The Sunset of Neoliberalism

To anyone who lived through the Clinton years — or merely remembers the Obama era — the discrediting of neoliberal ideas that were once sacrosanct among Democrats is nothing short of astonishing.

Barack Obama and Hillary Clinton embrace on the third day of the Democratic National Convention at the Wells Fargo Center on July 27, 2016 in Philadelphia, Pennsylvania. (Joe Raedle / Getty Images)


Cheer up. The Left is winning the battle of ideas. Ideas are the basis for organization, and organization is prior to change. The signs are in the evolution of statements and platforms presented by Democratic presidential candidates. As the economist John Maynard Keynes wrote, eighty and some years ago:

Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.

It’s our “madmen” (and women) who are more in evidence these days — not as public personalities, but in the guise of campaign commitments offered by leading Democratic politicians. Their ascendance parallels the decline of neoliberal ideology.

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