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The one on the right concerned the shift from an older understanding of economic liberalism to what is now called "neoliberalism." Neoliberalism is n… - Francis Fukuyama
" "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.
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About Francis Fukuyama
Yoshihiro Francis Fukuyama (born October 27, 1952) is an American philosopher, political economist, and author best known for his 1992 book, The End of History and the Last Man.
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Birth Name:
Yoshihiro Francis Fukuyama
Alternative Names:
Francis Yoshihiro Fukuyama
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Fukuyama
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[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.
Because the President has undisputed authority over foreign policy, President Biden... will be able to reinsert the United States into the international system. He will rejoin the World Health Organization, the Paris Climate Accords, he will go to NATO and reaffirm support for... our Asian allies, for Australia, for every other country that has depended on... American power, but... it's going to be extremely difficult to return to the kind of world that we assumed existed before 2016, because America does remain fundamentally divided. That bipartisan support for the liberal international order that we thought was extremely strong is no longer...
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The right wing version really sees community represented either by... religion, or by nation, that these are units that... get dissolved under a liberal world order, through globalization, through the movement of people, goods, ideas and trade between nations, national identity becomes diluted and that sense of national community that held people together in democratic societies appears to be lost. ...[S]ecularism ...is perceived as a loss by people that have religious faith. They believe that there is a form of militant secularism that is not allowing them to practice their religion, and for that reason a lot of religious conservatives in places like the United States, have turned against that liberal order.
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