Neoliberalism: History and Reality
Repository Citation
Henry, John F., "Neoliberalism: History and Reality" (2013). Neoliberalism Seminar. 3.
https://corescholar.libraries.wright.edu/neoliberalism_seminar/2013/April5/3
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Start Date
5-4-2013 1:40 PM
End Date
5-4-2013 2:10 PM
Document Type
Presentation
Description
The institutional foundations for neoliberalism emerged in the late 19th century with the transformation of the nature of the capitalist economy and the development of what may be called “corporate capitalism.” Along with this transformation we observe changes that undermined the older, “classical liberal” rationale for a capitalist order that was based on individualized property arrangements, competition, and a quite limited role for government. As well, the socialist challenge was quite strong in Europe, and this obviously required addressing those issues—unemployment, poverty, working conditions, etc.—that socialists charged capitalism with producing.
The presentation will begin with a brief introduction addressing the above, then turning to the work of John Stuart Mill, a classical liberal who modified his position in his unfinished “Chapters on Socialism, establishing something of a basis for the later development of neoliberalism. We then move to the period surrounding WWI and refer to noted economists Ludwig von Mises and Joseph Schumpeter who announced the “death” of liberalism. Events of the 1930’s saw the formal birth of neoliberalism as a response, in particular, to the arguments of John Maynard Keynes. Lionel Robbins and Friedrich von Hayek played instrumental roles in this development. A brief history follows, demonstrating the importance of the American Walter Lippman, and introduces various notables into the discussion. This section concludes with the formation of the Mont Pelerin Society.
The concluding portion of the presentation discusses several variations of the neoliberal program, emphasizing the differences between European and U.S. versions. The point here is that there is no single neoliberal program; rather, different institutional structures and conditions have historically warranted different approaches to the neoliberal end.
Transcript - Neoliberalism - Henry
Neoliberalism: History and Reality
The institutional foundations for neoliberalism emerged in the late 19th century with the transformation of the nature of the capitalist economy and the development of what may be called “corporate capitalism.” Along with this transformation we observe changes that undermined the older, “classical liberal” rationale for a capitalist order that was based on individualized property arrangements, competition, and a quite limited role for government. As well, the socialist challenge was quite strong in Europe, and this obviously required addressing those issues—unemployment, poverty, working conditions, etc.—that socialists charged capitalism with producing.
The presentation will begin with a brief introduction addressing the above, then turning to the work of John Stuart Mill, a classical liberal who modified his position in his unfinished “Chapters on Socialism, establishing something of a basis for the later development of neoliberalism. We then move to the period surrounding WWI and refer to noted economists Ludwig von Mises and Joseph Schumpeter who announced the “death” of liberalism. Events of the 1930’s saw the formal birth of neoliberalism as a response, in particular, to the arguments of John Maynard Keynes. Lionel Robbins and Friedrich von Hayek played instrumental roles in this development. A brief history follows, demonstrating the importance of the American Walter Lippman, and introduces various notables into the discussion. This section concludes with the formation of the Mont Pelerin Society.
The concluding portion of the presentation discusses several variations of the neoliberal program, emphasizing the differences between European and U.S. versions. The point here is that there is no single neoliberal program; rather, different institutional structures and conditions have historically warranted different approaches to the neoliberal end.
