- The Indo-Pacific, the Belt and Road, and the Arctic Samir Saran, WEF
- Another neoliberal miracle Scott Sumner, EconLog
- Dear libertarians, refrain from using the “neoliberal” label Vincent Geloso, NOL
- Will social democracy return? Branko Milanovic, globalinequality
It is important to understand that economic recovery and growth in Europe after World War II is not as tied to Keynesianism, unfunded welfarism, and corporatism as is sometimes assumed.
The Glorious Thirty Years of European recovery from world war and subsequent growth were not due to ‘Keynesianism’ etc. The Thirty Years ended because the influence of liberal policies had weakened and the costs of other policies had accumulated to create an obviously dysfunctional system. Left-wingers (and communitarian-corporatist conservatives) who think ‘market fundamentalists’ overthrew a well functioning social and economic settlement which was behind all the economic growth and associated institution building (post-war national recovery and European Union construction) are in error. It is a major error to ignore the influence of Austrian School liberals (see the discussion by a leading current practitioner of Austrian economics, Peter Boettke) and the related Ordoliberalismus of the Freiburg School.
My remarks on what the major terms and schools in this paragraph refer to have become uncontrollably long, so they are relegated to the bottom of the post. I hope readers will have the patience to reach them.
The key points are that the German post-war Economic Miracle came from Ordo-liberal policies, while economic growth in France after Charles de Gaulle came to power for the second time in 1958 comes from the policies of Jacques Rueff, a civil servant, judge, and economist who participated in the 1938 Walter Lippmann Colloquium in Paris, a decisive event in the revival of liberal economic thinking attended by Hayek and many other notable liberal thinkers.
Such ideas have had a lot more influence in France than lazy propagators of clichés about statist France and liberal America understand. Of course, if we look at the French and American economies we can see notable ways in which the US economy is more liberal, but that should not obscure the reality that France has had good economic times and that these have come about because liberal economic policies were applied, even where, as under de Gaulle, the political narrative of the government was not liberal. The France of 1958 and after was able to stabilise institutionally after a real danger of the collapse of constitutional democracy and have a good economic period because of neoliberal economic ideas.
Some on the left think the relative revival of market liberalism in the 1970s can be rooted in the Chilean Coup of September 1973, after which economic policy was to some degree influenced by Chilean economists with doctorates from the University of Chicago. This revival of market liberalism is known as neoliberalism, a potentially useful term which came out of the Lippmann Colloquium (see below) that has unfortunately collapsed into an empty term of abuse for any kind of market thinking in government policy, wherein even the most modest accommodation of economic rationality is labelled ‘neoliberal’ and therefore extreme, authoritarian, and based on the narrow greed of the rich. It is sometimes accompanied by attempts to read enlightenment liberals as somehow ‘really’ left-liberal, social democratic, or even socialist.
The reality is that neoliberal ideas were first obviously influential on Continue reading
- Neoliberalism is making the world much more equal Scott Sumner, EconLog
- How effective are Islamic states at satisfying the religious needs of their citizens? Nile Green, Los Angeles Review of Books
- Socialism won’t get rid of bosses, either Christopher Freiman, Bleeding Heart Libertarians
- Hayekian communism Branko Milanovic, globalinequality
- Brexit as neoliberal politics Chris Dillow, Stumbling and Mumbling
- Russia and “dark globalization” John Connelly, Public Books
- Rand Paul finds lots to like in Trump’s presser with Putin Elana Schor, Politico
- Did Trump just help stop Brexit? Andrew Sullivan, Daily Intelligencer
- What caused the Black Death and could it strike again? Wendy Orent, Aeon
- Which cities have people-watching street cafes? Tyler Cowen, Marginal Revolution
- Keenan’s view of the Far East Francis Sempa, Asian Review of Books
- Is neoliberalism dead? Scott Sumner, EconLog
- The Market Police (Neoliberalism) JW Mason, Boston Review
- Libertarians should stop focusing on rent capture Henry Farrell, Cato Unbound
- Libertarians should *really* stop focusing on rent capture Mike Konczal, RortyBomb
- Nationalism is an essential bulwark against imperialism Sumantra Maitra, Claremont Review of Books