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Neoliberalism
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Neoliberalism

The Idea that Swallowed the World

Stephen Metcalf
The Guardian, 2017
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Since the 1980s, neoliberalism has been the dominant ideology permeating the public policies of governments and international institutions around the world. Yet neoliberalism stands for more than a series of economic policies. Journalist Stephen Metcalf argues neoliberalism is a world view – complete with a prescription for how to organize society and the role of individuals in it. For Metcalf, neoliberal policies' failure to promote broad-based economic prosperity has led to a surge in populism. getAbstract recommends Metcalf’s thought-provoking essay to those interested in how an economic theory can shape societies.

Take-Aways

  • Austrian economist Friedrich Hayek (1899–1992) developed neoliberalism as an ideology in the 1930s.
  • Unlike classical laissez-faire liberals, who applied economic principles only to the market, neoliberals treat market forces as a vehicle for organizing society.
  • Hayek believed that by having self-interested individuals compete freely in the market, the market will reveal what is most valuable.

About the Author

Stephen Metcalf is a journalist based in New York and the host of Slate’s Culture Gabfest podcast.

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