Policies and Farmers’ Political Power in Japan, Yearbook of the Association of Pacific Coast Geographers, 78, 1, 216–239, 10.1353/pcg.2016.0012, 157682364,

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.JOURNAL, David, Hundt, Neoliberalism, the developmental state and civil society in Korea, Asian Studies Review, 39, 3, 2015, 466–482, 10.1080/10357823.2015.1052339, 153689882,www.researchgate.net/publication/279860946,

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.JOURNAL, Rej, Abhijnan, 2017, Beyond India’s Quest for a Neoliberal Order, The Washington Quarterly, 40, 2, 145–161, 10.1080/0163660X.2017.1328930, 157335443, BOOK, N. S., Sisodia, Economic Modernisation and the Growing Influence of Neoliberalism on India’s Strategic Thought, Indian Grand Strategy: History, Theory, Cases, Kanti, Bajpai, Saira, Basit, V., Krishnappa, Routledge, New Delhi, 2014, 176–199,

Australia

In Australia, neoliberal economic policies (known at the time as “economic rationalism“BOOK, Pusey, M., 2003, Economic rationalism in Canberra: A nation-building state changes its mind, Cambridge University Press, 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.WEB, Cameron, Clyde R.,www.historycooperative.org/journals/lab/86/cameron.html, How the Federal Parliamentary Labor Party Lost Its Way,www.historycooperative.org/journals/lab/86/cameron.html," title="archive.today/20120803004406www.historycooperative.org/journals/lab/86/cameron.html,">archive.today/20120803004406www.historycooperative.org/journals/lab/86/cameron.html, August 3, 2012, 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.WEB, Forsyth, Anthony, Holbrook, Carolyn, Australian politics explainer: the Prices and Incomes Accord,theconversation.com/australian-politics-explainer-the-prices-and-incomes-accord-75622, The Conversation, 24 April 2017, The Conversation Media Group, November 9, 2022, The Howard government continued these policies, whilst also acting to reduce union power, cut welfare and reduce government spending.WEB, Duncan, Alan, Cassells, Rebecca, Government spending explained in 10 charts; from Howard to Turnbull,theconversation.com/government-spending-explained-in-10-charts-from-howard-to-turnbull-77158, The Conversation (website), The Conversation, 8 May 2017, The Conversation Media Group, November 9, 2022, 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.WEB, Neilson, L., Harris, B.,www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm, Chronology of superannuation and retirement income in Australia,www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm," title="web.archive.org/web/20110909175528www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm,">web.archive.org/web/20110909175528www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm, September 9, 2011, Parliamentary Library, Canberra, July 2008, 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.Marginson S Tertiary Education: A revolution to what end? Online Opinion, 5 April 2005 The admission of domestic full-fee-paying students to public universities was abolished in 2009 by the Rudd Labor government.WEB, Government Delivers on Promise to Phase Out Full Fee Degrees, Ministers’ Media Centre, Australian Government, October 29, 2008,ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees, July 10, 2018, April 21, 2019,web.archive.org/web/20190421041353/https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees, dead, 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.NEWS, Diversity helped Australia weather the resources bust,www.economist.com/special-report/2018/10/25/diversity-helped-australia-weather-the-resources-bust, July 5, 2019, The Economist, October 25, 2018, Building work had reached a nadir in the first quarter of 2012, when construction firms completed projects worth A$20bn. In the last quarter of 2017, that reached A$29bn. Foreigners accounted for a good share of their custom: the Foreign Investment Review Board approved A$72bn-worth of residential-property purchases in 2016, up from A$20bn in 2011. At its peak, foreign buying accounted for a quarter of residential-property sales in the two big cities., {{citation needed|reason=Economist article only mentions foreign investment generally, and not Chinese investment specifically|date=July 2019}}Australia was one of few developed countries not to go through a recession during the Great Recession; Australia’s last recession before the COVID-19 recession occurred in 1991.NEWS, Australia’s economy is still booming, but politics is a cause for concern,www.economist.com/special-report/2018/10/25/australias-economy-is-still-booming-but-politics-is-a-cause-for-concern, July 12, 2019, The Economist, October 25, 2018,

New Zealand

{{See also|Rogernomics}}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.BOOK, My Life, Lange, David, David Lange, Viking, 2005, 978-0-670-04556-3, 143, 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.BOOK, When Schools Compete: A Cautionary Tale, Fiske, Edward B., Ladd, Helen F., Brookings Institution Press, 2000, 978-0-8157-2835-1, Washington, D.C., 27,archive.org/details/isbn_5458999018950/page/27, The inherited economic conditions lead Lange to remark “We ended up being run very similarly to a Polish shipyard.“NEWS,www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10340844, David Lange, in his own words, August 15, 2005, The New Zealand Herald, 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.BOOK, Revolution: New Zealand from Fortress to Free Market, Russell, Marcia, Hodder Moa Beckett, 1996, 978-1869584283, 75, 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.BOOK, Revolution: New Zealand from Fortress to Free Market, Russell, Marcia, Hodder Moa Beckett, 1996, 978-1869584283, 80, 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.WEB,www.TeAra.govt.nz/en/cartoon/33456/floating-the-new-zealand-dollar, Reserve Bank – Reserve Bank, 1936 to 1984, Singleton, John, June 20, 2012, Te Ara Encyclopedia, 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.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.BOOK, I See Red, Bell, Judith, Awa Press, 2006, Wellington, 22–56,

Middle East

Beginning in the late 1960s, a number of neoliberal reforms were implemented in the Middle East.BOOK, Over-stating the Arab state : politics and society in the Middle East, Ayubi, Nazih N., 1995, I.B. Tauris, 9781441681966, London, 329–395, 703424952, BOOK, The Arab State and Neo-liberal Globalization: the Restructuring of State Power in the Middle East, Laura, Guazzone, 2009, Garnet Publishing (UK) Ltd, 9780863725104, New York, 887506789, 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,BOOK, The Egypt of Nasser and Sadat: the political economy of two regimes,archive.org/details/egyptofnassersad0000wate, registration, Waterbury, John, Princeton University Press, 1983, 9781400857357, Princeton, New Jersey, 889252154, and Hosni Mubarak’s successive economic reforms between 1981 and 2011.BOOK, The autumn of dictatorship: fiscal crisis and political change in Egypt under Mubarak, Sulaymān, SamÄ«r, Daniel, Peter, Stanford University Press, 2011, 9780804777735, Stanford, California, 891400543, 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 dictatorNEWS, Foreign Staff of the Telegraph, Tunisia’s Ben Ali: Soldier who turned into dictator,www.telegraph.co.uk/news/worldnews/africaandindianocean/tunisia/8586165/Tunisias-Ben-Ali-Soldier-who-turned-into-dictator.html,ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/news/worldnews/africaandindianocean/tunisia/8586165/Tunisias-Ben-Ali-Soldier-who-turned-into-dictator.html, January 11, 2022, subscription, live, July 5, 2019, The Daily Telegraph, June 20, 2011, {{cbignore}} Zine El Abidine Ben Ali;BOOK, Economic and political change in Tunisia: from Bourguiba to Ben Ali, Murphy, Emma, St. Martin’s Press in association with University of Durham, 1999, 978-0312221423, New York, N.Y., 40125756, his reign made it clear that economic neoliberalism can coexist and even be encouraged by authoritarian states.JOURNAL, Tsourapas, Gerasimos, 2013, The Other Side of a Neoliberal Miracle: Economic Reform and Political De-Liberalization in Ben Ali’s Tunisia, 10.1080/13629395.2012.761475, Mediterranean Politics, 18, 1, 23–41, 154822868, Responses to globalisation and economic reforms in the Gulf have also been approached via a neoliberal analytical framework.BOOK, Capitalism and class in the Gulf Arab states, Hanieh, Adam, Palgrave Macmillan, 2011, 9780230119604, 1st, New York, 743800844,

International organizations

{{see also|Structural adjustment}}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.{{sfnp|Stedman Jones|2014|p=8}} 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.BOOK, Williamson, John, Latin American Adjustment: How Much Has Happened?, April 1990, Peterson Institute for International Economics, 978-0881321258,www.piie.com/commentary/speeches-papers/what-washington-means-policy-reform, July 25, 2019, Chapter 2, {{sfnp|Harvey|2005|p=}} This process became known as structural adjustment, and the principles underpinning it the Washington Consensus.WEB,www.iie.com/content/?ID=1#topic3, A Guide To John Williamson’s Writing, Williamson, John, www.piie.com, Peterson Institute for International Economics, April 24, 2015, dead,www.iie.com/content/?ID=1#topic3," title="web.archive.org/web/20150705172400www.iie.com/content/?ID=1#topic3,">web.archive.org/web/20150705172400www.iie.com/content/?ID=1#topic3, July 5, 2015,

European Union

{{see also |History of the 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.WEB, Keshia, Jacotine, The split in neoliberalism on Brexit and the EU, SPERI, June 22, 2017,speri.dept.shef.ac.uk/2017/06/22/the-split-in-neoliberalism-on-brexit-and-the-eu/, June 18, 2018,speri.dept.shef.ac.uk/2017/06/22/the-split-in-neoliberalism-on-brexit-and-the-eu/," title="web.archive.org/web/20180618175603speri.dept.shef.ac.uk/2017/06/22/the-split-in-neoliberalism-on-brexit-and-the-eu/,">web.archive.org/web/20180618175603speri.dept.shef.ac.uk/2017/06/22/the-split-in-neoliberalism-on-brexit-and-the-eu/, June 18, 2018, dead, Others underline that the EU is not completely neoliberal as it leaves the development of welfare policies to its constituent states.BOOK, Milward, Alan S., Alan Milward, The European rescue of the nation-state, Routledge, London, New York, 2000, 9780203982150, 70767937, {{page needed|date=June 2018}}BOOK, Warlouzet, Laurent, Governing Europe in a globalizing world : neoliberalism and its alternatives following the 1973 oil crisis, Routledge, Taylor & Francis Group, London, New York, 2017, 9781138729421, 993980643, {{page needed|date=June 2018}}

Traditions

Austrian School

{{Austrian School sidebar}}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.Carl Menger, Principles of Economics, online atwww.mises.org/etexts/menger/principles.asp {{Webarchive|url=https://web.archive.org/web/20140914004206www.mises.org/etexts/menger/principles.asp |date=2014-09-14 }}ENCYCLOPEDIA, Methodological Individualism,plato.stanford.edu/entries/methodological-individualism/, Stanford Encyclopedia of Philosophy, May 2, 2016, BOOK, Ludwig von, Mises, Ludwig von Mises, Human Action, 11, r. Purposeful Action and Animal Reaction, 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,BOOK,www.elgaronline.com/abstract/9781786433589/chapter02.xhtml?, A Research Agenda for Neoliberalism, Birch, Kean, Elgar Research Agendas, 2017, 9781786433589, 13–24, BOOK, Mark, Skousen, Mark Skousen, Vienna and Chicago: Friends or Foes? A Tale of Two Schools of Free-Market Economics, Capital Press, 2005, 0895260298, WEB,www.britannica.com/topic/Austrian-school-of-economics, Austrian school of economics, Encyclopaedia Britannica, 15 December 2023, including their criticisms of government intervention in the economy,WEB,www.progress.org/articles/austrian-economics-explained, Austrian Economics Explained, Fred, Foldvary, April 12, 2015, Progress, which has tied the school to neoliberal thought.BOOK, Foucault, Michel, Michel Foucault, 1978, The Birth of Biopolitics: Lectures at the Collège de France, 1978–79, Palgrave Macmillan,archive.org/details/birthbiopolitics00fouc_981, limited, 978-1-4039-8654-2, 79, What is the nature of today’s liberal, or, as one says, neo-liberal program? You know that it is identified in two main forms...a series of persons, theories, and books pass between these two forms of neo-liberalism, the main ones referring to the Austrian school broadly speaking, to Austrian neo-marginalism, at any rate, to those who came from there; like von Mises, Hayek, and so on., {{sfnp|Stedman Jones|2014|p=3}}NEWS,neweconomics.org/2018/09/markets-became-masters, How Markets Became Masters: The Neoliberal Roots of Deregulation, Van Lerven, Frank, September 7, 2018, New Economics Foundation, Welsh, Margaret, MAGAZINE,www.spiked-online.com/2019/03/22/the-truth-about-neoliberalism/, The truth about neoliberalism, Mullan, Phil, March 22, 2019, Spiked (magazine), Spiked, 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.BOOK, Joseph A., Schumpeter, History of economic analysis, Oxford University Press, 1996, 978-0195105599, BOOK,archive.org/details/hayekcoordinatio0000unse/page/94, Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas, Birner, Jack, van Zijp, Rudy, 1994, Routledge, 978-0-415-09397-2, London, New York, 94, 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]”.Greenspan, Alan. “Hearings before the U.S. House of Representatives’ Committee on Financial Services.” U.S. House of Representatives’ Committee on Financial Services. Washington D.C.. 25 July 2000.

