Source: Independent Institute
by Phillip W Magness
“If you follow economic policy debates, you’ve probably heard a stream of attacks on something called ‘neoliberalism.’ A purported ideology, neoliberalism is often said to have guided American and Western economic policy since shortly after the end of World War II. It’s also blamed for a long list of economic grievances, ranging from real events such as the 2008 Financial Crisis to exaggerated claims about the ‘hollowing out’ of American manufacturing. Just how neoliberalism gave rise to these episodes seldom finds any coherent elaboration among users of the term. In fact, despite allegedly running the global economy for some 80 years, the ideology has almost no adherents who would willingly describe themselves as ‘neoliberals.’ Instead, it has become a catch-all word for almost every economic complaint, while lacking any semblance of a coherent definition.” (01/26/26)