Neoliberalism

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Neoliberalism is a broad-term ideology that is considered to be economically centrist to right-wing (depends on how much they support/oppose government interventionism, spending and welfare), inspired by monetarist/Friedmanite policies, culturally variable but nowdays usually left leaning, it also commonly supports atlanticist foreign policy and economic globalization. although there is general disagreement on what exactly the term means on both the left and the right.

On the right, the term "Neoliberalism" is occasionally thrown around for Managerial Capitalism, which is an economic phenomenon that originates from the end of World War Two. Managerialism differentiates itself from traditional Capitalism, while the latter is oriented on the economic power generally being held by the owners within society, managerialism is seen as diluting ownership within society to a point where owners can no longer exert power over businesses and rather this power being moved towards a professional manager class. Neoliberalism in this sense is seen as being pro-government involvement in the economy.

It's also used by some Libertarians as a defense when they're called neoliberals, by the meaning the ideology of Alexander Rüstow, Ordo-Liberalism, which he also called Neoliberalism, as an in-between ideology between the kind of English Laissez-Faire Classical Liberalism of Adam Smith and File:Soc.png Socialism.

The term is also sometimes used by Right-Libertarians to call Neoliberalism simply the current status-quo but characterizing it and its model as a Pro-Keynesianism. Neoliberalism is also accused of being a corporate ideology that favors big businesses over small ones by regulations and taxes that hit harder small businesses or simply lobbying and giving direct benefits towards big businesses such as subsidies, tax exemption, etc...

On the Left, the term "Neoliberalism" is used for the doctrine that was theorised by Hayek, Friedman, Mises et al. and popularized by Margaret Thatcher and Ronald Reagan applied at the time, harkening back to Classical Liberal doctrine. Neoliberalism in this sense is rather pro-competition, favouring lenient tax policies and low regulation, except in the area of regulation of trade unions. It would be erroneous to characterize this description as "anti-government involvement", as those who use this definition acknowledge that Neoliberal governments frequently involve themselves in the economy if it's to further the interests of market competition, such as bailing out "too big to fail" banks.

In Right-Wing Populist circles, neoliberalism simply just means "woke capitalism". Even though the ideology has no inherent social/cultural views, aswell as many of it's early proponents such as Reagan and Thatcher being socially conservative.

To many, however, neoliberalism just means something they hate, the more they hate it, the more neoliberal it is.

History

Amidst the Great Depression, many liberals with different tendencies gathered together in Colloque Walter Lippmann. There were two distinct camps at play, the classical liberal group and the social-liberal group much more open to Keynesian policies. Although the participants couldn't agree on a comprehensive philosophy, they all agree on the necessity of new liberalism (aka neoliberalism) to combat File:Soc.png socialism, collectivism, and laissez-faire.

Despite being largely ineffective, it served as a precursor to a much more significant Mont Pelerin Society. During the post-war Neo-Keynesian consensus, their ideas weren't very popular, being known only in think tanks and universities. It wasn't until the stagflation in the 1970s that the sustained effort by an aforementioned group of economists caused neoliberal thought to be widespread globally.

Chile

Main article: Pinochetism

Chile was among the earliest nations to implement neoliberal reform. Marxist economic geographer David Harvey has described the substantial neoliberal reforms in Chile beginning in the 1970s as "the first experiment with neoliberal state formation", which would provide "helpful evidence to support the subsequent turn to neoliberalism in both Britain...and the United States." Similarly, Vincent Bevins says that Chile under Augusto Pinochet "became the world's first test case for "neoliberal" economics."

The turn to neoliberal policies in Chile originated with the Chicago Boys, a select group of Chilean students who, beginning in 1955, were invited to the University of Chicago to pursue postgraduate studies in economics. They studied directly under Milton Friedman and his disciple, Arnold Harberger, and were exposed to Friedrich Hayek. Upon their return to Chile, their neoliberal policy proposals—which centered on widespread deregulation, privatization, reductions to government spending to counter high inflation, and other free-market policies—would remain largely on the fringes of Chilean economic and political thought for a number of years, as the presidency of Salvador Allende (1970–1973) brought about a socialist reorientation of the economy.

During the Allende presidency, Chile experienced a severe economic crisis, in which Chile's GDP fell by 14.3%, its unemployment rate rose to 23.7%, and inflation peaked near 150%. Following an extended period of social unrest and political tension, as well as diplomatic, economic, and covert pressure from the United States, the Chilean armed forces and national police overthrew the Allende government in a coup d'état. They established a repressive military junta, known for its suppression of opposition, and appointed army chief Augusto Pinochet Supreme Head of the nation. His rule was later given legal legitimacy through a controversial 1980 plebiscite, which approved a new constitution drafted by a government-appointed commission that ensured Pinochet would remain as President for a further eight years—with increased powers—after which he would face a re-election referendum.

