This can be seen in the following quote from his influential book The Road to Serfdom: 9 Friedrich Hayek. While still opposed to full-scale Keynesian employment policies or an extensive welfare stateGerman neoliberal theory was marked by the willingness to place humanistic and social values on par with economic efficiency.
But in the s, when Keynesian policies began to fall apart and economic crises struck on both sides of the Atlantic, neoliberal ideas began to enter the mainstream. Macpherson, in his work The Life and Times of Liberal Democracy, identified an internal debate within liberalism between those for whom the principal objective of a liberal regime is to allow each individual to realize his or her potential and those who believe that the primary objective of a liberal regime is simply to leave people alone to the greatest extent possible and allow them to compete in an unhindered market.
To end widespread poverty among the elderly the pension reform of brought a significant extension of the German welfare state which already had been established under Otto von Bismarck.
But nothing is gained by a confusion of terms.
Marxist economic geographer David Harvey describes the substantial neoliberal reforms in Chile beginning in the s as "the first experiment with neoliberal state formation" that "provided helpful evidence to support the subsequent turn to neoliberalism in both Britain Yet in light of the rise of Donald Trump and other nativist, anti-trade populists, there is a growing chorus of people extolling the virtues of neoliberalism.
Most scholars tend to agree that neoliberalism is broadly defined as the extension of competitive markets into all areas of life, including the economy, politics and society.
Neoliberalism sees competition as the defining characteristic of human relations. Thatcher had just written to Hayek in a tone of millennial triumph.
Neoliberalism a Trump antidote? But Locke was far from being concerned with widespread participation in the affairs of the Commonwealth. There is, however, debate over the meaning of the term. When our debates are no longer resolved by deliberation over reasons, then the whimsies of power will determine the outcome.