The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era

Format: Hardback
Length: 272 pages
Publication date: 05 April 2022
Publisher: Oxford University Press Inc

The most comprehensive account of how neoliberalism came to dominate American politics for nearly a half-century before crashing against the forces of Trumpism on the right and a new progressivism on the left.

The epochal shift towards neoliberalism, a web of related policies that, broadly speaking, reduced the footprint of government in society and reassigned economic power to private market forces, that began in the United States and Great Britain in the late 1970s fundamentally changed the world. Today, the word neoliberal is often used to condemn a broad swath of policies, from prizing free market principles over people to advancing privatization programs in developing nations around the world.

To be sure, neoliberalism has contributed to a number of alarming trends, not least of which has been a massive growth in income inequality. Yet, as the eminent historian Gary Gerstle argues in The Rise and Fall of the Neoliberal Order, these indictments fail to reckon with the full contours of what neoliberalism was and why its worldview had such persuasive hold on both the right and the left for three decades. As he shows, the neoliberal order that emerged in America in the 1970s fused ideas of deregulation with personal freedoms, open borders with cosmopolitanism, and globalization with the promise of increased prosperity for all. Along with tracing how this worldview emerged in America and grew to dominate the world, Gerstle explores the previously unrecognized extent to which its triumph was facilitated by the collapse of the Soviet Union and its communist allies. He is also the first to chart the story of the neoliberal order's fall, originating.

The Rise and Fall of the Neoliberal Order is a masterful work of history that offers a fresh perspective on the origins and consequences of neoliberalism. Gerstle's analysis is nuanced and comprehensive, drawing on a wide range of sources to shed light on the complex web of ideas and institutions that shaped the neoliberal order. He also provides a valuable insight into the ways in which neoliberalism has been both resisted and embraced by different groups and individuals throughout the world.

One of the most striking features of The Rise and Fall of the Neoliberal Order is Gerstle's ability to trace the origins of neoliberalism back to the 1970s. He shows how the ideas of deregulation, personal freedom, and open borders that were central to neoliberalism's worldview emerged in response to a series of economic and political crises that plagued the United States and Great Britain in the post-World War II era. These crises, including the Great Depression, the rise of fascism in Europe, and the Cold War, led to a growing sense of skepticism towards government intervention and a belief in the power of the free market to solve social and economic problems.

Gerstle's account of the rise of neoliberalism is particularly insightful in its analysis of the role played by key figures. figures such as Friedrich Hayek, Milton Friedman, and Ronald Reagan. These figures, Gerstle argues, were instrumental in shaping the neoliberal order and promoting its ideas in both the United States and Great Britain. Hayek, in particular, is credited with developing the concept of the "free market" and advocating for deregulation and privatization. Friedman, meanwhile, is known for his advocacy of monetarism and the " Friedman Doctrine," which argued that government should not interfere in the free market.

Gerstle's account of the fall of neoliberalism is also fascinating. He shows how the neoliberal order began to unravel in the late 1970s and early 1980s, as a series of economic and political crises exposed its flaws and weaknesses. These crises, including the oil crisis, the stagflation, and the collapse of the Soviet Union, led to a growing sense of skepticism towards neoliberal policies and a growing demand for government intervention.

One of the most important themes of The Rise and Fall of the Neoliberal Order is the extent to which neoliberalism was facilitated by the collapse of the Soviet Union and its communist allies. Gerstle argues that the collapse of the Soviet Union created a power vacuum in the world, which was filled by the United States and its allies. This power vacuum, he argues, allowed the United States and its allies to promote their own brand of neoliberalism, which was characterized by a focus on free trade, deregulation, and privatization.

Gerstle's analysis of the collapse of the Soviet Union is particularly insightful in its analysis of the role played by key. figures such as Mikhail Gorbachev and Ronald Reagan. Gorbachev, Gerstle argues, was instrumental in dismantling the Soviet Union and promoting democracy and capitalism in its place. Reagan, meanwhile, was known for his advocacy of "Star Wars" and his commitment to promoting American military and economic power.

Gerstle's account of the collapse of the Soviet Union is also fascinating in its analysis of the ways in which neoliberalism was both resisted and embraced by different groups and individuals throughout the world. He shows how neoliberalism was resisted by left-wing political movements and labor unions in the United States and Great Britain, who argued that it was a tool of the capitalist class and that it was responsible for the growth of income inequality and social unrest. He also shows how neoliberalism was embraced by right-wing political movements and business interests in the United States and Great Britain, who argued that it was a tool of national security and that it was responsible for the growth of economic prosperity.

In conclusion, The Rise and Fall of the Neoliberal Order is a masterful work of history that offers a fresh perspective on the origins and consequences of neoliberalism. Gerstle's analysis is nuanced and comprehensive, drawing on a wide range of sources to shed light on the complex web of ideas and institutions that shaped the neoliberal order. He also provides a valuable insight into the ways in which neoliberalism has been both resisted and embraced by different groups and individuals throughout the world. The book is a must-read for anyone interested in understanding the history and future of neoliberalism and the role that it plays in shaping our world today.

Weight: 658g
Dimension: 167 x 244 x 42 (mm)
ISBN-13: 9780197519646