The Chicago Boys were given significant political influence within the military dictatorship, and they implemented sweeping economic reform. In contrast to the extensive nationalization and centrally planned economic programs supported by Allende, the Chicago Boys implemented rapid and extensive privatization of state enterprises, deregulation, and significant reductions in trade barriers during the latter half of the 1970s. In 1978, policies that would further reduce the role of the state and infuse competition and individualism into areas such as labor relations, pensions, health and education were introduced. Additionally, the central bank raised interest rates from 49.9% to 178% to counter high inflation.

Pamphlet calling for a protest of economic policy in 1983 following the economic crisis

These policies amounted to a shock therapy, which rapidly transformed Chile from an economy with a protected market and strong government intervention into a liberalized, world-integrated economy, where market forces were left free to guide most of the economy's decisions. Inflation was tempered, falling from over 600% in 1974, to below 50% by 1979, to below 10% right before the economic crisis of 1982. GDP growth spiked (see chart) to 10%. However, inequality widened as wages and benefits to the working class were reduced.

In 1982, Chile again experienced a severe economic recession. The cause of this is contested, however most scholars believe the Latin American debt crisis—which swept nearly all of Latin America into financial crisis—was a primary cause. Some scholars argue the neoliberal policies of the Chicago boys heightened the crisis (for instance, percent GDP decrease was higher than in any other Latin American country) or even caused it; for instance, some scholars criticize the high interest rates of the period which—while stabilizing inflation—hampered investment and contributed to widespread bankruptcy in the banking industry. Other scholars fault governmental departures from the neoliberal agenda; for instance, the government pegged the Chilean peso to the US dollar, against the wishes of the Chicago Boys, which economists believe led to an overvalued peso.

United Kingdom

During her tenure as Prime Minister, Margaret Thatcher oversaw a number of neoliberal reforms, including tax reduction, exchange rate reform, deregulation, and privatisation. These reforms were continued and supported by her successor John Major. Although opposed by the Labour Party, the reforms were, according to some scholars, largely left unaltered when Labour returned to power in 1997.

The Adam Smith Institute, a United Kingdom-based free-market think tank and lobbying group formed in 1977 which was a major driver of the aforementioned neoliberal reforms, officially changed its Libertarian label to neoliberal in October 2016.

According to economists Denzau and Roy, the "shift from Keynesian ideas toward neoliberalism influenced the fiscal policy strategies of the New Democrats and New Labour in both the White House and Whitehall.... Reagan, Thatcher, Clinton, and Blair all adopted broadly similar neoliberal beliefs.".

United States

While a number of recent histories of neoliberalism in the United States have traced its origins back to the urban renewal policies of the 1950s, Marxist economic geographer David Harvey argues the rise of neoliberal policies in the United States occurred during the 1970s energy crisis, and traces the origin of its political rise to Lewis Powell's 1971 confidential memorandum to the Chamber of Commerce in particular. A call to arms to the business community to counter criticism of the free enterprise system, it was a significant factor in the rise of Conservative and Libertarian organizations and think-tanks which advocated for neoliberal policies, such as the Business Roundtable, The Heritage Foundation, the Cato Institute, Citizens for a Sound Economy, Accuracy in Academia and the Manhattan Institute for Policy Research. For Powell, universities were becoming an ideological battleground, and he recommended the establishment of an intellectual infrastructure to serve as a counterweight to the increasingly popular ideas of Ralph Nader and other opponents of big business. The original neoliberals on the left included, among others, Michael Kinsley, Charles Peters, James Fallows, Nicholas Lemann, Bill Bradley, Bruce Babbitt, Gary Hart, and Paul Tsongas. Sometimes called “Atari Democrats,” these were the men — and they were almost all men — who helped to remake liberalism into neoliberalism, culminating in the election of Bill Clinton in 1992. These new liberals would recoil in horror at the policies and programs of mid-century liberals like Walter Reuther or John Kenneth Galbraith or even Arthur Schlesinger.

