13
Neo-Liberal Ideology and
Policies in Historical
Perspective
Since the 19 70s, neo-liberal ideology has progressively come to
dominate economic and political thinking.
It is promoted by universities, the main economic ] ournals and the
major media outlets. Both right-wing and left-wing governments -
with perhaps a few exceptions - have adopted it. Neo-liberal ideology
appears to be all-conquering not only in the industrialised countries
of the North but also in Eastern Europe (including the Russian
Federation) and the countries of the Third World. Numerous Third
World regimes that previously promoted socialist-type (or even
'Marxist-Leninist') ideas of the pro-Moscow or pro-Beijing variety
are now on the neo-liberal bandwagon. Formerly progressive
thinkers such as Brazilian president Fernando Henrique Cardoso
have explicitly rejected their previous ideas as they rally to the neo-
liberal cause.
Purveyors of the current neo-liberal fashion identify with an
incoherent and eclectic set of economic and political ideas originating
with David Hume (1711-76), Adam Smith (1723-90), Jean-Baptiste
Say (1767-1832), David Ricardo (1772-1823) and even Immanuel
Kant (1724-1804).
Translator's note: in North American English, the terms 'neo-liberal' and, especially,
'liberal' are rarely used in the same way as they are in this chapter. In the US and
Canada, advocates of neo-liberal' and 'liberal' economic policies are usually referred
to as 'neo-conservatives', 'fiscal conservatives' or simply as 'free marketeers'.
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