DOI link for Neoliberalism (1980–2018)
Neoliberalism (1980–2018) book
Originally centred on the University of Chicago and the London Institute of Economic Affairs neoliberalism became the dominant paradigm in economics marginalizing Keynesian, Marxist and other ideas. As an economic theory neoliberalism claimed that the economy would resolve its own problems if it were freed from 'distortions' to the market, whether these came from state intervention or interference with the 'flexibility' of the labour market by trade unions. Under neoliberalism, furthermore, finance became the dominant branch of policy placing central banks and monetary policy at the core of state and private economic activity. Under neoliberalism the financial and economic power of the ruling elites has increased. Based on the more open movement of trade and financial capital the question is have they become politically and socially integrated as an international ruling class? The role of the state fundamentally changes under neoliberalism. Its primary goal becomes to facilitate the market and in particular the extraction of profits from financialization.