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Fascinating piece. You mention some of the Chicago school and Austrian school thinkers. What are the main differences between them?
Another issue is the self-reinforcing nature of neoliberalism. Marketisation of politics leads to the wealthiest having the greatest advantages eg through lobbying and political donations. Their policies would then always favour freeing up markets, shrinking the state (low/flat taxes), and deregulation of labour markets (low wages). This inevitably leads to greater inequality, which causes social division. Since, the wealthy are outnumbered and at risk of losing power through the democratic processs, then democracy becomes the enemy of the neoliberals. It must be manipulated.
Does this explain the Trump phenomenon and “Fake news” etc?
Thanks for your comment Clive. I agree with what you say about neoliberalism.
The Friedman-Chicago and post-1920 Austrian schools are similar politically but different analytically. Friedman was a neoclassical economists but the Austrians are not, placing more emphasis on problems of knowledge and uncertainty.
Very interesting. But what could be the organizing principle of when the market has “gone too far”? Or when an economy is too state-dominated?
I think that historical experience must be a guide here. For example, the seizure of executive power by Chavez and Maduro in Venezuela created a political catastrophe even before state ownership of the economy reached 50%. Political checks and balances were destroyed.