Commit a4a18b02561f117776efe59b81257b223adc1b34

Authored by Diego Ceccarelli
1 parent f719bfd3

fixed bugs in English article json conversion

src/test/resources/en/hdis.txt 0 → 100644
  1 +'''Luca Ceccarelli''' may refer to:*[[Luca Ceccarelli (footballer born in Massa)]] (born 1983) Italian footballer (fullback)*[[Luca Ceccarelli (footballer born in Gambettola)]] (born 1983) Italian footballer (winger, fullback){{hndis|Ceccarelli, Luca}}
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src/test/resources/en/liberalism.txt 0 → 100644
  1 +{{pp-protected|expiry=2013-09-23T14:07:23Z|small=yes}}{{for|the school of international relations|Neoliberalism in international relations}}
  2 +{{Neoliberalism sidebar |expanded=all}}
  3 +{{Original research|date=June 2013}}
  4 +'''Neoliberalism''' was an economic philosophy that emerged among European liberal scholars in the 1930s attempting to chart a so-called ‘Third’ or ‘Middle Way’ between the conflicting philosophies of [[classical liberalism]] and collectivist central planning.<ref>[[Philip Mirowski]], Dieter Plehwe, ''The road from Mont Pèlerin: the making of the neoliberal thought collective'', Harvard University Press, 2009, ISBN 0-674-03318-3, p. 14-15</ref> The impetus for this development arose from a desire to avoid repeating the economic failures of the early 1930s which conventional wisdom of the time tended to blame on unfettered capitalism, and a simultaneous concern with avoiding the inhumanity of [[National Socialism]]. In the decades that followed, neoliberal theory tended to be at variance with the more [[laissez-faire]] doctrine of classical liberalism and promoted instead a market economy under the guidance and rules of a strong state, a model which came to be known as the [[social market economy]]. In [[1960s|the sixties]], usage of the term "neoliberal" heavily declined. When the term was reintroduced in the 1980s in connection with [[History_of_Chile#Pinochet_regime_.281973.E2.80.931990.29|Pinochet’s regime]] the usage of the term Neoliberalism had shifted. It had not only become a term with negative connotations employed principally by critics of market reform, but it also had shifted in meaning from a moderate form of liberalism to a more radical and economically libertarian set of ideas. Scholars now tended to associate it with the theories of [[Friedrich Hayek]] and [[Milton Friedman]].<ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=149, 150|DOI=10.1007/s12116-009-9040-5}}</ref> Once the new meaning of neoliberalism was established as a common usage among Spanish-speaking scholars, it diffused directly into the English-language study of political economy.<ref name="ReferenceC"/> The [[#Terminology|term neoliberal]] is now used mainly by those who are critical of legislative market reforms such as free trade, deregulation, privatization, and reducing government control of the economy.<ref name="common-day-usage"/>
  5 +
  6 +== Terminology ==
  7 +The term "neoliberalism" was originally coined in 1938 by the German scholar [[Alexander Rüstow]] at the [[Colloque Walter Lippmann]].<ref>Philip Mirowski, Dieter Plehwe, The road from Mont Pèlerin: the making of the neoliberal thought collective, Harvard University Press, 2009, ISBN 0-674-03318-3, p. 12–13, 161</ref><ref>[[Oliver Marc Hartwich]],[http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf Neoliberalism: The Genesis of a Political Swearword], Centre for Independent Studies, 2009, ISBN 1-86432-185-7, p. 19</ref><ref>[[Hans-Werner Sinn]], Casino Capitalism, Oxford University Press, 2010, ISBN 0-19-162507-8, p. 50</ref> The colloquium defined the concept of neoliberalism as involving “the priority of the price mechanism, the free enterprise, the system of competition and a strong and impartial state.”<ref>Philip Mirowski, Dieter Plehwe, The road from Mont Pèlerin: the making of the neoliberal thought collective, 2009, p. 13–14</ref> To be "neoliberal" meant that a modern economic policy with State intervention is required.<ref>François Denord, From the Colloque Walter Lippmann to the Fifth Republic, in Philip Mirowski, Dieter Plehwe, The road from Mont Pèlerin: the making of the neoliberal thought collective, 2009, p. 48</ref> Neoliberal State interventionism brought a clash with the opposite laissez-faire camp of classical liberals, like [[Ludwig von Mises]].<ref>Jörg Guido Hülsmann, [http://mises.org/daily/6022/ Against the Neoliberals], Ludwig von Mises Institute, May 2012</ref> While present-day scholars tend to identify Friedrich Hayek and Milton Friedman as the masterminds of neoliberalism, most scholars in the 1950s and 1960s understood neoliberalism as referring to the social market economy and its principal economic theorists such as Eucken, Röpke, Rüstow, and Müller-Armack. Although Hayek had intellectual ties to the german neoliberals, his name was only occasionally mentioned in conjunction with neoliberalism during this period due to his more fundamentalist stance. Friedman´s name essentially never appeared in connection with neoliberalism until the 1980s.<ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=147|DOI=10.1007/s12116-009-9040-5}}</ref> In [[1960s|the sixties]], use of the term "neoliberal" heavily declined.<ref name="common-day-usage"/>
  8 +
  9 +Another movement, this time from the American left, that used the term Neoliberalism to describe its ideology was formed in the United States in the 1981.<ref>David Brooks, [http://www.nytimes.com/2007/03/11/opinion/11brooks.html?_r=0 The Vanishing Neoliberal], The New York Times, 2007</ref> The neoliberals coalesced around two magazines, the ''New Republic'' and the'' Washington Monthly''. The "godfather" of this version of Neoliberalism was the journalist Charles Peters<ref>Matt Welch, [http://reason.com/archives/2013/03/25/the-death-of-contrarianism The Death of Contrarianism. The New Republic returns to its Progressive roots as a cheerleader for state power], Reason Magazine, May 2013</ref> who in 1983 published "A Neoliberal's Manifesto."<ref>Charles Peters, [http://www.washingtonmonthly.com/features/1983/8305_Neoliberalism.pdf A Neoliberal's Manifesto], The Washington Monthly, May 1983</ref> Two of the most prominent neoliberal politicians were Al Gore and Bill Clinton of the Democratic Party of the United States.
  10 +
  11 +During the military rule under [[Augusto Pinochet]] (1973–90) in Chile, opposition scholars took up the expression to describe the economic system implemented in Chile after 1973 and its proponents (the [[Chicago Boys]]).<ref>Taylor C. Boas and Jordan Gans-Morse, Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan, Studies in Comparative International Development (SCID), Volume 44, Number 2, {{DOI|10.1007/s12116-009-9040-5}}, p. 149</ref> Once the new meaning of neoliberalism was established as a common usage among Spanish-speaking scholars, it diffused directly into the English-language study of political economy.<ref name="ReferenceC">{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=152|DOI=10.1007/s12116-009-9040-5}}</ref> In the last two decades, according to the Boas and Gans-Morse study of 148 journal articles, neoliberalism is almost never defined but used in several senses to describe ideology, economic theory, development theory, or economic reform policy. It has largely become a term of condemnation employed by leftist critics of liberalizing economic tendencies. And it now suggests a [[market fundamentalism]] closer to the laissez-faire principles of the "paleoliberals" than to the ideas of the original neoliberals who attended the colloquium. This leaves some controversy as to the precise meaning of the term and its usefulness as a descriptor in the social sciences, especially as the number of different kinds of market economies have proliferated in recent years.<ref name="common-day-usage">Taylor C. Boas and Jordan Gans-Morse, Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan, Studies in Comparative International Development (SCID), Volume 44, Number 2, 137–161</ref>
  12 +
  13 +According to Boas and Gans-Morse the term neoliberalism is nowadays used on the left as a [[pejorative]] for [[Public policy|policies]] that [[deregulation|deregulate]] the private sector and increase its role in the economy. Nowadays the most common use of the term neoliberalism refers to economic reform policies such as “eliminating [[price control]]s, deregulating capital markets and lowering trade barriers”, and reducing state influence on the economy especially by [[privatization]] and fiscal austerity.<ref name="common-day-usage"/><ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=143|DOI=10.1007/s12116-009-9040-5}}</ref> The term is used in several senses: as a [[development model]] it refers to the rejection of [[structuralist economics]] in favor of the [[Washington Consensus]]; as an [[ideology]] the term is used to denote a conception of freedom as an overarching social value associated with reducing state functions to those of a [[minimal state]]; and finally as an academic paradigm the term is closely related to [[Neoclassical economics|neoclassical economic theory]].<ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=144|DOI=10.1007/s12116-009-9040-5}}</ref>
  14 +
  15 +== Early history ==
  16 +
  17 +===Colloque Walter Lippmann===
  18 +In the 1930s, the mood was decidedly anti-liberal. To join forces a group of 25 liberals organised the [[Colloque Walter Lippmann|Walter Lippman Colloquium]], an international meeting that took place in Paris in August 1938. Among them were [[Louis Rougier]], [[Walter Lippmann]], [[Friedrich von Hayek]], [[Ludwig von Mises]], [[Wilhelm Röpke]] and [[Alexander Rüstow]]. Following the core message of Lippmann's book ''The Good Society'' participants like Rüstow, Lippmann and Rougier agreed that the old liberalism of laissez faire had failed and that a new liberalism needed to take its place. While for them it was a farewell to classical liberalism, which they thought to have failed, other participants like Mises and Hayek were not convinced to condemn the old liberalism of laissez faire. But all participants were united in their call for a new liberal project. Following Rüstow's original recommendation they called this project neoliberalism. The neoliberalism that came out of the Colloque Walter Lippmann was generally in line with Rüstow's theories of turning away from conceptions of unrestricted liberty towards a market economy under the guidance and the rules of a strong state.<ref name="Hartwich">[[Oliver Marc Hartwich]],[http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf Neoliberalism: The Genesis of a Political Swearword], Centre for Independent Studies, 2009, ISBN 1-86432-185-7, p. 18–19</ref> It was an attempt to formulate an anti-capitalist, anti-communist Third Way. Neoliberalism was originally established as something quite different from the free market radicalism with which it is usually associated today.<ref name="Hartwich">[[Oliver Marc Hartwich]],[http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf Neoliberalism: The Genesis of a Political Swearword], Centre for Independent Studies, 2009, ISBN 1-86432-185-7, p. 20</ref>
  19 +
  20 +At the Colloque Walter Lippmann, the differences between 'true neoliberals' around Rüstow and Lippmann on the one hand and old school liberals around Mises and Hayek on the other were already quite visible. There occurred fundamental differences. While ‘true neoliberals’ demanded state intervention to correct undesirable market structures, Mises had always insisted that the only legitimate role for the state was to abolish barriers to market entry. Similar differences of opinion also existed in other questions such as social policy and the scope for interventionism. After a few years the insurmountable differences between old liberals and the neoliberals become unbearable. Rüstow was bitter that Mises still adhered to a version of liberalism that Rüstow thought had failed spectacularly. In a letter Rüstow wrote that Hayek and his master Mises deserved to be put in spirits and placed in a museum as one of the last surviving specimen of the extinct species of liberals which caused the current catastrophe (the [[Great Depression]]). Mises became equally critical of the german neoliberals. He complained that [[Ordoliberalism]] really meant 'ordo-interventionism'.<ref name="Hartwich">[[Oliver Marc Hartwich]],[http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf Neoliberalism: The Genesis of a Political Swearword], Centre for Independent Studies, 2009, ISBN 1-86432-185-7, p. 19–20</ref>
  21 +
  22 +[[Michel Foucault]] uses the term in this sense in his famous 1978-79 lectures on "biopolitics".<ref>Foucault, Michel. ''The Birth of Biopolitics Lectures'' at the College de France, 1978–1979. London: Palgrave, 2008. pp 84, 88, 129-132, 145, 152, 160, 162, 185, 193, 225</ref> He discusses the late 30s German meaning used by Walter Lippmann and others, of a middle way between capitalism and socialism. He says "Neo-liberalism is not Adam Smith; neo-liberalism is not market society" <ref>Foucault, Michel. ''The Birth of Biopolitics Lectures'' at the College de France, 1978–1979. London: Palgrave, 2008. page 131</ref> and to him it clearly does not mean Hayek and Milton Friedman.
