Neoliberalism was neither new nor particularly liberal when it prevailed 50 years ago. Its great advantage was its sharp deviation from classical liberalism. Even though it paid tribute to liberal thinkers, neoliberalism shared neither their method nor their concept of the market. Today, we are on the cusp of another, equally profound, ideological innovation.Unlike Adam Smith or John Stuart Mill, neoliberals felt no responsibility to demonstrate, theoretically or empirically, under what circumstances the unfettered market could be relied upon to transmute private profit-seeking into collective prosperity. The invisible hand was divine, infallible. Even when the market failed, they claimed, any attempt to correct it through some collective agency was doomed to fail more horribly. It was an attitude that suited Wall Street to a tee.
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