Neoliberalism

Nichole Georgeou, Charles Hawksley

Research output: Chapter in Book / Conference PaperChapter

Abstract

![CDATA[As a political and economic theory, neoliberalism traces its intellectual origins from classical liberalism – Adam Smith’s ideas about the benefits to humans of a free market under a laissez-faire ‘night-watchman state’; David Ricardo’s notions of state specialization in manufacturing and productivity for optimal trading benefit (the Theory of Comparative Advantage); and Immanuel Kant’s zone of ‘perpetual peace’ in which states that trade avoid costly wars. A modern variant of these ideas (neoliberalism) developed through the work of European and North American scholars who saw excessive government intervention in and control over economies as a detriment to human freedom (Berger 2004: 150). Friedrich Hayek’s 1944 Road to Serfdom warned against government central planning leading to tyranny and a loss of freedom, and the Mount Perelin Society and other think tanks promoted these ideas internationally (Monbiot 2016). From the 1960s the influential ‘Chicago School of Economics’ plotted what was then a radical departure from Keynesian economic policies of state intervention, and towards a significantly reduced role for the state in the economy, claiming free markets would also enhance creativity, productivity and maximize choice.]]
Original languageEnglish
Title of host publicationElgar Encyclopedia of Development
EditorsMatthew Clarke, Xinyu (Andy) Zhao
Place of PublicationU.K.
PublisherEdward Elgar Publishing
Pages438-443
Number of pages6
ISBN (Electronic)9781800372122
ISBN (Print)9781800372115
Publication statusPublished - 2023

Fingerprint

Dive into the research topics of 'Neoliberalism'. Together they form a unique fingerprint.

Cite this