Chicago School

{{Chicago school sidebar|expanded=movements}}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.BOOK, Emmet, Ross, The Elgar Companion to the Chicago School of Economics, 2010, Edward Elgar Publishing Ltd., 978-1840648744, 133, etal, The school is strongly associated with University of Chicago economists such as Milton Friedman, George Stigler, Ronald Coase and Gary Becker.{{sfnp|Mirowski|Plehwe|2009|p=37}} 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.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, 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.JOURNAL, Biglaiser, Glen, The Internationalization of Chicago’s Economics in Latin America, Economic Development and Cultural Change, January 2002, 50, 2, 10.1086/322875, 269–86, 322875, 144618482,

Washington Consensus

{{See also |Structural adjustment}}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.BOOK, Serra, Narcís,growthlab.cid.harvard.edu/files/growthlab/files/serra8.pdf, The Washington Consensus Reconsidered: Towards a New Global Governance, Spiegal, Shari, Stiglitz, Joseph E., Oxford University Press, 2008, 978-0199534098, Serra, Narcis, Oxford, 3–30, Stiglitz, Joseph E.,web.archive.org/web/20191122122944/https://growthlab.cid.harvard.edu/files/growthlab/files/serra8.pdf, November 22, 2019, NEWS, Birdsall, Nancy, Fukuyama, Francis, April 2011, The Post-Washington Consensus, Foreign Affairs,www.foreignaffairs.com/articles/2011-02-16/post-washington-consensus, live, July 23, 2020,web.archive.org/web/20200705195642/https://www.foreignaffairs.com/articles/2011-02-16/post-washington-consensus, July 5, 2020, WEB, Hurt, Stephen R., Washington Consensus,www.britannica.com/topic/Washington-consensus, Encyclopædia Britannica, July 8, 2019, 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).Williamson J. (2002). Did the Washington Consensus Fail?

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.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} 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.{{sfnp|Kotz|2015|p=12}}

Economic and political freedom

|author=—Ludwig von Mises |width=35% |align=right |quoted=1 |salign=right}}Many neoliberal thinkers advance the view that economic and political freedom are inextricably linked. Milton Friedman argued in his book Capitalism and Freedom that economic freedom, while itself an extremely important component of absolute freedom, is also a necessary condition for political freedom. He claimed that centralized control of economic activities is always accompanied by political repression. In his view, the voluntary character of all transactions in an unregulated market economy and the wide diversity of 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.BOOK, Milton, Friedman, Milton Friedman, Capitalism and freedom, 2002, University of Chicago Press, 0-226-26421-1, 8–21, 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”.

Free trade

A central feature of neoliberalism is the support of free trade,NEWS, Worstall, Tim, March 1, 2012, So What is this Neoliberal Globalisation Free Trade Thing About Anyway?, Forbes,www.forbes.com/sites/timworstall/2012/03/01/so-what-is-this-neoliberal-globalisation-free-trade-thing-about-anyway/#44a75cc43ec4, WEB, Smith, Nicola, Neoliberalism,www.britannica.com/topic/neoliberalism, Encyclopædia Britannica, 18 May 2023, BOOK, Gertz, Geoffrey, Kharas, Homi, Beyond neoliberalism: Insights from emerging markets, April 2019, The Brookings Institution,www.brookings.edu/wp-content/uploads/2019/05/beyond-neoliberalism-final-05.01.pdf,web.archive.org/web/20190502040124/https://www.brookings.edu/wp-content/uploads/2019/05/beyond-neoliberalism-final-05.01.pdf, May 2, 2019, live, WEB, Dieter, Plehwe, Neoliberalism,www.uni-bielefeld.de/cias/wiki/n_Neoliberalism.html, Center for InterAmerican Studies, Universität Bielefeld, 2012, NEWS, Cooper, Ryan, The decline and fall of neoliberalism in the Democratic Party,theweek.com/articles/725419/decline-fall-neoliberalism-democratic-party, The Week, January 8, 2018, [Neoliberalism’s] fundamental economic bedrock is...deregulation, tax and spending cuts, union busting, and free trade., and policies that enable free trade, like the North American Free Trade Agreement, are often associated with neoliberalism.NEWS, Rodrik, Dani, November 14, 2017, The fatal flaw of neoliberalism: it’s bad economics, The Guardian,www.theguardian.com/news/2017/nov/14/the-fatal-flaw-of-neoliberalism-its-bad-economics, Neoliberals argue that free trade promotes economic growth,JOURNAL, Moe-Lobeda, Cynthia, Spencer, Daniel, 2009, Free Trade Agreements and the Neo-Liberal Economic Paradigm: Economic, Ecological, and Moral Consequences, Political Theology, 10, 4, 685–716, 10.1558/poth.v10i4.685, 154933948, The premise undergirding FTAs is that trade liberalization within the neo-liberal global economy produces economic growth and development among all parties, and reduces poverty in poor nations., reduces poverty, produces gains of trade like lower prices as a result of comparative advantage,WEB, DeLong, Brad, May 26, 2017, The Benefits of Free Trade: Time to Fly My Neoliberal Freak Flag High!: Hoisted from March 2016,equitablegrowth.org/the-benefits-of-free-trade-time-to-fly-my-neoliberal-freak-flag-high-hoisted-from-march-2016/, Washington Center for Equitable Growth, maximizes consumer choice,NEWS, Mishra, Pankaj, February 7, 2018, The Rise of China and the Fall of the Fall of the ‘Free Trade’ Myth, The New York Times Magazine,www.nytimes.com/2018/02/07/magazine/the-rise-of-china-and-the-fall-of-the-free-trade-myth.html,web.archive.org/web/20180207114034/https://www.nytimes.com/2018/02/07/magazine/the-rise-of-china-and-the-fall-of-the-free-trade-myth.html, February 7, 2018, subscription, live, Free markets, the thinking went, not only generated wealth for all nations but also maximized consumer choice, reduced prices and optimized the use of scarce resources., and is essential to freedom,WEB, Friedman, Milton, Friedman, Rose D., October 30, 1997, The Case for Free Trade,www.hoover.org/research/case-free-trade, The Hoover Institute, Few measures that we could take would do more to promote the cause of freedom at home and abroad than complete free trade., WEB, North, Gary, July 9, 2012, Free Trade: The Litmus Test of Economics,mises.org/library/free-trade-litmus-test-economics, Mises Institute, Free trade means free choice., as they believe voluntary trade between two parties should not be prohibited by government.NEWS, March 14, 2018, The Economist Explains: Why is free trade good?, The Economist,www.economist.com/the-economist-explains/2018/03/14/why-is-free-trade-good, Relatedly, neoliberals argue that protectionism is harmful to consumers,WEB, Friedman, Milton, Milton Friedman, Friedman, Rose D., October 30, 1997, The Case for Free Trade,www.hoover.org/research/case-free-trade, The Hoover Institute, ‘Protection’ really means exploiting the consumer., who will be forced to pay higher prices for goods;NEWS, Partington, Richard, August 13, 2018, Is free trade always the answer?, The Guardian,www.theguardian.com/business/2018/aug/13/is-free-trade-always-the-answer, Economists mostly agree higher tariffs are counterproductive. While they can protect jobs, they also tend to raise the price of goods for consumers and stifle innovation that could benefit the economy., incentivizes individuals to misuse resources;BOOK, Friedman, Milton,archive.org/details/friedman-milton-capitalism-and-freedom/page/n1/mode/2up, Capitalism and Freedom, The University of Chicago Press, 1962, 0-226-26401-7, Chicago, 1982, 39, Tariffs and other restrictions on international trade...give individuals an incentive to misuse and misdirect resources, and distort the investment of new savings., distorts investment; stifles innovation;NEWS, Partington, Richard, August 13, 2018, Is free trade always the answer?, The Guardian,www.theguardian.com/business/2018/aug/13/is-free-trade-always-the-answer, Economists argue international competition stimulates greater innovation and productivity, while warning protectionism can hinder progress., and props up certain industries at the expense of consumers and other industries.WEB, Lincicome, Scott, May 2, 2019, The Case for Free Trade,www.cato.org/publications/commentary/case-free-trade, The Cato Institute, Protectionism invisibly propped up certain industries and workers at most Americans’ expense and generated the aforementioned economic and geopolitical problems.,

Monetarism

Monetarism is an economic theory commonly associated with neoliberalism.{{sfnp|Harvey|2005|p=}} Formulated by Milton Friedman, it focuses on the macroeconomic aspects of the supply of money, paying particular attention to the effects of central banking.WEB, McCallum, Bennett T., Monetarism,www.econlib.org/library/Enc/Monetarism.html, The Library of Economics and Liberty, July 8, 2019, 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,{{sfnp|Harvey|2005|p=}} 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 1980sNEWS, Hutchinson, Martin, November 4, 2008, To Treat the Fed as Volcker Did, The New York Times, subscription,www.nytimes.com/2008/11/05/business/05views.html, as well as contributing to the 1980–1982 recession.WEB, Paul Volcker, Encyclopædia Britannica,www.britannica.com/biography/Paul-Adolph-Volcker, July 8, 2019, Monetarism had particular force in Chile, whose central bank raised interest rates to counter inflation that had spiraled to over 600%. This helped to successfully reduce inflation to below 10%, but also resulted in job losses.

