Europe's Ride on the Neoliberalism Express
The train left the station in the 1980s and stayed on the same free-market track. Where does it go now?
All aboard or maybe not.
Photographer: Patrik Stollarz/Getty ImagesThis article is for subscribers only.
Europe's movement to make neoliberalism its guiding economic doctrine was like a shiny express train. Starting in the 1980s, it promised to take passengers to an enticing destination -- of growth and prosperity.
The track was built on the idealization of unrestrained free markets, an irrational faith in the rationality of market agents and a libertarian antipathy toward the state. It also included some elements of traditional laissez-faire capitalism such as the concept of the “hidden hand,” adding a metaphysical dimension whereby the market is regarded as a last judgment over all commodities.