  23 +
  24 +===Mont Pelerin Society===
  25 +The [[Mont Pelerin Society]] was founded in 1947 by [[Friedrich Hayek]] to bring together the widely scattered neoliberal thinkers and political figures. "Hayek and others believed that classical liberalism had failed because of crippling conceptual flaws and that the only way to diagnose and rectify them was to withdraw into an intensive discussion group of similarly minded intellectuals."<ref>[[Philip Mirowski]], Dieter Plehwe, ''The road from Mont Pèlerin: the making of the neoliberal thought collective'', Harvard University Press, 2009, ISBN 0-674-03318-3, p. 16</ref> With central planning in the ascendancy world-wide and with few avenues to influence policymakers, the society served to bring together isolated advocates of liberalism as a "rallying point" – as Milton Friedman phrased it. Meeting annually, it would soon be a "kind of international 'who's who' of the classical liberal and neo-liberal intellectuals."<ref>[[George H. Nash]], ''The Conservative Intellectual Movement in America Since 1945'', Intercollegiate Studies Institute, 1976, ISBN 978-1-882926-12-1, pp 26–27</ref> While the first conference in 1947 was almost half American, the Europeans concentration dominated by 1951. Europe would remain the "epicenter" of the community with Europeans dominating the leadership.<ref>Philip Mirowski, Dieter Plehwe, ''The road from Mont Pèlerin, 2009'', p. 16–17</ref>
  26 +
  27 +== Post-WWII neo-liberal currents ==
  28 +
  29 +===Germany===
  30 +[[File:Bundesarchiv B 145 Bild-F015320-0010, Ludwig Erhard.jpg|thumb|right|[[Ludwig Erhard]].]]
  31 +
  32 +In [[West Germany]], neoliberal ideas were first implemented. The neoliberal economists around [[Ludwig Erhard]] could draw on the theories they had developed in the 1930s and 1940s and contribute to West Germany’s reconstruction after the Second World War.<ref name="Hartwich">[[Oliver Marc Hartwich]],[http://www.ort.edu.uy/facs/boletininternacionales/contenidos/68/neoliberalism68.pdf Neoliberalism: The Genesis of a Political Swearword], Centre for Independent Studies, 2009, ISBN 1-86432-185-7, p. 22</ref> Erhard was a member of the Mont Pelerin Society and in constant contact with other neoliberals. He pointed out that he is commonly classified as neoliberal and that he accepts this classification.<ref>Ludwig Erhard, [http://www.franz-oppenheimer.de/le64a.htm Franz Oppenheimer, dem Lehrer und Freund], In: Ludwig Erhard, Gedanken aus fünf Jahrzehnten, Reden und Schriften, hrsg. v. Karl Hohmann, Düsseldorf u. a. 1988, S. 861, Rede zu Oppenheimers 100. Geburtstag, gehalten in der Freien Universität Berlin (1964).</ref>
  33 +
  34 +The [[Ordoliberalism|ordoliberal]] Freiburg School was rather moderate and pragmatic. The German neoliberals accepted the classical liberal notion that competition drives economic prosperity, but they argued that a laissez-faire state policy stifles competition as the strong devour the weak since monopolies and cartels could pose a threat to freedom of competition. They supported the creation of a well-developed legal system and capable regulatory apparatus. While still opposed to full-scale Keynesian employment policies or an extensive welfare state German neoliberals' theory was marked by their willingness to place humanistic and social values on par with economic efficiency. [[Alfred Müller-Armack]] coined the phrase "social market economy" to emphasize the egalitarian and humanistic bent of the idea.<ref name="ReferenceB">{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=145, 146|DOI=10.1007/s12116-009-9040-5}}</ref> According to Taylor C. Boas and Jordan Gans-Morse [[Walter Eucken]] stated that "social security and social justice are the greatest concerns of our time".<ref name="ReferenceB"/>
  35 +
  36 +Erhard had always emphasized that the market was inherently social and did not need to be made so.<ref name="Hartwich" /> He had hoped that growing prosperity would enable the population to manage much of their social security by self-reliance and end the necessity for a widespread welfare state. By the name of ''Volkskapitalismus'' there were some efforts to foster private savings. But although average contributions to the public old age insurance were quite small, it remained by far the most important old age income source for a majority of the German population. Therefore, despite liberal rhetoric, the 1950s witnessed what has been called a ″reluctant expansion of the welfare state″. To end widespread poverty among the elderly the pension reform of 1957 brought a significant extension of the German [[welfare state]] which already had been established under [[Otto von Bismarck]].<ref>Werner Abelshauser, Deutsche Wirtschaftsgeschichte seit 1945, C.H.Beck, 2011, ISBN 978-3-406-510946, Seite 192</ref> Rüstow, who had coined the label "neoliberalism", criticized that development tendency and pressed for a more limited welfare programs.<ref name="Hartwich" />
  37 +
  38 +Hayek did not like the expression "social market economy", but he noticed in 1976 that some of his friends in Germany had succeeded in implementing the sort of social order for which he was pleading while using that phrase. However in Hayek's view the social market economy's aiming for both a market economy and [[social justice]] was a muddle of inconsistent aims.<ref>Josef Drexl, ''Die wirtschaftliche Selbstbestimmung des Verbrauchers'', J.C.B. Mohr, 1998, ISBN 3-16-146938-0, Abschnitt: Freiheitssicherung auch gegen den Sozialstaat, p. 144.</ref> Despite his controversies with the German neoliberals at the Mont Pelerin Society, [[Ludwig von Mises]] stated that Erhard and Müller-Armack accomplished a great act of liberalism to restore the German economy and called this "a lesson for the US".<ref>Ralf Ptak, Vom Ordoliberalismus zur Sozialen Marktwirtschaft: Stationen des Neoliberalismus in Deutschland, 2004, p. 18–19</ref> According to different research, however, Mises believed that the Ordoliberals were hardly better than socialists. As an answer to Hans Hellwigs complaints about the interventionist excesses of the Erhard ministry and the Ordoliberals, Mises wrote, "I have no illusions about the true character of the politics and politicians of the social market economy." According to Mises, Erhard's teacher [[Franz Oppenheimer]] "taught more or less the [[New Frontier]] line of" President Kennedy's "Harvard consultants ([[Arthur M. Schlesinger|Schlesinger]], [[John Kenneth Galbraith|Galbraith]], etc.)".<ref>Guido Jorg Hulsmann, Mises: The Last Knight of Liberalism, ISBN 978-1933550183, p. 1007–8</ref>
  39 +
  40 +In Germany, neoliberalism at first was synonymous with both Ordoliberalism and Social Market Economy. But over time the original term neoliberalism gradually disappeared since Social Market Economy was a much more positive term and fitted better into the ''Wirtschaftswunder'' (economic miracle) mentality of the 1950s and 1960s.<ref name="Hartwich" />
  41 +
  42 +===Chile===
  43 +{{further|Crisis of 1982|Miracle of Chile}}
  44 +In the 1960s, [[Latin America]]n intellectuals began to notice the ideas of [[ordoliberalism]]; these intellectuals often used the Spanish term neoliberalismo to refer to this school of thought. They were particularly impressed by the social market economy and the [[Wirtschaftswunder]] (“German miracle”) and speculated about the possibility of accomplishing similar policies in their own countries. Neoliberalism in 1960s meant essentially a philosophy that was more moderate than classical liberalism and favored using state policy to temper social inequality and counter a tendency toward monopoly.<ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=147, 148|DOI=10.1007/s12116-009-9040-5}}</ref>
  45 +
  46 +In 1955, a select group of Chilean students (later known as the [[Chicago Boys]]) were invited to the [[University of Chicago]] to pursue postgraduate studies in economics. They worked directly under Friedman and his disciple Arnold Harberger, while also being exposed to Hayek. When they returned to Chile in the 1960s, the [[Chicago Boys]] began a concerted effort to spread the philosophy and policy recommendations of the Chicago and Austrian schools, setting up think tanks and publishing in ideologically sympathetic media. Under the [[Military government of Chile (1973–1990)|military dictatorship headed by Pinochet]] and severe social repression, the Chicago boys implemented economic reform. The latter half of the 1970s witnessed rapid and extensive privatization, deregulation, and reductions in trade barriers. In 1978 policies that would reduce the role of the state and infuse competition and individualism into areas such as labor relations, pensions, health, and education were introduced.<ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=150, 151|DOI=10.1007/s12116-009-9040-5}}</ref> In 1990 the military dictatorship ended. Hayek argued that increased economic freedom had put pressure on the dictatorship over time and increased political freedom. Many years earlier, in ''[[The Road to Serfdom]]'' (1944), Hayek had argued that "economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends."<ref name="Chicago Press 1944 p.95">[[Friedrich Hayek]], ''[[The Road to Serfdom]]'', University Of Chicago Press; 50th Anniversary edition (1944), ISBN 0-226-32061-8 p. 95</ref>
  47 +