Criticism

File:Noam Chomsky portrait 2015.jpg|thumb|upright|left|Noam Chomsky’s 1999 book (Profit over People|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.{{Citation |title=Higher Degree Research By Numbers: Beyond the Critiques of Neo-liberalism |first1=Timothy |last1=Laurie |first2=Liam |last2=Grealy |journal=Higher Education Research & Development |volume=36 |issue=3 |pages=458–71 |year=2017 |url=https://www.academia.edu/31833744 |doi=10.1080/07294360.2017.1288710 |hdl=10453/63197 |s2cid=151552617 |hdl-access=free}}BOOK, Plehwe, Dieter, Walpen, Bernhard, Neunhöffer, Gisela, Neoliberal hegemony: a global critique, London & New York, Routledge, 2006, 9780203099506, 646744326, Introduction: Reconsidering neoliberal hegemony, {{Google books, kiaxAx5l1QEC, 1, yes, |access-date=July 7, 2018}} Notable critics of neoliberalism in theory or practice include economists Joseph Stiglitz,WEB,www.businessinsider.com/joseph-stiglitz-says-neoliberalism-is-dead-2016-8, Nobel Prize-winning economist Stiglitz tells us why ‘neoliberalism is dead’, Martin, Will, August 19, 2016, Business Insider, February 8, 2017, Amartya Sen,BOOK, Couldry, Nick, 2010, Why Voice Matters: Culture And Politics After Neoliberalism,books.google.com/books?id=NUdlWiL7iCgC&pg=PA38, SAGE Publications Ltd, 38, 978-1848606623, Michael Hudson,WEB, Hudson, Michael, June 18, 2016, Neoliberalism Will Soon Force Americans to Leave the United States,www.truthdig.com/videos/neoliberalism-will-soon-force-americans-to-leave-the-united-states/, Truthdig, Ha-Joon Chang,BOOK, Chang, Ha-Joon, (Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism), Random House, 2008, 978-1596915985, New York, 229, Robert Pollin,BOOK, Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity,archive.org/details/contoursofdescen00poll, registration, Pollin, Robert, 2003, 978-1-84467-534-0, New York, Verso Books, Thomas Piketty,BOOK, Capital and Ideology, Thomas, Piketty, Belknap Press, March 10, 2020, B082DKPPP1, NEWS, Matthaei, Julie, March 8, 2015, The time for a new economics is at hand, Al Jazeera Arabic, Al Jazeera,america.aljazeera.com/opinions/2015/3/the-time-for-a-new-economics-is-at-hand.html, March 9, 2015, and Richard D. Wolff;BOOK, Richard D. Wolff, Wolff, Richard D., 2012,www.democracyatwork.info/, Democracy at Work: A Cure for Capitalism, Haymarket Books, 978-1608462476, 37, linguist Noam Chomsky;{{sfnp|Chomsky|McChesney|2011}} geographer and anthropologist David Harvey;{{sfnp|Harvey|2005|p=}} Slovenian continental philosopher Slavoj Žižek,BOOK, Žižek, Slavoj, Slavoj Žižek, 2018, The Courage of Hopelessness: A Year of Acting Dangerously, Melville House, 59, 978-1612190037, political activist and public intellectual Cornel West;NEWS, Cornel, West, Cornel West,www.theguardian.com/commentisfree/2016/nov/17/american-neoliberalism-cornel-west-2016-election, Goodbye, American neoliberalism. A new era is here, The Guardian, November 17, 2016, Marxist feminist Gail Dines;Archived at Ghostarchive{{cbignore}} and the www.youtube.com/watch?v=kDcTt0emXhE&gl=US&hl=en" title="web.archive.org/web/20121003174506www.youtube.com/watch?v=kDcTt0emXhE&gl=US&hl=en">Wayback Machine{{cbignore}}: WEB, Dines, Gail, From the Personal is Political to the Personal is Personal: Neoliberalism and the Defanging of Feminism,www.youtube.com/watch?v=kDcTt0emXhE, YouTube, August 5, 2013, {{cbignore}} British musician and political activist Billy Bragg;BOOK, Bragg, Billy, The Three Dimensions of Freedom, Faber & Faber, 2019, 9780571353217, London, English, author, activist and filmmaker Naomi Klein;NEWS,www.theguardian.com/commentisfree/2016/nov/09/rise-of-the-davos-class-sealed-americas-fate, It was the Democrats’ embrace of neoliberalism that won it for Trump, Naomi, Klein, Naomi Klein, The Guardian, November 9, 2016,web.archive.org/web/20170310213203/https://www.theguardian.com/commentisfree/2016/nov/09/rise-of-the-davos-class-sealed-americas-fate, March 10, 2017, head of the Catholic Church Pope Francis;NEWS, Pope Francis Laments Failures Of Market Capitalism In Blueprint For Post-COVID World,www.npr.org/2020/10/04/920053203/pope-francis-laments-failures-of-market-capitalism-in-blueprint-for-post-covid-w, October 5, 2020, NPR, October 4, 2020, en, Poggioli, Sylvia, journalist and environmental activist George Monbiot;NEWS, George, Monbiot, George Monbiot, April 15, 2016,www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiot, Neoliberalism – the ideology at the root of all our problems, The Guardian, April 16, 2016, Belgian psychologist Paul Verhaeghe;NEWS, Paul, Verhaeghe, Paul Verhaeghe, September 29, 2014,www.theguardian.com/commentisfree/2014/sep/29/neoliberalism-economic-system-ethics-personality-psychopathicsthic, Neoliberalism has brought out the worst in us, The Guardian, October 6, 2014, journalist and activist Chris Hedges;WEB,www.truthdig.com/videos/video-chris-hedges-on-the-big-lie-of-neoliberalism-and-the-very-real-threat-of-a-president-trump/, VIDEO: Chris Hedges on the Big Lie of Neoliberalism and the Very Real Threat of a President Trump, Truthdig, September 14, 2015, conservative philosopher Roger Scruton;NEWS, Scruton, Roger, September 10, 2014, Why it’s so much harder to think like a Conservative, The Guardian,www.theguardian.com/commentisfree/2014/sep/10/why-its-harder-to-think-like-a-conservative, 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.BOOK, Pradella, Lucia, Marois, Thomas, Polarising Development: Alternatives to Neoliberalism and the Crisis, 2015,www.academia.edu/9680429, Pluto Press, United Kingdom, 978-0745334691, 1–11,

Market fundamentalism

Neoliberal thought has been criticized for supposedly having an undeserved “faith” in the efficiency of markets, in the superiority of markets over centralized economic planning, in the ability of markets to self-correct, and in the market’s ability to deliver economic and political freedom.NEWS, Fahnbulleh, Miatta, The Neoliberal Collapse: Markets Are Not The Answer,www.foreignaffairs.com/articles/united-kingdom/2019-12-10/neoliberal-collapse, Foreign Affairs, December 10, 2019, {{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} Economist Paul Krugman has argued that the “laissez-faire absolutism” promoted by neoliberals “contributed to an intellectual climate in which faith in markets and disdain for government often trumps the evidence”.{{sfnp|Stedman Jones|2014|p={{page needed|date=May 2023}}}} Political theorist Wendy Brown has gone even further and asserted that the overriding objective of neoliberalism is “the economization of all features of life”.NEWS, Zamora, Daniel, Olsen, Niklas, How Decades of Neoliberalism Led to the Era of Right-Wing Populism,jacobinmag.com/2019/09/in-the-ruins-of-neoliberalism-wendy-brown, Jacobin (magazine), Jacobin, September 19, 2019, A number of scholars have argued that, in practice, this “market fundamentalism” has led to a neglect of social goods not captured by economic indicators, an erosion of democracy, an unhealthy promotion of unbridled individualism and social Darwinism, and economic inefficiency.WEB,www.longviewinstitute.org/projects/marketfundamentalism/marketfundamentalism/, Market Fundamentalism, Longview Institute, Some critics contend neoliberal thinking prioritizes economic indicators like GDP growth and inflation over social factors that might not be easy to quantify, like labor rightsJOURNAL, Evans, Peter, National Labor Movements and Transnational Connections: Global Labor’s Evolving Architecture Under Neoliberalism, IRLE Working Paper, 2014, 5, 116–114, 10.15173/glj.v5i3.2283,mulpress.mcmaster.ca/globallabour/article/view/2283, free, and access to higher education.BOOK, Levidow, Les, The Virtual University?: Knowledge, Markets, and Management, January 30, 2003, Oxford University Press, 0199257930, 227–248, This focus on economic efficiency can compromise other, perhaps more important, factors, or promote exploitation and social injustice.{{sfnp|Springer|Birch|MacLeavy|2016|p=618}} 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.JOURNAL, Fleming, Mark, Mass Transit Workers and Neoliberal Time Discipline in San Francisco, American Anthropologist, 2016, 118, 4, 784–95, 10.1111/aman.12683, 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.REPORT, Transportation Benchmarking,sfgov.org/scorecards/benchmarking/transportation, City and County of San Francisco, 2018, NEWS, Garfield, Leanna, Nudelman, Mike, New York City’s subway is falling apart — here’s how it compares to other cities around the world,www.businessinsider.com/public-transit-ranking-cities-nyc-subway-2017-11, June 27, 2019, Business Insider, November 21, 2017, 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.WEB, Michael, Nevradakis, October 19, 2014,truth-out.org/opinion/item/26885-henry-giroux-on-the-rise-of-neoliberalism, Henry Giroux on the Rise of Neoliberalism, Truthout, October 19, 2014, WEB, C.J., Polychroniou, March 27, 2013,www.truthdig.com/report/item/the_violence_of_neoliberalism_and_the_attack_on_higher_education_20130327, The Violence of Neoliberalism and the Attack on Higher Education, Truthdig, February 23, 2014, WEB, Ted, Asregadoo, June 15, 2014,www.truth-out.org/news/item/24367-truthout-interviews-henry-a-giroux-on-neoliberalism, Truthout Interviews Henry A. Giroux on Neoliberalism, Truthout, June 18, 2014,www.truth-out.org/news/item/24367-truthout-interviews-henry-a-giroux-on-neoliberalism," title="web.archive.org/web/20171114015724www.truth-out.org/news/item/24367-truthout-interviews-henry-a-giroux-on-neoliberalism,">web.archive.org/web/20171114015724www.truth-out.org/news/item/24367-truthout-interviews-henry-a-giroux-on-neoliberalism, November 14, 2017, dead, Marxist economic geographer David Harvey argues that neoliberalism promotes an unbridled individualism that is harmful to social solidarity.{{sfnp|Harvey|2005|p=82}} While proponents of economic liberalization have often pointed out that increasing economic freedom tends to raise expectations on political freedom,{{Citation needed|date=June 2019}} 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. Some scholars contend that neoliberal focuses may even undermine the basic elements of democracy.BOOK, Wendy Brown (political scientist), Wendy, Brown, Undoing the Demos: Neoliberalism’s Stealth Revolution, Cambridge, Massachusetts, MIT Press, 2015, 978-1935408536,books.google.com/books?id=r_kXBwAAQBAJ&pg=PA17, 17, Google Books, BOOK, Hickel, Jason, Jason Hickel, Neoliberalism and the End of Democracy, Springer, Simon, Birch, Kean, MacLeavy, Julie, 2016, The Handbook of Neoliberalism,www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001, Routledge, 142, 978-1138844001, WEB,www.thenation.com/article/culture/quinn-slobodian-crack-capitalism-interview/, The Market Radicals Who Want to Put an End to Democracy, Steinmetz-Jenkins, Daniel, October 11, 2023, The Nation, October 13, 2023, 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.BOOK, Ghodsee, Kristen, 2017, Red Hangover: Legacies of Twentieth-Century Communism,www.dukeupress.edu/red-hangover, Duke University Press, xix–xx, 134, 197–99, 978-0822369493, Kristen Ghodsee, 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.JOURNAL, Panayotakis, Costas, June 1, 2020, Neoliberalism, the Left and the Rise of the Far Right: On the Political and Ideological Implications of Capitalism’s Subordination of Democracy, Democratic Theory, 7, 1, 48–72, 10.3167/dt.2020.070104, 225838946, 2332-8894,www.berghahnjournals.com/view/journals/democratic-theory/7/1/dt070104.xml, 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.Katter, Bob (2012) ‘An incredible race of people: a passionate history of Australia’, (page numbers to be provided) Structurally, some economists argue that neoliberalism is a system that socializes costs and privatizes profits.BOOK, Berger, Sebastian, The social costs of neoliberalism : essays on the economics of K. William Kapp, Spokesman, Nottingham, 2017, 9780851248646, 985214685, {{Page needed|date=July 2018}}BOOK, Kapp, K. William, The heterodox theory of social costs, Sebastian, Berger, Routledge, London, 2016, 9781138775473, 915343787, {{Page needed|date=July 2018}} 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.{{sfnp|Kotsko|2018|p=10}}

