The more progress that has been made toward eradicating social injustices, the more intolerable the remaining injustices seem, and thus the moral imp… - Francis Fukuyama

[O]n the more conservative side... Liberalism has been associated with... the right to own private property... one of the most fundamental individual rights that is protected in true liberal societies, and that right is... what made possible the modern economic world. As any economist would tell you, without secure property rights and contract enforcement, you don't get investment and therefore economic growth.

[O]ne of the problems... both on the left and the right is that the... individual autonomy protected by liberalism tends to take more and more extreme versions... and... becomes self-undermining.

The one on the right concerned the shift from an older understanding of economic liberalism to what is now called "neoliberalism." Neoliberalism is not... a synonym for capitalism. I don't see how you can have any kind of modern economy without a market based economy. Neoliberalism took that basic insight and stretched it to an extreme seeking to deregulate, privatize and basically pull back the role of the state, which many neoliberals regarded as simply obstacles to individuals, to entrepreneurship, to economic growth, and as a result markets did their usual work. They produced a great deal of inequality, as... global corporations searched for very small cost advantages by moving jobs to low cost areas... [T]hey destabilized the global economy in certain important ways by deregulating the financial sector. As a result of the deregulation that occurred in the 1980s and 90s we had an escalating series of financial crises. In the sterling crisis, the Asian financial crisis, Argentina, Russia, and finally culminating in the big American subprime crisis in 2008. The... cumulative effects of this instability were political and they were very serious because many ordinary people were hurt... a lot of people lost their homes, lost their jobs, and the elites that ran these big banks and financial institutions suffered only a momentary disruption in their incomes, and went on to continue to dominate their respective economies... [T]his had a direct impact on the rise of populism in subsequent years, both on the right and on the left.