Early roots of neoliberalism were laid in the 1970s during the Carter administration, with deregulation of the trucking, banking and airline industries, as well as the appointment of Paul Volcker to chairman of the Federal Reserve. This trend continued into the 1980s under the Reagan administration, which included tax cuts, increased defense spending, financial deregulation and trade deficit expansion. Likewise, concepts of supply-side economics, discussed by the Democrats in the 1970s, culminated in the 1980 Joint Economic Committee report "Plugging in the Supply Side". This was picked up and advanced by the Reagan administration, with Congress following Reagan's basic proposal and cutting federal income taxes across the board by 25% in 1981.

During the 1990s, the Clinton administration also embraced neoliberalism by supporting the passage of the North American Free Trade Agreement (NAFTA), continuing the deregulation of the financial sector through passage of the Commodity Futures Modernization Act and the repeal of the Glass–Steagall Act and implementing cuts to the welfare state through passage of the Personal Responsibility and Work Opportunity Act. The neoliberalism of the Clinton administration differs from that of Reagan as the Clinton administration purged neoliberalism of neoconservative positions on militarism, family values, opposition to multiculturalism and neglect of ecological issues. Writing in New York, journalist Jonathan Chait disputed accusations that the Democratic Party had been hijacked by neoliberals, saying that its policies have largely stayed the same since the New Deal. Instead, Chait suggested these accusations arose from arguments that presented a false dichotomy between free-market economics and socialism, ignoring mixed economies. American feminist philosopher Nancy Fraser says the modern Democratic Party has embraced a "progressive neoliberalism," which she describes as a "progressive-neoliberal alliance of financialization plus emancipation". Historian Walter Scheidel says that both parties shifted to promote free-market capitalism in the 1970s, with the Democratic Party being "instrumental in implementing financial deregulation in the 1990s". Historians Andrew Diamond and Thomas Sugrue argue that neoliberalism became a "'dominant rationality' precisely because it could not be confined to a single partisan identity." Economic and political inequalities in schools, universities, and libraries and an undermining of democratic and civil society institutions influenced by neoliberalism has been explored by Buschman.

European Union

WIP

France

WIP

Germany

WIP

Sweden

WIP

Poland

WIP

Italy

WIP

South Korea

WIP

Japan

WIP

South Africa

WIP

Georgia

WIP

Common tenets

Economics

Neoliberalism is not a comprehensive philosophy in and of itself but rather a set of ideas in which adherents can find common ground. Its central proposals are:

  • Pro-private property rights
  • Pro-market, but market failures are corrected
  • Pro-fiat money
  • Free trade
  • Free flow of capital
  • Open immigration
  • Individualism
  • Opposition to populism, collectivism, File:Soc.png socialism and Austrian economics.

Since neoliberals want their policy outcome to be measurable, they usually can be quite technocratic, but not to the point of anti-democracy. Additionally, neoliberals can disagree on the size of the welfare state, the necessary regulations, or cooperative economics, but they're never distrustful of markets. It's a big tent, ranging from Third Way to Chicago school of economics. They're generally supportive of New neoclassical synthesis, a combination of New Keynesianism and neoclassical economics.

Overall, neoliberalism can be described as globalized capitalism (with free flow of goods, capital, and labor) with a strong state and central banking to preserve the market.

International Relations

Along with neorealism, neoliberalism has been the most famous approach since the 1990s. Neoliberalism in IR states that nations should worry about absolute gains, rather than relative gains to other nations. Being a revised version of liberalism, it rejects unscientific applications to be in favor of rigorous testing techniques. The central theory in neoliberalism is the democratic peace theory. It says that no two mature democracies have ever waged wars with each other. By promoting free trade to tie countries together along with encouraging the middle class and liberal democracy, neoliberals want to decrease the chance of war.

Personality

Neoliberalism is usually portrayed as a modern-age businessman and may be portrayed as owning businesses within the comics and will almost always be behind any media within the comics. He is well-spoken and very modern.

Compared to Liberalism and Neocon, Neoliberal is very much into "woke culture" and will be very defensive of anything File:Progress.png progressive and will use the state to promote socially progressive values... as long as they're profitable, of course. In later years he has increasingly become friendly to other ideologies such as Pink Capitalism who he sees as his next hier for the current year.

How to Draw

Flag of Neoliberalism

Neoliberalism's symbol is based on the logos of the r/neoliberal subreddit. It is a white globe with red landmasses on it.