Inequality

{{See also |List of countries by income equality |Income inequality in the United States}}File:US Wealth Inequality - v2.png|thumb|upright=1.15 |Wealth inequality in the United StatesWealth inequality in the United StatesCritics have argued that neoliberal policies have increased economic inequality{{sfnp|Haymes|Vidal de Haymes|Miller|2015|p=7}}BOOK, Dean, Jodi, 2012, The Communist Horizon,archive.org/details/communisthorizon00dean, limited, Verso Books, 123, 978-1844679546, Jodi Dean, Pursued through policies of privatization, deregulation, and financialization, and buttressed by an ideology of private property, free markets, and free trade, neoliberalism has entailed cuts in taxes for the rich and cuts in protections and benefits for workers and the poor, resulting in an exponential increase in inequality., and exacerbated global poverty.{{sfnp|Haymes|Vidal de Haymes|Miller|2015|pp=1–2}}{{harvp|Jones|Parker|Bos|2005|p=101}}; “Critics of neoliberalism have therefore looked at the evidence that documents the results of this great experiment of the past 30 years, in which many markets have been set free. Looking at the evidence, we can see that the total amount of global trade has increased significantly, but that global poverty has increased, with more today living in abject poverty than before neoliberalism.“Jason Hickel (February 13, 2019). An Open Letter to Steven Pinker (and Bill Gates). Jacobin. Retrieved February 13, 2019. 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.Baker, Dean. 2006. “Increasing Inequality in the United States.” Post-autistic Economics Review 40. 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.Howell, David R. and Mamadou Diallo. 2007. “Charting U.S. Economic Performance with Alternative Labor Market Indicators: The Importance of Accounting for Job Quality.” SCEPA Working Paper 2007-6. The globalization of neoliberalism has been blamed for the emergence of a “precariat”, a new social class facing acute socio-economic insecurity and alienation.BOOK, {{google books, qyIcBQAAQBAJ, 25, yes, |title=Moral rhetoric and the criminalisation of squatting: vulnerable demons? |last1=Fox O’Mahony |first1=Lorna |last2=O’Mahony |first2=David |last3=Hickey |first3=Robin |publisher=Routledge |year=2014 |isbn=9781317807940 |location=London |page=25 |oclc=1019606315 |access-date=July 7, 2018}} 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.JOURNAL, Kinderman, Daniel, 2019, The Neoliberal Revolution in Industrial Relations, Catalyst, 2, 4, 117–118, 2475-7365, 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.JOURNAL, Feo, Oscar,www.medicinasocial.info/index.php/socialmedicine/article/viewFile/272/516, Venezuelan Health Reform, Neoliberal Policies and their Impact on Public Health Education: Observations on the Venezuelan Experience, Social Medicine, 3, 4, November 2008, 224, Even in Sweden, in which only 6% of workers are beset with wages the OECD considers low,WEB, OECD, 2007,www.oecd.org/employment/emp/38749309.pdf, OECD Employment Outlook. Statistical Annex, 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.Olsson, Per (28 May 2013). The reality of Swedish neo-liberalism. CWI Sweden. Retrieved 26 February 2014.Higgens, Andrew (26 May 2013). In Sweden, Riots Put an Identity in Question. The New York Times. Retrieved 26 February 2014.File:IMF nations.svg|thumb|upright=1.35|Member nations of the International Monetary FundInternational Monetary FundA 2016 report by researchers at the International Monetary Fund (IMF) was critical of neoliberal policies for increasing economic inequality. 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.IMF: The last generation of economic policies may have been a complete failure. Business Insider. May 2016.

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.MAGAZINE, Harvey, David, Risager, Bjarke Skærlund, Neoliberalism Is a Political Project,www.jacobinmag.com/2016/07/david-harvey-neoliberalism-capitalism-labor-crisis-resistance/, July 6, 2019, Jacobin (magazine), Jacobin, July 23, 2016, Archived at Ghostarchive{{cbignore}} and the www.youtube.com/watch?v=PkWWMOzNNrQ" title="web.archive.org/web/20091029180337www.youtube.com/watch?v=PkWWMOzNNrQ">Wayback Machine{{cbignore}}: WEB,www.youtube.com/watch?v=PkWWMOzNNrQ, A Brief History of Neoliberalism 1/5, Harvey, David, David Harvey (geographer), YouTube, July 7, 2018, {{cbignore}} Also see {{YouTube|playlist=PLA27CFAD836E1638A|title=David Harvey : A Brief History of Neoliberalism}}.{{sfnp|Harvey|2005|p=}} 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.BOOK, Gérard, Duménil, Gérard Duménil, Dominique, Lévy, Springer, Simon, Birch, Kean, MacLeavy, Julie, The handbook of neoliberalism, Routledge, Taylor & Francis Group, New York & London, 2016, 978-1317549666, 953604193, The crisis of neoliberalism,books.google.com/books?id=6ZmkDAAAQBAJ&pg=PT645, 551–557, July 7, 2018, Google Books, Economist David M. Kotz contends that neoliberalism “is based on the thorough domination of labor by capital”.{{sfnp|Kotz|2015|p=43}} 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.“{{sfnp|Anderson|2023|p=xi}} 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.JOURNAL, Volscho, Thomas, July 28, 2016, The Revenge of the Capitalist Class: Crisis, the Legitimacy of Capitalism and the Restoration of Finance from the 1970s to Present, Critical Sociology, 43, 2, 249–266, 10.1177/0896920515589003, 0896-9205, 2602893, 220077253, {{OCLC, 7374542920, 6962223812, }} SSRN Pre-publication is free access {{free access}}; SAGE Journals doi publication is closed access {{closed access}}. 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.“BOOK, The Global Gamble: Washington’s Faustian Bid for World Dominance, Gowan, Peter, Verso Books, 1999, 9781859842713, 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.BOOK, Hopkin, Jonathan, 2020, Anti-System Politics: The Crisis of Market Liberalism in Rich Democracies, American Nightmare: How Neoliberalism Broke US Democracy, Oxford University Press, 87–88, 978-0190699765, 10.1093/oso/9780190699765.003.0004, 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.WEB,www.nyu.edu/about/news-publications/news/2022/may/neoliberal-policies--institutions-have-prompted-preference-for-g.html, Neoliberal Policies, Institutions Have Prompted Preference for Greater Inequality, New Study Finds, May 11, 2022, nyu.edu, June 19, 2023, JOURNAL, Goudarzi, Shahrzad, Badaan, Vivienne, Knowles, Eric D., May 10, 2022, Neoliberalism and the Ideological Construction of Equity Beliefs,psyarxiv.com/pc8zy/, Perspectives on Psychological Science, 17, 5, 1431–1451, 10.1177/17456916211053311, 35536556, 237727224,

Corporatocracy

| width = 35%| align = right| quoted = 1| salign = right}}Some organizations and economists believe neoliberal policies increase the power of corporations and shift wealth to the upper classes. For instance, Jamie Peck and Adam Tickell argue that urban citizens are increasingly deprived of the power to shape the basic conditions of daily life, which are instead shaped by companies involved in the competitive economy.JOURNAL, Jamie, Peck, Adam, Tickell, Neoliberalizing space, Antipode, 34, 2002, 3, 380–404, 10.1111/1467-8330.00247, 2002Antip..34..380P,hal.archives-ouvertes.fr/hal-03142138/file/Bally_F.%20Transition%202020.pdf, The International Monetary Fund (IMF) and World Bank, two major international organizations which often espouse neoliberal views,WEB, Rajesh, Makwana, Neoliberalism and Economic Globalization, STWR, November 26, 2006,www.stwr.org/globalization/neoliberalism-and-economic-globalization.html, February 29, 2012,www.stwr.org/globalization/neoliberalism-and-economic-globalization.html," title="web.archive.org/web/20120627035959www.stwr.org/globalization/neoliberalism-and-economic-globalization.html,">web.archive.org/web/20120627035959www.stwr.org/globalization/neoliberalism-and-economic-globalization.html, June 27, 2012, have been criticized for advancing neoliberal policies around the world.MAGAZINE,www.salon.com/2016/05/31/wrong_all_along_neoliberal_imf_admits_neoliberalism_fuels_inequality_and_hurts_growth/, Wrong all along: Neoliberal IMF admits neoliberalism fuels inequality and hurts growth, Salon (magazine), Salon, May 31, 2016, NEWS, Aditya, Chakrabortty, May 31, 2016, You’re witnessing the death of neoliberalism – from within, The Guardian,www.theguardian.com/commentisfree/2016/may/31/witnessing-death-neoliberalism-imf-economists, 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.“WEB, Sheldon, Richman, End the IMF: What Is It Good For?, The Freeman, May 20, 2011, February 29, 2012,www.thefreemanonline.org/columns/tgif/end-imf/, 2011-05-23,www.thefreemanonline.org/columns/tgif/end-imf/," title="web.archive.org/web/20110523095258www.thefreemanonline.org/columns/tgif/end-imf/,">web.archive.org/web/20110523095258www.thefreemanonline.org/columns/tgif/end-imf/, 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”.JOURNAL, Vasudevan, Ramaa, 2019, The Global Class War, Catalyst, 3, 1, 113, 129, 2475-7365, 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]”.BOOK, Struggle and the Prospects for World Government, Mark, Arthur, Trafford Publishing, 2003, 70–71,

