5. Neoliberalism challenged

‘Neoliberalism challenged’ studies the challenges to neoliberalism in the 21st century. The most serious challenge to the dominant neoliberal framework occurred in 2008, when the collapse of the American over-valued real-estate market triggered the global financial crisis. Reacting to rising economic and cultural tensions in a globalizing world, nationalist forces on the political Right were also gathering strength in the 2010s. National populists blamed neoliberal globalization for economic decline and cultural decay. To get a better sense of the nature of national populism's challenge to neoliberalism, the mixed ideological and policy framework of Trumpism should be looked at. What is the future for neoliberalism?

3. Neoliberalism in the Asia-Pacific region

‘Neoliberalism in the Asia-Pacific region’ traces the evolution of neoliberalism in the Asia-Pacific Region, looking at the economic developments of Japan, China, and India. It should be noted that in Asian countries, the market-oriented ideas of liberalization, deregulation, and privatization had to contend with an opposing dynamic of state interventionism and economic centralism. Ultimately, neoliberalism in the Asia-Pacific Region evolved within highly differentiated political-economic systems that were rooted in a regional developmental state model. Different nations have found unique ways of entering an increasingly globalized marketplace. Once these Asian governments adapted neoliberalism to meet their specific needs, they scarcely hesitated to incorporate suitable portions of an economic nationalist programme.

2. Three waves of neoliberalism

‘Three waves of neoliberalism’ examines the three waves of neoliberalism, starting with the emergence of neoliberalism in the Anglosphere under the conservative leaderships of US President Ronald Reagan and British Prime Minister Margaret Thatcher. Meanwhile, the second wave of neoliberalism became associated with a new kind of global economic and political cosmopolitanism called market globalism. Identifying themselves with a politically moderate position known as the Third Way, US President Bill Clinton and British Prime Minister Tony Blair embraced this neoliberal ideology. US President Barack Obama's presidency marked the rise of third-wave neoliberalism by refusing to impose restrictions on the monopolistic practices of emerging e-commerce firms.

4. Neoliberalism in Latin America and Africa

‘Neoliberalism in Latin America and Africa’ explores the influence of the Washington Consensus in shaping neoliberal policies in Latin America and Africa. From the perspective of the IMF or the World Bank, market-oriented reform in this region was needed to produce sustained economic growth. To that end, they linked their financial assistance to ‘structural adjustment programmes’ anchored in one-size-fits-all economic prescriptions. However, not all markets 'work' in exactly the same way and according to the same rules. In many instances, the neoliberal remedies applied to Latin America and Africa were microeconomic strategies that failed to account for the unique social, political, and cultural contexts in which they were enforced.

1. What’s ‘neo’ about liberalism?

‘What’s ‘neo’ about liberalism?’ discusses the core ideas and principles of neoliberalism. The best way to conceptualize neoliberalism is to think of it as four intertwined manifestations: an ideology; a mode of governance; a policy package; and a particular form of capitalism. Built upon the classical liberal ideal of the self-regulating market, neoliberalism comes in several strands and variations. Although neoliberalism comes in several forms, one can find an early systematic formulation of its economic principles in those of the Mont Pelerin Society. Founded in 1947 by Friedrich August von Hayek, the Society sought to revive classical liberalism in its attempt to challenge the dominance of Keynesian ideas.