  1. Draw a ball
  2. Draw a part of the globe on the ball, using red for land and white for the seas. This does not have to be perfect,.
  3. Draw sunglasses on the ball, and you're done!
Color Name HEX RGB
Red #ED1C24 237, 28, 36
White #FFFFFF 255, 255, 255


Relationships

Friends

  • Chicagoan Libertarianism and Keynesianism - Thanks for the economics, especially the latter.
  • Ordo-Liberalism - Sorry for stealing your name.
  • Globalism - One world, under the philosophy of Friedman-Keynesian-Reagan-Thatcher!
  • Liberalism - My main ideological predecessor.
  • Third Way - My son, who is more willing to compromise with Social Liberalism.
  • Pink Capitalism - We are the same thing. But in a nice progressive disguise for the modern woke era to remain profitable. Pretty based I must say!
  • Moderatism - My target demographic.
  • Mediacracy - My praxis.
  • Neoconservatism - Spread capitalism worldwide baby.
  • Neo-Libertarianism - Same as above but libertarian. Especially based if Chicagoan and not Austrotard.
  • Interculturalism - The melting pot model and the promotion of globalization and cultural assimilation integration of various different cultures will certainly help unite the people... To make a profit from, of course!
  • European Federalism - The EU is one of our most important and treasured institutions. We mustn't let the populists and nationalists take it away from us!
  • Liberal Conservatism - Sometimes says he doesn't like how "woke" I can get. But I've taught him well and like discussing economics with him.
  • Liberal Feminism - Yassss, more female drone pilots! :D

Frenemies

  • Libertarianism - Lmao, imagine having Chicago-Austrian economics and not Chicago-Keynesian Economics. Both of us share credit for aspects of Reaganomics during the 1980s, along with NeoCon. A Libertarian originally found me.
  • Classical Liberalism - My grandfather who doesn't like my regulations and invasions. Overall, shares many similarities with them.
  • Social Liberalism - My dear sibling, although he doesn't like my welfare cuts.
  • Conservatism - Conservatives popularised me but your tariffs are drowning us and he blames me for "wokeism" or crap.
  • Fordism - Me but scary and off compass.
  • Pinochetism - Look I don't like commies either and you have good economic policies, but I think you went too far. Right-wing authoritarianism isn't the answer, m'kay? Still, most of your victims deserved the ride.
  • Fujimorism - Same as above. But I'd still much rather have you in power than him.
  • State Liberalism - Same as the two previous guys, but with pink paint, so he is a bit better. Might want to learn from him, he seems to be heading into a right direction for the future...
  • Dengism - Thanks for the cheap labor and products, but have you ever considered using all those money we earned at something, well, less tyrannical? Also, stop copying things, do your own R&D, drop the commie paint and embrace free-market rather than state capitalism!
  • World Federalism - Based ultra-globalism and forcing unique peoples with unique histories and identities to forcefully assimilate and unify, still A bit too extreme for my taste... I also don't like how you cooperate with leftists. But thanks for creating the UN!
  • Police Statism - Most cops are good people, just a few bad apples.
  • Reactionary Liberalism - While his social stance may be awful, his based economics kinda makes up for it.
  • Japan LDPism - Similar to above, that Shinzo Abe guy kinda reminds me of one disgusting orange guy.
  • Regulationism - Depends on their impact in GDP growth.
  • Bidenism - You used to be a lot cooler before you became all protectionist, isolationist, and anti-Reaganomics. I suppose it could have been worse though, you're still better than Trump.
  • National Liberalism - You like Thatcher too, but we had a huge falling out after Brexit.
  • Imperialism - While Friedman said India was better under British rule, you being so open about your intentions is bad for publicity. Instead you should act like you care about the global poor like I do. And adding few token minority drone pilots to do the job instead wouldn't hurt either.
  • Korwinism - This is getting out of control!
  • Hayekism - Unstanding economist and philosopher but embrace globalism
  • File:Progress.png Progressivism - We both like woke culture. Just don't bring up Reagan or Thatcher

