Neoliberalism

Wed, 2014-09-24 00:18Brendan Montague
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The 'Second Hand Dealers in Ideas' Who Sold Us Neoliberalism

A fateful meeting between economist Friedrich von Hayek and British aristocrat Antony Fisher had lasting consequences—including for the debate about climate change policy. Picture: Fisher with Margaret Thatcher. 

Friedrich von Hayek was working on his latest book, The Use of Knowledge in Society, at the London School of Economics during the Summer of 1945 when, one day, there was a knock at the door. 

Antony Fisher entered and introduced himself. “I share all your worries and concerns expressed in The Road to Serfdom, and I am going into politics to put them right,” he announced. 

Wed, 2014-09-17 02:16Brendan Montague
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“Starting With a Mistake, A Remorseless Logician Can End Up in Bedlham”

Hayek achieved his dream of becoming a university academic, but could he really challenge the intellectual prowess and political influence of the master John Maynard Keynes?

Friedrich von Hayek had abandoned his early socialism in favour of neoliberal free market ideas. But the fashionable theory sat somewhere between the two. John Maynard Keynes, who always denied being influenced by the German revolutionary Karl Marx, had apparently devised a historic compromise between the markets and socialist state planning.

Keynes argued that the government should use its economic powers to manage the markets. This included government lending and spending to promote growth, and encouraging housewives to spend their savings. The Cambridge professor attained his prestige and influence because his prescriptions had survived academic scrutiny and practical application during the wars.

Hayek had an almost impossible task. He had to devise an economic counter-argument to Keynes, and to expose any logical inconsistency in his analysis and works. The “war of ideas” would have global economic consequences. And the Marxists, Fabians and Keynesians who dominated both Cambridge and the London School of Economics (LSE) were not going to make it easy.

Fri, 2014-09-12 02:27Brendan Montague
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Hayek, Keynes and the Seeds of Denial: "This is the Thing We Need at the Moment - to Fight Keynes!"

Hayek is the intellectual inspiration for neoliberal think tanks and their war against Socialism, government regulation and, today, climate science. But are these tankers really faithful to his ideas?

As our story unfolds we will see that climate denial is the invention of a network of think tanks first established to promote free market ideology.

The neoliberal intelligentsia running these organisations will have, almost without exception, read and been hugely influenced by a book called The Road to Serfdom by the Austrian economist Friedrich von Hayek.

Sun, 2014-06-15 07:00Justin Mikulka and Steve Horn
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Meeting Logs: Obama White House Quietly Coddling Big Oil on “Bomb Trains” Regulations

When Richard Revesz, Dean Emeritus of New York University Law School, introduced Howard Shelanski at his only public appearance so far during his tenure as Administrator of the White House Office of Information and Regulatory Affairs (OIRA), Revesz described Shelanski as, “from our perspective, close to the most important official in the federal government.”

OIRA has recently reared its head in a big way because it is currently reviewing the newly-proposed oil-by-rail safety regulations rolled out by the Department of Transportation (DOT) and Pipeline and Hazardous Materials Safety Administration (PHMSA).   

During his presentation at NYU, Shelanski spoke at length about how OIRA must use “cost-benefit analysis” with regards to regulations, stating, “Cost-benefit analysis is an essential tool for regulatory policy.”

But during his confirmation hearings, Shelanski made sure to state his position on how cost-benefit analysis should be used in practice. Shelanski let corporate interests know he was well aware of their position on the cost of regulations and what they stood to lose from stringent regulations. 

Regulatory objectives should be achieved at no higher cost than is absolutely necessary,” Shelanski said at the hearing.

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