by Summary:
As a result, I would tend to suggest a slightly different definition that seems to work quite well today. The definition would be: neoliberalism is a political strategy promoting the interests of big money that utilises the economist’s ideal of a free market to promote and extend market activity and remove all ‘interference’ in the market than conflicts with these interests. This replaces a definition based on following an idea (the author’s market neoliberalism), by one of interests promoting an idea so long as it suits those interests.This alternative definition seems to fit two cases I have used in the past to question more conventional ideas. Large banks benefit hugely from an implicit subsidy provided by the state (being bailed out when things go wrong), but neoliberals do not
Topics:
Mike Norman considers the following as important: economic liberalism, Neoliberalism
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As a result, I would tend to suggest a slightly different definition that seems to work quite well today. The definition would be: neoliberalism is a political strategy promoting the interests of big money that utilises the economist’s ideal of a free market to promote and extend market activity and remove all ‘interference’ in the market than conflicts with these interests. This replaces a definition based on following an idea (the author’s market neoliberalism), by one of interests promoting an idea so long as it suits those interests.This alternative definition seems to fit two cases I have used in the past to question more conventional ideas. Large banks benefit hugely from an implicit subsidy provided by the state (being bailed out when things go wrong), but neoliberals do not
Topics:
Mike Norman considers the following as important: economic liberalism, Neoliberalism
This could be interesting, too:
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As a result, I would tend to suggest a slightly different definition that seems to work quite well today. The definition would be:
neoliberalism is a political strategy promoting the interests of big money that utilises the economist’s ideal of a free market to promote and extend market activity and remove all ‘interference’ in the market than conflicts with these interests.This replaces a definition based on following an idea (the author’s market neoliberalism), by one of interests promoting an idea so long as it suits those interests.
This alternative definition seems to fit two cases I have used in the past to question more conventional ideas. Large banks benefit hugely from an implicit subsidy provided by the state (being bailed out when things go wrong), but neoliberals do not worry too much about this form of state interference in the market (whereas economists do). Regulations on the other hand they do complain about. It is a very selective focus on market interference....
Classical economic liberalism aka laissez-faire and "market fundamentalism" advocated minimizing the role of government in markets. Neoliberalism advocates selective use of the political process to favor the interests of capital. Hence, neoliberals work to capture government, while classical economic liberals would limit government to the role of night watchman.
Mainly Macro
How Neoliberals weaponise the concept of an ideal market
Simon Wren-Lewis | Professor of Economics, Oxford University
How Neoliberals weaponise the concept of an ideal market
Simon Wren-Lewis | Professor of Economics, Oxford University