  48 +Two decades after it was first used by pro-market intellectuals in the 1960s, the meaning of neoliberalism changed. Those who regularly used the term neoliberalism in the 1980s typically applied it in its present-day, radical sense, denoting market fundamentalism. Neoliberalism had not only become a term with negative connotations employed principally by critics of market reform, but it also had shifted in meaning from a moderate form of liberalism to a more radical and economically libertarian set of ideas. Scholars during this period had also ceased to identify the Germans as neoliberalism’s intellectual progenitors, tending instead to associate neoliberalism with the theories of [[Friedrich Hayek]] and [[Milton Friedman]]. Indeed, Pinochet’s 1973 coup emerges as some kind of a watershed in the usage of neoliberalism. Neoliberalism gained a negative, radical sense just after this date.<ref>{{Literatur|Autor=Taylor C. Boas and Jordan Gans-Morse|Titel=Neoliberalism: From New Liberal Philosophy to Anti-Liberal Slogan|Sammelwerk=Studies in Comparative International Development|Band=44|Nummer=2|Jahr=2009|ISSN=0039-3606|Seiten=149, 150|DOI=10.1007/s12116-009-9040-5}}</ref> Once the new meaning of neoliberalism was established as a common usage among Spanish-speaking scholars, it diffused directly into the English-language study of political economy.<ref name="ReferenceC"/>
  49 +
  50 +===Australia===
  51 +In Australia, neoliberal economic policies have been embraced by governments of both the [[Australian Labor Party|Labor Party]] and the [[Liberal Party of Australia|Liberal Party]] since the 1980s. The governments of [[Bob Hawke]] and [[Paul Keating]] from 1983 to 1996 pursued economic liberalisation and a program of micro-economic reform. These governments privatized government corporations, deregulated factor markets, floated the Australian dollar, and reduced trade protection.<ref>Cameron Clyde R ''[http://www.historycooperative.org/journals/lab/86/cameron.html How the Federal Parliamentary Labor Party Lost Its Way]''</ref>
  52 +
  53 +Keating, as federal treasurer, implemented a compulsory [[Superannuation in Australia|superannuation guarantee]] system in 1992 to increase national savings and reduce future government liability for old age pensions.<ref>Neilson L and Harris B ''[http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm Chronology of superannuation and retirement income in Australia] Parliamentary Library, Canberra, July 2008</ref> The financing of universities was deregulated, requiring students to contribute to [[Tertiary education fees in Australia|university fees]] through a repayable loan system known as the Higher Education Contribution Scheme (HECS) and encouraging universities to increase income by admitting full-fee-paying students, including foreign students.<ref>Marginson S [http://www.onlineopinion.com.au/view.asp?article=3310 Tertiary Education: A revolution to what end?]'' Online Opinion, 5 April 2005</ref> The admitting of domestic full fee paying students to public universities was stopped in 2009 by the Rudd Labor Government.<ref>http://www.news.com.au/adelaidenow/story/0,,24571244-5005962,00.html</ref>
  54 +
  55 +==Economic schools of thought==
  56 +
  57 +=== Austrian School of Economics ===
  58 +{{Multiple issues|section=yes|
  59 +{{primary sources|section|date=June 2013}}
  60 +{{SectOR|date=June 2013}}
  61 +}}
  62 +The [[Austrian School of economics]] is a school of economic thought which bases its study of economic phenomena on the interpretation and analysis of [[methodological individualism|the purposeful actions of individuals]].<ref>Carl Menger, Prinicples of Economics, online at http://www.mises.org/etexts/menger/principles.asp</ref><ref name="econlib">[http://www.econlib.org/library/Enc/AustrianSchoolofEconomics.html Austrian School of Economics: The Concise Encyclopedia of Economics | Library of Economics and Liberty<!-- Bot generated title -->]</ref><ref>[http://plato.stanford.edu/entries/methodological-individualism/ Methodological Individualism at the Stanford Encyclopedia of Philosophy]</ref><ref name="Mises_Action">Ludwig von Mises. [[Human Action]], p. 11, "r. Purposeful Action and Animal Reaction". Referenced 2011-11-23.</ref> It derives its name from its origin in late-19th and early-20th century Vienna with the work of [[Carl Menger]], [[Eugen von Böhm-Bawerk]], [[Friedrich von Wieser]], and others.<ref>Joseph A. Schumpeter, History of economic analysis, Oxford University Press 1996, ISBN 978-0195105599.</ref> Currently, adherents of the Austrian School can come from any part of the world, but they are often referred to as "Austrian economists" or "Austrians" and their work as "Austrian economics".
  63 +
  64 +Among the contributions of the Austrian School to economic theory are the [[subjective theory of value]], [[marginalism]] in price theory, and the formulation of the [[economic calculation problem]].<ref>{{Cite book
  65 + | last1 = Birner | first1 = Jack
  66 + | first2 = Rudy | last2 = van Zijp
  67 + | first3 = | last3 =
  68 + | title = Hayek, Co-ordination and Evolution: His Legacy in Philosophy, Politics, Economics and the History of Ideas
  69 + | location = London, New York
  70 + | publisher = [[Routledge]]
  71 + | year= 1994
  72 + | page = 94
  73 + | month = January 25,
  74 + | isbn = 978-0-415-09397-2 }}</ref> Many theories developed by "first wave" Austrian economists have been absorbed into most [[Mainstream economics|mainstream]] schools of economics. These include Carl Menger's theories on marginal utility, Friedrich von Wieser's theories on [[opportunity cost]], and Eugen von Böhm-Bawerk's theories on time preference, as well as Menger and Böhm-Bawerk's criticisms of [[Marxian economics]]. The Austrian School differs significantly from many other schools of economic thought in that the Austrian analysis of the observed economy begins from a prior understanding of the motivations and processes of human action. The Austrian School follows an approach, termed [[methodological individualism]], a version of which was codified by [[Ludwig von Mises]] and termed "[[praxeology]]" in his book published in English as ''[[Human Action]]'' in 1949.<ref name="Ludwigvon">Ludwig von Mises, Nationalökonomie (Geneva: Union, 1940), p. 3; Human Action (Auburn, Ala.: Mises Institute, [1949] 1998), p. 3.</ref> Mises was the first Austrian economist to present a statement of a praxeological method. Since that time, few Austrian thinkers have adopted his approach and many have adopted alternative versions.<ref>Bruce J. Caldwell "Praxeology and its Critics: an Appraisal" History of Political Economy Fall 1984 16(3): 363-379; doi:10.1215/00182702-16-3-363 [http://public.econ.duke.edu/~bjc18/docs/Praxeology%20and%20Its%20Critics.pdf]</ref> For example, [[Fritz Machlup]], [[Friedrich von Hayek]], and others, did not take Mises' strong [[A priori and a posteriori|''a priori'']] approach to economics.<ref>Richard N. Langlois, "FROM THE KNOWLEDGE OF ECONOMICS TO THE ECONOMICS OF KNOWLEDGE: FRITZ MACHLUP ON METHODOLOGY AND ON THE "KNOWLEDGE SOCIETY" Research in the History of Economic Thought and Methodology, Volume 3, pages 225-235 [http://web.uconn.edu/ciom/Machlup%20Knowledge%20(1985).pdf]</ref>
  75 +
  76 +The former [[U.S. Federal Reserve]] Chairman, [[Alan Greenspan]], speaking of the originators of the School, said in 2000, "the Austrian School have reached far into the future from when most of them practiced and have had a profound and, in my judgment, probably an irreversible effect on how most mainstream economists think in this country."<ref>Greenspan, Alan. "Hearings before the U.S. House of Representatives' Committee on Financial Services." U.S. House of Representatives' Committee on Financial Services. Washington D.C.. 25 July 2000.</ref> In 1987, Nobel Laureate [[James M. Buchanan]] told an interviewer, "I have no objections to being called an Austrian. Hayek and Mises might consider me an Austrian but, surely some of the others would not."<ref>[http://mises.org/journals/aen/aen9_1_1.asp An Interview with Laureate James Buchanan] Austrian Economics Newsletter: Volume 9, Number 1; Fall 1987</ref> [[Republican Party (United States)|Republican]] U.S. congressman [[Ron Paul]] states that he adheres to Austrian School economics and has authored six books which refer to the subject.<ref>[http://mises.org/story/2891 The Economics of a Free Society - Ron Paul - Mises Institute]</ref><ref>{{cite book |last=Paul |first=Ron |authorlink=Ron Paul |title=[[The Revolution: A Manifesto]] |publisher=Grand Central Publishing |year=2008 |isbn=978-0-446-53751-3 |page=102}}</ref> Paul's former economic adviser, investment dealer [[Peter Schiff]],<ref>{{cite news | url = http://www.reuters.com/article/pressRelease/idUS255917+25-Jan-2008+BW20080125 | work=Reuters | title=Peter Schiff Named Economic Advisor to the Ron Paul 2008 Presidential Campaign | date=2008-01-25}}</ref> also calls himself an adherent of the Austrian School.<ref>[http://blog.mises.org/archives/008039.asp Interview with Peter Schiff]</ref> [[Jim Rogers]], investor and financial commentator, also considers himself of the Austrian School of economics.<ref>''Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets''. 2006. Wiley. p. 230</ref> Chinese economist [[Zhang Weiying]], who is known in China for his advocacy of [[Chinese economic reform|free market reforms]], supports some Austrian theories such as the Austrian theory of the business cycle.<ref>Weiyin, Zhang, "Completely bury Keynesianism", http://finance.sina.com.cn/20090217/10345864499_3.shtml (February 17, 2009)</ref> Currently, universities with a significant Austrian presence are [[George Mason University]], [[Loyola University New Orleans]], and [[Auburn University]] in the United States and [[Universidad Francisco Marroquín]] in Guatemala. Austrian economic ideas are also promoted by bodies such as the [[Mises Institute]] and the [[Foundation for Economic Education]].
