“Neoliberalism” gets blamed for pretty much every socioeconomic ill we have—but for 40 years it was the principal economic doctrine of the American government.
,” published in 1714.) Smith’s book, published in 1776, meant to oppose a prevalent economic strategy in eighteenth-century Britain—the nationalist and protectionist system of mercantilism—by explaining how free trade and the division of labor create more national wealth. He was writing before the Industrial Revolution had really begun or the modern concept of capitalism had taken hold. It is an anachronism to read him as though he were countering Keynes.
Nixon, Ford, Carter—it seemed that no Administration knew how to stop the bleeding. Government spending and high marginal tax rates, which had seemed to work fine in the nineteen-sixties, now looked like impediments to recovery. The Chicago School approach gained traction. Still, as the historian Daniel T.
As Oreskes and Conway point out, deregulation really began under Jimmy Carter, Reagan’s predecessor. Carter, sometimes with the support of the arch-liberal Edward M. Kennedy, deregulated the airline industry, railroads, and trucking. Deregulation continued after Clinton was elected, in 1992. “The era of big government is over,” he famously announced. “Self-reliance and teamwork are not opposing virtues—we must have both.” In the United Kingdom, Tony Blair’s government took the same approach.
Yet the neoliberal era was hardly a triumph for Friedman’s approach. Pro-market policies were generally mixed with state funding and government direction. Clinton may have subscribed to many neoliberal principles, but one of the first initiatives his Administration attempted was a reform of the health-care system where the government was to give every citizen a “health-care security card”—which sounds a lot like socialized medicine.
Thus the Fifth Amendment provides that “no person shall be . . . deprived of life, liberty, or property, without due process of law.
What hath neoliberalism wrought? On the plus side of the ledger: in 1980, about forty-three per cent of the world lived in extreme poverty , and today the number is about eight per cent. Globalization has lifted a billion humans out of poverty in just forty years. And you own many household items, like batteries and T-shirts, that were manufactured in Communist countries—China and Vietnam—and that were very inexpensive.
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