[I]n the 1980s and 90s there was an extension of the autonomy of individual property owners in... a movement towards neoliberalism represented by Ronald Reagan, Margaret Thatcher and... by the Chicago school of economics that denigrated... the role of the state in the economy, that said the private markets would be able to solve most social distribution problems and the like. This was true in many ways. The world did become much richer in this period, but it also became much more unequal... [W]ithout adequate regulation and... effort to protect people against the excesses of market capitalism, you had people... left behind, even as their societies as a whole, grew. ...[T]his ...became one of the triggers for the kind of populism we've seen arise in many rich countries.

The rise of liberalism was accompanied by immense technological progress; by the industrial revolution; by the division of labor which ensued, and which suddenly, and prodigiously, accelerated the efficiency of production; and by the conception of economic life governed by the market. In other words, of economic life governed by the buyer, not the seller. This was a brand-new and wholly revolutionary idea.

[L]iberalism has been very severely threatened in recent years. It's been threatened from a number of sources. So internationally you have two great powers, Russia and China, that are definitely not liberal polities, that have expansive ambitions... [A]s Vladimir Putin said... in an iterview with the FT in 2019 "Liberalism is an obsolete doctrine." But the threat... also comes from other places. ...[Y]ou have the rise of a populist nationalist right in many countries. This is Viktor Orbán in Hungary. This is Narendra Modi in India, Donald Trump in the United States, ...Marine Le Pen in France. All of them criticizing liberalism precisely for the tolerance that it permits and tries to deal with, in diverse and increasingly ethnically and racially diverse countries.

Liberal democracy itself is under threat notably in the USA, in eastern Europe and perhaps here. Authoritarians and extremists of both right and left are on the march.

Both political parties have moved to the right during the neoliberal period. Today’s New Democrats are pretty much what used to be called “moderate Republicans.” The “political revolution” that Bernie Sanders called for, rightly, would not have greatly surprised Dwight Eisenhower.

The fate of the minimum wage illustrates what has been happening. Through the periods of high and egalitarian growth in the ‘50s and ‘60s, the minimum wage — which sets a floor for other wages — tracked productivity. That ended with the onset of neoliberal doctrine. Since then, the minimum wage has stagnated (in real value). Had it continued as before, it would probably be close to $20 per hour. Today, it is considered a political revolution to raise it to $15.

Take heed of the red flags all around us. The rise of a populist voice in America and around the world is growing. And all those in a seat of power—be they in business or in politics—are in a position to effect change. But make no mistake, change is coming.

All the openings in our democracy were the result of prolonged popular struggle. Hundreds of workers were murdered, thousands were wounded, tens of thousands were blacklisted in our labor wars, the bloodiest of any industrialized country. Abolitionists, suffragists, unionists, crusading journalists and those in the anti-war and civil rights movements opened our democratic space. These radical movements were repressed and ruthlessly dismantled in the early 20th century in the name of anti-communism. They were again targeted by the corporate elites following the rise of new mass movements in the 1930s. These popular movements, which rose again in the 1960s, moved us, inch by bloody inch, towards equality and social justice. Most of these gains made in the 1960s have been rolled back under the onslaught of neoliberalism, deregulation, and a corrupt campaign finance system, legalized by court rulings such as Citizens United, which allow the rich and corporations to bankroll elections to select political leaders and impose legislation. The modern incarnation of 19th-century robber barons, including Jeff Bezos and Elon Musk, each worth some $200 billion, summon us to our radical roots.

As capitalism and bourgeois society triumphed, the prospects of alternatives to it receded, in spite of the emergence of popular politics and labour movements. These prospects could hardly have seemed less promising in, say 1872–3. And yet within a very few years the future of the society that had triumphed so spectacularly once again seemed uncertain and obscure, and movements to replace it or to overthrow it had once again to be taken seriously. We must therefore consider these movements for radical social and political change as they existed in the third quarter of the nineteenth century.

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.

As Reagan conservatism is becoming less popular, people are asking: Where do we go from here? We can also ask: Does the last era of liberalism provide any indications as to where we might or should go from here? The liberalism of the nineteen-thirties emerged after the catastrophe that resulted from the conservatism of the nineteen-twenties. Conservatives had been in power for a long time, and ended by nearly wrecking the country. Liberals came along and performed a rescue operation. Ironically, they are credited with saving the establishment, which they surely did.

A new way of seeing and a new politics is arising already in bits and pieces, here and there, across the continent. ... The new politics is arising out of the work and ideas of many of the people in many of the social movements of the 1970's: the spiritual, environmental, feminist, and "men's liberation" movements; the human potential, simple living, appropriate-technology, and business-for-learning-and-pleasure movements; the humanistic-transformational education movement and the new nonviolent-action movement. … Each of these movements ... has something to add to the new politics. Their contributions come together like the pieces of an intricate jigsaw puzzle.

[T]hat's... the crisis. The number of liberal democracies measured by... Freedom House in its annual survey of freedom around the world has been in decline for 16 straight years, and the biggest declines recently have been in the two biggest liberal democracies, India and the United States. So... we're dealing with a big global problem.

Liberals have become utterly, pathetically illiberal and it’s a massive problem. What’s the point of calling yourself a liberal if you don’t allow anyone else to have a different view? You know, this snowflake culture we operate in, this victimhood culture that everyone, has to think in a certain way, behave a certain way. Everyone has to have a bleeding heart… You say a joke 10 years ago that offended somebody you can never host the Oscars… So what’s happening around the world? Populism is rising because people are fed up with the PC culture. They’re fed up with the snowflake culture. They’re fed up with everyone being offended by everything… They just want to tell people, not just how to lead their life but if you don’t lead it the way I tell you to. It’s a kind of version of fascism.

Liberalism broke the ground enabling the emergence of radicalism. (p. 21)