  77 +
  78 +During the early 1950s, [[Murray Rothbard]] attended the seminar of [[Austrian School|Austrian economist]] [[Ludwig von Mises]] at [[New York University]] and was greatly influenced by Mises' book ''[[Human Action]]''.<ref>David Gordon, (editor), ''Strictly Confidential: The Private Volker Fund Memos of Murray N. Rothbard'', 2010; [http://mises.org/document/5777/Strictly-Confidential-The-Private-Volker-Fund-Memos-of-Murray-N-Rothbard Full text reprint] Quote from Rothbard: "The Volker Fund concept was to find and grant research funds to hosts of libertarian and right-wing scholars and to draw these scholars together via seminars, conferences, etc."</ref><ref>McVicar, Michael J. (July 2011). "Aggressive Philanthropy: Progressivism, Conservatism, and the William Volker Charities Fund". ''Missouri Historical Review'' 105 (4): 191–212.</ref> The Volker Fund paid Rothbard to write a textbook to explain ''Human Action'' in a fashion suitable for college students; a sample chapter he wrote on money and credit won Mises’s approval. As Rothbard continued his work, he enlarged the project. The result was Rothbard's book ''[[Man, Economy, and State]]'', published in 1962. Upon its publication, Mises praised Rothbard's work effusively and, for Mises, uncharacteristically.<ref name="Essential">Gordon, David. ''The Essential Rothbard'', [[Ludwig von Mises Institute]], 1st edition. 2007. ISBN 1-933550-10-4 [http://library.mises.org/books/David%20Gordon/The%20Essential%20Rothbard.pdf PDF version]</ref>{{rp|14}} Rothbard founded the [[Center for Libertarian Studies]] in 1976 and the ''[[Journal of Libertarian Studies]]'' in 1977. He was associated with the 1982 creation of the [[Ludwig von Mises Institute]] at Auburn University in Alabama, and was vice president of academic affairs until 1995. During the 1970s and 1980s, Rothbard was active in the [[United States Libertarian Party|Libertarian Party]]. He was frequently involved in the party's internal politics. He was one of the founders of the [[Cato Institute]], and "came up with the idea of naming this libertarian think tank after ''Cato’s Letters'', a powerful series of British newspaper essays by John Trenchard and Thomas Gordon which played a decisive influence upon America's Founding Fathers in fomenting the Revolution."<ref name=Burris>Burris, Charles (2011-02-04) [http://www.lewrockwell.com/blog/lewrw/archives/77428.html#more-77428 Kochs v. Soros: A Partial Backstory], ''[[LewRockwell.com]]''</ref>
  79 +
  80 +[[File:Friedrich Hayek portrait.jpg|thumb|left|[[Friedrich von Hayek]].]]
  81 +
  82 +===Chicago School===
  83 +[[File:Milton Friedman, July 25, 2005.jpg|thumb|right|[[Milton Friedman]], 2005.]]
  84 +{{unreferenced section|date=June 2013}}
  85 +The [[Chicago school of economics]] describes a [[Neoclassical economics|neoclassical]] school of thought within the academic community of economists, with a strong focus around the faculty of [[University of Chicago]].
  86 +
  87 +The school emphasizes non-intervention from government and generally rejects regulation in markets as inefficient with the exception of central bank regulation of the money supply (i.e., [[monetarism]]). It is associated with [[neoclassical economics|neoclassical price theory]] and [[libertarianism]] and the rejection of [[Keynesianism]] in favor of [[monetarism]] until the 1980s, when it turned to [[rational expectations]]. The school has impacted the field of [[finance]] by the development of the [[efficient market hypothesis]]. In terms of methodology the stress is on "positive economics"– that is, empirically based studies using statistics to prove theory.
  88 +
  89 +== Expanded definition ==
  90 +{{Liberalism sidebar |Variants}}
  91 +
  92 +The meaning of neoliberalism has changed over time and come to mean different things to different groups. As a result, it is very hard to define. This is seen by the fact that authoritative sources on neoliberalism, such as [[Friedrich Hayek]],<ref name="Friedrich Hayek">Fredrick Hayek, The Constitution of Liberty, Routledge Classics 2006 (Routledge 1960), ISBN 0-415-40424-X</ref> [[Milton Friedman]], [[David Harvey (geographer)|David Harvey]]<ref name="DavidHarvey">YouTube Lecture series: A Brief History of Neoliberalism by David Harvey, accessed 2010</ref> and [[Noam Chomsky]]<ref name="ReviewofChomsky">http://www.chomsky.info/onchomsky/19990401.htm – This article by Robert W. McChesney summarises the views of Chomsky</ref> do not agree about the meaning of neoliberalism. This lack of agreement creates major problems in creating an unbiased and unambiguous definition of neoliberalism. This section aims to define neoliberalism more accurately and to show how its evolution has influenced the different uses of the word.
  93 +
  94 +One of the first problems with the meaning of neoliberalism is that liberalism, on which it is based, is also very hard to describe.<ref>http://folk.uio.no/daget/What%20is%20Neo-Liberalism%20FINAL.pdf : This article makes this point rather well, and shows how these problems influence neoliberalism</ref> The uncertainty over the meaning of liberalism is commonly reflected in neoliberalism itself, and is the first serious point of confusion.
  95 +
  96 +The second major problem with the meaning of neoliberalism is that neoliberalism went from being a purely theoretical ideology to become a practical and applied one. The 1970s onwards saw a surge in the acceptability of neoliberalism, and neoliberal governments swept in across the world, promising neoliberal reforms. However, governments did not always carry out their promised reforms, either through design or circumstances. This leads to the second serious point of confusion; namely, that most neoliberalism after this point isn't always ideologically neoliberal.
  97 +
  98 +===Classical liberalism in the 20th century===
  99 +{{primary sources|section|date=June 2013}}
  100 +[[Classical liberalism]] was revived in inter-War [[Austria]] by economists, including [[Friedrich Hayek]] and [[Ludwig von Mises]]. They were concerned about the erosion of liberty by both socialist and fascist governments in Europe at that time and tried to restate the case for liberty. Hayek's 1970s book, ''The Constitution of Liberty''<ref name="Friedrich Hayek"/> sums up this argument. In the introduction he states: ''If old truths are to retain their hold on men's minds, they must be restated in the language and concepts of successive generations''.
  101 +
  102 +Hayek's belief in liberty stemmed from an argument about information.<ref>The Constitution of Liberty: This paragraph sums up the argument of chapter 2</ref> He believed that no individual (or group, including the government) could ever understand everything about an economy or a society in order to rationally design the best system of governance. He argued this only got worse as scientific progress increased and the scope of human knowledge grew, leaving individuals increasingly more and more ignorant in their lifetimes. As a result, he believed it was impossible for any person or government to design the perfect systems under which people could be governed. The only solution to this, he believed, was to allow all possible systems to be tried in the real world and to allow the better systems to beat the worse systems through competition. In a liberal society, he believed, the few who used liberty to try out new things would come up with successful adaptations of existing systems or new ways of doing things. These discoveries, once shared and become mainstream, would benefit the whole of society, even those who did not directly partake of liberty.
  103 +
  104 +Due to the ignorance of the individual, Hayek argued that an individual could not understand which of the various political, economic and social rules they had followed had made them successful. In his mind, this made the superstitions and traditions of a society in which an individual operated vitally important,<ref name="CoLSuperstition">The Constitution of Liberty, chapter 4: sections 5–7</ref> since in probability they had, in some way, aided the success of the individual. This would be especially true in a successful society, where these superstitions and traditions would, in all probability be successful ones that had evolved over time to exploit new circumstances.<ref>The Constitution of Liberty, chapter 4, section 6</ref> However, this did not excuse any superstition or tradition being followed if it had outlived it usefulness: respect of tradition and superstition for the sake of tradition and superstition were not acceptable values to him.<ref>The Constitution of Liberty, chapter 4, section 9</ref> Therefore classical liberalism combined a respect for the old, drawn from conservatism, with the progressive striving towards the future, of liberalism.<ref>In the Constitution of Liberty, Hayek inserts an afterword titled "Why I am Not a Conservative" which broadly makes this point</ref>
  105 +
  106 +In emphasising evolution and competition of ideas, Hayek highlighted the divide between practical liberalism that evolved in a haphazard way in Britain, championed by such people as [[David Hume]] and [[Adam Smith]], versus the more theoretical approach of the French, in such people as [[Descartes]] and [[Rousseau]]. Hayek christened these the pragmatic and rationalist schools, the former evolving institutions with an eye towards liberty and the later creating a brave new world by sweeping all the old and therefore useless ideas away.<ref>The Constitution of Liberty, chapter 4</ref> Hayeks's ideas on information and the necessity of evolving evolutions placed liberalism firmly on the pragmatic side against both rationalist socialists (such as [[communism|communists]], [[fascism]] and [[modern liberalism|social liberals]]) and rationalist capitalists (such as [[economic libertarianism|economic libertarians]], [[laissez-faire]] capitalists) alike.
  107 +
  108 +====The rule of law====
  109 +At the centre of liberalism was the [[rule of law]]. Hayek believed that liberty was maximised when coercion was minimised.<ref>The Constitution of Liberty, chapters 1 and 9</ref> Hayek did not believe that a complete lack of coercion was possible, or even desirable, for a liberal society, and he argued that a set of traditions was absolutely necessary which allowed individuals to judge whether they would or would not be coerced. This body of tradition he notes as [[law]] and the use of this tradition the [[Rule of Law]].<ref>The Constitution of Liberty, chapter 1: Final sections</ref> In designing a liberal system of law, Hayek believed that two things were vitally important: the protection and delineation of the personal sphere<ref>The Constitution of Liberty, chapter 9: first half</ref> and the prevention of fraud and deception,<ref>The Constitution of Liberty, chapter 9: second half</ref> which could be maintained only by threat of coercion from the state. In delineating a personal sphere, individuals could know under what circumstances they would or would not be coerced, and could plan accordingly.<ref>The Constitution of Liberty, chapter 9: section 8</ref>
  110 +
  111 +In designing such a system, Hayek believed that it could maintain a protected sphere by protecting against abuses by the ruling power, be it a monarch (e.g., [[Bill of Rights 1689]]), the will of the majority in a democracy<ref>The Constitution of Liberty, chapter 7</ref> (e.g., the [[US Constitution]]<ref name="ReferenceA">The Constitution of Liberty, chapter 12</ref>) or the administration<ref>The Constitution of Liberty, chapter 13</ref> (e.g. the [[Rechtsstaat]]). He believed that the most important features of such protections were equality before the law, and generality of the law. Equality meant that all should be equal before the law and therefore subject to it, even those decisions of a legislature or government administration. Generality meant that the law should be general and abstract, focusing not on ends or means, as a command would, but on general rules which, by their lack of specificity, could not be said to grant privileges, discriminate or compel any specific individual to an end.<ref>The Constitution of Liberty, chapter 10: first half</ref> General laws could also be used to transmit knowledge and encourage spontaneous order in human societies (much like the use of Adam Smith's invisible hand in economics).<ref>The Constitution of Liberty, chapter 10: second half</ref> He also stressed the importance of individuals being responsible for their actions in order to encourage others to respect the law.<ref>The Constitution of Liberty, chapter 5</ref>
  112 +
  113 +====Policy====
  114 +Important practical tools for making these things work included [[separation of powers]], the idea that those enforcing the law and those making it should be separate, to prevent the lawmakers from pursuing short-term ends<ref>The Constitution of Liberty, chapter 11–12</ref> and [[constitutionalism]], the idea that lawmakers should be legally bound about the laws they could pass,<ref name="ReferenceA"/> thereby preventing absolute rule by the majority.
