INVISIBLE DOCTRINE

An investigation of the perils of neoliberalism.

British journalist and environmental activist Monbiot and filmmaker Hutchison mount a damning, persuasive critique of neoliberalism, an ideology that exalts capitalism and greed. A term coined in 1938 based on the writings of economists Friedrich Hayek and Ludwig von Mises, and enthusiastically popularized by Milton Friedman, neoliberalism, the authors assert, has caused or contributed to economic inequality; “diseases of despair” such as suicides and overdoses; the erosion of the tax base, resulting in a lack of public funding for health, education, and infrastructure; and the advent of demagogues, such as Viktor Orbán, Narendra Modi, Donald Trump, Boris Johnson, and Jair Bolsonaro. These “deeply flawed human beings with oversized egos and pathological insecurities” have been enabled by neoliberal ideologues who promote the mantra that competition, deregulation, and privatization will lead to wealth that will enrich everyone. However, the authors warn, freedom from regulation benefits only the very wealthy, leading to the exploitation and endangerment of workers, environmental damage, and the kinds of “exotic financial instruments” that caused the financial crisis of 2008. “As a general rule,” write the authors, “privatization is legalized theft from the public realm.” Instead of taking responsibility for the endemic problems they cause, neoliberals blame ordinary people for crises. They promote the idea that personal changes can be solutions, urging citizens to recycle while their enterprises loot natural resources. Neoliberalism has coopted both political parties, established influential think tanks, and found supporters in the press. The authors’ argument against neoliberalism includes proposals for change: Campaign finance reform may draw new political actors; local efforts can serve as models for “participatory, deliberative democracy.” “Once roughly 25 percent of the population is committed to change,” they contend, the rest of society will quickly join them.

A vigorous analysis of a pernicious ideology.