Mass incarceration

Several scholars have linked mass incarceration of the poor in the United States with the rise of neoliberalism.{{sfnp|Haymes|Vidal de Haymes|Miller|2015|pp=3, 346}}JOURNAL, Hadar, Aviram, September 7, 2014, Are Private Prisons to Blame for Mass Incarceration and its Evils? Prison Conditions, Neoliberalism, and Public Choice,ir.lawnet.fordham.edu/ulj/vol42/iss2/2/, Fordham Urban Law Journal, Fordham University School of Law, December 27, 2014, 2492782, {{sfnp|Gerstle|2022|pp=130–132}}BOOK, Marie, Gottschalk, Marie Gottschalk, Caught: The Prison State and the Lockdown of American Politics, Princeton University Press, 2014, 978-0691164052,press.princeton.edu/titles/10731.html, 10, Sociologist Loïc Wacquant and Marxist economic geographer David Harvey have argued that the criminalization of poverty and mass incarceration is a neoliberal policy for dealing with social instability among economically marginalized populations.{{sfnp|Wacquant|2009|pp=125–126, 312}}{{sfnp|Harvey|2005|p=}} According to Wacquant, this situation follows the implementation of other neoliberal policies, which have allowed for the retrenchment of the social welfare state and the rise of punitive workfare, whilst increasing gentrification of urban areas, privatization of public functions, the shrinking of collective protections for the working class via economic deregulation and the rise of underpaid, precarious wage labor.{{sfnp|Wacquant|2009|pp=53–54}}WEB, Devin Z., Shaw,notes-taken.blogspot.com/2010/09/loic-wacquant-prisons-of-poverty.html, Loïc Wacquant: “Prisons of Poverty”, The Notes Taken, September 29, 2010, 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.{{sfnp|Wacquant|2009|pp=125–126, 312}}WEB, Wacquant, Loïc, Loïc Wacquant, The punitive regulation of poverty in the neoliberal age, August 1, 2011,www.opendemocracy.net/5050/lo%C3%AFc-wacquant/punitive-regulation-of-poverty-in-neoliberal-age, July 17, 2018, openDemocracy, September 25, 2018,web.archive.org/web/20180925115704/https://www.opendemocracy.net/5050/lo%c3%afc-wacquant/punitive-regulation-of-poverty-in-neoliberal-age, dead, 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.{{sfnp|Wacquant|2009|pp=125–126, 312}}JOURNAL, Richard, Mora, Mary, Christianakis, Feeding the School-to-Prison Pipeline: The Convergence of Neoliberalism, Conservativism, and Penal Populism, Journal of Educational Controversy, Woodring College of Education, Western Washington University,cedar.wwu.edu/cgi/viewcontent.cgi?article=1173&context=jec, February 23, 2014, File:U.S. incarceration rates 1925 onwards.png|thumb |upright=1.15|United States incarceration rate per 100,000 population, 1925–2014  REPORT, December 2011, National Criminal Justice Reference Service, 2237&ty=pbdetail 236319], Correctional Populations in the United States, 2010, Lauren E., Glaze, US Bureau of Justice Statistics,bjs.ojp.usdoj.gov/content/pub/pdf/cpus10.pdf, See page 2 for an explanation of the difference between the number of prisoners in custody and the number under jurisdiction. See appendix table 3 for “Estimated number of inmates held in custody in state or federal prisons or in local jails per 100,000 U.S. residents, by sex, race and Hispanic/Latino origin, and age, June 30, 2010”. See appendix table 2 for “Inmates held in custody in state or federal prisons or in local jails, December 31, 2000, and 2009–2010.“REPORT, National Criminal Justice Reference Service, pbdetail&iid=5177 248479], Correctional Populations in the United States, 2013, December 2014, (U.S. Bureau of Justice Statistics]], Lauren E., Glaze, Danielle, Kaeble,www.bjs.gov/content/pub/pdf/cpus13.pdf, See page 1 “HIGHLIGHTS” section for the “1 in ...” numbers. See table 1 on page 2 for adult numbers. See table 5 on page 6 for male and female numbers. See appendix table 5 on page 13, for “Estimated number of persons supervised by adult correctional systems, by correctional status, 2000–2013.” See appendix table 2: “Inmates held in custody in state or federal prisons or in local jails, 2000 and 2012–2013”.)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.JOURNAL, Neoliberalism’s penal and debtor states, John L., Campbell, Theoretical Criminology, 2010, 14, 1, 59–73, 10.1177/1362480609352783, 145694058, {{rp|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.“{{rp|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”.BOOK, McNally, David, Global Slump: The Economics and Politics of Crisis and Resistance, 2011, Spectre, 978-1-60486-332-1,secure.pmpress.org/index.php?l=product_detail&p=271, 119, March 10, 2015, September 7, 2019,web.archive.org/web/20190907002629/https://secure.pmpress.org/index.php?l=product_detail&p=271, dead, 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”.Scott Horton (September 8, 2011). The Illusion of Free Markets: Six Questions for Bernard Harcourt. Harper’s Magazine. Retrieved December 27, 2014. Both Wacquant and Harcourt refer to this phenomenon as “Neoliberal Penality”.JOURNAL, Marginality, ethnicity and penality in the neo-liberal city: an analytic cartography, Loïc, Loïc Wacquant, Wacquant, Ethnic and Racial Studies, 2014, 37, 10, 1687–711, 10.1080/01419870.2014.931991,www.loicwacquant.net/assets/Papers/MARGINALITYETHNICITYPENALITY-Article-ERS.pdf, dead,www.loicwacquant.net/assets/Papers/MARGINALITYETHNICITYPENALITY-Article-ERS.pdf," title="web.archive.org/web/20151010112131www.loicwacquant.net/assets/Papers/MARGINALITYETHNICITYPENALITY-Article-ERS.pdf,">web.archive.org/web/20151010112131www.loicwacquant.net/assets/Papers/MARGINALITYETHNICITYPENALITY-Article-ERS.pdf, October 10, 2015, 10.1.1.694.6299, 144879355, WEB,www.law.uchicago.edu/video/harcourt-neoliberal-penality, Bernard, Harcourt, Neoliberal Penality: A Genealogy of Excess,www.law.uchicago.edu/video/harcourt-neoliberal-penality," title="web.archive.org/web/20161231122651www.law.uchicago.edu/video/harcourt-neoliberal-penality,">web.archive.org/web/20161231122651www.law.uchicago.edu/video/harcourt-neoliberal-penality, December 31, 2016, University of Chicago Law School, May 21, 2009,

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.{{harvp|Kotz|2015|p={{page needed|date=May 2023}}}}; {{harvp|Steger|Roy|2010|p=123}}; {{harvp|Lavoie|2012–2013|pp=215–233}}BOOK, Gérard, Duménil, Gérard Duménil, Dominique, Lévy, Dominique Lévy,www.hup.harvard.edu/catalog.php?isbn=9780674072244, The Crisis of Neoliberalism, Harvard University Press, 2013, 978-0674072244, 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. 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.MAGAZINE, Foroohar, Rana, June 3, 2016, Globalization’s True Believers Are Having Second Thoughts, Time (magazine), Time,time.com/4356816/neoliberalism-imf-globalization/?xid=newsletter-brief,

Globalization

{{see also|Criticisms of globalization}}|source=—The Economist, October 2014|salign=right|quoted=yes}}Neoliberalism is commonly viewed by scholars as encouraging of globalization,WEB, Fuchs, Christian, Antiglobalization,www.britannica.com/event/antiglobalization#ref1180923, Britannica, June 28, 2019, which is the subject of much criticism.The emergence of the “precariat”, a new class facing acute socio-economic insecurity and alienation due to offshoring and a global race to the bottom, has been attributed to the globalization of neoliberalism.In a 2022 article for the journal Global Environmental Change, Jason Hickel et. al. argued that unequal exchange between the Global North and Global South in the era of neoliberal globalization led to a quantified $242 trillion in net appropriation of raw materials, energy and labor from the latter to the former (constant 2010 USD) between 1990 and 2015.JOURNAL, Hickel, Jason, Jason Hickel, Dorninger, Christian, Wieland, Hanspeter, Suwandi, Intan, 2022, Imperialist appropriation in the world economy: Drain from the global South through unequal exchange, 1990–2015, Global Environmental Change, 73, 102467, 102467, 10.1016/j.gloenvcha.2022.102467, 246855421, free,

Economic Nationalism

Some critics of neoliberalism view it as weakening the sovereignty of nations in favor of cosmopolitanism and globalization. Neoliberalism favors immigration, in contrast to right-wing populist political parties that oppose immigration.JOURNAL, Mylonas, Harris, Tudor, Maya, Nationalism: What We Know and What We Still Need to Know, Annual Review of Political Science, 11 May 2021, 24, 1, 109–132, free, 10.1146/annurev-polisci-041719-101841, BOOK, Gilpin, Robert,press.princeton.edu/books/paperback/9780691022628/the-political-economy-of-international-relations, The Political Economy of International Relations, Princeton University Press, 1987, 978-0-691-02262-8, 31–34, en, 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.BOOK, Titi, Catharine, The Right to Regulate in International Investment Law, Nomos and Hart, 2014, 9781849466110, Dupuy, P.M., Petersmann, E.U., Francioni, F., eds. (February 2010). “Human Rights in International Investment Law and Arbitration”, Oxford Scholarship Online. {{ISBN|978-0-19-957818-4}} {{doi|10.1093/acprof:oso/9780199578184.001.0001}}

Imperialism

A number of scholars have alleged neoliberalism encourages or covers for imperialism.JOURNAL, Spector, Alan J., Globalization or Imperialism? Neoliberal Globalization in the Age of Capitalist Imperialism, International Review of Modern Sociology, 2007, 33, 7–26, 41421286, JOURNAL, Hahn, Niels S.C., Neoliberal Imperialism and Pan-African Resistance, Journal of World-Systems Research, 2007, 13, 2,jwsr.pitt.edu/ojs/index.php/jwsr/article/view/354, June 30, 2019, JOURNAL, Godfrey, Richard, The private military industry and neoliberal imperialism: Mapping the terrain, Organization (journal), Organization, 21, 106–125, January 3, 2013, 145260433, 10.1177/1350508412470731, 2381/27608,oro.open.ac.uk/62351/1/62351.pdf,oro.open.ac.uk/62351/1/62351.pdf," title="web.archive.org/web/20191107192548oro.open.ac.uk/62351/1/62351.pdf,">web.archive.org/web/20191107192548oro.open.ac.uk/62351/1/62351.pdf, 2019-11-07, live, 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.BOOK, Blakeley, Ruth, 2009, State Terrorism and Neoliberalism: The North in the South,www.routledge.com/books/details/9780415462402/, Routledge, 4, 20–23, 88, 978-0415686174, 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.“BOOK, Simpson, Bradley, 2010, Economists with Guns: Authoritarian Development and U.S.–Indonesian Relations, 1960–1968,www.sup.org/books/title/?id=7853, Stanford University Press, 193, 978-0804771825, “Washington did everything in its power to encourage and facilitate the army-led massacre of alleged PKI members, and U.S. officials worried only that the killing of the party’s unarmed supporters might not go far enough, permitting Sukarno to return to power and frustrate the [Johnson] Administration’s emerging plans for a post-Sukarno Indonesia. This was efficacious terror, an essential building block of the neoliberal policies that the West would attempt to impose on Indonesia after Sukarno’s ouster”, Geographer David Harvey argues neoliberalism encourages an indirect form of imperialism that focuses on the extraction of resources from developing countries via financial mechanisms.{{sfnp|Harvey|2005|pp=73–74}}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 has said of this: “What a peculiar world in which poor countries are in effect subsidizing the richest.“{{sfnp|Harvey|2005|p=74}}