  115 +
  116 +In the 1980s, a practical statement of neoliberal aims was codified in the [[Washington Consensus]].
  117 +
  118 +====Conservatism====
  119 +Classical neoliberalism's respect for tradition, combined with its pragmatic approach to progress, endeared it to conservative movements around the world looking for a way to adapt to the changing nature of the modern world. This saw it adopted by conservative movements, most famously in [[Chile]] under [[Pinochet]], the [[United Kingdom]] under [[Margaret Thatcher]]<ref>See the story related in [[Friedrich Hayek]] under the section United Kingdom Politics</ref> and in the [[United States of America]] under [[Ronald Reagan]].
  120 +
  121 +===Economic neoliberalism===
  122 +The next important form of neoliberalism is economic neoliberalism. Economic neoliberalism stems out of the historical rift between [[classical liberalism]] and [[economic liberalism]], and developed when the economically liberal minded co-opted the language and ideas of classical neoliberalism to place economic freedom at its heart, making it a [[left-right politics|right-wing]] ideology. Essentially, economic neoliberalism can be derived by taking the classical neoliberal definition above and taking the protected personal sphere to solely refer to [[property rights]] and [[contract]]. The liberal opposite of economic neoliberalism is [[modern liberalism]], the corresponding [[left-right politics|left-wing]] ideology. The best known proponent of economic neoliberalism is [[Milton Friedman]].
  123 +
  124 +Economic neoliberalism is the most common form of neoliberalism, and is what is usually meant when a system is described as neoliberal.<ref name="PoliticalCompass">[http://www.politicalcompass.org/analysis2|Political Compass] defines neoliberalism in this way</ref><ref>Other Wikipedia articles use neoliberalism in this way exclusively, e.g., [[ordoliberalism]], [[economic liberalism]]</ref>
  125 +
  126 +Economic neoliberalism is distinct from classical neoliberalism for many reasons. Hayek believed that certain elements that now make up modern economic neoliberal thought are too rationalist, relying on preconceived notions of human behaviour, such as the idea of [[homo economicus]].<ref name="HayekRationalist">The Constitution of Liberty, Chapter 4: The discussion of Homo Economicus and related</ref> Paul Treanor points out that it is too [[utopianism|utopian]], and therefore illiberal.<ref name="PaulTreanor">[http://web.inter.nl.net/users/Paul.Treanor/neoliberalism.html Paul Treanor – Neoliberalism: origins, theory, definition]</ref> David Harvey points out that economic neoliberalism is "theory of economic political practices", rather than a complete ideology, and therefore, no correlation or connection needs to exist between a favourable assessment of neoliberal economic practises and a commitment to liberalism proper.<ref name="HarveyEconomics">http://folk.uio.no/daget/What%20is%20Neo-Liberalism%20FINAL.pdf – See David Harvey section in neoliberalism section</ref> Likewise Anna-Maria Blomgren views neoliberalism as a continuum ranging from classical to economic liberalism.<ref>http://folk.uio.no/daget/What%20is%20Neo-Liberalism%20FINAL.pdf – See Neoliberal Political Philosophy section in Neoliberalism</ref> A broad and, it is hoped, clearer restatement of the above is to point out that classic liberals must be economic liberals, but economic liberals do not have to be classically liberal, and it is the latter group that makes up the "new liberalism" of economic neoliberalism.<ref>http://www.corpwatch.org/article.php?id=376 – 2nd paragraph</ref>
  127 +
  128 +====Neoliberal economics====
  129 +Friedman's chief argument about neoliberalism can be described as a [[consequentialist libertarianism|consequentialist libertarian]] one: that the reason for adopting minimal government interference in the economy is for its beneficial consequences, and not any ideological reason. At the heart of economic neoliberalism are various theories that prove the economic neoliberal ideology.
  130 +
  131 +Neoliberal economics in the 1920s took the ideas of the great liberal economists, such as [[Adam Smith]], and updated them for the modern world. [[Friedrich Hayek]]'s ideas on information flow, present in classical neoliberalism, were codified in economic form under the Austrian School as the [[economic calculation problem]]. This problem of information flow implied that a decentralised system, in which information travelled freely and was freely determined at each localised point (Hayek called this [[catallaxy]]), would be much better than a central authority trying to do the same, even if it was completely efficient and was motivated to act in the public good.<ref>Fredrich Hayek, The Constitution of Liberty, chapter 2</ref> In this view, the free market is a perfect example of such a system in which the market determined prices act as the information signals flowing through the economy. Actors in the economy could make decent decisions for their own businesses factoring in all the complex factors that led to market prices without having to understand or be completely aware of all of those complex factors.
  132 +
  133 +In accepting the ideas of the [[Austrian School]] regarding information flow, economic neoliberals were forced to accept that free markets were artificial, and therefore would not arise spontaneously, but would have to be enforced, usually through the state and the rule of law. In this way, economic neoliberalism enshrines the role of the state and becomes distinct from libertarian thought. However, in accepting the ideas of self-regulating markets, neoliberals drastically restrict the role of the government to managing those forms of market failure that the neoliberal economics allowed: [[property rights]] and [[information asymmetry]]. This restricted the government to maintaining property rights by providing law and order through the police, maintaining an independent judiciary and maintaining the national defence, and basic regulation to guard against fraud. This made neoliberal economics distinct from [[Keynesian]] economics of the preceding decades.
  134 +
  135 +These ideas were then developed further. Milton Friedman introduced the idea of [[adaptive expectations]] during the [[1973–75 recession|stagflation of the 1970s]], which described why government interference (in the form of printing money) resulted in increasing [[inflation]], as shop owners started to predict the rate of increase in the money supply, rendering the government action useless. This developed into the idea of [[rational expectations]], which showed that all government interference useless and disruptive because the free market would predict and undermine the government's proposed action. At the same time, the [[efficient market hypothesis]] assumed that, because of [[catallaxy]], the market could not be informationally wrong. Or, to paraphrase the famous quote of Warren Buffett, "the market is there to inform you, not serve you".<ref>http://www.magicformulapro.com/2010/03/02/warren-buffett-on-value-investing/ – "The market is there to serve you, not instruct you." – Refers to the "Mr Market" analogy by Benjamin Graham</ref> Combined with rational expectations, this showed that markets would be self-regulating, and that regulation was unnecessary and disruptive.
  136 +
  137 +Additionally, many theories were developed which showed that the free market would produce the socially optimum equilibrium with regard to production of goods and services, such as the [[fundamental theorems of welfare economics]] and [[general equilibrium theory]], which helped prove further that government intervention could only result in making society worse off (see [[Pareto efficient]]).
  138 +
  139 +===Philosophical neoliberalism===
  140 +The definition of economic neoliberalism which has been presented focuses heavily on economic policies and has little to say about non-economic policy (other than that they should not be allowed to interfere with the running of the free market). A more extreme form of economic neoliberalism advocates the use of free market techniques outside of commerce and business, by the creation of new markets in health, education, energy and so on.<ref name="PaulTreanor" />
  141 +
  142 +This point of view takes the belief, that the only important freedoms are market freedoms, to its logical conclusion. In doing so, however, this took neoliberalism into a more philosophical direction where it came to resemble more of a religion or culture than an economic theory. As Paul Treanor explains:
  143 +
  144 +<blockquote>As you would expect from a complete philosophy, neoliberalism has answers to stereotypical philosophical questions such as "Why are we here" and "What should I do?". We are here for the market, and you should compete. Neo-liberals tend to believe that humans exist for the market, and not the other way around: certainly in the sense that it is good to participate in the market, and that those who do not participate have failed in some way. In personal ethics, the general neoliberal vision is that every human being is an entrepreneur managing their {{sic}} own life, and should act as such. Moral philosophers call this is a virtue ethic, where human beings compare their actions to the way an ideal type would act – in this case the ideal entrepreneur. Individuals who choose their friends, hobbies, sports, and partners, to maximise their status with future employers, are ethically neoliberal. This attitude – not unusual among ambitious students – is unknown in any pre-existing moral philosophy, and is absent from early liberalism. Such social actions are not necessarily monetarised, but they represent an extension of the market principle into non-economic area of life – again typical for neoliberalism<ref name="PaulTreanor" /></blockquote>
  145 +
  146 +===Corrupted neoliberalism===
  147 +The rise of neoliberalism in the 1970s as a practical system of government saw it implemented in various forms across the world. In some cases, the result was not anything that could be identified as neoliberalism, often with catastrophic results for the poor. This has resulted in many on the left claiming that this is a deliberate goal of neoliberalism,<ref>See the David Harvey and Noam Chomsky resources on this page as an entry point on these views</ref> while those on the right defend the original goals of neoliberalism and insist otherwise, an argument that rages to this day, rendering this section highly controversial. This section attempts to provide an unbiased overview of this discussion, focusing on all the forms of neoliberalism that are not in any way neoliberal, but which have come to be associated with it, as well as the reasons for why this has happened.
  148 +
  149 +One of the best and least controversial examples of "neoliberal" reform is in [[Russia]], whose reforms in 1989 were justified under neoliberal economic policy but which lacked any of the basic features of a neoliberal state (e.g. the rule of law, free press) which could have justified the reforms.
  150 +
  151 +====General liberal failure====
  152 +The least controversial aspect of neoliberalism has often been presented by modern economists critical of neoliberalism's role in the world economic system. Among these economists, the chief voices of dissent are [[Joseph Stiglitz]]<ref name="Stiglitz">{{Cite book|last=Stiglitz|first=Joseph|year=2002|title=Globalization and Its Discontents|publisher=W. W. Norton & Company|isbn=978-0393058529}}</ref> and [[Paul Krugman]].
  153 +
  154 +Both use arguments about [[market failure]] to justify their views on neoliberalism. They argue that when markets are [[perfect markets|imperfect]] (which is to say all markets everywhere to some degree), then they can fail and may not work as neoliberals predict, resulting in some form of [[crony capitalism]]. The two chief modes of failure are usually due to imperfect [[property rights]] and due to [[imperfect information]] and correspond directly to Friedrich Hayek's assertion that classical liberalism will not work without protection of the private sphere and the prevention of fraud and deception.
