Is Neoliberalism a Failure?

Last week Guardian reported on new research conducted by economists at Cambridge University concluding that economic policies pursued since 1979 have failed to “boost growth.” The policies are described as “lower tariffs and income taxes, free movement of labour, limited legal immunity for trade unions, privatisation and light-touch business regulation.” The last item in the list follows the neoliberal mythology of the small state which gives the impression that regulation is curbed under neoliberalism when, in fact, state regulation of markets has steadily increased since the late 70s. In any case, this analysis seems to rest on a profound misunderstanding of what neoliberalism was meant to achieve.

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