“Neoliberalism” has been called a political swear word, and it gets blamed for pretty much every socioeconomic ill we have, from bank failures and income inequality to the gig economy and demagogic populism. Yet for forty years neoliberalism was the principal economic doctrine of the American government. Is that what has landed us in the mess we’re in?
What’s “neo” about neoliberalism is really what’s retro about it. It’s confusing, because in the nineteen-thirties the term “liberal” was appropriated by politicians such as Franklin D. Roosevelt and came to stand for policy packages like the New Deal and, later on, the Great Society. Liberals were people who believed in using government to regulate business and to provide public goods—education, housing, dams and highways, retirement pensions, medical care, welfare, and so on. And they thought collective bargaining would insure that workers could afford the goods the economy was producing.
Those mid-century liberals were not opposed to capitalism and private enterprise. On the contrary, they thought that government programs and strong labor unions made capitalist economies more productive and more equitable. They wanted to save capitalism from its own failures and excesses. Today, we call these people progressives. (Those on the right call them Communists.)
This story is from the July 24, 2023 edition of The New Yorker.
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This story is from the July 24, 2023 edition of The New Yorker.
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STUNTED
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PURE PLEASURE
The \"Radical Optimism\" of Dua Lipa.
PARADISE LOST
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ORIGIN STORY
What do we hope to learn from our prehistory?
DEATH IN VENICE
At the Biennale, the past dignifies the weird, desperate present.
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The British Museum faces accusations of cultural theft-and actual theft.
A CAMPUS IN CRISIS
Dissent and defiance at Columbia's pro-Palestine protests.
ARROW RETRIEVER
I am an arrow retriever. After a batrows are costly and time-consuming to make. It seems like a terrible waste-and maybe even a sin―for an arrow to fall to the ground without hitting someone. Even if the arrow kills somebody, it can be reused to kill someone else. As Randolf the Scot famously said, \"Arrows don't grow on trees.\"