  155 +
  156 +The failure of property rights means that individuals can't protect ownership of their resources and control what happens to them, or prevent others from taking them away. This usually stifles free enterprise and results in preferential treatment for those who can.
  157 +
  158 +====Crony capitalism====
  159 +The most blatant form of [[crony capitalism]] is the creation of a liberal economic system in which only some people ("cronies") are permitted property rights by the government in return for support for the regime, allowing supporters of the regime to expropriate any capital held by opponents. This is a useful method of control which is usually seen in its purest form in countries with [[dictatorship]]s, where the regime can create a liberal system of markets and government without ceding any control of either. Such reforms can also be used to add a sprinkling of liberal legitimacy for the regime and open the country to external capital.
  160 +
  161 +This form is useful to explain neoliberal reforms in countries where either the will or ability to enforce property rights is lacking, such as the problems of post Soviet Russia, in which reformist politicians colluded with politically connected business people. In return for backing democratic free market reforms, these business figures could expropriate resources in a country where ownership was not clear and sporadically enforced, leading to the rise of the [[Russian oligarchs]].
  162 +
  163 +====Corporatocracy====
  164 +Some claim that neoliberalism is a form of [[corporatocracy]], the rule of a country by and for the benefit of large corporations. Since large [[corporations]] tend to fulfil all the conditions of a wealthy entity, they accrue many of the same benefits over smaller businesses. In addition, [[multinational corporation]]s enjoy the benefits of neoimperialism on the international stage and can also move their base of operations from a country if that country pursues policies that it deems to be unfriendly to business, a threat which they provoke governments to enact upon.
  165 +
  166 +Although classical neoliberalism rests on the free flow of information, the neoliberal era has been marked by an unprecedented expansion of intellectual property and copyright, an expansion of libel laws to silence criticism (e.g. [[libel tourism]]) and expanding corporate secrecy (e.g. in the UK corporations used contract law to forbid discussion of salaries, thereby controlling labour costs), all of which came to be seen as a normal part of neoliberalism, but are wholly against its spirit.
  167 +
  168 +Finally, the fact that many media outlets are themselves part of large corporations leads to a conflict of interest between those corporations and the public good.
  169 +
  170 +====Class project====
  171 +Not all members of a society may have equal access to the law or to information, even when everyone is theoretically equal under the law, as in a liberal democracy. This is because access to the law and information is not free as liberals (such as Hayek) assume, but have associated costs. Therefore, in this context, it is sound to say that the wealthy have greater rights than the poor.
  172 +
  173 +In some cases, the poor may have practically no rights at all if their income falls below the levels necessary to access the law and unbiased sources of information, while the very wealthy may have the ability to choose which rights and responsibilities they bear if they can move themselves and their property internationally, resulting in [[social stratification]], also known as class. This tendency to create and strengthen class has resulted in some (most famously [[David Harvey (geographer)|David Harvey]]<ref name="DavidHarvey"/>) claiming that neoliberalism is a class project, designed to impose class on society through liberalism.
  174 +
  175 +====Globalization====
  176 +In practise, less developing nations have less developed rights and institutions, resulting in greater risk for international lenders and businesses. This means that developing countries usually have less privileged access to international markets than developed countries. Because of this effect, international lenders are also more likely to invest in foreign companies (i.e. [[multinational corporations]]) inside a country, rather than in local businesses,<ref>Globalization and it's Discontents, chapter: Freedom to Choose?, section The Role of Foreign Investment</ref> giving international firms an unfair competitive advantage.<ref>A very good example of this effect can be seen in Hernando De Soto's book ''The Meaning of Capital'', which describes the concept of dead capital in shanty towns in countries such as Mexico and Egypt, where the unclear ownership of the land means the owners cannot use their home or business as capital (or accumulate capital to grow it) and are cut off from the free market system.</ref> Also, speculative flows of capital may enter the country during a boom and leave during a recession, deepening economic crises and destabilizing the economy.
  177 +
  178 +Both of these problems imply that developing countries should have greater protections against international markets than developed ones and greater barriers to trade. Despite such problems, IMF policy in response to crises, which is supposed to be guided by neoliberal ideas such as the [[Washington Consensus]], is to increase liberalization of the economy and decrease barriers, allowing bigger capital flight and the chance for foreign firms to shore up their [[monopoly|monopolies]]. Additionally, the IMF acts to increase [[moral hazard]], since international involvement will usually result in an international bailout with foreign creditors being treated preferentially, leading international firms to discount the risks of doing business in less developed countries<ref>Globalization and it's Discontents, Chapter: The IMF's Other Agenda</ref> and forcing the government to pay for them instead.
  179 +
  180 +The view of some that international involvement and the imposition of "neoliberal" policies usually serves to make things worse and acts against the interests of the country being "saved", has led some to argue that the policies have nothing to do with any form of liberalism, but hide some other purpose. The most common assertion given by opponents is that they are a form of [[neocolonialism]], where the more developed countries can exploit the less developed countries. However, even opponents do not agree. For example, Stiglitz assumes that there is no neoimperial plot, but that the system is driven by a mixture of ideology and special interests, in which neoliberal fundamentalists, who do not believe that neoliberalism can fail, work with financial and other [[multinational corporation]]s, who have the most to benefit from opening up foreign markets. David Harvey, on the other hand, argues that local elites exploit neoliberal reforms in order to impose reforms that benefit them at the cost of the poor, while transferring the blame onto the "evil imperialist" developed countries,<ref name="DavidHarvey" /> citing the example of Argentina in 2001.
  181 +
  182 +== Policy implications ==
  183 +Neoliberalism seeks to transfer control of the economy from public to the private sector,<ref>Cohen, Joseph Nathan (2007) "The Impact of Neoliberalism, Political Institutions and Financial Autonomy on Economic Development, 1980–2003" Dissertation, Department of Sociology, Princeton University. 2007</ref> under the belief that it will produce a more efficient government and improve the economic health of the nation.<ref>Prasad, (2006)</ref> The definitive statement of the concrete policies advocated by neoliberalism is often taken to be [[John Williamson]]'s "[[Washington Consensus]]."<ref name=":0" /> The Washington Consensus is a list of policy proposals that appeared to have gained consensus approval among the Washington-based international economic organizations (like the [[International Monetary Fund]] (IMF) and [[World Bank]]).<ref name=":2">Williamson, John (1990) "What Washington Means by Policy Reform" in John Williamson, ed. ''Latin American Adjustment: How Much Has Happened?'' Washington, DC: Institute for International Economics</ref> Williamson's list included ten points:
  184 +* [[Fiscal policy]] Governments should not run large deficits that have to be paid back by future citizens, and such deficits can have only a short term effect on the level of employment in the economy. Constant deficits will lead to higher inflation and lower productivity, and should be avoided. Deficits should only be used for occasional stabilization purposes.
  185 +* Redirection of [[public spending]] from subsidies (especially what neoliberals call "indiscriminate subsidies") and other spending neoliberals deem wasteful toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and [[infrastructure]] investment
  186 +* [[Tax reform]] – broadening the tax base and adopting moderate marginal tax rates to encourage innovation and efficiency;
  187 +* [[Interest rate]]s that are market determined and positive (but moderate) in real terms;
  188 +* Floating [[exchange rate]]s;
  189 +* [[Trade liberalization]]&nbsp;– liberalization of imports, with particular emphasis on elimination of quantitative restrictions (licensing, etc.); any trade protection to be provided by low and relatively uniform [[tariff]]s; thus encouraging competition and long term growth
  190 +* [[Liberalization]] of the "capital account" of the balance of payments, that is, allowing people the opportunity to invest funds overseas and allowing foreign funds to be invested in the home country
  191 +* [[Privatization]] of [[State-owned enterprise|state enterprises]]; Promoting market provision of goods and services which the government cannot provide as effectively or efficiently, such as telecommunications, where having many service providers promotes choice and competition.
  192 +* [[Deregulation]]&nbsp;– abolition of regulations that impede market entry or restrict competition, except for those justified on safety, environmental and consumer protection grounds, and prudent oversight of [[financial institution]]s;
  193 +* Legal security for [[property right]]s;
  194 +
  195 +== Reach and effects ==
  196 +
  197 +===Effects in Latin American urbanization===
  198 +Between the 1930s and the late 1970s most countries in Latin America used the [[import substitution industrialization]] model (ISI) to build industry and reduce the dependency on imports from foreign countries. The result of ISI in these countries included rapid urbanization of one or two major cities, a growing urban population of the working class, and frequent protests by trade unions and left-wing parties.<ref name="one1">Portes, Alejandro, and Bryan R. Roberts. "The Free-market City: Latin American Urbanization in the Years of the Neoliberal Experiment." Studies in Comparative International Development (2005): 43–82</ref> In response to the economic crisis, the leaders of these countries quickly adopted and implemented new neoliberal policies.
  199 +
  200 +A study based on the transformations of urban life and systems as a result of neoliberalism in six countries of Latin America was published by Alejandro Portes and Bryan Roberts. This comparative study included census data analysis, surveying, and fieldwork focused in Argentina, Brazil, Chile, Mexico, Peru, and Uruguay. Predictions of the neoliberalism were extended to these six countries in four areas: urban systems and primacy, urban unemployment and informal employment, urban inequality and poverty, and urban crime and victimization. Data collected support a relationship between the economic policies of neoliberalism and the resulting patterns of urbanization.