Enemies

  • Anarcho-Capitalism & Austrolibertarianism - Gold isn't money lol.
  • Syndicalism - If you don't stop striking I'm sending the cops.
  • Left-Wing Nationalism - Thankfully, the IRA did not kill Margaret. Oh and STOP TRYING TO HOLD REFFERENDUMS IN SCOTLAND! REEEEEEEEEEEEE-
  • Paternalistic Conservatism - Long live Thatcher!
  • Welfare Chauvinism - Unironic social fascism is my worst nightmare. Even ML agrees with me that this sucks.
  • Anarcho-Primitivism - Technological. Progress. Is. Good. Get that through your thick skull.
  • Alter-Globalization - Wants to do Globalism without me!
  • Conservative Socialism - We differ both economically and culturally.
  • Democratic Socialism - You will never take over the democratic party!
  • Bio-Posadism - My only weakness, but you won't get past my mask!
  • File:Marxlen.png Marxism–Leninism - Thinks my policies are "bad for the working class" or something and thinks my wokeness is a sham. I will have you know you are the real racist for not supporting us let token black transgender female drone pilots into NATO.
  • Fascism - Thinks I'm a degenerate for believing in state-subsidized trans rights, and free trade.
  • National Socialism - Supporting free immigration, diversity, and free trade is evidence-based! Racist 3rd positionist protectionist scum!
  • Strasserism - What do you mean, "We must take from the right nationalism without capitalism and from the left socialism without internationalism."? Capitalism and internationalism are awesome.
  • National Bolshevism - What the fuck is that?
  • Fourth Theory - [comment removed by moderator]'
  • File:Soc.png Socialism - Something something, same garbage as File:Marxlen.png Tankie but fewer gulags. Also, why do you hate the global poor?
  • Anarcho-Communism - Something about "the working class not being free" and also about my wokeness being a sham. Most female CEOs are #WOKE!
  • Social Democracy - A slightly worse version of social liberalism but you're way too regulatory, collectivist, but at least you support capitalism. Thanks for letting us have a child by the way.
  • Anarchism - So what that I want to use to the state to maintain profits, support progress, and prevent monopoly?
  • Hoppeanism - The free market needs diversity and a state to prevent monopoly!
  • Left-Wing Populism & Right-Wing Populism - Both of them spout some shit about "not caring about the poor" and "breeding degeneracy" respectively like I even care.
  • Indigenism- Hahaha, yes I did genocide modernize your culture and left you only scraps, alongside polluting said remaining scraps you have left to be completely unsustainable on, what are you gonna do about it? I might still need the remainder of your land for my resources though... But don't feel bad, I will make sure your unique history and culture will survive alongside being beneficial to society, how about a Halloween costume dedicated to you?
  • White Nationalism - Diversity is our strength!
  • Liberal Socialism - Disregard my previous statement. You are a fake liberal and National Party is preferable to ANC. Still though, at least in America and social-media you are TOLERABLE. Thank god we have some fairly decent people in the West like Vaush who mainly focuses on first-world trans issues together with platforming NATO officers.
  • Trumpism - Will you shut up, populist protectionist? YOU are the rigger, not me or Sleepy Joe.
  • Alt-Lite - Supporters of above, and some of you are Austrotards.
  • Alt-Right - Like the guys above but even worse
  • Protectionism - Why do you hate the global poor?
  • Marxism–Leninism–Maoism - My arch-nemesis and the greatest threat to my global hegemony.
  • Maoism–Third Worldism - Stop calling me a neo-colonialist like that's a bad thing! I am nothing like those white supremacists of the past. My warriors are ethnically diverse.
  • Classical Conservatism - Why the absolute fuck would you reject the Enlightenment?
  • Paleoconservatism - Utterly despises globalism. Also, Reagan was a neolib; stop being in denial over it! I am not the Antichrist, but please drink corn syrup.
  • Socialism of the 21st Century - Give me your lithium, also, screw you for messing my chance to rule Bolivia as long as I want by getting me arrested!
  • National Democracy - Damn Polish chauvinists!
  • Hindutva - Protectionist reactionary trash who cannot see that India was better under the British
  • Gandhian Socialism - Soycialist who also disagrees with me on India.
  • Neo-Ottomanism - You said Macron is a Racist and an Islamophobe, yet You murder Kurds and Alevis. Hypocrisy at its finest! That makes two of us
  • Eco-Conservatism - One of the worst Conservatives. https://www.gettyimages.co.uk/photos/reagan-nixon .

Further Information

YouTube

Channels

Videos

Wikipedia

Media

Articles

Online Communities

Literature

Critiques

The Neo-Liberal Project

Gallery

  • Credit: u/IDK_LEL, Source

    Credit: u/IDK_LEL, Source

  • Credit: u/Eu_Sou_BR, Source

    Credit: u/Eu_Sou_BR, Source

  • u/KFC_Gaming

    u/KFC_Gaming

  • u/no_opinions_allowed

    u/no_opinions_allowed

  • u/airpods_gang420

    u/airpods_gang420

  • u/TrixoftheTrade

    u/TrixoftheTrade

  • u/GentlemanSeal

    u/GentlemanSeal

  • Credit: JoeyFloppa

    Credit: JoeyFloppa

Notes

  1. ↑ While Thatcher herself was not a real libertarian, due to her support for authoritarian domestic policies and foreign interventionism. She was influenced by right-libertarian economics and ideals.

Citations


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