Neoliberal story

Kristín Vala Ragnarsdóttir and Ásgeir Brynjar Torfason

Chapter 3 in The Elgar Companion to Creating a Regenerative Economy for Wellbeing, 2026, pp 38-61 from Edward Elgar Publishing

Abstract: Third chapter is dedicated to the story of neoliberalism. During the late 19th century there was a debate between the Austrian school of economics and the German Historical school of economics. The Austrian school promoted economics as a science that could be calculated and modelled, whereas the German Historical school's view was that economics could not be captured in simple mathematical formulas but rather was based on human experience formulated with an empirical framework. Friedrich Hayek built his economic theory on the Austrian school, and it became the basis for the neoliberal economics that arose in the mid-20th century. The chapter traces the intellectual and institutional rise of neoliberalism through the Mont Pelerin Society and economics departments of universities. Deregulation and market ideology were presented not as ‘natural’ but as constructed and politically backed. It provides a historical overview of ideology shaping policy, and traces many ideas, like how Adam Smith's ideas are frequently misused.

Keywords: Neoclassical; Neoliberal; Mont Pelerin Society; Superrich; Tax Havens; Profit Shifting (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800884960
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