  201 +
  202 +In the area of urban systems and primacy two tendencies were revealed in the data. The first was continuing growth in total size of urban populations while the second tendency was the decline in size of the principal city with decreased migration flows to these cities. Therefore, when calculating the urban growth rate each of these countries all showed minimal or a significant decline in growth. Portes and Roberts theorize that the changes are due to the “loss of attraction of major cities ... due to a complex set of factors, but is undoubtedly a related to the end of the ISI era”.<ref name="one1" /> Although the relationship between the open-market and the transformation of urban systems has not been proven to be a perfect one-to-one relationship, the evidence supports the acceleration or initiation of these two tendencies following neoliberal changes.<ref name="one1" />
  203 +
  204 +There was also a variation in the inequality and poverty in the six countries. While the majority of the population within these countries suffered from poverty, the "upper classes" received the benefits of the neoliberal system. According to Portes and Roberts, “the ‘privileged decile’ received average incomes equivalent to fourteen times the average Latin American poverty-line income”.<ref name="one1" /> According to the authors, a direct result of the income inequality is that each country struggled with increased crime and victimization in both urban and suburban settings. However, due to corruption within the police force it is not possible to accurately extrapolate a trend in the data of crime and victimization.<ref name="one1" />
  205 +
  206 +===Effects on global health===
  207 +The effect of neoliberalism on global health, particularly the aspect of international aid involves key players such as [[Non-governmental organization]]s (NGOs), the [[International Monetary Fund]] (IMF), and the [[World Bank]]. Neoliberal emphasis has been placed on free markets and privatization which has been tied to the "new policy agenda", an agenda in which NGOs are viewed to provide better social welfare than that of a nation's government. International NGO's have been promoted to fill holes in public services created by the World Bank and IMF through their promotion of [[Structural adjustment|Structural Adjustment Programs]] (SAP's) which slash government health spending and are an unsustainable source of foreign aid. The reduced health spending and the gain of the public health sector by NGOs causes the local health system to become fragmented, undermines local control of health programs and contributes to local social inequality between NGO workers and local individuals.<ref>Pfeiffer, J. 2003. International NGOs and primary health care in Mozambique:the need for a new model of collaboration. Social Science & Medicine 56
  208 +(4</ref>
  209 +
  210 +== Support ==
  211 +
  212 +===Political freedom===
  213 +In ''[[Capitalism and Freedom]]'' (1962), Friedman developed the argument that economic freedom, while itself an extremely important component of total freedom, is also a necessary condition for political freedom. He commented that [[centrally planned economy|centralized control of economic activities]] was always accompanied with political repression.
  214 +
  215 +In his view, the voluntary character of all transactions in an unregulated market economy and wide diversity that it permits are fundamental threats to repressive political leaders and greatly diminish power to coerce. Through elimination of centralized control of economic activities, economic power is separated from political power, and the one can serve as counterbalance to the other. Friedman feels that competitive capitalism is especially important to minority groups, since impersonal market forces protect people from discrimination in their economic activities for reasons unrelated to their productivity.<ref name=":1">Milton Friedman. ''Capitalism and freedom''. (2002). The University of Chicago. ISBN 0-226-26421-1 p. 8–21</ref>
  216 +
  217 +It is important to take into account, however, that an early neoliberal regime was attempted in Chile{{When|date=March 2013}} under what some would consider a military dictatorship and severe social repression. Chile now enjoys the highest rate of GDP per capita in Latin America; this lends strong credence to the assertion that economic freedom is more important to prosperity than are democratic institutions. Also, increased economic freedom put pressure on the dictatorship over time and increased political freedom. In ''[[The Road to Serfdom]]'', Hayek argued that "Economic control is not merely control of a sector of human life which can be separated from the rest; it is the control of the means for all our ends."<ref name="Chicago Press 1944 p.95"/>
  218 +
  219 +== Opposition ==
  220 +Opponents of neoliberalism commonly argue these following points:
  221 +* Globalization can subvert nations' ability for self-determination.
  222 +* Accountability to the stakeholders, who depend upon the service provided by the privatised entity, is lost as a consequence of business secrecy, a practice that is normally adopted by private investors.
  223 +* The replacement of a government-owned monopoly with private companies, each supposedly trying to provide the consumer with better value service than all of its private competitors, removes the efficiency that can be gained from the economy of scale.<ref>Katter, Bob(2012) 'An incredible race of people: a passionate history of Australia', (page numbers to be provided)</ref>
  224 +* Even if it could be shown that neoliberal capitalism increases productivity, it erodes the conditions in which production occurs long term, i.e., resources/nature, requiring expansion into new areas. It is therefore not sustainable within the world's limited geographical space.<ref>Moore, Jason W. (2011) 'Transcending the metabolic rift: a theory of crises in the capitalist worldecology', Journal of Peasant Studies, 38: 1, 1–46</ref>
  225 +* Exploitation: critics consider neo-liberal economics to promote exploitation.
  226 +* Negative economic consequences: Critics argue that neo-liberal policies produce inequality.
  227 +* Increase in corporate power: some organizations believe neoliberalism, unlike liberalism, changes economic and government policies to increase the power of corporations, and a shift to benefit the upper classes.<ref>Yes! Magazine – Fall 2007 issue – page 4, editor's comments. Yes! Magazine is a "pro-sustainability" magazine.</ref>
  228 +* There are terrains of struggles for neoliberalism locally and socially. Urban citizens are increasingly deprived of the power to shape the basic conditions of daily life.<ref name="Adam Tickell 2002">Jamie Peck and Adam Tickell, “Neoliberalizing space,” Antipode 34 (2002): 380–404.</ref>
  229 +* Trade-led, unregulated economic activity and lax state regulation of pollution lead to environmental impacts or degradation.<ref>Peet, Richard. "Neoliberalism and Nature: The Case of the WTO". Annals of the American Academy of Political and Social Science, Vol 590 November 2003: 188–211.</ref>
  230 +* Deregulation of the labor market produces flexibilization and casualization of labor, greater informal employment, and a considerable increase in industrial accidents and occupational diseases.<ref>Feo, Oscar. "Venezuelan Health Reform, Neoliberal Policies and their Impact on Public Health Education: Observations on the Venezuelan Experience". Social Medicine, Vol 3 Number 4 November 2008: 224.</ref>
  231 +
  232 +Critics sometimes refer to neoliberalism as the "American Model," and make the claim that it promotes low wages and high inequality.<ref>Howell, David R. and Mamadou Diallo. 2007. "Charting U.S. Economic Performance with Alternative Labor Market Indicators: The Importance of Accounting for Job Quality." SCEPA Working Paper 2007-6.</ref> According to the economists Howell and Diallo (2007), neoliberal policies have contributed to a U.S. economy in which 30% of workers earn low wages (less than two-thirds the median wage for full-time workers), and 35% of the labor force is underemployed; only 40% of the working-age population in the U.S. is adequately employed. The Center for Economic Policy Research's (CEPR) Dean Baker (2006) argued that the driving force behind rising inequality in the U.S. has been a series of deliberate, neoliberal policy choices including anti-inflationary bias, anti-[[Trade union|unionism]], and profiteering in the health industry.<ref>Baker, Dean. 2006. "Increasing Inequality in the United States.[http://www.paecon.net/PAEReview/issue40/Baker40.pdf]" Post-autistic Economics Review 40.</ref> However, countries have applied neoliberal policies at varying levels of intensity; for example, the OECD (Organisation for Economic Cooperation and Development) has calculated that only 6% of Swedish workers are beset with wages it considers low, and that Swedish wages are overall lower due to their lack of neoliberal policies<ref>OECD. 2007. "[http://www.oecd.org/dataoecd/29/27/38749309.pdf OECD Employment Outlook. Statistical Annex]."</ref> John Schmitt and Ben Zipperer (2006) of the CEPR have analyzed the effects of intensive Anglo-American neoliberal policies in comparison to continental European neoliberalism, concluding "The U.S. economic and social model is associated with substantial levels of social exclusion, including high levels of income inequality, high relative and absolute poverty rates, poor and unequal educational outcomes, poor health outcomes, and high rates of crime and incarceration. At the same time, the available evidence provides little support for the view that U.S.-style labor-market flexibility dramatically improves labor-market outcomes. Despite popular prejudices to the contrary, the U.S. economy consistently affords a lower level of [[economic mobility]] than all the continental European countries for which data is available."<ref>Schmitt, John and Ben Zipperer. 2006. "[http://www.cepr.net/documents/social_exclusion_2006_08.pdf Is the U.S. a Good Model for Reducing Social Exclusion in Europe?]" Post-autistic Economics Review 40.</ref>
  233 +
  234 +Notable critics of neoliberalism in theory or practice include economists [[Joseph Stiglitz]], [[Amartya Sen]], and [[Robert Pollin]],<ref>{{harv|Pollin|2003}}</ref> linguist [[Noam Chomsky]],<ref name=":0">''Profit Over People: Neoliberalism and Global Order''. Seven Stories Press. November 1998. ISBN 1-888363-82-7</ref> geographer [[David Harvey (geographer)|David Harvey]],<ref name="Harvey 2005">{{harv|Harvey|2005}}</ref> Marxist feminist [[Gail Dines]]<ref>{{cite web|last=Dines|first=Gail|title=From the Personal is Political to the Personal is Personal: Neoliberalism and the Defanging of Feminism|url=http://www.youtube.com/watch?v=kDcTt0emXhE|publisher=YouTube|accessdate=August 5, 2013}}</ref> and the [[alter-globalization]] movement in general, including groups such as [[ATTAC]]. Critics of neoliberalism argue that not only is neoliberalism's critique of socialism (as unfreedom) wrong, but neoliberalism cannot deliver the liberty that is supposed to be one of its strong points. Daniel Brook's "The Trap" (2007), Robert Frank's "Falling Behind" (2007), Robert Chernomas and Ian Hudson's "Social Murder" (2007), and Richard G. Wilkinson's "The Impact of Inequality" (2005) all claim high inequality is spurred by neoliberal policies and produces profound political, social, economic, health, and environmental constraints and problems. The economists and policy analysts at the [[Canadian Centre for Policy Alternatives]] (CCPA) offer inequality-reducing [[Social democracy|social democratic]] policy alternatives to neoliberal policies.
