Trussonomics is the last thing Britain needs (UK community)

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Cynics's Corner: But before getting to that diatribe... Is the dastardly stuff that Liz Truss is putatively engaging in and elevating further (neoliberalism) really that politically clear cut?

Phillip W. Magnes: "Neoliberalism is essentially an intentionally imprecise stand-in term for free market economics, for economic sciences in general, for conservatism, for libertarians and anarchists, for authoritarianism and militarism, for advocates of the practice of commodification, for center-left or market-oriented progressivism, for globalism and welfare state social democracies, for being in favor of or against increased immigration, for favoring trade and globalization or opposing the same, or for really any set of political beliefs that happen to be disliked by the person(s) using the term."

It may well be that Magnes' motley definition above is what best captures it. Perhaps opinionators and columnists do seem to acquire a more lucid or narrower definition for what the term neoliberalism means when they're criticizing and projecting it upon their political opposition. 

It's the "social market economy" flavor of neoliberalism, that originated in West Germany, that renders it a confusing blend of politics. In that the latter tries to maintain both free-market capitalism and social policies (welfare state). Which arguably conflicts with what George Monbiot states in the article below, in apparently(?) trying to portray neoliberalism as purely right-wing or capitalistic deviltry, or whatever is supposed to be an affront to all good, non-Marxist socialists, anyway. 

Neoliberalism's original creators may have been advocates of classical liberalism, but since then this "menace" has morphed or become more inclusive with what rests under its category.

Globalization is also another "mealworm in the oats" with respect to neoliberalism. If your country can't compete with the trade goods of outsiders, loses jobs overseas, or doesn't like its economy derailed by the supply-chain problems and manufacturing interruptions of foreigners, via that interdependence.

Carter, Clinton, various "Atari Democrats", and Blair (Labour Party, UK) contributed to the instantiation of neoliberalism in the Anglophone world (not just Thatcher, Reagan, etc). Note also that "Brazil adopted neoliberal policies in the late 1980s, with support from the worker's party on the left."

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Trussonomics is a fanatical, fantastical creed, and the last thing Britain needs

INTRO (George Monbiot): Soon, the focus will return, and the collapse of many people’s economic prospects will dominate once more. As winter approaches, it will become clear that our politics is spectacularly lacking in answers.

Why? Because the doctrine destroying our condition of life is the doctrine Liz Truss has promised to extend to new extremes. She is fanatically devoted to an ideology misleadingly called Thatcherism or Reaganism (as if they invented it), but more accurately described as neoliberalism.

This doctrine insists that politics submits to “the market”, which means, when translated, that democracy must submit to the power of money. Any impediment to the accumulation of wealth – such as public ownership, tax, regulation, trade unions and political protest – should be torn down, either quickly and noisily or slowly and stealthily. When consumer choice is unencumbered by political interference, the market is allowed to become a Great Winnower, sifting us into a natural hierarchy of winners and losers.

The doctrine has religious, quasi-Calvinist aspects: in the kingdom of the market we can see who is deserving and who is undeserving through the grace bestowed upon them by the god of money. Any policy or protest that seeks to disrupt the formation of a natural order of rich and poor is an unwarranted stay upon the divine will of the invisible hand.

For 40 years or so, neoliberalism in the UK has been unchallengeable. For the Conservatives, especially those populating the current cabinet, the dogma cannot be shaken by mere evidence of harm, even when this includes the destitution of millions and the collapse of Earth systems. For Labour, it sets boundaries that cannot be crossed, for fear of punishment by the billionaire press. As our politics has turned further and further towards neoliberalism’s glittering certainties, any deviation from the doctrine is akin to blasphemy. But the countries in which the ideology has been most fiercely applied are those that have seen the steepest declines in both their economic and civic prospects.

Neoliberalism promised that it would generate growth. The benefits of this growth would trickle from the rich to the poor, enhancing everyone’s conditions of life. But growth, for better or worse, has been slower globally during the neoliberal era than during the years before Thatcher, Reagan and their many imitators came to power. And it has been overwhelmingly captured by the very rich. Far from ensuring that money trickles down, neoliberalism is the pump that shifts wealth from the poor to the rich... (MORE - details)
confused2 Offline
Joe Biden said to our Liz something along the lines of being sick of trickle down economics - it doesn't work. I was impressed - life in the old dog yet.

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