Global health

{{update section|date=July 2023}}{{see also|Structural adjustment#Criticisms}}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.JOURNAL, Smith, James, September 17, 2016, ‘Blind Spot: How Neoliberalism Infiltrated Global Health’ Book Review,academic.oup.com/jpubhealth/article-pdf/38/3/624/8518513/fdv082.pdf,web.archive.org/web/20181030193428/https://academic.oup.com/jpubhealth/article-pdf/38/3/624/8518513/fdv082.pdf, 2018-10-30, live, Journal of Public Health, 38, 3, 624, 10.1093/pubmed/fdv082, free, 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).JOURNAL, Baru, Rama, Mohan, Malu, October 9, 2018, Globalisation and neoliberalism as structural drivers of health inequities, Health Research Policy and Systems, 16, Suppl 1, 91, 10.1186/s12961-018-0365-2, 30301457, 6178247, free, BOOK, The Deadly Ideas of Neoliberalism: How the IMF has Undermined Public Health and the Fight Against AIDS, Rowden, Rick, Zed Books, 2009, 978-1848132856, London, BOOK, Blind Spot: How Neoliberalism Infiltrated Global Health, Keshavjee, Salmaan, University of California Press, 2014, 9780520282841, 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.JOURNAL, Pfeiffer, J., 2003, International NGOs and primary health care in Mozambique: the need for a new model of collaboration, Social Science & Medicine, 56, 4, 725–38, 10.1016/s0277-9536(02)00068-0, 12560007, 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.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.JOURNAL, Sullivan, Dylan, Hickel, Jason, Jason Hickel, 2023, Capitalism and extreme poverty: A global analysis of real wages, human height, and mortality since the long 16th century, World Development (journal), World Development, 161, 106026, 10.1016/j.worlddev.2022.106026, 252315733, free, Some commentators have blamed neoliberalism for various social ills,BOOK, Berdayes, Vicente, Murphy, John W., 2016, Neoliberalism, Economic Radicalism, and the Normalization of Violence,books.google.com/books?id=G64vCwAAQBAJ&pg=PA2, Springer, 2, 978-3-319-25169-1, Google Books, BOOK, Collins, Victoria E., Rothe, Dawn L., 2019, The Violence of Neoliberalism: Crime, Harm and Inequality,books.google.com/books?id=us2gDwAAQBAJ&pg=PT11, 11, Routledge, 9781138584778, Google Books, including mass shootings,NEWS, McIntyre, Niamh, April 16, 2015, This Theorist Believes That Capitalism Creates Mass Murderers by Causing People to ‘Malfunction’,www.vice.com/en_uk/article/wd7eyw/berardi-interview, Vice, August 11, 2019, NEWS, Wolff, Richard D., Richard D. Wolff, Fraad, Harriet, Harriet Fraad, November 8, 2017, American hyper-capitalism breeds the lonely, alienated men who become mass killers, Salon (magazine), Salon,www.salon.com/2017/11/08/american-hyper-capitalism-breeds-the-lonely-alienated-men-who-become-mass-killers_partner/, August 11, 2019, increased homelessness,BOOK, Mitchell, Don, Don Mitchell (geographer), 2020, Mean Streets: Homelessness, Public Space, and the Limits of Capital,ugapress.org/book/9780820356907/mean-streets/, University of Georgia Press, 62, 9-780-8203-5690-7, and deaths of despair in the United States,JOURNAL, Zeira, Anna, 2022, Mental Health Challenges Related to Neoliberal Capitalism in the United States, Community Mental Health Journal, 58, 2, 205–212, 34032963, 8145185, 10.1007/s10597-021-00840-7, sense of social disconnection, competition, and loneliness.JOURNAL, Becker, Julia C., Hartwich, Lea, Haslam, S. Alexander, Neoliberalism can reduce well‐being by promoting a sense of social disconnection, competition, and loneliness, British Journal of Social Psychology, 2021, 60, 3, 947–965, 10.1111/bjso.12438, free,

Environmental impact

File:Press conference EU-Mercosul on June 26, 2019 (VII).jpg|thumb|The European Union–Mercosur free trade agreement, which would form one of the world’s largest free tradefree tradeIt has been argued that trade-led, unregulated economic activity and lax state regulation of pollution have led to environmental degradation.JOURNAL, Peet, Richard, Neoliberalism and Nature: The Case of the WTO, Annals of the American Academy of Political and Social Science, 590, November 2003, 188–211, 10.1177/0002716203256721, 154566692, 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.JOURNAL, Moore, Jason W., 2011, Transcending the metabolic rift: a theory of crises in the capitalist worldecology, Journal of Peasant Studies, 38, 1, 1–46, 10.1080/03066150.2010.538579, 55640067, In Robert Fletcher’s 2010 piece, “Neoliberal Environmentality: Towards a Poststructuralist Political Ecology of the Conservation Debate“JOURNAL, Fletcher, Robert, 2010, Neoliberal environmentality: Towards a poststructuralist political ecology of the conservation debate, Conservation and Society, 8, 3, 171, 10.4103/0972-4923.73806, 0972-4923, free, 10535/8301, free, 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.JOURNAL, Rees, William E., William E. Rees, 2020, Ecological economics for humanity’s plague phase,www.fraw.org.uk/data/limits/rees_2020.pdf, Ecological Economics (journal), Ecological Economics, 169, 106519, 10.1016/j.ecolecon.2019.106519, 2020EcoEc.16906519R, 209502532, Marxist economic geographer David Harvey argues neoliberalism is to blame for increased rates of extinction.{{sfnp|Harvey|2005|p=173}} 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”.BOOK, Best, Steven, 2014, The Politics of Total Liberation: Revolution for the 21st Century, Conclusion: Reflections on Activism and Hope in a Dying World and Suicidal Culture, Palgrave Macmillan, 160, 978-1137471116, 10.1057/9781137440723_7, Steven Best, Neoliberalism reduces the “tragedy of the commons” to an argument for private ownership.WEB, Debunking the Tragedy of the Commons,news.cnrs.fr/opinions/debunking-the-tragedy-of-the-commons, December 11, 2020, French National Centre for Scientific Research, CNRS News, January 5, 2018, The Friedman doctrine, which Nicolas Firzli has argued defined the neoliberal era,NEWS, M. Nicolas J., Firzli, Beyond SDGs: Can Fiduciary Capitalism and Bolder, Better Boards Jumpstart Economic Growth?,www.academia.edu/28982570, November 1, 2016, Analyse Financière, October 2016, may lead companies to neglect concerns for the environment.WEB, September 13, 2020, Why Milton Friedman was right and wrong, Australian Financial Review,www.afr.com/policy/economy/business-real-social-responsibility-is-to-be-a-rule-taker-not-a-maker-20200913-p55v3x, December 12, 2020, 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”.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.JOURNAL, Castree, Noel, December 2010, Neoliberalism and the Biophysical Environment 1: What ‘Neoliberalism’ is, and What Difference Nature Makes to it, Geography Compass, 4, 12, 1725–1733, 10.1111/j.1749-8198.2010.00405.x, 2010GComp...4.1725C, 1749-8198,pure.manchester.ac.uk/ws/files/25441023/POST-PEER-REVIEW-NON-PUBLISHERS.DOC, 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”,JOURNAL, Sodikoff, Genese, December 2009, The Low-Wage Conservationist: Biodiversity and Perversities of Value in Madagascar,anthrosource.onlinelibrary.wiley.com/doi/10.1111/j.1548-1433.2009.01154.x, American Anthropologist, en, 111, 4, 443–455, 10.1111/j.1548-1433.2009.01154.x, 0002-7294, with the global shift towards neoliberalization, conservation programs have also shifted towards becoming a “mode of capitalist production”. 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.JOURNAL, Klooster, Dan, September 2006, Environmental Certification of Forests in Mexico: The Political Ecology of a Nongovernmental Market Intervention,www.tandfonline.com/doi/abs/10.1111/j.1467-8306.2006.00705.x, Annals of the Association of American Geographers, en, 96, 3, 541–565, 10.1111/j.1467-8306.2006.00705.x, 153930831, 0004-5608, subscription, 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.WEB, Bikaj, Albert, Not Everything is for Sale: A Critique of Neoliberalism,europeanconservative.com/articles/essay/not-everything-is-for-sale-a-critique-of-neoliberalism/, The European Conservative, 19 February 2022, 11 September 2023, In his 84-page apostolic exhortation , Catholic Pope Francis described unfettered capitalism as “a new tyranny” and called on world leaders to fight rising poverty and inequality, stating:NEWS, O’Leary, Naomi, 26 November 2013, Pope attacks ‘tyranny’ of markets in manifesto for papacy,www.reuters.com/article/us-pope-document/pope-attacks-tyranny-of-markets-in-manifesto-for-papacy-idUSBRE9AP0EQ20131126, live, Business News, Reuters,archive.today/20180406170738/https://www.reuters.com/article/us-pope-document/pope-attacks-tyranny-of-markets-in-manifesto-for-papacy-idUSBRE9AP0EQ20131126, 6 April 2018, 6 April 2018, Pope Francis attacked unfettered capitalism as ‘a new tyranny’ and beseeched global leaders to fight poverty and growing inequality, in a document on Tuesday setting out a platform for his papacy and calling for a renewal of the Catholic Church., {{blockquote|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.NEWS, Goldfarb, Zachary A., Boorstein, Michelle, 26 November 2013, Pope Francis denounces ‘trickle-down’ economic theories in sharp criticism of inequality,www.washingtonpost.com/business/economy/pope-francis-denounces-trickle-down-economic-theories-in-critique-of-inequality/2013/11/26/e17ffe4e-56b6-11e3-8304-caf30787c0a9_story.html, live, Business, The Washington Post,web.archive.org/web/20180406171743/https://www.washingtonpost.com/business/economy/pope-francis-denounces-trickle-down-economic-theories-in-critique-of-inequality/2013/11/26/e17ffe4e-56b6-11e3-8304-caf30787c0a9_story.html, 6 April 2018, 6 April 2018, }}

Political opposition

{{See also|Anti-neoliberalism}}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.BOOK, Fawcett, Paul, Flinders, Matthew, Hay, Colin, Wood, Matthew, Anti-Politics, Depoliticization, and Governance, 2017, Oxford University Press, Oxford, 3–9, 978-0-19-874897-7, 10.1093/oso/9780198748977.001.0001, 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”,WEB, November 1, 2011, Dr. Kristen Ghodsee, Bowdoin College – Nostalgia for Communism,wamc.org/post/dr-kristen-ghodsee-bowdoin-college-nostalgia-communism, July 26, 2018, Wamc.org, November 11, 2020,web.archive.org/web/20201111205821/https://www.wamc.org/post/dr-kristen-ghodsee-bowdoin-college-nostalgia-communism, dead, which ultimately fueled a resurgence of extremist nationalism.
• 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.BOOK, Neoliberal Hegemony and the Pink Tide in Latin America: Breaking Up With TINA? (International Political Economy Series), Chodor, Tom, 2014, 978-1137444677,www.palgrave.com/page/detail/neoliberal-hegemony-and-the-pink-tide-in-latin-america-tom-chodor/?K=9781137444677, Palgrave Macmillan, November 23, 2014, September 30, 2015,www.palgrave.com/page/detail/neoliberal-hegemony-and-the-pink-tide-in-latin-america-tom-chodor/?K=9781137444677," title="web.archive.org/web/20150930102542www.palgrave.com/page/detail/neoliberal-hegemony-and-the-pink-tide-in-latin-america-tom-chodor/?K=9781137444677,">web.archive.org/web/20150930102542www.palgrave.com/page/detail/neoliberal-hegemony-and-the-pink-tide-in-latin-america-tom-chodor/?K=9781137444677, dead,
• 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.BOOK,books.google.com/books?id=IR9woMrfFs4C&pg=PA147, The Rhetoric of Food: Discourse, Materiality, and Power, 2013, Routledge, 978-0415727563, Frye, Joshua, 147, Bruner, Michael, Google Books, He was protesting against the decision of the South Korean government to reduce subsidies to farmers.{{sfnp|Jones|Parker|Bos|2005|p=96}}
• 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”.NEWS, Paul, Mason, 25 January 2015,www.theguardian.com/commentisfree/2015/jan/25/greece-shows-what-can-happen-when-young-revolt-against-corrupt-elites, Greece shows what can happen when the young revolt against corrupt elites, The Guardian, 25 January 2015,
• 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.JOURNAL, The revolt of the Rust Belt: place and politics in the age of anger, The British Journal of Sociology, 68, S1, S120–S152, Michael McQuarrie, November 8, 2017, 10.1111/1468-4446.12328, 29114874, 26010609, free, {{sfn|Gerstle|2022|p=}}{{pn|date=December 2023}}
• 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.NEWS, Haskins

date=December 14, 2018 url=https://www.vice.com/en_us/article/nepkpw/the-paris-yellow-vest-protests-show-the-flaws-of-capitalism Vice Media>Vice DATE=OCTOBER 21, 2019 THE WASHINGTON POST >ACCESS-DATE=NOVEMBER 3, 2019 ARCHIVE-DATE=OCTOBER 24, 2019 DATE=NOVEMBER 25, 2019 URL=HTTPS://WWW.THENATION.COM/ARTICLE/ARCHIVE/GLOBAL-REBELLIONS-INEQUALITY/ THE NATION >ACCESS-DATE=NOVEMBER 29, 2019, Ben Ehrenreich,

