Neoliberalism

Neoliberalism is a school of thought that began taking shape with the formation of The Mont Pelerin Society in the 1940's. It rose to power in the US in the 1980's, with tenets including: free trade benefits all; the government's role in the economy should remain confined to addressing market failures rather than pursuing proactive industrial policy; social benefits should be tied to work requirements; public services should be privatized; industry and finance should be maximally deregulated; stock market prices are accurate signals of all relevant information; deficits invariably lead to inflation; the primary role of indepenedent central banks is to fight inflation; and that taxes invariably discourage work, entrepreneurship, and growth.

While the 2020 Biden administration is often suggested as marking the end of neoliberalism's singular hold over policymaking, the question remains: what comes next?