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Chris Dillow — The neoliberal constraint

Summary:
About framing and cultural mindset. Important now that MMT is gaining traction and neoliberalism is being challenged by social democracy. This is an issue that Bill Mitchell among MMT economists has been particularly devoted to, although they are all concerned with it as a matter of strategy now that MMT is ascendent. My point here is a disquieting one. It is the case that many neoliberal ideas are plain wrong; neoliberalism, for example, might well have retarded productivity growth. It is not, however, sufficient to point this out. Neoliberal ideology – whether right or wrong – can create its own reality. Insofar as this is the case, it is a constraint upon what social democratic governments can achieve. The point is far broader than neoliberalism or economics. A cultural mindset is

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About framing and cultural mindset. Important now that MMT is gaining traction and neoliberalism is being challenged by social democracy. This is an issue that Bill Mitchell among MMT economists has been particularly devoted to, although they are all concerned with it as a matter of strategy now that MMT is ascendent.
My point here is a disquieting one. It is the case that many neoliberal ideas are plain wrong; neoliberalism, for example, might well have retarded productivity growth. It is not, however, sufficient to point this out. Neoliberal ideology – whether right or wrong – can create its own reality. Insofar as this is the case, it is a constraint upon what social democratic governments can achieve.
The point is far broader than neoliberalism or economics. A cultural mindset is determinative. Cultures with clashing cultural mindset, such as liberalism and traditionalism, exhibit social and political divisiveness. Neoliberalism is a particular interpretation of liberalism.
Who controls the narrative controls the culture's perception of reality.

Stumbling and Mumbling
The neoliberal constraint
Chris Dillow | Investors Chronicle

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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