• 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.“NEWS, Cambero, Fabian, December 20, 2021, Student protest leader to president-elect: Gabriel Boric caps rise of Chile’s left,www.reuters.com/world/americas/student-protest-leader-president-elect-gabriel-boric-caps-rise-chiles-left-2021-12-20/, Reuters, December 21, 2021,

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.1. Dean A. Open Democracies: How Labor Repression Facilitates Trade Liberalization. In: Opening Up by Cracking Down: Labor Repression and Trade Liberalization in Democratic Developing Countries. Political Economy of Institutions and Decisions. Cambridge University Press; 2022:13-28. 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“),{{sfnm|1a1=Li|1y=2013|1p=221|2a1=Gerstle|2y=2022|2p=150|3a1=Roy|3y=2012|3p=155}} introduced a series of policies to reduce the power and influence of trade unions and various social benefits.NEWS, Margaret Thatcher, CNN,www.cnn.com/SPECIALS/cold.war/kbank/profiles/thatcher, 29 October 2008,www.cnn.com/SPECIALS/cold.war/kbank/profiles/thatcher," title="web.archive.org/web/20080703072749www.cnn.com/SPECIALS/cold.war/kbank/profiles/thatcher,">web.archive.org/web/20080703072749www.cnn.com/SPECIALS/cold.war/kbank/profiles/thatcher, 3 July 2008, According to BBC News, Thatcher reportedly “managed to destroy the power of the trade unions for almost a generation”.NEWS, Wilenius, Paul, 5 March 2004, Enemies within: Thatcher and the unions, BBC News,news.bbc.co.uk/1/hi/uk_politics/3067563.stm, live, 29 October 2008,news.bbc.co.uk/1/hi/uk_politics/3067563.stm," title="web.archive.org/web/20090430144439news.bbc.co.uk/1/hi/uk_politics/3067563.stm,">web.archive.org/web/20090430144439news.bbc.co.uk/1/hi/uk_politics/3067563.stm, 30 April 2009,

See also

{{div col|colwidth=18em}}

• Anarcho-capitalism
• Beltway libertarianism
• Capitalism
• Capitalist realism
• Classical liberalism
• Conservative liberalismBOOK, David, Cayla, Populism and Neoliberalism,books.google.com/books?id=pDAXEAAAQBAJ&dq=Neoliberalism+%22conservative+liberalism%22&pg=PA62, He demonstrates that the concept of “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., 2021, 62, Routledge, 9781000366709, Google Books,
• 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
• Shock therapy (economics)
• Thatcherism
• Third Way
• Triangulation
• Trickle-down economics

{{div col end}}

References

{{reflist}}

Bibliography

• BOOK, Anderson, Elizabeth, Elizabeth S. Anderson, 2023, Hijacked: How Neoliberalism Turned the Work Ethic against Workers and How Workers Can Take It Back, Cambridge University Press, 978-1009275439,
• BOOK, Arac, Jonathan, Peter A., Hall, Michèle, Lamont, Social Resilience in the Neoliberal Era, 2013, xvi–xvii, The term is generally used by those who oppose it. People do not call themselves neoliberal; instead, they tag their enemies with the term.,
• JOURNAL, Boas, Taylor C., Gans-Morse, Jordan, June 2009, Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan, Studies in Comparative International Development, 44, 2, 137–161, 10.1007/s12116-009-9040-5, free, 4811996,
• BOOK, Burgin, Angus, 2012, The Great Persuasion: Reinventing Free Markets since the Depression, Harvard University Press,books.google.com/books?id=BnZ1qKdXojoC, 978-0-674-06743-1, Google Books,
• BOOK, Chomsky, Noam, Noam Chomsky, McChesney, Robert W., Robert W. McChesney, Introduction, Profit over People: Neoliberalism and Global Order, Seven Stories Press, 2011, 978-1888363821,books.google.com/books?id=NrLv4surz7UC,
• BOOK, Desai, Radhika, 2022, Capitalism, Coronavirus and War: A Geopolitical Economy, London,www.routledge.com/Capitalism-Coronavirus-and-War-A-Geopolitical-Economy/Desai/p/book/9781032059501, Routledge, 978-1032059501, 10.4324/9781003200000, 254306409,
• BOOK, Duménil, Gérard, Lévy, Dominique, 2004, Capital Resurgent: Roots of the Neoliberal Revolution, Harvard University Press, 0674011589,
• BOOK, Gerstle, Gary, Gary Gerstle, 2022, The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era,global.oup.com/academic/product/the-rise-and-fall-of-the-neoliberal-order-9780197519646?cc=us&lang=en&, Oxford University Press, 978-0197519646,
• WEB, Hartwich, Oliver Marc, Oliver Marc Hartwich, 21 May 2009, Neoliberalism: The Genesis of a Political Swearword, Centre for Independent Studies, CIS Occasional Paper 114,www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf, dead,www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf," title="web.archive.org/web/20140724120736www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf,">web.archive.org/web/20140724120736www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf, 2014-07-24,
  • Book version: BOOK, none, Hartwich, Oliver Marc, Oliver Marc Hartwich, 2009b, Neoliberalism: The Genesis of a Political Swearword, Centre for Independent Studies, 978-1-86432-185-2,
• BOOK, Harvey, David, David Harvey (geographer), 2005, A Brief History of Neoliberalism, Oxford University Press, 978-0-19-928326-2,global.oup.com/academic/product/a-brief-history-of-neoliberalism-9780199283279?cc=us&lang=en&,
• BOOK, Haymes, Stephen, Vidal de Haymes, Maria, Miller, Reuben, The Routledge Handbook of Poverty in the United States, 2015, Routledge, 978-0415673440, London,www.routledge.com/books/details/9780415673440,
• BOOK, Jones, Campbell, Parker, Martin, Bos, Rene Ten, 2005, For Business Ethics, Routledge,archive.org/details/forbusinessethic00jone, limited, 978-0415311359,
• BOOK, Kotsko, Adam, Adam Kotsko, 2018, Neoliberalism’s Demons: On the Political Theology of Late Capital,www.sup.org/books/title/?id=29538, Stanford University Press, 978-1503607125,
• BOOK, Kotz, David M., 2015, The Rise and Fall of Neoliberal Capitalism, Harvard University Press, 978-0674725652,www.hup.harvard.edu/catalog.php?isbn=9780674980013,
• JOURNAL, Lavoie, Marc, Marc Lavoie, Winter 2012–2013, Financialization, neo-liberalism, and securitization, Journal of Post Keynesian Economics, 35, 2, 215–33, 10.2753/pke0160-3477350203, 23469991, 153927517,
• JOURNAL, Li, Jinhua, 2013, Analysis of the High Unemployment Rate in the USA, World Review of Political Economy, 4, 2, 218–229, 10.13169/worlrevipoliecon.4.2.0218, 10.13169/worlrevipoliecon.4.2.0218, free,
• BOOK, Mirowski, Philip, Philip Mirowski, Plehwe, Dieter, 2009, The road from Mont Pèlerin: the making of the neoliberal thought collective, Harvard University Press, 978-0-674-03318-4,archive.org/details/roadfrommontpele00miro_950,
• BOOK, Roy, Ravi K., Anheier, Helmut, Helmut Anheier, Juergensmeyer, Mark Juergensmeyer, Mark, 2012, Capitalism, Encyclopedia of Global Studies,books.google.com/books?id=wJB2AwAAQBAJ, SAGE Publications, 153–158, 978-1-4129-9422-4,
• BOOK, Springer, Simon, Birch, Kean, MacLeavy, Julie, 2016, The Handbook of Neoliberalism,www.routledge.com/The-Handbook-of-Neoliberalism/Springer-Birch-MacLeavy/p/book/9781138844001, Routledge, 978-1138844001, 1020671216,
• BOOK, Stedman Jones, Daniel, Masters of the Universe (book), Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics, July 21, 2014, Princeton University Press, 978-1-4008-5183-6,
• BOOK, Steger, Manfred B., Manfred B. Steger, Roy, Ravi K., 2010, Neoliberalism: A Very Short Introduction, Oxford University Press, 978-0199560516,academic.oup.com/book/705?login=false, 50–51, 123,
• BOOK, Wacquant, Loïc, Loïc Wacquant, 2009, Punishing the Poor: The Neoliberal Government of Social Insecurity, Duke University Press, Durham NC, 9780822392255, 404091956,read.dukeupress.edu/books/book/1399/Punishing-the-PoorThe-Neoliberal-Government-of,

Further reading

Summaries and histories

• Albo, Gregory. “Neoliberalism from Reagan to Clinton.” Monthly Review 52.11 (2001): 81–89, in US. online {{Webarchive|url=https://web.archive.org/web/20220527020453cf.linnbenton.edu/artcom/social_science/clarkd/upload/Neo.pdf |date=2022-05-27 }}
• BOOK, Appel, Hilary, Orenstein, Mitchell A., 2018, From Triumph to Crisis: Neoliberal Economic Reform in Postcommunist Countries, Cambridge University Press, 978-1108435055,
• BOOK, Baccaro, Lucio, Howell, Chris, 2017, Trajectories of Neoliberal Transformation: European Industrial Relations Since the 1970s,www.cambridge.org/core/books/trajectories-of-neoliberal-transformation/23D812E2CC6DD50EC043285A9C6576C7fndtn-information, Cambridge University Press, 978-1107603691,
• BOOK, Bartel, Fritz, 2022, The Triumph of Broken Promises: The End of the Cold War and the Rise of Neoliberalism,www.hup.harvard.edu/catalog.php?isbn=9780674976788, Harvard University Press, 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.
• BOOK, Eagleton-Pierce, Matthew, 2015, Neoliberalism: The Key Concepts, Routledge, 978-0415837545,www.routledge.com/books/details/9780415837545/,
• BOOK, Harvey, David, A Brief History of Neoliberalism, 2007, Oxford University Press, 978-0199283279,
• BOOK, Kingstone, Peter, The Rise and Fall (and Rise Again?) of Neoliberalism in Latin America, SAGE Publications Ltd, 2018,
• BOOK, Mirowski, Philip, 2014, Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, Verso Books, 978-1781683026, Philip Mirowski,
• BOOK, Plant, Raymond, The Neo-liberal State, 2009, Oxford University Press,global.oup.com/academic/product/the-neo-liberal-state-9780199650576?cc=us&lang=en&, 978-0-19-928175-6,
• JOURNAL, Prasad, Monica, The popular origins of neoliberalism in the Reagan tax cut of 1981, Journal of Policy History, 24, 3, 2012, 351–383, 10.1017/S0898030612000103, 154910974, free,
• BOOK, Springer, Simon, 2016,www.rowmaninternational.com/books/the-discourse-of-neoliberalism, The Discourse of Neoliberalism: An Anatomy of a Powerful Idea, Discourse, Power and Society,www.rowmaninternational.com/books/the-discourse-of-neoliberalism," title="web.archive.org/web/20170108185959www.rowmaninternational.com/books/the-discourse-of-neoliberalism,">web.archive.org/web/20170108185959www.rowmaninternational.com/books/the-discourse-of-neoliberalism, January 8, 2017, Rowman & Littlefield International, 978-1783486526,
• JOURNAL, Stewart, Iain, 2020, On Recent Developments in the New Historiography of (Neo) Liberalism,discovery.ucl.ac.uk/id/eprint/10099007/1/Stewart%20-%20On%20Recent%20Developments%20in%20the%20New%20Historiography%20of%20Liberalism%20-%20final.pdf,web.archive.org/web/20201107131133/https://discovery.ucl.ac.uk/id/eprint/10099007/1/Stewart%20-%20On%20Recent%20Developments%20in%20the%20New%20Historiography%20of%20Liberalism%20-%20final.pdf, 2020-11-07, live, Contemporary European History, 29, 1, 116–124, 10.1017/S0960777319000158, 210501346,
• JOURNAL, Thorsen, Dag Einer, The Neoliberal Challenge: What is Neoliberalism?, Addleton Academic Publishers, October 10, 2009,folk.uio.no/daget/neoliberalism2.pdf, live,folk.uio.no/daget/neoliberalism2.pdf," title="web.archive.org/web/20110607060521folk.uio.no/daget/neoliberalism2.pdf,">web.archive.org/web/20110607060521folk.uio.no/daget/neoliberalism2.pdf, 2011-06-07,

