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Masters of the Universe:
Hayek, Friedman, and the Birth of Neoliberal Politics
Daniel Stedman Jones

Book Description | Reviews
Introduction [in PDF format]


Acknowledgments ix
Timeline xi
List of Abbreviations xiii

Introduction 1
The Three Phases of Neoliberalism 6
Neoliberalism and History 10
Transatlantic Neoliberal Politics 15

1. The Postwar Settlement 21

2. The 1940s: The Emergence of the Neoliberal Critique 30
Karl Popper and "The Open Society" 37
Ludwig von Mises and "Bureaucracy" 49
Friedrich Hayek and "The Road to Serfdom" 57
The Mont Pelerin Society and "The Intellectuals and Socialism" 73

3. The Rising Tide: Neoliberal Ideas in the Postwar Period 85
The Two Chicago Schools: Henry Simons, Milton Friedman, and Neoliberalism 89
The Enlightenment, Adam Smith and Neoliberalism 100
Economic and Political Freedom: Milton Friedman and Cold War Neoliberalism 111
The German Economic Miracle: Neoliberalism and the Soziale Marktwirtschaft 121
Regulatory Capture, Public Choice, and Rational Choice Theory 126

4. A Transatlantic Network: Think Tanks and the Ideological Entrepreneurs 134
The United States in the 1950s: Fusionism and the Cold War 138
British Conservatism in the 1950s 147
Neoliberal Organization in the 1950s and 1960s 152
The Second Wave: Free Market Think Tanks in the 1970s 161
Neoliberal Journalists and Politicians 173
Breakthrough? 178

5. Keynesianism and the Emergence of Monetarism, 1945-71 180
Keynes and Keynesianism 182
"A Little Local Difficulty": Enoch Powell's Monetarism 190
American Economic Policy in the 1960s 197
Milton Friedman's Monetarism 201
The Gathering Storm 212

6. Economic Strategy: The Neoliberal Breakthrough, 1971-84 215
The Slow Collapse of the Postwar Boom, 1964-71 217
Stagflation and Wage and Price Policies 225
The Heath Interregnum and the Neoliberal Alternative 230
The Left Turns to Monetarism, 1: Callaghan, Healey, and the IMF Crisis 241
The Left Turns to Monetarism, 2: Jimmy Carter and Paul Volcker's Federal Reserve 247
Thatcherite Economic Strategy 254
Reaganomics 263
Conclusion 269

7. Neoliberalism Applied? The Transformation of Affordable Housing and Urban Policy in the United States and Britain, 1945-2000 273
Postwar Low-Income Housing and Urban Policy in the United States 278
Postwar Low-Income Housing and Urban Policy in Britain 288
Jimmy Carter and the Limits of Government 295
Property-Owning Democracy and Individual Freedom: Housing and Neoliberal Ideas 297
The Reagan Administration 304
Council House Privatization: The Right to Buy Scheme 308
Transatlantic Transmissions: Reagan's Enterprise Zones 315
Hope VI, Urban Regeneration, and the Third Way 321
Conclusion 325

Conclusion - The Legacy of Transatlantic Neoliberalism: Faith-Based Policy 329
Parallelisms: The Place of Transatlantic Neoliberal Politics in History 333
The Apotheosis of Neoliberalism? 338
Reason-Based Policymaking 343

Notes 347
Index 391

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File created: 4/21/2017

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