  235 +
  236 +Santa Cruz History of Consciousness professor [[Angela Davis]], a Communist, and Princeton sociologist Bruce Western have claimed that the high rate (compared to Europe) of [[incarceration]] in the U.S.&nbsp;– specifically 1 in 37 American adults is in the prison system&nbsp;– heavily promoted by the Clinton administration, is the neoliberal U.S. policy tool for keeping unemployment statistics low, while stimulating economic growth through the maintenance of a contemporary slave population and the promotion of prison construction and "militarized policing."<ref>Western, Bruce. 2006. Punishment and Inequality in America. New York: Russell Sage Foundation.</ref> The Clinton Administration also embraced neoliberalism by pursuing international trade agreements that would benefit the corporate sector globally (normalization of trade with [[People's Republic of China|China]] for example). Domestically, Clinton fostered such neoliberal reforms as the corporate takeover of health care in the form of the [[Health maintenance organization|HMO]], the reduction of welfare subsidies, and the implementation of "[[Workfare]]".<ref>{{Cite book|author=Kenneth J. Saltman |title=The Edison Schools: Corporate Schooling and the Assault on Public Education |pages=184–185 |year=2005 |publisher=[[Routledge]]}}</ref>
  237 +
  238 +Neoliberal policies advanced by supranational organizations have come under criticism, from both socialist and libertarian writers, for advancing a corporatist agenda. Rajesh Makwana, on the left, writes that "the World Bank and IMF, are major exponents of the neoliberal agenda" advancing corporate interests.<ref>Rajesh Makwana, ''Neoliberalism and Economic Globalization'', STWR, November 26, 2006, retrieved February 29, 2012, [http://www.stwr.org/globalization/neoliberalism-and-economic-globalization.html]</ref> [[Sheldon Richman]], editor of the libertarian journal ''[[The Freeman]]'', also sees the IMF imposing "corporatist-flavored 'neoliberalism' on the troubled countries of the world." The policies of spending cuts coupled with tax increases give "real market reform a bad name and set back the cause of genuine liberalism." Paternalistic supranational bureaucrats foster "long-term dependency, perpetual indebtedness, moral hazard, and politicization, while discrediting market reform and forestalling revolutionary liberal change."<ref>Sheldon Richman, ''End the IMF: What Is It Good For?'', ''The Freeman'', May 20, 2011, retrieved February 29, 2012, [http://www.thefreemanonline.org/columns/tgif/end-imf/]</ref> Free market economist [[Richard M. Salsman]] goes further and argues the IMF “is a destructive, crisis-generating global welfare agency that should be abolished."<ref>Richard M. Salsman, ''Paying More Blood Money to the IMF'', [[Ayn Rand Center for Individual Rights]], March 8, 1998, retrieved February 29, 2012, [http://www.aynrand.org/site/News2?page=NewsArticle&id=5268&news_iv_ctrl=1386]</ref> "In return for bailouts, countries must enact such measures as new taxes, high interest rates, nationalizations, deportations, and price controls." Writing in ''[[Forbes]]'', E. D. Kain sees the IMF as "paving the way for international corporations entrance into various developing nations" and creating dependency.<ref>E. D. Kain, ''Should We Abolish the IMF?'' ''Forbes'', May 20, 2011, retrieved February 29, 2012, [http://www.forbes.com/sites/erikkain/2011/05/20/should-we-abolish-the-imf/]</ref> He quotes [[Donald J. Boudreaux]] on the need to abolish the IMF.
  239 +
  240 +== See also ==
  241 +{{portal|Conservatism}}
  242 +{{Div col}}
  243 +* [[Anarcho-capitalism]]
  244 +* [[Capitalism]]
  245 +* [[Classical liberalism]]
  246 +* [[Free market]]
  247 +* [[Globalization]]
  248 +* [[History of macroeconomic thought]]
  249 +* [[Inverted totalitarianism]]
  250 +* [[Economic liberalism]]
  251 +* [[Right libertarianism]]
  252 +* [[Social Darwinism]]
  253 +{{Div col end}}
  254 +
  255 +== Notes ==
  256 +{{reflist|colwidth=35em}}
  257 +
  258 +== Further reading ==
  259 +* Ankerl, Guy. ''Beyond Monopoly Capitalism and Monopoly Socialism''. Schenkman, Cambridge, 1978, ISBN 0-87073-938-7
  260 +* Bowles, Samuel, David M. Gordon, and Thomas E. Weisskopf. 1989. "[http://www.jstor.org/pss/1942967 Business Ascendancy and economic Impasse: A Structural Retrospective on Conservative Economics, 1979–87]." ''Journal of Economic Perspectives'' 3(1):107–134.
  261 +* Brady, David. 2008. ''Rich Democracies, Poor People: How Politics Explain Poverty''. New York: Oxford University Press. [http://www.oxfordscholarship.com/view/10.1093/acprof:oso/9780195385878.001.0001/acprof-9780195385878 Abstract]
  262 +* Brown, Wendy. "Neoloberalism and the End of Liberal Democracy" in ''Edgework: critical essays on knowledge and politics'' Princeton University Press, 2005, ch 3.
  263 +*Buschman, John. ''Libraries, Classrooms, and the Interests of Democracy: Marking the Limits of Neoliberalsim''.The Scarecrow Press. Rowman & Littlefield. 2012. 239p. notes. bibliog. index. ISBN 9780810885288.
  264 +* Campbell, John L., and Ove K. Pedersen, eds. ''The Rise of Neoliberalism and Institutional Analysis'' Princeton University Press, 2001. 288 pp.
  265 +* [[Chomsky, Noam]]. ''Profit Over People: Neoliberalism & Global Order.'' [[Seven Stories Press]], 2011. 288 pp. ISBN 1888363827
  266 +* Crouch, Colin. ''[https://www.polity.co.uk/book.asp?ref=9780745651200 The Strange Non-death of Neo-liberalism]'', Polity Press, 2011. ISBN 0-7456-5221-2 (Reviewed in ''[http://www.themontrealreview.com/2009/The-Strange-Non-Death-of-Neoliberalism-by-Colin-Crouch.php The Montreal Review]'')
  267 +* Diaz Molaro, Lucas. "End Neoliberalism, Tax & Regulate The One Percent". 2012. [http://endneoliberalism.org/books-end-neoliberalism/ End Neoliberalism Inc]. Ebook.
  268 +* Ferris, Timothy. ''The Science of Liberty'' (2010) HarperCollins 384 pages
  269 +* Foucault, Michel. ''The Birth of Biopolitics'' Lectures at the College de France, 1978–1979. London: Palgrave, 2008.
  270 +* {{Citation | last = Gill | first = Rosalind | authorlink = Rosalind Gill | contribution = Breaking the silence: the hidden injuries of the neoliberal university. | editor-last = Gill | editor-first = Rosalind | editor2-last = Ryan-Flood | editor2-first = Róisín | title = Secrecy and silence in the research process: feminist reflections | pages = 228–244 | publisher = Routledge | location = London | year = 2010 | isbn = 9780415605175 }}
  271 +* {{Cite book|last=Gowan|first=Peter|authorlink=Peter Gowan|title=The Global Gamble: Washington's Faustian Bid for World Dominance|year=1999|publisher=Verso|location=London|url= http://www.versobooks.com/books/ghij/g-titles/gowan_global.shtml|isbn=1-85984-271-2|ref=harv}}
  272 +* Griffiths, Simon, and Kevin Hickson, eds. ''British Party Politics and Ideology after New Labour'' (2009) Palgrave Macmillan 256 pages
  273 +* Hayek, Friedrich August Von. ''The Constitution of Liberty'' (1960)
  274 +* {{Cite book|title=A Brief History of Neoliberalism|authorlink=David Harvey (geographer)|last=Harvey|first=David|isbn=0-19-928326-5|publisher=Oxford University Press|year=2005|ref=harv}}
  275 +* Larner, Wendy. "Neo-liberalism: policy, ideology, governmentality," ''Studies in political economy'' 63 (2000) [http://spe.library.utoronto.ca/index.php/spe/article/view/6724 online]
  276 +* {{Cite book|last=Plant| first=Raymond|title=The Neo-liberal State|year=2009|publisher=Oxford University Press|url=http://www.oup.com/us/catalog/general/subject/Politics/PoliticalTheory/?view=usa&ci=9780199281756|isbn=0-19-928175-0|ref=harv}}
  277 +* {{Cite book|title=Contours of Descent: U.S. Economic Fractures and the Landscape of Global Austerity|last=Pollin|first=Robert|year=2003|isbn=1-84467-534-3|location=New York|publisher=Verso|ref=harv}}
  278 +* Mirowski, Philip, and Plehwe, Dieter, eds. ''The Road from Mont Pelerin: The Making of the Neoliberal Thought Collective''. Harvard University Press. 2009. 480 pages.
  279 +* Prasad, Monica. ''The Politics of Free Markets: The Rise of Neoliberal Economic Policies in Britain, France, Germany and the United States''. University of Chicago Press. 2006. 328 pages
  280 +* {{cite book |title=Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics |last=Stedman Jones |first=Daniel |year=2012 |publisher=Princeton University Press |isbn=0691151571 |url=http://press.princeton.edu/titles/9827.html |ref=harv}}
  281 +* Steger, Manfred B., and Ravi K. Roy, ''Neoliberalism: A Very Short Introduction'' (2010)
  282 +* Wang, Hui, and Karl, Rebecca E. "1989 and the Historical Roots of Neoliberalism in China," ''positions: east Asia cultures critique'', Volume 12, Number 1, Spring 2004, pp.&nbsp;7–70
  283 +
  284 +== External links ==
  285 +{{Wikiquote}}
  286 +* [http://www.isj.org.uk/index.php4?id=399&issue=117 Theorising Neoliberalism] by [[Chris Harman]] in [[International Socialism journal]]
  287 +* [http://folk.uio.no/daget/neoliberalism2.pdf What is Neoliberalism?] by Dag Einar Thorsen of the [[University of Oslo]]
  288 +* [http://econ161.berkeley.edu/TotW/Easterly_neoliberal.html The Last Development Crusade]
  289 +* [http://cepa.newschool.edu/het/schools/monetar.htm "Monetarism"] at The New School's Economics Department's History of Economic Thought website.
  290 +* [http://vlib.iue.it/carrie/texts/carrie_books/paksoy-7/ IDENTITIES: How Governed, Who Pays?]
  291 +* [http://www.socialistproject.ca/leftstreamed/ls1.php Neoliberalism and the State] with John Shields and Bryan Evans, Ryerson University, Toronto.
  292 +* [http://mondediplo.com/1998/12/08bourdieu The Essence of Neoliberalism] [[Pierre Bourdieu]]
  293 +* [http://www.democracynow.org/2010/11/12/a_look_at_argentinas_economic_rebellion A Look at Argentina’s 2001 Economic Rebellion] – video report by ''[[Democracy Now!]]''
  294 +* [http://www.corpwatch.org/article.php?id=376 What is Neoliberalism? A Brief Definition for Activists.] ''[[Corpwatch]].''
  295 +* [http://www.cepr.net/documents/publications/scorecard-2011-04.pdf The Scorecard on Development, 1960–2010: Closing the Gap?] – [[Center for Economic and Policy Research]] report, April 2011
  296 +
  297 +===Online lectures===
  298 +* [http://www.youtube.com/watch?v=rfd5kHb-Hc8 The Neoliberal City], [[David Harvey]] at the [[University Channel]]
  299 +* [http://www.youtube.com/watch?v=PkWWMOzNNrQ A Brief History of Neoliberalism] by [[David Harvey]]
  300 +
  301 +[[Category:Economic liberalism]]
  302 +[[Category:Political theories]]
  303 +[[Category:Macroeconomics]]
  304 +[[Category:Political economy]]
  305 +[[Category:Political terminology]]
  306 +[[Category:Ideologies of capitalism]]
  307 +[[Category:Far-right politics]]
  308 +
  309 +{{Link GA|id}}
  310 +[[cs:Liberalismus#Neoliberalismus]]
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