Criticisms

• NEWS, Bourdieu, Pierre, The essence of neoliberalism,mondediplo.com/1998/12/08bourdieu, Le Monde diplomatique, December 1998,
• 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
• BOOK, Brown, Wendy, 2019, In the Ruins of Neoliberalism: The Rise of Antidemocratic Politics in the West,cup.columbia.edu/book/in-the-ruins-of-neoliberalism/9780231193856, Columbia University Press, 978-0231193856, Wendy Brown (political scientist),
• 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}}.
• BOOK, Collins, Victoria E., Rothe, Dawn L., 2019, The Violence of Neoliberalism: Crime, Harm and Inequality,www.routledge.com/The-Violence-of-Neoliberalism-Crime-Harm-and-Inequality-1st-Edition/Collins-Rothe/p/book/9781138584778, Routledge, 978-1138584778,
• Crouch, Colin. www.polity.co.uk/book.asp?ref=9780745651200" title="archive.today/20130421053539www.polity.co.uk/book.asp?ref=9780745651200">The Strange Non-death of Neo-liberalism, Polity Press, 2011. {{ISBN|0-7456-5221-2}} (Reviewed in The Montreal Review)
• Davies, William. us.sagepub.com/en-us/nam/the-limits-of-neoliberalism/book240650" title="web.archive.org/web/20151223044125us.sagepub.com/en-us/nam/the-limits-of-neoliberalism/book240650">The Limits of Neoliberalism: Authority, Sovereignty and the Logic of Competition. SAGE Publications, 2014. {{ISBN|1446270688}}
• BOOK, Dean, Jodi, 2009, Democracy and Other Neoliberal Fantasies: Communicative Capitalism and Left Politics,www.dukeupress.edu/democracy-and-other-neoliberal-fantasies, Duke University Press, 978-0822345053, Jodi Dean,
• WEB, Diaz Molaro, Lucas, End Neoliberalism, Tax & Regulate The One Percent, 2012,www.endneoliberalism.org/books/,
• JOURNAL, Fekete, Liz, Flying the flag for neoliberalism, Race & Class, January 2017, 58, 3, 3–22, 10.1177/0306396816670088, 151385881,
• JOURNAL, Ferragina, E., Arrigoni, A., 2016, The Rise and Fall of Social Capital: Requiem for a Theory, Political Studies Review, 15, 3, 355–367, 10.1177/1478929915623968, 156138810,
• JOURNAL, Gandesha, Samir, The Brazilian Matrix: Between Fascism and Neo-Liberalism, Krisis (journal), Krisis, December 11, 2020, 40, 1, 215–233, 10.21827/krisis.40.1.37054, 230563556, free,
• BOOK, Gill, Rosalind, Rosalind Gill, Breaking the silence: the hidden injuries of the neoliberal university., Gill, Rosalind, Ryan-Flood, Róisín, Secrecy and silence in the research process: feminist reflections, 228–244, Routledge, London, 2010, 978-0415605175, none,
• 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). philosophersforchange.org/2013/11/12/public-intellectuals-against-the-neoliberal-university/" title="web.archive.org/web/20180813111445philosophersforchange.org/2013/11/12/public-intellectuals-against-the-neoliberal-university/">Public Intellectuals Against the Neoliberal University. philosophersforchange.org.
• 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. Harvard University Press. {{ISBN|0674066162}}
• JOURNAL, Lazzarato, Maurizio, 2009, Neoliberalism in Action: Inequality, Insecurity and the Reconstitution of the Social, Theory, Culture & Society, 26, 6, 109–33, 10.1177/0263276409350283, 145758386,
• NEWS, Lehmann, Chris, Neoliberalism, the Revolution in Reverse,thebaffler.com/salvos/neoliberalism-the-revolution-in-reverse, 24, The Baffler, January 2014,
• BOOK, Lyon-Callo, Vincent, 2004,utorontopress.com/ca/inequality-poverty-and-neoliberal-governance-3, Inequality, Poverty, and Neoliberal Governance: Activist Ethnography in the Homeless Sheltering Industry,web.archive.org/web/20180805112805/https://utorontopress.com/ca/inequality-poverty-and-neoliberal-governance-3, August 5, 2018, University of Toronto Press, 1442600861,
• NEWS, Mishra, Pankaj, The Rise of Jeremy Corbyn and the Death Throes of Neoliberalism,www.nytimes.com/2017/06/20/magazine/the-rise-of-jeremy-corbyn-and-the-death-throes-of-neoliberalism.html, The New York Times, June 20, 2017,
• NEWS, Monbiot, George, Neoliberalism is creating loneliness. That’s what’s wrenching society apart,www.theguardian.com/commentisfree/2016/oct/12/neoliberalism-creating-loneliness-wrenching-society-apart, The Guardian, October 12, 2016,
• NEWS, Murphy, Chris, Chris Murphy, October 25, 2022, The Wreckage of Neoliberalism,www.theatlantic.com/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. Palgrave Macmillan. {{ISBN|0230301630}}
• JOURNAL, Pavón-Cuellar, David, 2020, Turning from Neoliberalism to Neo-Fascism: Universalization and Segregation in the Capitalist System, Desde el Jardín de Freud, National University of Colombia, 20, 19–38, 10.15446/djf.n20.90161, 226731094, free,
• JOURNAL, Poruthiyil, Prabhir Vishnu, Big Business and Fascism: A Dangerous Collusion, Journal of Business Ethics, January 2021, 168, 1, 121–135, 10.1007/s10551-019-04259-9, 201323963,
• BOOK, Schram, Sanford F., The Return of Ordinary Capitalism: Neoliberalism, Precarity, Occupy, 2015, Oxford University Press,global.oup.com/academic/product/the-return-of-ordinary-capitalism-9780190253011?cc=us&lang=en&, 978-0190253028,
• BOOK, Slobodian, Quinn, Quinn Slobodian, 2023, Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy,us.macmillan.com/books/9781250753892/crackupcapitalism, Henry Holt and Company, Metropolitan Books, 978-1250753892,
• Springer, Simon (2015). Violent Neoliberalism: Development, Discourse, and Dispossession in Cambodia. 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”. Market Watch.
• BOOK, Vallelly, Neil, 2021, Futilitarianism: Neoliberalism and the Production of Uselessness,mitpress.mit.edu/books/futilitarianism, Goldsmiths Press, 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. University of Minnesota Press. {{ISBN|0816639019}}
• BOOK, Whyte, Jessica, 2019, The Morals of the Market: Human Rights and the Rise of Neoliberalism,www.versobooks.com/books/3087-the-morals-of-the-market, Verso Books, 978-1786633118,

Other academic articles

• JOURNAL, 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, 10.5840/ijap2023710183, 259879177,
• JOURNAL, Bowles, Samuel, Gordon, David M., Weisskopf, Thomas E., 1989, Business Ascendancy and economic Impasse: A Structural Retrospective on Conservative Economics, 1979–87, Journal of Economic Perspectives, 3, 1, 107–134, 1942967, 10.1257/jep.3.1.107, free,
• Cahill, Damien. “The End of Laissez-Faire?: On the Durability of Embedded Neoliberalism”. Edward Elgar Publishing. 2014. {{ISBN|978-1785366437}}
• JOURNAL, 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, 10.1080/09672567.2015.1093522, 146137987,
• Cooper, Melinda (2017). Family Values: Between Neoliberalism and the New Social Conservatism. Zone Books. {{ISBN|978-1935408840}}
• JOURNAL, 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, 10.1080/09692290.2019.1627568, 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.
• BOOK, Hackworth, Jason, The Neoliberal City: Governance, Ideology, and Development in American Urbanism, 978-0801473036,www.cornellpress.cornell.edu/book/?GCOI=80140100771590, Cornell University Press, 2006,
• JOURNAL, Larner, Wendy, 2000, Neo-liberalism: policy, ideology, governmentality,spe.library.utoronto.ca/index.php/spe/article/view/6724, Studies in Political Economy, 63, 5–25, 10.1080/19187033.2000.11675231, 1983/1011, 218621238, free,
• JOURNAL, Rottenberg, Catherine, The Rise of Neoliberal Feminism,www.bgu.ac.il/~rottenbe/The%20rise%20of%20neoliberal%20feminism.pdf, Cultural Studies (journal), Cultural Studies, 28, 3, 418–437, 10.1080/09502386.2013.857361, 2013, 144882102,www.bgu.ac.il/~rottenbe/The%20rise%20of%20neoliberal%20feminism.pdf," title="web.archive.org/web/20161008175615www.bgu.ac.il/~rottenbe/The%20rise%20of%20neoliberal%20feminism.pdf,">web.archive.org/web/20161008175615www.bgu.ac.il/~rottenbe/The%20rise%20of%20neoliberal%20feminism.pdf, October 8, 2016, dead,
• 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).

External links

{{external media| float = right| width = 220pxDLtxUiwY6j8|Neoliberalism: The story of a big economic bust up, A–Z of ISMs Episode 14 – BBC Ideas}}}}

• Neoliberalism – entry at Encyclopædia Britannica
• “Neoliberalism 101” – podcast by The Cato Institute
• “What is Neoliberalism?” – video by the Barnard Center for Research on Women
• cepa.newschool.edu/het/schools/monetar.htm" title="web.archive.org/web/20070821085549cepa.newschool.edu/het/schools/monetar.htm">“Monetarism” – The New School’s Economics Department’s History of Economic Thought website
• “Neoliberalism and the State” – discussion between Ryerson University professors John Shields and Bryan Evans
• “A Look at Argentina’s 2001 Economic Rebellion” – video report by Democracy Now!
• “The Scorecard on Development, 1960–2010: Closing the Gap?” – report by the Center for Economic and Policy Research, April 2011
• “The crisis of neoliberalism” – 2010 interview with economist Gérard Duménil on The Real News
• “Henry 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. Boston Review. March 10, 2021.
• Capitalism: What Makes Us Free? NPR. July 1, 2021.
• Has Covid ended the neoliberal era? The Guardian. September 2, 2021
• Neoliberalism Died of COVID. Long Live Neoliberalism! How the predominant ideology of our time survived the pandemic.. New York. October 14, 2021.

Online lectures

• “The Neoliberal City”. David Harvey. University Channel. October 4, 2010.
• “Wall St. Crisis Should Be for Neoliberalism What Fall of Berlin Wall Was for Communism”. Naomi Klein. University of Chicago. Democracy Now!. October 2008.
• “Neo-Liberalism: An Accounting”. Noam Chomsky. University of Massachusetts Amherst. April 19, 2017.

{{Neoliberalism}}{{Aspects of capitalism}}{{Economics}}{{Liberalism}}{{Schools of economic thought}}{{Authority control}}